SBM profits grow

By Violeta Prockyte

Société des Bains de Mer (SBM), a casino operator from Monaco partnered with Macau’s Galaxy Entertainment Group, recorded a net profit of €26.1 million ($29.3 million) for the 2019/2020 financial year.

The recorded period is 1 April 2019 – 31 March 2020.

The consolidated profit grew due to the 18% increase in revenues: 8% growth in the games sector and 12% increase in the hotel sector, a significant rise compared to the 2018/2019 financial year when consolidated net profit was €2.6 million.

SBM’s revenue for the time period was €619.8 million, an increase from €526.5 million for 2018/2019 FY. In addition, operation profits reached €22.6 million compared to the €9.6 million the previous year.

The popularity of slot machines increased the gaming revenue by almost 8% to €239.8 million, compared to the turnover of €222.7 million in 2018/2019.

The company lost close to €15 million in March because of the pandemic, but SBM recorded a €93.3 million turnover when Monaco’s casinos closed mid-March.

CEO Jean-Luc Biamonti said, “This €93.3 million increase in turnover is the result of an improvement in revenues in all business sectors, recorded continuously throughout the financial year until the end of February.”

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