he operator stated that its 2008 results showed continuous growth in its principal Latin American markets of Mexico and Argentina despite the complex global economic environment.
In addition, Codere explained that its growth took place against a backdrop of sustained appreciation of the Euro against local currencies. It revealed that its revenues would have risen by 25.4 % if exchange rates had stayed constant while earnings would have increased by 24.3 %.
Codere reported a net loss of 10.6 million euros for the year and blamed this on variations in exchange rates along with an impairment test in its Italian bingo operations. In addition, a 9.5 million euros loss associated with discontinuing some operations in Italy and the costs associated with launching a Spanish sportsbetting business were also factored in.
Total investment for the year came to 141.3 million euros, a decrease of 52.2 % from 2007, while operating cash flow rose 16.6 % 121.5 million euros. There was a significant increase in Codere’s portfolio last year as it added 5,237 gaming machines to take its total to over 54,800. It also opened 51 new betting shops in 2008 to take its total to 106 while nine additional bingo halls were inaugurated to bring the total to 137.
Codere added one new casino to its portfolio to bring the tally to six alongside three new horse racetracks.