Gaming Operator reports net-income drop

Leading Spanish gaming firm Codere have announced that net income for the first nine months of 2009 dropped 44.6 percent year-on-year to €3.1 million. The company sighted the ‘impact of the H1N1 virus on the business and the continual depreciation of the Mexican and Argentine pesos against the Euro as the reason for the bad news.

A statement read:

“These results are basically owing to the continual growth in local currency of the Codere businesses in Argentina and Mexico in opposition to the fall in revenues in Maquinas Espana, the impact of the H1N1 virus in the gaming halls of Mexico and Argentina and the depreciation of the local currencies with respect to the Euro,”

Codere also revealed that net income for the first nine months of 2009 amounted to €3.1 million, which was a 44.6 percent year-on-year decrease from the €5.6 million it made for the same period in 2008. Codere operates more than 53,760 gaming machines in Europe and Latin America along with 142 bingo halls, 179 off-track betting facilities, three racetracks and seven casinos in Argentina, Brazil, Colombia, Spain, Italy, Mexico, Panama and Uruguay.