Operator News
Monaco – Turnover down by 46 per cent for Société des Bains de Mer
By Phil - 4 June 2021
Société des Bains de Mer and its subsidiaries achieved a turnover of €336.9m for the entire 2020/2021 financial year compared to €619.8m in 2019/2020, marking a 46 per cent decrease over the full year.
SBM said: “This drop of €282.9m in turnover is the direct consequence of the Covid-19 epidemic which has had a very strong impact on the activity of the SBM Group, especially since the closures of establishments took place during the first half of the year, which is usually the period of greatest activity.”
Gaming generated a turnover of €124.3m compared to €239.8m in 2019/2020. “Revenues from the gaming sector fell significantly in all activities (table games, automatic devices) due, on the one hand, to the temporary closure of establishments imposed at the start of the financial year and, on the other hand, to the drop in attendance at establishments due to travel restrictions,” SBM explained.
Hotel revenues stand at €109m against €284.3m in 2019/2020.
SBM stated: “All our establishments are experiencing a drop in their activity for the 2020/2021 financial year compared to the 2019/2020 financial year. Successive government measures and travel restrictions put in place to deal with the Covid-19 epidemic have never allowed establishments to operate under normal operating conditions during the 2020/2021 fiscal year. The activity of the SBM Group in the new financial year 2021/2022 is still strongly impacted due to the unprecedented nature of this health crisis. A favorable development of the epidemic and the deployment of vaccination campaigns are two key elements for the resumption of travel and the gradual lifting of restrictions over the coming months.”
