Spanish gambling operator Codere is looking to sell off its non-performing international assets while pursuing a potential Mexican joint venture with US casino operator Hard Rock International (HRI).

On Tuesday, Spanish media outlet El Confidencial reported that Codere had hired Credit Suisse bankers to conduct a review of its underperforming international operations and decide whether these operations can be salvaged or should be jettisoned to keep them from dragging down the whole enterprise.

Last month, Codere reported its first quarter report card, which showed overall revenue down 6.7% to €357.7m, operating profit essentially flat at €37.9m and a net loss of €3.6m. The company blamed the downturn on €42m worth of unfavorable currency exchange rates in Argentina, the company’s largest market.

Argentine revenue was down 34.2% to €80.7m (but would have risen to €148m in constant currency). Argentina imposed a new 3% tax on slots winnings last December and Codere expects this to cut its 2019 earnings by a little less than €10m. Credit Suisse may also take a dim view of Codere’s other underperforming LatAm markets, including Panama (€19.1m in Q1, -12.3%) and Colombia (€5.5m, -7.3%).