In September 2002, MCP completed a convertible preferred investment in Codere, a leader in the Spanish and Latin American private gaming market. The Company 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). The Company 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.
In April 2006, MCP completed a repurchase transaction with Codere.