Codere appoints new management

People News

Codere has a new management team from this past Friday, headed by Norman Sorensen as the new president, and Vicente di Loreto as CEO of the company, who have substituted the Martínez Sampedro family with the support of the funds to the previous managers. 

The company rules out growing through purchases in the next few years despite having in the capital some of the largest investment entities in the world, such as Prudential, and is not interested in participating in Cirsa’s open sale process but in taking away a share of market.

The new managers of Codere are now given a period of two or three months to prepare a new business plan that will focus on the development of online gaming and that is expected not to be very disruptive with what was previously. The company plans to allocate around 20 or 25 percent of the gross profit to the maintenance capex.

According to sources close to it, the intention is to develop the Internet area in markets where possible. In fact, the company has just obtained the license in Colombia. Codere wants to grow in markets such as Mexico and Italy and trusts that a new regulation of the game in Brazil will allow the development of this sector.