Grupo Codere’s ambitions to grow its Latin American footprint have been struck a blow courtesy of a Mexican federal court which has denied the Bolsa Madrid gambling group the right to open a further 45 casino/betting establishments in the region.
The story, which broke via Mexican news sources, revealed that a tribunal on administrative matters had revoked ‘Recreativos Codere’s previous exemption from Ministry of Interior rules on licensing gambling properties.
The tribunal’s ruling dates back to 2007, when Codere was granted its first concessions to expand in Mexico. Nevertheless, in 2012 federal changes to Mexican gambling laws would institute that permits could only be granted to ‘single gambling establishments’, which under no circumstances can operate multiple gambling premises ‘under one authorization’.
Codere appealed the gambling reforms, arguing that Mexican authorities should simply grant the company permits as requested. But in its judgement, the tribunal emphasized that the company had already been granted a number of favorable rulings during an 11-year period, helping the operator expand its Mexican presence.
At present, Codere operates 95 gambling/betting properties across Mexico, with the gambling group recently renewing its racing concession with the Hipódromo de las Américas for a further 15-years.
The firm has operated in the Mexican market since 2004, and services a full inventory of products, including bingo, gaming halls, casino and sportsbook properties.
Entering 2019, Codere governance would underline growth in the Mexican gambling market as a key corporate directive in the firms ‘2021 transformation programme’– with the company actively seeking new Mexican licenses.