Société des Bains de Mer has announced that Stéphane Valeri will be its new Chairman and Deputy Chairman, replacing Jean-Luc Biamonti who is retiring.
Mr Valeri became a Director of SBM by cooption of the Board of Directors on September 23, 2022. His promotion was confirmed by a vote of the shareholders during an Ordinary General Meeting held on December 2, 2022.
Previously, he ran the Conseil National de la Principality from 2003 to 2010 and from 2018 to 2022 and was the Minister of Social Affairs and Health from 2010 to 2017.
Mr Valeri said: “I take up my new duties with pride, within this great company to which my family and I myself have been very attached for several generations. Thanks to the work of my predecessor, Mr Jean-Luc Biamonti, to whom I would like to pay tribute, the Société des Bains de Mer finds itself today in a very good economic and financial situation. I thank the Council of Administration for its confidence. I measure the magnitude of the task ahead of me and I commit from now on to continue to prosper and shine the economic flagship of the Principality.”
The Monte Carlo operator and its subsidiaries recorded consolidated revenue down one per cent in the third quarter of the 2022/2023 financial year compared to the same period of the previous year, but stable compared to the 3rd quarter of the 2019/2020 financial year (pre-covid financial year).
Over the period from October 1 to December 31 2022, the turnover achieved by the S.B.M. Group amounted to €124.1m, compared with €125.8m for the previous year and €124.3m in 2019/2020. Due to seasonality, activity in the third quarter of the year was naturally weaker than in previous months.
Revenue in the gaming segment amounted to €43.6m for the quarter compared to €53.5m in the same period last year. The quarter was strongly impacted by unfavorable risks in the table games sector, whose revenues were down 48 per cent compared to the same period last year. Revenue from automatic devices was up six per cent.
The hotel sector confirms the positive trend observed in the first half of the current financial year. It recorded a 15 per cent increase in revenue in the third quarter, which stood at €50.3m compared to €43.7m in 2021/2022. As a reminder, revenue from October to December 2021 was impacted by the Covid-19 epidemic, with the arrival of the fifth epidemic wave during the holiday season. Revenue for the quarter was also 10 per cent higher than in the same period of fiscal year 2019/2020.