Swine Flu Affects Spanish Gambling Industry
17th September, 2009
Codere, the leading Spanish gambling firm has revealed that after the first six months of the year they experienced a 2.2% year on year decrease in revenues to €492 Million.
Based in Madrid, Codere stated that their earnings before interest, tax and depreciation fell 12.9% year on year to €105 million meanwhile; at a figure of €5.7 million Codere experienced a net income decrease to a loss from €700,000 last year.
Blaming the ‘Slowdown of consumption provoked by the economic crisis in Spain’ Codere stated the impact of the Swine Flu virus in Mexico alongside coupled with the appreciation of the Euro vs local currencies is to blame.
Earnings from Mexico fell 13% year on year to €96.3 Million whilst earnings before Tax, Interest, Depreciation and Amortisation decreased 14.2% year on year to €30.8 Million. Again, Codere pointed the finger of blame at the closure by officials of 71 of its 105 sites across Latin America due to Swine Flu scares.
By Tom
