Codere’s 65 casinos and the Hipódromo de las Américas set to be auctioned in Mexico over tax debts
Mexico’s tax authority will sell nearly all of Codere’s shares in the company controlling these assets, with the stake valued at MXN 1.168 billion
Codere’s 65 casinos in Mexico and the Hipódromo de las Américas complex could be subject to a change of control following a public auction launched by the country’s tax authority to recover outstanding liabilities attributed to the Spanish gaming group.
Mexico’s Tax Administration Service, known locally as the Servicio de Administración Tributaria, will open the process on 11 August to sell seized shares in Impulsora de Centros de Entretenimiento de las Américas, or ICELA, a company majority-owned by Codere.
ICELA, in turn, controls Administradora Mexicana de Hipódromo, the company holding the permit linked to the operation of the Hipódromo de las Américas and up to 65 gaming venues.
According to the auction notices, the Mexican authorities will sell 97.6% of the 652.47 million ICELA shares owned by Codere. This package represents approximately 82.6% of ICELA’s total share capital.
The process is particularly significant for the gaming industry due to the importance of the assets held within ICELA’s corporate structure.
In addition to the Hipódromo de las Américas and the permit covering 65 casinos, the tax authority’s auction portal also identifies Centro Banamex and Granja Las Américas among the assets associated with the company.
Codere currently owns 84.8% of ICELA, while the remaining stake is held by Corporación Interamericana de Entretenimiento, or CIE.
The Spanish group acquired control of the racetrack and casino operations from CIE in 2012, strengthening its position in the Mexican market.
The auction does not necessarily involve the direct and individual sale of each casino. Instead, it concerns the shares in the company controlling the assets and permits. However, the process could still result in a significant change to the ownership structure and corporate control of one of Codere’s main gaming platforms in Latin America.
The Mexican authorities have divided the sale into several separate auction processes.
The main auction covers 50.8% of Codere’s shares in ICELA. This package has been valued at MXN 625 million, with a minimum bid of MXN 417 million.
The remaining 46.7% will be offered through 93 additional auctions, with minimum bids ranging from MXN 6,667 to MXN 10 million.
The decision to split the shares into multiple lots appears designed to facilitate participation by a broader pool of potential investors. It could also lead to a more fragmented ownership structure if the shares are awarded to several different bidders.
The total value assigned to the shares included in the auction amounts to MXN 1.168 billion, while the combined minimum bids total MXN 800 million.
Bidding will open on 11 August and the auctions are scheduled to close on 18 August.
The proceedings are linked to a series of long-running tax disputes involving Codere and the Mexican authorities.
According to information published by Agencia Reforma, Mexico’s Supreme Court confirmed two federal tax claims against Codere in 2025, with a combined value of MXN 1.779 billion.
The company was also reportedly challenging a further federal tax claim worth MXN 578 million.
In addition, the government of the state of Nuevo León was seeking to recover MXN 249 million in local betting taxes.
The auction of the ICELA shares therefore represents an enforcement measure intended to raise funds to cover outstanding tax obligations attributed to the group.
Mexico has traditionally been one of Codere’s key international markets, both in terms of the scale of its operations and the strategic importance of its land-based assets.
Any loss of control over ICELA could have material consequences for the company’s position in the country, particularly because of the company’s links to the Hipódromo de las Américas and the permit covering 65 casinos.
The final outcome will depend on the bidding process, the identity of the successful investors and the eventual distribution of the shares.
Until the auctions are completed, it remains unclear whether a single investor will secure a controlling position or whether the shares will be divided among several buyers.
