Sociéte des Bains De Mer de Monaco sees Q1 turnover drop 2% annually
The Sociéte des Bains De Mer de Monaco has reported a €12.6m drop in gaming turnover for Q1 2023, while all of its other sectors rose individually – although not enough to see it rise year-on-year.
The Sociéte des Bains De Mer de Monaco has posted its Q1 report (April to June), showing that its total consolidated turnover fell annually to €203.3m ($225.2m) – down from €207.8m.
Looking at the breakdown, all of the sectors outside of the company’s gaming division were up on Q1 2022.
Its hospitality made €111.1m against €104.6m – a 7% increase year-on-year. Meanwhile, the rental sector and ‘others’ division also had higher numbers than in Q1 2022.
However, in its aforementioned gaming sector, the company recorded a €12.6m drop, totalling €56.3m in Q1 2023 from €68.9m – despite attendance being up by 18%.
The graph above shows the company’s overall turnover and its gaming turnover in its Q1 2023 report
Much of the reason for its drop in business in recent months was discussed during Gambling Insider’s Huddle with Pascal Camia back, COO of the Monte-Carlo Société Bains De Mer Monaco. Back at ICE London, he revealed that the current War in Ukraine was affecting the casino’s business, among other factors.
In its report, the company stated that: ‘All business sectors show an increase in turnover, with the exception of the gaming sector, which experienced particularly unfavourable risks over the period, which corresponds to the nature of this type of activity.’
Furthermore, earlier this year, Société des Bains de Mer Director Jean-Luc Biamonti retired, with Stéphane Valeri replacing him – which kicked off a slew of new appointments within the business. Albert Manzone become the new CEO of the Monte-Carlo Société des Bains de Mer, with Virginie Cotta Margossian becoming the new Secretary General.
Commenting on his new position in January of this year, Valeri said: “I take up my new position with pride within this great company to which my family and I have been very attached for several generations.”
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