Operator News
SBM up by 11 per cent but gaming subdued by slot decline
By Phil - 27 November 2024
Monte Carlo casino and hotel group SBM (Société des Bains de Mer) confirmed strong growth for the first half of the 2024/2025 financial year with revenue growing by 11 per cent to €495.1m, driven by strong summer activity in the Resort, the opening of the Amazónico restaurant on April 4, 2024 and the reopening of the Café de Paris Monte-Carlo brasserie in November 2023.
This gave an increase in operating profit of €93.9m and a largely positive net result of €119.7m, confirming the solidity of the SBM Group’s financial model.
Stéphane Valeri, Chairman and Deputy of the Société des Bains de Mer, said: “The 2024 summer season has confirmed the coherence and complementarity of our offer and the overall attractiveness of our Resort. The hotel business was particularly successful. Catering also held up well, driven by the enthusiasm generated by the first financial year of the summer for Amazonico Monte-Carlo, and by the continued success of the Café de Paris. This performance for the first half of the year, up compared to the same period the previous year, reinforces our conviction that we must continue to implement our development strategy in all sectors: Gaming, Hotels, Restaurants, Real Estate, not to mention the design of international growth drivers.”
The €495.1m revenue was up by €49.6m compared to the same period last year. Hotel revenues up 16 per cent per cent to €289.8m, driven by the opening of the Amazónico Monte-Carlo restaurant on April 4, 2024 and the reopening of the Café de Paris Monte-Carlo brasserie in November 2023, but also by an increase in occupancy rate and average hotel prices over the summer season.
Gaming revenue was at the same level as the previous year at €127.7m. Despite an increase in the volume of table games and automatic machines, the turnover of automatic machines was slightly down due to an unfavorable risk over the period, which corresponds to the nature of this type of activity.
The company added: “The SBM Group’s activity over the first six months of the new 2024/2025 financial year is therefore part of a strong growth dynamic compared to the previous year. The SBM Group’s business model is solid and diversified. However, the gaming business is dependent, over a short period of time, on its random nature. This hazard does not allow us to make forecasts for the entire 2024/2025 financial year.”
On November 14 2024, the first casino under the SBM banner set sail aboard a Crystal cruise ship. A brand new adventure where the elegance of gaming meets the splendour of luxury cruises.