Codere Buys Interest in Mexican Racetrack

Spain-based company paid $209 million for an interest in Mexico's premier racetrack.

Codere, a prominent gaming and horse racing company based in Madrid, Spain, has purchased 35.8% of ICELA, the parent company of Hipodromo de Las Americas, Mexico’s premier racetrack in Mexico City, for $209 million.

Codere also owns Panama’s Hipodromo Presidente Remon, which hosted the 2011 Clasico Internacional del Caribe (Pan-I), and has a 50% interest in Maronas National Racetrack in Montevideo, Uruguay. In addition, Codere has a management contract in Brazil with Jockey Club do Brasileiro in Rio de Janeiro, Jockey Club Rio Grande do Sul in Porto Alegre, and Jockey Club do Parana in Parana.

The purchase of ICELA (Impulsora de Centros de Entretenimiento de las Américas), from Corporacion Interamericana de Entretetenemiento, a public company with headquarters in Mexico City, gives Codere 84.8% of The Entertainment Center de Las Americas.

Hipodromo de Las Americas offers 150 race days per year. The entertainment center’s offerings include a theme park for children, gaming areas, sports wagering, international simulcasting, and electronic games, as well as the main convention center in Mexico.

Ramon Rionda, director of racing operations for Codere, called the purchase a major development for the multi-national company.

“Taking over this impressive complex underscores our commitment to horse racing,” Rionda said in a press release, “and reinforces our integration strategy for the region.”