The City

SBM Group Thrives with 6% Revenue Boost in 2023/24

June 03, 2024
SBM Group Thrives with 6% Revenue Boost in 2023/24

Image Courtesy of Monte-Carlo SBM

The Monte-Carlo Société des Bains de Mer Group had a successful fiscal year in 2023/24, achieving a 6% increase in revenue, reaching 704 million euros. Additionally, operating income rose by 1.4 million euros, totaling 73.6 million euros. The Group also reported a notable net income of 103.9 million euros, underscoring its solid financial foundation.

During a press conference at the Monte-Carlo Bay Hotel and Resort, SBM’s CEO Stéphane Valeri expressed satisfaction with the Group’s performance. He stated, “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.”

Valeri highlighted the positive impact of the Group’s new governance structure, part of a reorganization initiated at the start of the fiscal year. He emphasized the potential returns from the new focuses on international and property development in the medium term.

“These results align with our previous performance and demonstrate the relevance of our offering and the strength of our position in a highly competitive market,” Valeri added.

The revenue increase of 37 million euros, bringing the total to 704 million euros, was partly due to a highly successful summer season. This was followed by a bustling autumn, marked by the acquisition of the Palace des Neiges in Courchevel on October 3, 2023, and the reopening of the Café de Paris on November 14.

The consolidated operating income reached 73.6 million euros, up from 72.2 million euros in the previous fiscal year. The gaming and rental sectors showed significant improvement, with operating income rising by 3.8 million euros and 8.5 million euros, respectively.

These gains offset the hotel sector’s decrease in operating income by 5.8 million euros, attributed to non-recurring pre-opening costs at the Café de Paris and Amazónico, as well as increased salaries and wages due to business growth and the pursuit of high-quality service.

SBM’s activity level for the first two months of the new fiscal year has remained consistent with 2023/24. It has been bolstered by the opening of the Amazónico restaurant on April 4 and the full-year impact of the Café de Paris Monte-Carlo Brasserie, which opened in late 2023.

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