Codere acquires 70% stake in Italian operator Codgames

Spanish multinational gaming operator Codere Group has acquired a 70% stake in Codgames, an Italian company operating video lottery terminal (VLT) and amusement with prizes (AWP) machines.

The remaining 30% stake will continue to be held by the founding Manna family, according to a statement. Financial details of the transaction have not been disclosed. The deal was carried out by Codere's Operbingo Italia subsidiary.

Codgames operates over 600 VLT and AWP machines across the Calabria region. The acquisition is part of Codere’s ongoing strategy to expand its footprint in Italy, where it has maintained a presence for more than two decades across both online and land-based markets.

“This acquisition represents an important step in our territorial expansion plan in Italy,” said Alejandro Pascual, Regional Manager for Codere Europe and Chief Operating Officer for Codere Italy. “Codgames embodies the values we seek in our partners: professionalism, local roots and commitment to the development of the sector.”

Codgames’ co-founder Armando Manna also expressed enthusiasm about the agreement, citing shared values and future growth potential.

“We are proud to join a group like Codere,” Manna said. “They have demonstrated not only solid experience and reliability, but also a deep respect for local operators. We are confident that this collaboration will allow us to successfully face future challenges and continue adding value to our community."

The acquisition follows Codere’s recent financial restructuring, which reduced its corporate debt from €1.4 billion ($1.59 billion) to €190 million ($216 million) and enabled renewed growth plans in Europe and Latin America.