Monaco casino operator announces results

Monaco casino operator Societe des Bains de Mer has announced its financial results for the last 12 months.

Revenues increased to €619.8m from €526.5m previously; there was an eight per cent growth in the gaming sector, a 12 per cent increase in the hotel sector and strong growth in the rental sector (up 85 per cent).

The Covid-19 pandemic has nevertheless affected the group’s activity since the beginning of March, and particularly since March 15, when casinos and restaurants were completely closed as a result of government decisions, followed by the Hermitage Hotel and the Meridian Beach Plaza as of the following week.

The unfavourable impact in terms of turnover is estimated at more than €15m  for the last month of last fiscal year.

Operating profit of €22.6m compared to a deficit of €9.6m  the previous year, an improvement of €32.3m. Consolidated net income was positive by €26.1m compared to €2.6m for the 2018/2019 financial year.