Spain’s Codere has merged FG Slot and Gap Games Italia to form Codwin.
Italy.- Spain’s Codere SA has created a new Italian gaming machines distribution unit by merging its subsidiaries FG Slot and Gap Games Italia to form Codwin.
Codere is the majority shareholder in the two existing businesses, and won approval from investors to merge the units at a shareholder meeting in April.
The former Managing Director of FG Slot, Andrea Rigodanzo, will head up the new company, which Codere hopes will offer savings on operational costs.
Rigodanzo said: “It is an extremely difficult time for the legal gaming sector, in particular for operators of gaming machines. As a result, we have decided to join forces to face the challenges the market is presenting to us. The Covid-19 pandemic arrived in an already difficult context of increased taxation and regulations that put a strain on the sector…
“With Codwin we intend to offer a model of management integration and efficiency that will also represent an incubator for other companies that want to continue operating according to the usual standards of reliability and legality and who have a long-term project to share with us. We are able to support companies that are currently experiencing difficulties and to implement a shared strategy that allows them to face the future with optimism and competence.”
Tax increases have caused gambling duties on slot machines in Italy increase to 23.83 per cent, from 13 per cent in 2014, while high costs have led many venues to cease their licensing.
Codere has had a presence in Italy since its acquisition of eight bingo halls from Operbingo in 2001.
Codere recently escaped bankruptcy through a last-minute credit line from a US hedge fund.