Codere concentrates its fleet in North West Italy

Codere Italia announces that on 29 September 2021 its subsidiaries active in the entertainment machine management market Seven Cora Service Srl and Gaming Re Srl contributed to Nori Games Service Srl, another company active in the same market controlled by Codere Italia SpA, two company branches in which their activities have been allocated in the north-west area. Against the contribution of the two branches and through a capital increase reserved for them, the two assignors therefore entered the share capital of Nori Games Service Srl. The operation is part of a broader corporate redefinition process of the Group aimed at simplifying its structure and to exploit any operational, administrative and corporate synergies. This operation will allow the concentration in the company Nori Games Service of the activities previously carried out by Seven Cora Service and Gaming Re in the north-west area, allowing the elimination of corporate, accounting, fiscal and administrative duplications and overlaps as well as the rationalization and optimization of decision-making levels, resource management and structural costs. The area covered by the optimization project is that formed by Piedmont, Liguria, western Lombardy, northern Tuscany and Valle d’Aosta with a total fleet of approximately 1,200 Awp. “The AWP sector has suffered in recent years a very significant reduction both in terms of numbers and margins, caused by the ever-increasing tax burden and the effects of the recent pandemic. In the coming years, increasingly difficult challenges await us, which force us to rethink the opportunities for optimization in greater depth, seeking synergies and rationalizing the Group’s corporate structure where geographical areas of overlap exist from a territorial point of view. – declares Alejandro Pascual, coo Codere Italia – The integration of Nori Games, Seven Cora and the Northern area of ​​Gaming Re, three companies that share an important geographical area for the Codere Italia group, can only produce significant synergies ” . Gilberto Cimmino, who will remain in the position of CEO, says: “The legal gaming sector, and in particular that of amusement machines, has long been facing difficulties related to tax increases and the restrictions of local regulations, difficulties that worsened following the containment measures of the pandemic. Almost a year of hiatus has brought the operation of the sector to its knees and has weakened those who have invested in recent years to offer legal gaming by giving work to tens of thousands of people. I am satisfied with what we have achieved in recent years with Codere and I still believe that the project we are carrying out together will allow us to face the future with greater serenity ”.