The operator of the Casino de Monte-Carlo has reported revenue of €45.1million for the first quarter of the financial year ending June 30.
Monaco.- The operator of Casino de Monte-Carlo, Société des Bains de Mer de Monaco, has reported total revenue of €45.1million for the quarter ending June 30 – a drop of 74 per cent per cent year-on-year from €176.8million in 2019.
It comes after a successful 2019 – 2020 financial performance that saw revenue climb 18 per cent year-on-year.
The effect of the pandemic on gaming was felt especially severely, with gaming revenue across the operator’s four Monte Carlo venues down by 84.5 per cent year-on-year to €9.6million compared to €61.7million in the same three months in 2019.
The operator’s casinos closed in mid-March due to the Covid-19 pandemic. Casino de Monte-Carlo and Casino Café de Paris reopened on June 2 when allowed by Monaco’s government, but the Sun Casino and the Bay Casino remain closed.
Hotel revenue dropped 88.3 per cent to €10.8million, although residential rental revenue grew 14.9 per cent to €24.4million.
Société des Bains de Mer de Monaco said in a statement: “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.”
It said it had implemented cost and investment controls to limit the pandemic’s impact on finances.
The statement said: “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.”
The casino operator’s financial report is available here.