Looking towards a possible future Initial Public Offering (IPO) as early as next year, Spanish company Codere has announced significant increases to its third-quarter earnings. EBITDA has risen by 42.5% compared to the third trimester of 2005 and company sales are up by 36.5% to €181.3 million (US$238.4 million). Codere, a leading European gaming company, owns and operates over 45,450 gaming machines in 113 bingo halls, 51 betting shops, 2 racetracks and 6 casinos in Spain, Italy, Argentina, Brazil, Colombia, Mexico, Panama, Peru and Uruguay.

The strong figures reported by Codere are principally derived from the success of its gaming machines in Spain and Argentina, the expansion of electronic bingo terminals in Mexico and consolidation in the performance of Italy’s Operbingo. In Spain slots sales grew 8.9% and in Argentina they grew 24.3%, to €41.7 million (US$54.8 million) and €64.7 million (US$85 million) respectively. In Mexico Codere sales of bingo terminals rose by 48.4% to €18.7 million (US$24.6 million).

Priding itself on becoming better and more profitable every day for both shareholders and the community, Codere places particular emphasis on training and professionalism. Over recent years the company has consolidated and strengthened its management team. With over 5,000 employees around the world, the Codere strategy for growth concentrates on markets with high development potential such as Latin America. (E-11.28.06)

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