Monaco’s state-linked hospitality and gaming group, Société des Bains de Mer (SBM), has posted robust earnings for the first half of its 2025/2026 financial year, with revenue climbing 10% year-on-year to €542.5 million.
The performance, announced by SBM on 25 November, reflects a buoyant summer season and the early returns of an ambitious investment strategy that includes high-end renovations, new luxury offerings, and expanded retail space in the heart of Monte-Carlo.
Operating profit rose to €105.4 million, while net profit reached €127 million, up from €119.7 million in the same period last year.
Hospitality and retail drive growth
The group, which owns and operates Monaco’s most iconic assets — including the Casino de Monte-Carlo, Hôtel de Paris, and the Monte-Carlo Bay Hotel & Resort — saw its hotel revenues jump 13% to €326.8 million. Executives cited higher average room rates and strong demand in its restaurants over the summer period.
Real estate revenue also reached a record €77.8 million, driven by the progressive leasing of new commercial units at the recently renovated Café de Paris complex and standard rent increases.
Gaming revenues rose 6% to €134.7 million. Table games performed strongly, although machine revenue dipped slightly due to what SBM called “an unfavourable variance”.
Investment and international outlook
Speaking after the group’s board meeting, SBM President-Delegate Stéphane Valeri said the numbers reflected not only solid demand but also the success of recent investments:
“These results confirm the strength of our economic model and our ability to generate growth through dynamic activity and ongoing investment,” he said.
Among the key projects cited were renovations at the Hôtel Hermitage and Monte-Carlo Bay, the continued repositioning of Monte-Carlo Beach, new ultra-private clubs, and the addition of celebrated chef Cédric Grolet to SBM’s culinary portfolio.
The company also continued its international expansion during the period, with work beginning on the One Monte-Carlo Courchevel project.
Strong cash position amid sector uncertainty
SBM reported a positive net cash position of €244.2 million as of 30th September 2025, compared to €192.2 million at the end of the previous financial year. Capital expenditure during the six-month period totalled €67.6 million.
While the group struck a confident tone overall, it acknowledged the unpredictable nature of gaming revenue, which can fluctuate significantly and make full-year forecasting difficult.
The results were published alongside SBM’s half-year financial report, filed with the Monaco Financial Markets Authority and available via the group’s corporate website.
Stay updated with Monaco Life: sign up for our free newsletter, catch our podcast on Spotify, and follow us across Facebook, Instagram, LinkedIn, and Tik Tok.
Photo source: MCSBM