The President of the Société des Bains de Mer, Stephane Valeri, recently presented the Group’s financial report for the 2023-2024 year. The SBM recorded a net profit of €103.9 million, up from €67 million for the previous year.
Figures exclude online gambling
The net profit excludes figures from the Betclic Everest Group (BEG). The SBM has held a stake in the capital of BEG, an online betting group, since May 2009. The stake in BEG had led to a profit of €813.5 million in the previous financial year.
Hospitality and games
The SBM’s hotel and catering sector increased from €325.1 million to €345.1 million thanks to a strong summer. Games increased by 3% to €221.3 million (including a 2% drop in table games, a 4% increase in slot machines and a 21% of “ancillary activities”).
Rentals
Rental activities saw a substantial increase of 9% to €135.4 million thanks to steady occupancy rates, the new opening of the Café de Paris and rent indexation.
Operating costs
Consolidated expenditure increased slightly from 72.2 million to 73.6 million. According to Stephane Valeri, wages and benefits for SBM employees are much higher than in competing groups.
The Grand Prix
Charles Leclerc’s incredible victory did not go unmentioned during the press conference. Locals and visitors celebrated the win in style at venues like the new Amazonìco and Café de Paris.
International development
The SBM acquired the Palace des Neiges in Courchevel in 2023 and major renovation works began in April 2024 and a grand reopening is planned for the winter of 2026. The SBM’s ‘D.ream’ a Mediterranean-inspired Monegasque restaurant, is set to open in Dubai in 2025.
Local projects on the horizon
Renovations are in the cards for the Hermitage and the Bay. Japanese restaurant L’Abyss at the Hermitage will be inaugurated in July. The 150th anniversary of the cellars of the Hôtel de Paris will be commemorated with a new museum. The reopening of the New Moods is scheduled for later this year.
