The Monte-Carlo Société des Bains de Mer Group enjoyed a fruitful 2023/24 fiscal year, recording revenue growth of six percent up to 704 million euros, and an increase in operating income of 1.4 million euros up to 73.6 million. A largely positive net income of 103.9 million euros further confirms the SBM Group’s sound financial model.
Speaking to the press at the Group’s Monte-Carlo Bay Hotel and Resort, SBM’s CEO Stéphane Valeri said “We are pleased with the Group’s strong performance. These results confirm the robustness of our business model, which is based on our range of complementary activities. Every sector – from gaming to accommodations and catering, and the rental business – contributes to growth revenue, with proven synergies between them.”
“The new governance structure of Monte-Carlo Société des Bains de Mer, which forms part of the reorganisation initiated at the start of the fiscal year, has unquestionably had positive effects on our business, taken into account the two new directions – international development and property development – which will produce a return on investment in the medium term.”
“This result is in line with our previous performance and demonstrates the relevance of our offering and the strength of our position in a highly competitive market.”
The six percent rise in revenue amounts to 37 million euros, taking the SBM Group up to 704 million euros, thanks in part to a particularly successful summer season. A busy autumnal period followed, with the acquisition of the Palace des Neiges in Courchevel on October 3, 2023 and the reopening of the Café de Paris on November 14 last year.
Meanwhile, the consolidated operating income amounted to 73.6 million euros, compared with 72.2 million euros of the previous fiscal year. The gaming and rental sectors saw significant progress in their operating income, with an additional 3.8 million euros and 8.5 million euros respectively.
These strong results more than offset the fall in operating income of the hotel sector of 5.8 million euros, which was impacted by non-recurring costs associated with pre-opening expenses at the Café de Paris and Amazónico, as well as an increase in salaries and wages linked to business growth and the quest for excellent quality of service.
SBM’s level of activity for the first two months of the new fiscal year was entirely in line with that of 2023/24, and has been strengthened by the opening of the Amazónico restaurant on April 4, and the full-year effect of the opening of the Café de Paris Monte-Carlo Brasserie in late 2023.
Featured image courtesy of Monte-Carlo SBM – Alain Dupra: Stéphane Valeri
