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Monaco – SBM reports increase of 26 per cent in 2022 with gaming up seven per cent

By - 5 June 2023

Société des Bains de Mer and its subsidiaries generated revenue of €667m for the full 2022/2023 financial year compared to €530.5m in 2021/2022, an improvement of 26 per cent over the full year.

The €136.5m increase in revenue was the result of improved revenues across all business segments.

In the first quarter of the previous financial year (the period from April to June) was marked by travel restrictions and health rules in force penalizing the holding of certain events (Monte-Carlo Rolex Masters behind closed doors, Formula 1 Grand Prix with gauge), as well as the limitation of access to establishments for part of the 1st quarter of the 2021/2022 financial year (curfew until 25 June 2021). The 2021 summer season (July to September) then recorded a recovery in activity.

The first signs of an improvement in activity observed the previous year were fully confirmed in the 2022/2023 financial year with the total lifting of health restrictions and the operation under normal conditions of all the establishments of the S.B.M. Group.

From the beginning of the 2022/2023 financial year, the favourable health context has allowed the usual events, such as the Monte-Carlo Rolex Masters tennis and the Formula 1 Grand Prix, to take place under normal conditions.

The gaming sector has a turnover of €215.4m compared to €200.8m in 2021/2022. The seven per cent increase in activity compared to the previous year is mainly explained by the increase in revenue from the Casino de Monte-Carlo’s table games activity of +€8m compared to 2021/2022. Despite an increase in stakes compared to the previous year, the automatic machines business showed a slight decrease in revenues, which can be explained by unfavourable uncertainties, particularly at the Casino Café de Paris. Revenue from ancillary activities in the gaming sector (restaurants, entrances and shops) rebounded strongly, as a direct result of the increase in casino attendance compared to the previous year.

Hotel revenue amounted to €325.1m compared to €213.3m in 2021/2022, a significant increase of €111.8m compared to the previous year. It is recalled that revenue in the first quarter of the previous year was still unfavourably impacted by travel restrictions and health rules still in force, as well as by the limitation of access to establishments. In the 2022/2023 financial year, the return to a sustainably favourable health context allowed the main spring events to be held without restriction, the operation of all establishments under normal conditions and the achievement of a particularly favourable summer season, including the return of some of the international clientele.

The rental sector, which includes the rental of shops and offices as well as the activities of the residences of the Monte-Carlo Bay, Balmoral, Villas du Sporting and One Monte-Carlo, reported revenue of €124.8m compared to €117.6m the previous year, an increase of six per cent. This increase is mainly due to the gradual leasing of the last spaces at One Monte-Carlo as well as the contractual application of rent indexations.

Finally, the Other Activities segment posted revenue of €12.7m compared to €9.3m the previous year, up +€3.4m, mainly due to the holding of the Monte-Carlo Rolex Masters tennis tournament under normal operating conditions, whereas the previous year the tournament was held behind closed doors.

The operating profit of the S.B.M. Group thus amounted to a profit of €72.2m compared to an operating profit of €35.4m for the previous year, an improvement of €36.8m.

The favourable evolution of operating performance concerns all business segments.

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