27 ° C
Breaking News

18 Covid cases 27 July, 13 hospitalised, 2 in ICU, 96 home monitored, 2,652 recoveries, 33 deaths, 269 incidence rate, 63% eligible population vaccinated

SBM reports first quarter results

SBM reports first quarter results

By Staff Writer - August 7, 2016

Monte-Carlo Bay Hotel. Photo: Monaco Press Centre Photos
Monte-Carlo Bay Hotel. Photo and Feature image: Monaco Press Centre Photos

Monaco’s Société des Bains de Mer has reported disappointing results for the first quarter of 2016, with consolidated revenues of €124.3 million against €132.8 million for the same period last year, a decline caused wholly by continuing challenges in the gaming sector.

Hotel activities had a good start to the year, but the reduced capacity of the Hôtel de Paris, as it undergoes lengthy renovations, has made a dent in the figures.

Once again, gaming is facing poor trading conditions and results are below expectations, with revenues of €42.5 million against €56 million last year. Gaming machines declined by only one percent, although the Casino of the Café de Paris for its part had a two percent increase in turnover.

Hotel revenues were up, totalling €69.9 million, compared to €66.2 million in 2015/2016, representing a growth of nearly six percent. The Hotel Hermitage and the Monte-Carlo Bay Hotel & Resort were top performers. Jimmy’z, Buddha Bar and the Sporting Monte-Carlo recorded a favourable increase in visitors.

Finally, SBM’s rental sector, which includes shops and office rental activities and the residences of the Monte-Carlo Bay, Balmoral and new villas at the Sporting, recorded a turnover of €9.5 million, an increase of 10 percent.

While the first quarter results are disappointing, the fact that the hotel sector is doing well, despite the temporary loss of rooms at the landmark Hotel de Paris, should be encouraging for SBM while gaming continues to be the company’s continuing challenge.

Previous articleShades of Sir and Lady Green
Next articleAS Monaco Striker to miss Champions League playoff


Leave the field below empty!


July 28, 2021 | Lifestyle & Wellbeing

MYS to feature new design and innovation hub

Cassandra Tanti

Visitors to the 2021 Monaco Yacht Show will discover a new exhibition area dedicated to design and innovative solutions in superyachting: the Yacht Design and Innovation Hub.

July 28, 2021 | Lifestyle & Wellbeing

Take a break from cars on “Cycling Sunday”

Staff Writer

“Cycling Sunday”, the one-day event that has proved so successful in previous years, has returned to Monaco, encouraging people to get out of their cars and onto their bicycles.

July 28, 2021 | Lifestyle & Wellbeing

“We have reputations to uphold”

Stephanie Horsman

Monaco and Luxembourg have signed a cooperation agreement that will strengthen efforts in the fight against money laundering and terrorism financing.

July 27, 2021 | Lifestyle & Wellbeing

Health pass for all from 23rd August

Cassandra Tanti

Monaco residents will need to hold a health pass to access restaurants and bars from late August as the government responds to a “fourth wave” of the Covid epidemic.