Societe de Bains de Mer (SBM), which operates a quartet of casino properties in the gambling mecca of Monte Carlo, took a severe hit in the first quarter of the 2020-21 fiscal year, with revenues down 84 percent from the same period in 2019. Gaming revenues from April to June fell to €9.6 million (US$11.2 million).
All four properties were closed in mid-March and travel to the region was severely restricted due to the Covid-19 pandemic. Casino de Monte-Carlo and the Casino Café de Paris reopened on June 2, and the Sun Casino and Bay Casino are still closed.
Overall, total group revenue decreased by 74 percent, down to €45.1 million for Q1 of the operator’s fiscal year, with hotel revenues down 88 percent to €10.8 million, reported CDC Gaming Reports.
“On the other hand,” SBM stated, “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 operator’s 2019-20 (April to March) performance saw gaming revenues increase 8 percent from the previous year, and overall revenues increase by 18 percent.
