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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.
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.
Faced with a strong Serbian team, the Roca boys had to wait until the end of the match to taste victory in the Euroleague, balancing the books ahead of their game against Moscow on Friday.
As National Day fast approaches, Monaco City Hall has released its line-up of free family shows for the celebrations as well as information on how and where to get tickets.
Local charity Les Enfants de Frankie will be organising back-to-back events in December to benefit sick and disadvantaged children, including the popular Kids Nite and Day.
Monaco Boost has launched its third call for applicants, encouraging Monegasque citizens to take advantage of the government-backed business support programme.