{"id":9410,"date":"2014-01-15T15:50:49","date_gmt":"2014-01-15T20:50:49","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=9410"},"modified":"2014-01-15T15:50:49","modified_gmt":"2014-01-15T20:50:49","slug":"gambling-company-operating-in-panama-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/gambling-company-operating-in-panama-files-for-bankruptcy\/","title":{"rendered":"Gambling Company Operating in Panama Files for Bankruptcy"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Well, I hope that no one hit the jackpot at Crown Casino and are awaiting their payoff!<\/p>\n

The Spanish based company operates in Panama 11 casinos, 6 sports betting centers, and the President Remon Racetrack.<\/p>\n

Codere<\/span><\/a>, the second largest bookmaker in Panama<\/span> is facing serious financial problems which has prevented it from repaying its debts.<\/p>\n

Last week the company filed for bankruptcy<\/span> in Spain<\/span>, allowing it to operate while achieving an agreement with its creditors to meet the payment of certain loans acquired in the previous year. The firm has a debt of $1.578 million plus a line of credit for $130 million.<\/p>\n

Codere manages 1,457 betting shops and 4 racetracks in 8 countries. In Panama operates 11 of the 18 full casinos<\/span> in operation, a slot machines games room, six sports betting centers and the President Remon Racetrack.<\/p>\n

The company explained that a deficit in its operations will prevent it from paying its debts, this is due to the closure of betting shops in Mexico and payment of $107 million in Argentina for the renewal of licenses, and a tax increase in some markets.<\/p>\n

Source: Prensa.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Well, I hope that no one hit the jackpot at Crown Casino and are awaiting their payoff! 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