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The Société des Bains de Mer Holds a Meeting for its Shareholders

The Shareholders of the Monte-Carlo Société des Bains de Mer group met on Friday 21 September to approve the financial statements for the 2017-2018 financial year and review the progress of the Group’s major projects.

The Assembly approved the 2017-2018 financial year, which was characterised by an increase in turnover of EUR 15.8 million as a result of improved revenues in the hotel sector, and to a lesser extent in the rental sector.

The S.B.M. Group’s operating result showed a deficit of – EUR 27.1 million compared with an operating loss of – EUR 32.8 million for the previous financial year. This deficit is linked primarily to the undertaking of the renovation project at the Hôtel de Paris.  However, the operating losses inherent in the Hôtel de Paris’ reduced capacity remain in line with forecasts, which predicted losses of more than EUR 50 million over the total duration of the works.

As concerns future prospects, it was announced that, for the first five months of the 2018/2019 financial year, i.e. the end of August, the S.B.M. Group’s consolidated turnover had increased by 13% compared to the same period in the previous financial year.

Revenues in the games sector increased by 16%, due to the positive effects of the many actions undertaken to give a new impetus to all gaming establishments and develop the table games business.

Mr. Jean-Luc Biamonti, Deputy Chairperson, also announced to the press that the Hôtel de Paris will soon be reopening its doors for late 2018 and that the inauguration of One Monte-Carlo will take place on 22 February 2019.

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