Brought to you by: Pastor Real Estate & Barclays
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.
A rare survivor of the nuclear blast that effectively ended World War II in the Pacific has spoken to a group of mesmerised students and staff members at Lycée Albert I. Organised by the International Campaign to Abolish Nuclear Weapons (ICAN), The high school’s history and geography class were told the incredible and sad true […]
October has come to be known as ‘Pink October’ and many Monegasque organisations, as well as the government, are supporting the cause. Roughly two million women were diagnosed with breast cancer last year worldwide and of those an estimated 627,000 will die from the disease. That comes out to 15% of all cancer deaths for […]
A joint meeting was held last week between the Monegasque Ambassador to the US and Honorary Consuls from nine major North American cities to discuss collaborative efforts for the next calendar year. Considered one of America’s greenest cities, Seattle was the setting for the confluence and attracted the Monaco representatives for its achievements regarding environmental […]
The Princess Grace Foundation-USA will be paying tribute to their namesake, Princess Grace of Monaco, during a special fundraising gala this November. The celebration will mark the 90th anniversary of the birth of the Hollywood icon and beloved Princess of Monaco. Known throughout the world as a humanitarian, philanthropist, and artist, Princess Grace was committed to […]