Spanish gambling operator Codere reported a nine-figure loss in the first half of 2020 amid general uncertainty about the company’s financial future.

On Wednesday, Codere reported operating revenue of €317.6m in the six months ending June 30, down 54.7% from the same period last year. Adjusted earnings fell 89.5% to €16.6m while the company booked a net loss of €177.6m versus a loss of €24m in H1 2019.

The company noted that its retail operations around the globe were closed for most of the second quarter, and while online operations remained active, the suspension of major sports league activity meant their revenue was also in the red compared to H1 2019.

During Q2, all of Codere’s regional operations reported negative growth, with absolutely zero revenue from Argentina and Panama. Argentina was doubly impacted by a 51.7% devaluation of the local peso versus the Euro, resulting in negative earnings of €7.7m.