In a significant announcement, Stéphane Valeri, President of Monte-Carlo Société des Bains de Mer (SBM), revealed the company’s remarkable financial results alongside an ambitious vision for the upcoming year. For the first time in its history, SBM achieved a revenue exceeding €700 million, totaling €704 million for the fiscal year from April 1, 2023, to March 31, 2024, marking a substantial increase from €667 million the previous year.
The revenue breakdown highlights the dominance of the hospitality sector, accounting for 50%, with gaming contributing over 30% and real estate under 20%. Operating profit showed a slight rise from €72.2 million to €73.16 million, while consolidated net income surged to €103.9 million, driven by a remarkable boost in financial income.
Looking ahead, SBM reported a robust 7% revenue growth in the first quarter of 2024/25, with the hotel sector leading the charge, bringing in €130 million—an increase of €19 million from the previous year. This growth can be attributed to the successful reopening of the Amazonico restaurant and the newly renovated Café de Paris, which is now outperforming pre-pandemic figures by 40%.
In a move towards sustainability, SBM is committed to reducing its carbon footprint by utilizing geothermal energy systems for heating and cooling, alongside expanding its fleet of electric and hybrid vehicles.
International Expansion and Exciting Developments
SBM's international ambitions are gaining momentum. Renovations at the Palace des Neiges in Courchevel are set to commence in April 2024, with the Monte-Carlo One Courchevel scheduled to open in time for the 2026 Winter Olympics. Additionally, SBM will launch its first Monte-Carlo casino aboard the Crystal Symphony cruise ship in Venice this November, with plans for another in the Caribbean.
The company is also venturing into the restaurant scene with the upcoming Monte-Carlo Club 1863 in Dubai, offering a blend of Monegasque classics and Mediterranean cuisine, set to debut in autumn 2025.
Ongoing Projects in Monaco
Back in Monaco, SBM is focused on several major renovations, including the Hôtel Hermitage and Monte-Carlo Beach. The Terrasses du Casino project will transform the Casino Square area, creating luxury residences and retail spaces by 2030.
New venues are on the horizon as well. Moods, a winter club featuring live entertainment and gourmet dining, will reopen on November 30. Marlow, an English-style restaurant, is slated for January 2025, while the Monte-Carlo Cigar Club will offer an exclusive experience for aficionados in spring 2025.
Finally, Valeri announced SBM's intention to bid for the reconstruction of the Le Méridien hotel, pending a competitive process for the state-owned land.
With these initiatives, SBM is poised for a thriving future, blending luxury, sustainability, and innovation in Monaco and beyond.