Monaco, MC
few clouds
12 ° C
13 °
10 °
15 °
14 °
14 °
15 °
15 °
Breaking News

Transport disruptions expected to continue as union strikes roll on throughout France

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



December 11, 2019 | Business & Finance

Intimate photos of daily life at the Palace

Stephanie Horsman

A new photo book paying tribute to the 126 people who work behind the scenes at the Prince’s Palace and his private home, Roc Agel, has been released.

December 10, 2019 | Business & Finance

Red Cross entities unite

Cassandra Tanti

Prince Albert has joined a gathering of the entire Red Cross Movement in Geneva for a conference under the theme: ‘Acting today to shape the world of tomorrow’.

December 9, 2019 | Business & Finance

Monaco receives four new ambassadors

Cassandra Tanti

Monaco now has four new Ambassadors from Belarus, Malayia, Mali and the European Union.

December 6, 2019 | Business & Finance

Monaco hosts World Top Model final

Cassandra Tanti

For the first time, Monte Carlo will play host to the World Top Model final, set to take place on 14th December at the Fairmont Hotel.