In its latest financial disclosure, Monte-Carlo Société des Bains de Mer (SBM), Monaco’s largest employer and flagship resort operator, has reported robust growth for the fiscal year ending 31st March 2025. Revenue reached a record €768 million, up 9% from the previous year, with operating and net income also showing strong upward trends.

Stéphane Valeri, Chairman and CEO of SBM, presented the financial report to local press on Wednesday 28th May at One Monte-Carlo. He revealed that SBM’s growth was driven by a high-performing summer season and a successful end-of-year festive period.

Key contributors included the full reopening of the Café de Paris Monte-Carlo brasserie in November 2023 and the April 2024 launch of the Amazónico Monte-Carlo restaurant. “The 2024/2025 fiscal year as a whole was highly dynamic and confirmed that we have the right strategy, with a coherent and complementary product offering and a globally attractive Resort,” said Stéphane Valeri.

The hospitality division was the star performer, with revenue increasing by 16% to €399.9 million. Average room rates hit a record €800 per night, and occupancy remained high across the year. “Our hotel sector performed particularly well both in volume terms and average prices,” added Valeri, who noted that restaurants served over one million covers during the year. However, despite this impressive volume, the catering business remained unprofitable, with over 50% of restaurant revenue going to staff wages. “Shareholders might argue it’s not a good model financially, but I believe it’s an integral part of our company’s identity. It also reflects our commitment to staff well-being,” said Valeri.

Gaming revenue declined by 3% to €215.5 million, primarily due to unfavourable variance and tighter compliance regulations, which SBM acknowledged had a deterrent effect on some clients. Despite a rise in gaming volume, operating income in the sector fell by €14.7 million. “This year, luck wasn’t in our favour… we had to refuse tens of millions of euros in gaming activity because we couldn’t absolutely guarantee the origin of the funds. That also has a real financial impact,” said Valeri.

Still, the group remains optimistic about a rebound in this sector, which represents 28% of the group’s total revenue, particularly through increased slot machine appeal and targeted outreach to American markets.

SBM’s client base continues to diversify, with North America now leading in revenue contribution. Visitors from the United States and Canada accounted for the largest share of revenue in 2024/2025 at 18%. France, traditionally a dominant market, has slipped slightly but remains significant, now tied with the Middle East at 11%. The United Kingdom, including Ireland, follows at 9%, while Swiss clientele contribute 7%. Italian guests, once a primary demographic, have dropped to sixth place at 6%.

“If someone had told me when I was 20 that Italy would only represent 6% of SBM’s revenue, I wouldn’t have believed it,” said CEO Stéphane Valeri. Meanwhile, German visitors are gaining ground, now making up 4% of total revenue—a notable shift in the group’s geographic market balance.

The real estate segment remained a pillar of strength, recording an 11% increase in revenue to €149.9 million. New retail leases at the refurbished Café de Paris complex and a near-zero vacancy rate drove much of this gain. “We’re very close to the full earning potential of our existing real estate portfolio,” said Valeri, though he acknowledged that further expansion would be required to unlock new growth in this area.

“If we want to go even further in this segment, we’ll need to develop new real estate projects. Because in terms of current assets, we’re nearing full saturation of what’s possible,” said the company CEO. “Unless we build or expand, we’re close to the maximum income potential we can extract from the current portfolio.”

Looking forward, SBM is doubling down on its investment strategy, with several high-profile launches in 2025, including Marlow, Jondal at La Vigie Monte-Carlo, a Cédric Grolet venue at the Hôtel de Paris, and the Monte-Carlo Cigar Club.

Culinary prestige remains central to SBM’s brand, with the group now boasting ten Michelin stars—“more than any other resort in the world,” according to Valeri.

Overall, SBM reported a slight increase in consolidated operating income for the 2024/2025 fiscal year, rising to €74.5 million from €73.6 million the previous year. Gains in the hotel and rental sectors—up €7.3 million and €11.4 million respectively—offset a €14.7 million decline in gaming sector earnings. Financial income also improved, reaching €35.6 million, driven by strong returns on the group’s investments. Overall, consolidated net income rose to €110.1 million, compared to €103.9 million the year before.

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Main photo credit: Cassandra Tanti, Monaco Life