The Principality’s most recent chapter has seen it steadily transforming under many construction sites. Some of these re-developments may account for a rise in profits for the Société des Bains de Mer. Their One Monte-Carlo residence, located next to the Hôtel de Paris Monte-Carlo in a fully pedestrianized area, has also been one of the most talked about developments in the Principality.
For the period from 1 April 2018 to March 31, 2019, revenue is up: 526.5 million euros versus 476.6 million last year. Sales are up 11% and there is growth in all business sectors.
Operating income showed a deficit of -9.6 million euros, compared with -27.1 million euros last year. The partial renovation of the Hôtel de Paris contributed to complicating the hotel sector.
The consolidated net profit of the company is positive with 2.6 million euros. Their digital Betclic Everest Group is stable: 12.3 million euros, versus 12.5 last year.
The most symbolic progression for the company is the Games sector, with a turnover of 222.7 million euros, possibly due tothe diversification of the sector. New clientele have been attending new events at the Casino, especially in the Salle Europe.
Designed by Sir Richard Rogers, architect and urban planner (One Hyde Park, London), One Monte-Carlo holds 37 apartments (from 2 rooms to a 6 room triplex) for long-term rental. Rent from the One Monte-Carlo tower flats should be positive to future financial years. Work that was once delayed will be completed by July. Two thirds of the apartments are already rented as well as three out of nine floors in the office building.
Still on the agenda for the SBM: rooms will soon be redone at the Hermitage at Monte Carlo Bay and the boulingrins gardens will be re-vamped and unveiled at the end of June.
