Monte Carlo operator sees gaming revenue rise 8% year-on-year

By Iqbal Johal

Monte Carlo casino operator Societe de Bains de Mer has reported an 8% year-on-year rise in gaming revenue between 1 April 2019 and 31 March 2020.

Overall revenue for the company increased 18% to €619.8m ($690.2m).

That included a rise in gaming revenue to €239.8m, with slot machine revenue up by 11% to €113m; revenue from table games grew 5% to €113.5m.

Total operating profit across all sectors was €22.6m, compared to a loss of €9.6m the previous year; gaming profit was up €0.5m, while group net income increased by €23.5m to €26.1m.

However, the COVID-19 outbreak impacted the final month of Societe de Bains de Mer's financial year; closure on 15 March meant a revenue shortfall estimated at more than €15m.

The group said, despite the impact, it has retained the majority of revenue from its commercial and residential activities due to its diversification strategy.

But it has had to enforce cost-cutting measures, such as employees taking leave and being placed under a Principality of Monaco support package.

Societe de Bains de Mer's banking partners have made available a €230m credit facility, with the first payment of €26.4m due at the end of June.

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