Monte Carlo operator’s gaming revenue plunges 84.5% in Q1 2020. Monte Carlo casino operator Societe de Bains de Mer posted revenue of € 45.1 million for the three months ended June 30, the first quarter of its fiscal year 2020-21, a year-on-year decrease of 60.5 per cent.
The Societe’s gaming sector was particularly badly affected with revenue falling 84.5% to €9.6m after all of its casinos closed in mid-March to limit the spread of the novel coronavirus.
The group said “This decrease is mainly linked to the closure of all establishments on the first two months of the year, but also to lower revenues in June compared to the same period of the previous year given the health crisis and the travel restrictions in effect.”
The Societe’s hotel revenue fell 88.3% year-on-year to €10.8m, while its residential rental revenue grew 14.9% to €24.4m. Other revenue fell 76.7% to €1.5m.
“All investment projects have been reviewed and a reduction has been made in large budgets while non-essential investments have been suspended. In addition, the SBM Group has negotiated with its creditors to create, to the best possible extent, a better distribution of its financial commitments over time,” the group said.
[image: Geoff Brooks]