Spanish gaming giant Codere took a serious profit hit in Q1 despite strong growth in Spain and Italy.

Figures released Friday show Codere’s operating revenue falling 5.4% year-on-year to €383.3m in the three months ending March 31. Earnings fell 12.6% to €56m, operating profit dipped 22.2% to €27.9m while net income slumped 70.3% to just €800k.

Codere blamed much of the negative trajectory on the dramatic depreciation of many Latin American currencies versus the US dollar during the period. (The same currency fluctuations provided much of the gains reported Thursday by The Stars Group, which primarily deals in US dollars.)

Codere’s mainstay operations in Argentina took the biggest revenue hit, falling nearly one-fifth to €122.7m. To illustrate the number that the currency fluctuations did on Codere in Q1, Argentine market revenue actually improved 16.7% to €177.7m in constant currency (CC) terms.