The autonomous city hosts 52 percent of the online gaming licenses in Spain, which has created more than 1,000 direct jobs.
Spain.- The city of Ceuta expects that four new companies from the gaming sector will arrive next European autumn. The Minister of Finance, Economic Transition and Digital Transformation of Ceuta, Kissy Chandiramani noted that large companies usually take time to decide, although the sector has already generated more than 1,000 jobs and has a promising future.
Currently, Ceuta hosts 52 percent of the online gaming licenses in Spain, which has created more than 1,000 direct jobs and more than 7,000 m² of offices.
See also: Ceuta offers training in the gaming sector with job opportunities
ElectraWorks, Gamesys Spain, and Betway Spain are some of the companies that already operate in the city. In addition, there is a green data center under construction, powered by solar energy, expected to further boost the local economy and talent retention. This project will benefit from investment aids and is expected to be operational within a year.
It is worth noting that Ceuta offers attractive tax incentives for technology companies, including an IPSI of 0.5 percent and deductions in Personal Income Tax and Corporate Tax of up to 50 percent. These advantages have been key to attracting companies from the sector.
The agreement with George Soros will allow the company to reduce its debt to 0.9 times its EBITDA, being the last debt reduction operation after several attempts to secure the future viability of the company.
Spain.- By the middle of this year, the Madrid judiciary approved a historic debt restructuring of the Grupo Codere, agreed with its creditors for an amount of EUR 1.200m (USD 1.300m). This restructuring would allow reducing the debt of the Spanish company to EUR 128m (over USD 137m), with the aim of being the last debt reduction operation after several attempts to secure the future viability of the company.
This week, the company announced that the American businessman, George Soros from The Soros Fund, has become a shareholder of Codere following the debt restructuring. In this process, The Soros Fund has acquired a 3.03 percent stake in the online betting and gaming company
See also: Codere closed the first quarter with revenues of almost 314 million euros
Additionally, other investment funds that also converted debt into shares —such as Invesco, Jupiter, Palmestone, and BlackRock— strengthened their position in the company or, like Soros, became new shareholders.
The restructuring included a total write-off of 100 percent on a junior bond issue and a debt-to-equity conversion in another senior issue, allowing The Soros Fund to enter as a new participant in the betting sector in Spain and Latin America.
On the other hand, during this process, the current founders of the company, the Martínez Sampedro, were excluded from the shareholding after unsuccessfully trying to boycott the restructuring, according to legal sources. They may try to challenge the judge's decision, which was formalized at the end of July.
