Operator News
Panama – Panamanian Gaming Control Board extends Codere licence
By Phil - 14 December 2017
Codere will continue to operate eight fully-fledged casinos along with the Presidente Remón Racetrack until 2037 thanks to the extension of both licences granted by the Gaming Control Board (JCJ).
In return, the Spanish Company has paid US$9.5m. In addition to the racetrack and racino, Codere controls a total of 11 casinos in Panama.
The CODERE Group has been active in Panama since 2005, managing a wide range of businesses. Today Codere runs a total of 3,069 slots in Panama and 12 slot parlours. In 2010 through an agreement with the Thunderbird Resorts Inc., CODERE expanded its operations in Panama in the area of casinos and gaming terminals. The transaction involved the acquisition of a 63.6 per cent stake in the company International Thunderbird Gaming Panama Corporation, owner of six Fiesta brand casinos in Panama, for approximately US$38m.
Privatised in October 2005 the Presidente Remón Racetrack is run by Codere which won the 20 year contract to become the new concessionaire of the track under its subsidiary company Hípica de Panama SA. Total gross betting recorded a significant increase from January up until June 2017 with betting at the track up by 21.4 per cent.
At the end of 2006, Codere also purchased Crown Casinos and the following year opened up the Racino CrowN Casino at the Presidente Remón Racetrack . The casino opened in April 2007 and Codere invested around US$13m into the racetrack, which included the re-modelling of the track. The racino houses 411 slot machines and offers a bar, restaurant, buffet, live music as well as live betting plus a VIP room.
