Monaco casino operator Société des Bains de Mer (SBM) recently announced that it recorded a net consolidated profit of €26.1 million (US$29.3 million) for the year ended 31 March 2020, improved from a profit of €2.6 million (US$2.9 million) thanks to an 18% increase in revenues.
SBM is partnered with Macau’s Galaxy Entertainment Group in pursuit of an IR license in Japan and Galaxy holds a 5% stake in the company, which it acquired in 2015 for €42.4 million.
In a digital results announcement, SBM said its 2019/20 revenue increased from €526.5 million (US$590.2 million) in the previous 12 months to €619.8 million, including a 7.7% increase in gaming revenue to €239.8 million (US$268.8 million) on strong slot machine growth.
The improvement, highlighted by a €93.3 million (US$104.6 million) increase in turnover, came despite SBM estimating it lost €15 million in turnover in March due to the COVID-19 pandemic.
“This €93.3 million increase in turnover is the result of an improvement in revenues in all business sectors, recorded continuously throughout the financial year until the end of February,” said CEO Jean-Luc Biamonti. “The last month of the fiscal year, however, was strongly impacted by the consequences of the COVID-19 epidemic.”
SBM closed its casinos and restaurants in mid-March upon order of Prince Albert. Hermitage Hotel and the Méridien Beach Plaza shut down shortly afterwards while Hôtel de Paris and the Monte-Carlo Bay Hotel and Resort remained partially open to accommodate permanent residents.
Nevertheless, hotel revenue increased from €253.7 million in 2018/19 to €284.3 million (US$318.7 million) while rent revenue climbed from €51.9 million to €96 million (US$107.6 million).
Many thanks to our friends at monacolife.net for their assistance with this article.
RelatedPosts
