As expected the coronavirus lockdowns had a major impact on the fortunes of Société des bains de mer, the operator of the casinos and most of Monaco’s top hotels.
The company reported a loss of 103.3 million euros in the 2020/2021 financial year, compared to a profit of 22.6 million euros for the previous year.
Part of the loss in the latest financial year was due to 25.3 million euros in compensation for more than 200 mainly voluntary redundancies among the workforce. The departures will result in annual savings of about 18 million euros. Other savings will bring a benefit of about seven million euros.
The on-line gaming operation Betclic, in which SBM holds 50 percent, helped the most recent figures by bringing in almost 31 million euros in profits.
Grand Prix month very disappointing
SBM had hoped for a faster recovery once the worst of the coronavirus restrictions were lifted, but May was very disappointing, despite the resumption of the Grand Prix. Hotel occupancy during the month was only 51 percent, Jean-Luc Biamonti, SBM’s director, said. “Usually we turn people away,” he added.
However, July and August performed well, with an increase in turnover of 53 percent compared to the same two months of 2020.
The company has issued short-term notes to the value of 110 million euros to help it get over the current crisis.
PHOTO: Jen-Luc Biamonti Jack Brodie