Monte Carlo operator's Q1 gaming revenue falls 84.5%
The Société des bains de mer de Monaco, which operates Casino de Monte-Carlo, reported revenue of €45.1m (£41.0m/$52.3m) for the three months ending on 30 June, the first quarter of its 2020-21 fiscal year, a 60.5% year-on-year decline.
The Société’s gaming sector - consisting of four properties all located in Monte Carlo - 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 (Covid-19).
“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.
While the Casino de Monte-Carlo and the Casino Café de Paris, reopened on 2 June in line with Monegasque government guidelines, the Sun Casino and the Bay Casino are still closed.
The Société’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.
The group said it has implemented strict cost and investment controls to limit the impact of the virus on its finances.
“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."