The new executive leadership team of Spanish gambling firm Grupo Codere has dismissed reports that the company is seeking to merge with main Spanish market rival Grupo Cirsa.
This January, Codere announced the appointments of Vicente Di Loreto as Group CEO, supported by Norman Sorensen Valdez as Executive Chairman.
The new leadership team is supported by Codere’s debt-controlling private equity investors and sees the Spanish legacy gambling operator diminish the executive influence of enterprise founding family the Martínez Sampedros.
A number of Spanish news sources had reported that Codere’s new executive team would seek to explore M&A opportunities, with some outlets further suggesting that Codere governance may seek to combine with main rival Cirsa, creating a Spanish gambling giant.
Spanish rival Cirsa is currently reviewing its corporate options with its governance mulling a potential public offering or the sale of the business.
Reacting to the speculation, Codere governance were quick to pour cold water on the Cirsa rumours, stating that it had no intention of reviewing its rival as a partner.
As Di Loreto and Sorensen Valdez settle down as Codere leaders, the company is expected to pursue its ongoing South American expansion.
In 2017, a restructured Codere noted significant progress in its core market of Spain, supported by accelerated growth for its Mexico and Argentina properties. Furthermore, the company launched its services within the newly regulated Colombian gambling market.