In a recent press release, the Société des Bains de Mer confirmed that the 2022/2023 financial year broke all records in terms of profit.
The group revealed that profits have doubled compared to the previous year: 72.2 million euros in profit over the past year, compared to 35.4 million euros for the previous year. The Société des Bains de Mer and its subsidiaries achieved a turnover of 667 million euros for 2022/2023 compared to 530.5 million euros in 2021/2022, or a 26% increase. The €136.5 million increase in turnover is the result of improved revenues in all of its business sectors.
The first quarter of the previous financial year (April to June) was affected by travel restrictions and health restrictions which affected certain events. For example, the Monte-Carlo Rolex Masters was held behind closed doors, the Formula 1 Grand Prix had limited capacity and a curfew was in place until 25 June 2021.
The complete lifting of health restrictions began during the 2022/2023 financial year, enabling popular events, like the Monte Carlo Rolex Masters and the Formula 1 Grand Prix, to take place under normal conditions.
Games sector is up by 7%
The games sector had a turnover of 215.4 million euros, versus 200.8 million euros in 2021/2022. The 7% increase in activity compared to the previous financial year is mainly due to an increase in turnover at the Casino de Monte-Carlo table games (+€8 million compared to 2021/2022). Automatic machines showed a slight decrease. Revenue from other activities in the gaming sector (catering, shops) showed a strong rebound.
Hotel revenue is up by over €100 million
Hotel revenue amounted to €325.1 million compared to €213.3 million in 2021/2022, a significant increase of €111.8 million. With travel restrictions lifted, international clientele were able to visit Monaco once again.
The SBM’s rental sector, which includes the rental of shops, offices and activities from the hotel residences of Monte-Carlo Bay, Balmoral, Villas du Sporting and One Monte-Carlo, had a turnover of 124.8 million euros compared to 117.6 million euros the previous year, an increase of 6%. This increase is mainly due to the gradual renting of the last spaces at One Monte-Carlo as well as the contractual application of rent indexation.