Giant Panama betting operation files for bankruptcy

PANAMA’S second largest betting operation the Spanish based Codere, company has filed for bankruptcy.

The company operates 11 casinos, 6 sports betting centers, and the President Remon Racetrack reports CentralAmericaData.

Codere is facing serious financial problems which has prevented it from repaying its debts.
Last week the company filed for bankruptcy in Spain, allowing it to operate while achieving an agreement with its creditors to meet the payment of certain loans acquired in the previous year. The firm has a debt of $1,578 million plus a line of credit for $130 million.

Codere manages 1,457 betting shops and 4 racetracks in 8 countries. In Panama it operates 11 of the 18 full casinos in operation, a slot machines games room, six sports betting centers and the President Remon Racetrack.

The company explained that a deficit in its operations will prevent it from paying its debts, this is due to the closure of betting shops in Mexico and payment of $107 million in Argentina for the renewal of licenses, and a tax increase in some markets.