Brought to you by: Monaco Life
Monaco’s Société des Bains de Mer and its subsidiaries – the dominant casino and hotel operator in Monaco – posted higher sales in the first accounting quarter of 2018 than in the same period last year, the company said on Tuesday, August 14.
The Group’s consolidated sales amounted to 144.8 million euros compared with 127.5 million euros previously, an increase of 14 percent. The growth is mainly due to the favourable evolution of the gaming and hotels sectors, the company said.
With a turnover of 55.4 million euros for the quarter compared to 44.6 million euros last year, the gaming sector recorded a 24 percent improvement. The turnover of table games was up 66 percent for the first quarter of the 2018/2019 fiscal year, while that of automatic devices decreased by one percent.
Hotel revenue rose by nine percent to 76.6 million euros compared to 70.3 million euros for the same period last year. The sector benefits from the reopening of some rooms and the restaurant of the Grill at the Hotel de Paris for the full quarter, representing an increase in turnover of three million euros compared to the same period of the previous year.
Other hotels in the Group also reported higher revenues compared to the first quarter of 2018/2019. Similarly, the reopening of Louis XV – Alain Ducasse, Jimmy’z and the opening of the Coya restaurant have had a very positive impact on the hospitality sector, SBM said.
Although the trend observed since April 1, 2018, is more favourable for the gaming sector and hotel sectors, the random and seasonal nature of the business does not allow forecasts to be made for the full year, the company said.
The complete reopening of the Hotel de Paris is planned for the last quarter of the financial year.
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