The following is a summary of the Codere Online Luxembourg, S.A (CDRO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Codere Online Luxembourg, S.A reported a net gaming revenue of €536 million for Q1 2024, marking a 34% increment from the previous year's quarter.
The upswing in the revenue is primarily due to contributions from the Casino segment.
Average monthly spend per customer rose by 16%, hitting €123, and the company acquired 75,000 first-time depositors at an average cost of €216.
Consolidated net gaming revenue saw a 34% hike with Mexican business noted at a 51% growth and Spain accounted for a 21% growth.
The company marked a positive €1.7 million in adjusted EBITDA, a monumental improvement nearing €5 million from Q1 2023.
Business Progress:
Investments have been channelized considerably towards optimizing the Casino segment.
Operations in Argentina's Province of Mendoza are set to launch.
The company has extended its sponsorship with Mexican football club Rayados.
The company anticipates an increase in Net Gaming Revenue outlook from €185-€200 million to €195-€210 million.
New player acquisition, with a focus on Casino-first players, has become a focal point.
Codere is developing an omni-channel strategy for a consolidated customer experience.
The company is evaluating its investment strategy and is inclined towards high ROI opportunities.
Improvements have been noted in the margins in Colombia and Panama.
Expansion into additional regions in Argentina is being considered and evaluated.
More details: Codere Online Luxembourg IR
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