The Société des Bains de Mer (SBM) has revealed strong financial results for the first half of fiscal year 2024/2025, with revenue growing by 11% to €495.1 million. The growth has been attributed to a successful summer season, the launch of the Amazónico Monte-Carlo restaurant, and the reopening of the Café de Paris Monte-Carlo brasserie.
Operating profit for the six-month period reached €93.9 million, while net income rose to €119.7 million. SBM Chairman and CEO Stéphane Valeri described the performance as a testament to the group’s diversified strategy.
“The 2024 summer season confirmed that we have a coherent, complementary product offering and demonstrated the overall appeal of our Resort. Our hotel business performed particularly well,” said Valeri in a statement. “Catering also stood up well, carried by the buzz generated around the Amazónico Monte-Carlo’s first summer season, and the ongoing success of the Café de Paris. These half-year figures represent an improvement on the same period last year, and validate our strategy to invest across all our business segments: Gaming, Accommodations, Catering, Real estate, as well as developping international growth drivers.”
The group’s hotel revenue climbed 16% to €289.8 million, supported by increased summer occupancy rates, higher average daily rates, and the popularity of newly opened venues. Amazónico Monte-Carlo, launched in April 2024, enjoyed its first summer season with strong results, while the revamped Café de Paris brasserie, reopened in late 2023, continued to attract significant patronage. Rental revenue reached a record €74 million due to new leases at the Café de Paris complex and indexed rent adjustments.
Gaming revenue remained stable at €127.7 million, with increased activity in table games and slot machines balanced by a slight decline in slot revenue, reflecting the unpredictable nature of gaming operations. Despite this, the group’s other sectors performed well, contributing to an overall increase in profitability.
As of 30th September 2024, SBM reported a substantial improvement in its net cash position, which rose to €192.2 million from €68.9 million at the close of March 2024.
Looking ahead, SBM stated that while the business remains on a positive trajectory, the inherent unpredictability of gaming makes it challenging to provide forecasts for the remainder of the fiscal year.
The half-year financial report and accompanying statements, prepared in compliance with IFRS standards, are available on the SBM corporate website.
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Photo source: Monte-Carlo SBM