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Codere Online reported record quarterly net gaming revenue of €64.4m in Q1 2026, up 13% year-over-year, while adjusted EBITDA more than tripled to €6.0m.
The operator expects 2026 adjusted EBITDA to reach the top end of guidance after online bets rose 15% year-on-year.
Melco’s City of Dreams Mediterranean generated the largest share of earnings, accounting for 86% of total GGR in 2025.
Operating income rebounds sequentially, while early Q2 gaming activity strengthens.
The supplier’s consolidated AEBITDA for Q1 2026 increased 5% to $327m, mainly driven by gaming AEBITDA which accounted for $271m and rose 7% from the prior year period.
The operator’s adjusted EBITDA managed to rise 2% for a total of $631m, while FanDuel revenue increased 6% to nearly $1.8bn, despite handle falling 9% to $13.4bn.
The $172.2m generated during April is the most recorded through the first 10 months of fiscal year 2026, led by MGM National Harbor which increased revenue 7.8% to just over $73.9m.
E-wallet delinking and softer consumer sentiment weigh on earnings, though balance sheet remains strong.
The operator also generated a quarterly record for adjusted EBITDA, which increased 8.6% to nearly $53.8m, as well as 0.3% net income growth for a total of $14.7m.
Strong table volumes drive continued momentum in foreigners-only gaming operations.
