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LUXEMBOURG - Codere Online (NASDAQ:CDRO), an online gaming operator in Spain and Latin America trading near its 52-week high of $8.76, announced Monday that shareholders approved all 24 agenda items at its Annual General Meeting, including the renewal of all current Board members. The company, currently valued at $385 million, has shown impressive momentum with a 31% price return over the past six months, according to InvestingPro data.
The company also appointed A.G. Burnett as Chairman of the Compliance Committee, effective July 1, 2025. Burnett, who brings over 20 years of experience in gaming regulation and law, previously served as Chairman and Executive Director of the Nevada Gaming Control Board from 2012 to 2017. This appointment comes as Codere Online maintains strong financial health, with InvestingPro analysis showing impressive gross profit margins of 91% and revenue growth of 24% in the last twelve months.
Burnett succeeds Mark Dunn as chairman of the committee, while Rafael Catalá and Yaiza Rodríguez will continue serving as members. The company expressed gratitude to Dunn for his contributions since joining the committee in 2022.
"His dedication and integrity have been instrumental in shaping a strong compliance culture across the Company," the company stated in a press release.
Burnett currently serves as a Partner at McDonald Carano, where he advises gaming clients on regulatory and compliance matters. He holds a law degree from Gonzaga University and maintains leadership roles with several industry groups, including the International Association of Gaming Advisors.
Codere Online, which launched in 2014 as part of the Codere Group, offers online sports betting and casino gaming through its website and mobile applications. The company currently operates in Spain, Mexico, Colombia, Panama, and Argentina. With analysts setting price targets between $10 and $14, investors seeking deeper insights can access comprehensive analysis and 15 additional ProTips through InvestingPro’s detailed research reports.
In other recent news, Codere Online Luxembourg S.A. reported its first-quarter financial results for 2025, revealing net gaming revenue of €57 million, which exceeded the consensus estimate of €52.8 million. This represents an 8% year-over-year increase, or a 17% rise in constant currency terms. However, the company’s Adjusted EBITDA for the quarter was €1.8 million, falling short of the expected €2.3 million due to increased spending on marketing and platform investments. Despite these challenges, Codere Online maintained its guidance for the full year, reflecting confidence in its strategic focus on expanding its user base.
The company’s performance varied across its primary markets, with growth in Mexico contrasting with a decline in Spain and challenges in Colombia. In Spain, heightened competition and increased promotional activities contributed to a slowdown, while Mexico benefitted from successful user acquisition strategies. Analysts from Stifel maintained their Buy rating on Codere Online, with a steady price target of $10, despite the adjusted EBITDA falling short of consensus.
They noted the company’s resilience in market share, supported by its omnichannel approach and the complex nature of its operating markets. The analysts also adjusted their model, slightly increasing the projected net gaming revenue for 2025 by 1%. Codere Online’s strategic investments and market position continue to garner confidence from industry analysts.
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