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Société des Bains de Mer (SBM) has reported its financial results for the first quarter of 2024/25. In total, the operator and its subsidiaries made €218.4m ($236.5m) in consolidated turnover during the period between 1 April and 30 June, up 7% year-on-year. This is despite a 17% decline in Société des Bains de Mer’s gaming segment, with turnover coming in at €47m.
Gaming
Gaming revenue fell by over €9m from this time last year, despite SBM experiencing increased attendance. The operator pointed to the risk over the three-month period being unfavourable as a reason for the decline.
The gaming sector was the only segment to decline in turnover year-on-year in Q1.
Hospitality, rental and other
SBM’s hospitality segment was the most profitable in Q1, making €130.3m, or 67.7% of the business’ turnover. It was also the highest-growing segment of the three listed, up 17% year-on-year.
Both the rental and other sectors were up 15% year-on-year, making €36.9m and €8m respectively.
Was it what Société des Bains de Mer expected?
The growth in hospitality, rental and other was in line with SBM’s expectations, with the operator pointing to the opening of its Amazónico restaurant in April as a factor for this growth.
However, due to the ‘random nature’ of gaming, SMB stated it was unable to forecast what the segment will look like for the remaining 2024/25 period. Another factor may be a decline in some Eastern European gaming travel as a result of the war in Ukraine, as was stated by COO Pascal Camia in The Huddle at ICE 2023.
During the quarter, SBM also signed a partnership with Crystal Cruises, bringing about a return of gaming onboard Crystal Symphony’s Chairmen’s Cruise and Crystal Serenity, as well as future non-Expedition vessels. Crystal Cruises will host the only Casino de Monte-Carlo at sea, with Crystal Symphony’s Chairmen’s Cruise set to sail in November.
