Monte-Carlo Société des Bains de Mer (SBM) has achieved its most profitable year to date, pulling in almost €670 million in turnover during the last financial year and achieving a record €72 million in profit.
It was with obvious pride that new SBM Président Délégué Stéphane Valeri delivered the figures for the financial year ending 31st March to local press on Thursday 1st June, whilst acknowledging that the results obtained from 10 out of the past 12 months were under the direction of former Deputy Chairman Jean-Luc Biamonti.
In the hall of One-Monte Carlo, the new head of Monaco’s largest company revealed that SBM’s annual turnover was €136.5 million higher in the last financial year thanks to an uptick in all sectors of activity.
Making up the €667 million in turnover was €215.4 in gaming revenue – a rise of around 7% on the previous year thanks largely to an increase in table games.
The rental sector, which includes the rental of stores and offices as well as the hotel residences of Monte-Carlo Bay, Balmoral, Villas du Sporting and One Monte-Carlo, pulled in €124.8 for SBM, compared to €117.6 in the 2021/2022 financial year.
“This increase is mainly due to the gradual letting of the last spaces at One Monte-Carlo as well as the contractual application of inflation,” said Valeri.
A booming hotel and hospitality sector
But it was the hotel sector that really boosted SBM coffers with €325.1 million in revenue – up more than €111 million from the previous year’s €213.3 million.
The record profits are obviously on the back of two years of Covid-induced restrictions, and marks a return to normal for SBM, which owns Monaco’s most famous establishments including the Casino de Monte-Carlo, the Hôtel de Paris Monte-Carlo and the Hôtel Hermitage.
“We operated under normal conditions at all of our establishments and we had a particularly favourable summer season,” explained Valeri. “It was great to see the return of the international clientele and the phenomenon of ‘Revenge Travel’: the post-Covid desire to enjoy life more, to compensate for the various limitations that people have suffered during the health crisis.”
SBM’s operating profit was therefore €72.2 million in the year 1st April 2022 to 31st March 2023, more than double the previous year’s figure of €35.4 million.
International expansion ahead
Meanwhile, the sale of the SBM Group’s entire 47.3% stake in Betclic Everest Group for €829.2 million, through its subsidiary Monte-Carlo SBM International in June 2022 resulted in the exceptional consolidated net profit of €896.2 million for the 2022/2023 financial year.
“One of our priorities is to look for sources of growth in the development of our Group,” said Valeri of the future of SBM. “These reserves that we now have in our international subsidiary will allow us to acquire a certain number of establishments – hotels, restaurants and casinos – abroad.”
Valeri also revealed that SBM is on track to achieve another exceptional financial year, with extremely positive results already in April and May 2023.
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Stéphane Valeri at the helm of SBM: “Our future will live up to our brilliant past”
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