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Société des Bains de Mer brings together shareholders

Société des Bains de Mer brings together shareholders

By Staff Writer - September 24, 2018

The shareholders of the Monte-Carlo group Société des Bains de Mer met on Friday, September 21st, to approve the financial statements for the 2017-2018 financial year and to specify the progress of the Group’s major projects.

Jean-Luc Biamonti, CEO of the SBM.
Jean-Luc Biamonti, CEO of the SBM © Directorate of Communication / Michael Alesi

The General Meeting approved the 2017-2018 fiscal year, with a turnover increase of €15.8 million resulting from improved revenues in the hotel sector and to a lesser extent rental sector.

The operating result of the S.B.M. a deficit of – €27.1 million compared to an operating loss of – €32.8 million for the previous financial year. This deficit is primarily related to the conduct of the renovation project of the Hotel de Paris. However, the operating losses inherent in the reduced reception capacity of the Hotel de Paris remain in line with forecasts, which projected losses of more than €50 million over the total duration of the works.

In the outlook, it was announced that in the first five months of the 2018/2019 financial year, ie at the end of August, the consolidated turnover of the S.B.M. is up 13% over the same period last year.

Gaming revenues increased by 16%, with the positive effects of the numerous actions undertaken to give a new impetus to all gaming establishments and to develop the activity of table games.

Mr. Jean-Luc Biamonti, Chairman and CEO also announced to the press, the forthcoming reopening of the entire Hotel de Paris for the end of 2018 and the inauguration of One Monte-Carlo, on February 22, 2019.

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