The Spanish gambling group Codere SA has launched its new Italian market AWP games (fruit machines) distribution unit ‘CODWIN’ which is formed by the merger of its shareholdings in Gap Games Italia and FG Slot subsidiaries.
Italian industry news outlets say that CODWIN’s launch was officially approved at an April shareholder meeting by Gap Games and FG Slot investors, enabling majority shareholder Codere Italia to form its new business entity.
Andrea Rigodanzo, former managing director of FG Slot, has been assigned the role of guiding CODWIN, under which Codere Italia aims to integrate its Italian fruit machine companies, reducing operating costs.
Explaining to the Italian media, Rigidanzo said: “It is an extremely difficult time for the legal gaming sector, in particular for operators and supplier of gambling machines. Therefore, we decided to join forces and face the challenges that the market is imposing on us together.”
Italian gambling duties on slot machine wagering have increased year-on-year since 2014 to 23.83 percent (2014 – 13 percent), representing a nearly 70 percent net duty on operating profits levied on operators of gambling machines.
More industry headwinds saw a 35 percent reduction in the number of slot machine licences approved in Italy to 265,000 units in the ‘2017 Budget Law’ approval of the Italian government.
The high cost of running slot machines has seen many places of leisure and hospitality discontinue licencing them.
Codere has been active in the Italian gambling market since 2001, when the company Bolsa Madrid acquired Operbingo ‘s eight bingo hall properties, moving to establish its presence in Northern Italy.
Faced with substantial business costs in 2019, Codere Governance has announced that it is reviewing all options with regard to its division Codere Italia.