Operator News
Monaco – SBM sees steady increase across all sectors
By Phil - 4 December 2017
Monte Carlo operator Société des Bains de Mer has reported a 4.1 per cent improvement in its half year figures with GGR reaching €292.9m up from with €281.2m. This increase of €11.7m was the result of an ‘improvement in revenues across all sectors.’
This increase in turnover led to an increase in operating income of € 16.2m compared with €9.8m for the first half of the previous year. The SBM also benefited from a significant improvement in Betclic Everest Group’s results, through a 50 per cent share of the equity, which added €3.7m to the six month total.
Casino revenue, excluding online games, accounted for 36.4 per cent of the company’s total turnover. GGrRcame in at €106.7m against €103.4m the previous year, marking a three per cent increase in turnover with the slots increasing by eight per cent.
SBM noted that the biggest growth was recorded at its Sun Casino following a major renovation of the gaming areas at the end of 2016. Revenues from ancillary activities (catering at casinos, entrances and shops) increased slightly to €6.9m compared to €6.6m the previous year. The hotel sector was up five per cent.
As usual, SBM remained very cautious about its forecasts. “The inherently random nature of gaming activity makes it difficult to make forecasts for the full year, but the second half is usually marked by a decrease in the result recorded at the end of September, due to the summer season finishing. In accordance with the forecasts established at the start of the two major projects – Hôtel de Paris and One Monte-Carlo real estate complex – the 2017/2018 financial year will still be impacted by the disruption caused by the continuation of the works and the operating result of the SBM Group. will remain heavily in deficit. As expected, the SBM will not be able to take full advantage of the significant investments made until the complete reopening of the Hotel de Paris and the commissioning of the One Monte-Carlo complex. “
