Together with Spain, Italy represents the other mature European market in which CODERE operates. Yet unlike Spain, the Italian market is rife with regulatory uncertainties, which has meant that CODERE has had to review some of its businesses in this country with a view to seeking efficient growth in this attractive market.
CODERE’s activities in Italy are focused on the operation of slot machines and bingo halls. The company started its activity in Italy in 2001, providing management services for the Operbingo halls. In December 2005 CODERE acquired 8 halls from Operbingo. In March 2006 the company bought Palace Bingo in Turin and 2007 saw the purchase of Bingo Maxibingo and Mortara. The same year CODERE opened Bingo Regina.
The bingo area of CODERE Italy continues to improve its results and increase its business volume, through consolidation of the bingo halls purchased and the introduction of slot machines into these halls.
At the end of 2004, CODERE extended its activity into the slot machines area with the acquisition of Opergiochi, an operator from northern Italy. The company currently has over 2,300 machines installed in Italian bingo halls, bars, discos and restaurants.
On July 2008, the Joint-venture CODERE-WILLIAM HILL sold its incipient activity of betting shops in Italy to the company Intralot.
Areas of Activity (1S09):
- Slot machines: 2.304
- Bingo halls: 12 , with a total of 6,447 seats.
- Gaming Terminal Network License:1
Turnover (1S09):
- Revenue: 65.7 million euros
- EBITDA: 3.2 million euros
Milestones:
- 2001: commencement of operations, bingo halls
- 2004: slot machines
- 2005: purchase of Operbingo
- 2006: purchase of Palace Bingo and CODERE Network
- 2007: purchase of Maxibingo and Bingo Mortara
- 2007: strategic review of CODERE’s activities in Italy
Business in Italy: