he turnover during the first nine months of 2008 reached 778.5 million euros, a 22.3% more than the same period in 2007. Gross Operating Benefit (EBITDA) has been of 179.4 million euros in the first nine months of the year, which represents an increase of 11.8% regarding the same period last year.
These results are explained with the positive business evolution in the main markets of Codere Latin America: Mexico and Argentina. The increase of incomes in Mexico had to do with the increment of the number of electronic bingo terminals installed, as well as the opening of new bingo halls; in Argentina, income grew due to the increment of average daily collection per machine.
Net benefit in the first nine months of 2008 has been of 5.6 million euros, compared to the 17.9 million in 2007, mainly due to the loss of 9.5 million of the activities interrupted in Italy, to the initial losses doe to the launching of the sportsbooks business in Spain and the effects of the euro appreciation compared to the currencies with which Codere operates.
In Spain, collection in the recreational machine area grew a 3.5% in the first nine months of 2008 reaching 158.7 million euros, reflecting the increment of the number of recreational machines installed, with a total of 15,909, and in a lesser extent, the sale of machines. EBITDA decreased a 6,7% regarding 2007, to 51.4 million euros.
In Argentina, collection increased a 15.6% compared to the first nine months of 2007, reaching 255.2 million euros, as a consequence of the increment of average daily collection per machine, which was a 30.7% more than 2007. It was, in great part, due to the installation of cashless payment systems as TITO (ticket-in-ticket-out) in the 55% of the machines in Argentina.
In Mexico, the collection was 170.4 million euros in the first nine months of the year, which means an increment of 82.1% with regards to the comparable period.
Results of Codere Group show the continuous growth strategy in its main markets, particulary in Mexico and Argentina, which keep a positive evolution in the first nine months of 2008, but they have been affected in this period due to the strong appreciation of the euro compared to local currencies. In constant types of currencies, income would have been 828. 4 million euros, EBITDA of 194.9 million euros and net benefir of 12 million euros in the first nine months of 2008.
During the first nine months of 2008 the activity of the group increased through the incorporation of new gaming terminales installed, which totalize 53,909 units, a 10.5% more than the same period last year, ten bingo halls (a total of 135) and 22 betting centers (a total of 77).
Investments in the first nine months of the year are 102.3 million euros. On July 23th 2008, the Administration Council of Codere named independent councillor Eugenio Vela Sastre, member of the Audit Committee.