Monte Carlo Casino Operator Announce 8% Increase YOY
Monte Carlo casino operator Societe de Bains de Mer announced an increase in gaming income of 8 percent year-on-year between April 1, 2019 and March 31, 2020.
The company’s net sales rose 18 percent to €619.8 million ($690.2 million).
This saw a €239.8 m rise in gaming income, with slot machine sales increasing by 11 percent to €113 m; table games revenue rose by 5 percent to €113.5 m.
Net operating profit in all divisions was €22.6 million, compared with a loss of €9.6 million in the previous year; gaming profit was €0.5 million, while net profits for the company rose by €23.5 million to €26.1 million.
However, the COVID-19 outbreak affected the final month of the financial year of the Societe de Bains de Mer; closing on March 15 meant an estimated revenue shortfall of more than € 15 million.
Despite the impact, the group said due to its diversification strategy it has retained the majority of revenue from its commercial and residential activities.
But it has had to enforce cost-cutting measures like employees taking leave and being placed under a support package for the Principality of Monaco.
The banking partners of the Societe de Bains de Mer also made a €230 m credit facility open, with the first deposit of €26.4 m expected in late June.
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