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In September 2002, MCP completed a convertible preferred
investment in Codere, a leader in the Spanish and Latin American
private gaming market. Codere is one of the two leading operators
of Amusement-with-Prize (“AWP”) machines in Spain,
and also operates bingo halls, AWP machines and casinos in
Spain, Mexico, Chile and other Latin American countries. Codere’s
specialized AWP portfolio management provides gaming revenues
per machine significantly above the industry average in Spain,
providing enhanced returns from AWP machines for Codere’s
customers (principally bar, restaurant and café proprietors).
Codere has also been able to access newly deregulated, high-growth
markets by leveraging its skill in bingo management in Europe
into Latin America through local partners. MCP and Codere
anticipate that Monitor Company’s extensive experience
in the gaming sector will prove an important resource for
Codere as it further develops its gaming operations; Oliver
Zugel from MCP is currently performing the role of Codere’s
acting Corporate Development Officer.
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Date of Investment: September 2002