Société des Bains de Mer and its subsidiaries recorded a nine per cent increase in consolidated revenue in the third quarter of the 2023/2024 financial year compared to the same period of the previous year.
Gaming revenue was €48.6m for the quarter compared to €43.6m for the same period last year. Gaming revenue growth of €5.1m, or 12 per cent, was driven by a positive impact on table games in the quarter. The volumes of games, both on table games and on automatic machines, are down slightly, in relation to an increased selectivity of players in connection with reinforced compliance rules.
The hotel sector continued the positive trend observed in the first half of the current financial year. In the third quarter, it recorded a three per cent increase in revenue, which stood at €52m compared to €50.3m in 2022/2023, driven by a slight increase in occupancy rate and average daily rates.
The rental sector, which includes the retail and office rental activities as well as the activities of the Sporting, Balmoral and One Monte-Carlo residences and the Villas du Sporting, posted revenue of €35.1m, compared with €30.9m previously. This increase is mainly due to the gradual leasing of the shops in the new Café de Paris complex, as well as the positive impact of rent indexation.
A spokesperson said: “For the first nine months of the year, the S.B.M. Group’s consolidated revenue amounted to €580.7m, compared with €556.5m for the same period last year, an increase of four per cent. The S.B.M. Group’s activity in the first nine months of the 2023/2024 financial year is at a sustained level, based on the good positioning of the Resort’s offerings. This trend is expected to continue in the last quarter.”