Coronavirus impact sees Monte Carlo operator’s gaming revenue plummet 84% for Q1
Monte Carlo casino operator Societe de Bains de Mer saw its gaming revenue decline by 84% year-on-year for Q1 2020/2021, as the coronavirus pandemic led to property closures.
With its four Monte Carlo properties all closed in mid-March due to the pandemic, gaming revenue from 1 April to 30 June fell to €9.6m ($11.2m), which the operator attributed to the travel restrictions that were in place in response.
In line with Monaco government guidelines, Casino de Monte-Carlo and the Casino Café de Paris reopened on 2 June, with the Sun Casino and the Bay Casino remaining closed, but the operator said June revenues are also lower compared to 2019.
Overall, total group revenue decreased by 74%, down to €45.1m for Q1 of the operator’s fiscal year, with it’s hotel revenue suffering an 88% fall in revenue, to €10.8m.
The operator stated that it expects the coronavirus pandemic to continue to significantly deteriorate financial performance for the entire fiscal year, despite strict cost and investment measures being implemented.
The group added: “On the other hand, the group has retained most of its income from its commercial and residential rental activities, which confirms the soundness of the diversification strategy undertaken for several years to develop its real estate assets and rental activities.”
The Q1 results are in stark contrast to the operator’s 2019/20 (April to March) performance, which saw gaming revenue rise 8% from the previous year, and overall revenue increase by 18%.
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