Stéphane Valeri, President of Monte-Carlo Société des Bains de Mer (SBM), recently unveiled the company's record-breaking financial results for the fiscal year ending March 31, 2024, with revenues hitting a historic high of €704 million, a significant rise from €667 million the previous year. The growth in revenue was primarily driven by the hospitality sector, which contributed half of the total, followed by gaming and real estate sectors. SBM also reported a modest increase in operating profit to €73.16 million and a substantial rise in consolidated net income to €103.9 million, boosted by a notable gain in financial income.
In terms of future plans, SBM has shown a robust start to the 2024/25 fiscal year, with a 7% increase in first-quarter revenue amounting to €218.4 million. The hotel sector, highlighted by the reopening of the Amazonico restaurant and the newly renovated Café de Paris, led this growth. Valeri also emphasized SBM's commitment to sustainability, with the company having transitioned to geothermal systems for heating and cooling and integrating more eco-friendly vehicles into its fleet.
Internationally, SBM is expanding its footprint with several strategic initiatives. Notably, the renovation of the Palace des Neiges in Courchevel is underway, with the Monte-Carlo One Courchevel slated to open by the 2026 winter season, strategically ahead of the 2030 Winter Olympics. Furthermore, SBM is venturing into the cruise industry with a new Monte-Carlo casino on the Crystal Symphony and plans to open a new restaurant brand, Monte-Carlo Club 1863, in Dubai in autumn 2025. These developments underline SBM’s strategy to bolster its global presence while continuing to innovate and expand within Monaco, including upcoming renovations at the Hôtel Hermitage and the development of the Terrasses du Casino project.
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