Monaco’s Société des Bains de Mer (SBM) and its subsidiaries recorded a 31% increase in revenue for the third quarter of the 2021/22 financial year.
From 1 October to 31 December, SBM’s turnover amounted to €125.8m ($142.2m), up from €95.8m for the prior-year period.
Gaming generated the most revenue for Q3, with €53.5m or over 40% of the group’s total third-quarter turnover coming from this segment alone.
However, while the period marked a strong increase over 2020/21’s results, revenue was down in all areas from the second quarter.
This includes gaming, which fell by roughly 20%, and remained below pre-pandemic levels, however, hospitality saw the largest quarter-on-quarter decrease. While this segment generated €104.6m for Q2, it only produced €43.7m for Q3, an over 58% drop.
SBM attributed this to an autumn and winter slump, as well as a resurgent Covid-19. A statement from the group read: “Due to seasonality, activity in the third quarter of the year was naturally weaker than that of previous months.”
It added: “On the other hand, activity in December was impacted by the fifth wave of the Covid-19 epidemic and revenue for this last month was down 24% compared to December 2019.”
But all-in-all, SBM’s results show a positive trend. For the first three quarters of the 2021/22 financial year, the group’s revenue came to €437.2m, up by 65% from the previous year’s €264.5m. Likewise, gaming turnover experienced a 76% rise for the same nine-month period, generating €166m.
Nevertheless, revenue remains 18% lower than for the first three quarters of the 2019/20 fiscal year.