WE ANALYZE: The five hypotheses about Codere's new company: from the segregation of rooms to a possible sale of assets
The new subsidiary replicates an operation carried out between 2024 and 2025. Its creation opens up several hypotheses: segregation of establishments, internal reorganisation, new openings or preparation of a possible sale of assets
The recent constitution of Salcres Salones SL, announced yesterday by INFOPLAY, has a practically identical precedent within Codere's structure. The documentation of the Mercantile Registry reveals that the group already used this formula to separate the operation of a gambling hall in Madrid, before reintegrating that company into its parent company.
On July 3, 2024, the BORME published the constitution of Salones Codecres Máquinas SL, a company wholly owned by Betslots CR-COD SL, with registered office at Avenida de Bruselas, 26, in Alcobendas, and an initial capital of 3,000 euros.
Its joint administrators were Emilio Miranda Fontes and Federico Crespo Iglesias, exactly the same ones who are now at the head of Salcres Salones.
Its corporate purpose also practically coincided: the operation of arcades and gaming halls and type A and B arcade machines.
The purpose of that structure was documented months later.
On 24 January 2025, the Mercantile Registry published the segregation agreement by which Betslots CR-COD transferred to Salones Codecres Máquinas the activity carried out in the gaming hall located at Calle Marcelo Usera, 85, in Madrid.
The operation included the rights and obligations linked to the establishment, configured as an autonomous economic unit.
However, that separation was not final.
On September 4, 2025, the merger by absorption of Salones Codecres Máquinas by its parent company, Betslots CR-COD, was published, in accordance with the agreement adopted on August 25.
The operation implied the extinction of the subsidiary and the transfer of all its assets to the absorbing company.
Now, a little more than a year later, Codere is once again setting up a company with practically identical characteristics.
Salcres Salones SL appears in the BORME of November 12, 2026, again under the exclusive ownership of Betslots CR-COD, with the same joint administrators, the same address and a capital of 3,000 euros.
The coincidence raises several hypotheses about the purpose of the new company.
Marcelo Usera's background allows us to contemplate that Codere is preparing a new segregation of establishments currently operated by Betslots CR-COD.
This formula would allow Salcres to transfer a specific economic unit, with the corresponding assets, contracts, rights and obligations.
The operation could affect a single salon or several establishments. For now, none linked to the new subsidiary has been identified.
This is the hypothesis that has a more direct documentary precedent within the group itself.
Another possibility is that Codere is creating a specific company to facilitate an eventual transfer of establishments.
Separating certain rooms into a subsidiary would make it possible to delimit their assets, identify their obligations and facilitate a possible purchase and sale operation, either through the transfer of shares or assets.
This hypothesis acquires special interest in Codere's current corporate context.
On November 3, INFOPLAY reported, based on a publication by Expansión, that the funds that own the group are studying different alternatives for its future, including the possibility of separating businesses by geographical areas or activities.
However, there is no registry evidence that allows the incorporation of Salcres to be directly linked to a sale transaction.
The constitution could also respond to strictly organizational reasons.
The operation of certain establishments through an independent company would make it possible to differentiate their accounting, economic results, lease contracts, employment relationships and obligations towards third parties.
It could also facilitate a reorganisation of administrative authorisations, always subject to the requirements and permits demanded by each autonomous community.
In this way, Codere could establish differentiated structures for certain establishments without necessarily altering the ultimate ownership of the business.
Nor can it be ruled out that Salcres has been set up to exploit future gambling halls.
Its corporate purpose expressly contemplates this activity, both in its own establishments and in others.
A specific subsidiary could be used to channel new investments and take over the operation of establishments that join the group.
However, the mere incorporation of the company does not prove the existence of opening projects, applications for authorisation or committed investments.
There is one last possibility that is especially interesting in view of what happened with Salón Codecres Máquinas.
Codere could use Salcres for a one-off corporate transaction and subsequently reintegrate it into Betslots CR-COD.
The precedent of 2025 shows that the group has already resorted to the constitution of a subsidiary, the segregation of an activity and its subsequent absorption.
The specific reasons for that sequence do not appear in the registry notices examined, but their formal repetition could indicate a reorganization formula that Codere is already aware of and has used.
Salcres' small initial capital does not allow us to anticipate the economic dimension of the operation either.
The previous Salons Codecres Máquinas was also born with 3,000 euros and later increased its capital to 37,700 euros after the segregation of activity.
Consequently, the constitution of Salcres does not allow it to determine whether it will receive new assets, take over existing establishments or remain without operational activity during its first months.
The documentation proves that Codere has repeated a corporate structure previously used to segregate a gaming hall. What it still does not allow us to know is the specific purpose of this new constitution.
The question is whether Salcres anticipates another operation on specific establishments, an expansion of the network or a more far-reaching move within the group's corporate reorganization.
