SBM profits grow
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.”
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
