Codere to base its growth in the new rules of the Mexican market and the licenses in Argentina

Spanish group Codere expects that changes in the Mexican regulation and the license renewal in Argentina help the firm to improve its winnings in 2010, reported its financial director, David Elízaga.

Codere, which reported losses in 2008, expects to close this year with winnings, and sees 2010 as a consolidation year. "I may anticipate that 2010 will be a growth year,” pointed Elízaga, without bringing numbers.

In Mexico, where the group generated 26% of its EBITDA (winnings before interest, taxes, depreciation and amortizations) to September, expects that in 2010 new licenses are introduced to operate machines that could increase its collection, despite the also planned tax increment.

“The group of all this mix for 2010 will be positive, better that in 2009", said Elízaga to Reuters. In Argentina, which contributed with the 43 % of the EBITDA of the group in the first nine months of the year, and where it operates 14 bingo halls in the province of Buenos Aires, trusts in renovate in 2010 the licenses in two of these venues, which represent 18 % of the EBITDA in the country. Codere operates 53,765 machines, 142 bingo halls, 179 betting halls, seven casinos and three horse racetracks in eight countries.