12 ° C
Breaking News

4 new Covid cases on 2 Dec. brings total to 621: 7 hospitalised, 5 resident + 4 in ICU, 2 resident, 21 home monitored, 563 recoveries, 3 deaths

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!


December 2, 2020 | Local News

Riviera airport picks up pace

Stephanie Horsman

Nice Airport has announced a complete reopening of Terminal 2 this month in an effort to get holiday travellers safely where they need to be.

December 2, 2020 | Local News

Holiday celebrations in full-swing

Stephanie Horsman

The Monaco Town Hall has organised a number of “Covid safe” events to ensure a merry and bright Christmas for all this festive season. 

Stephanie Horsman

Boris Herrmann, captain of the Seaexplorer-Yacht Club de Monaco, aided in the rescue effort to find fellow sailor Kevin Escoffier after he was forced to abandon ship.

Cassandra Tanti

BeMed officially launched its Business College on Monday, supporting companies of all sectors and sizes in implementing concrete solutions to reduce plastic pollution.