SBM reports improvements in Q3 results

| By Marese O'Hagan
Société des Bains de Mer (SBM), owner of Monte Carlo Casino and Betclic Everest, has reported a 19% year-on-year rise in gaming revenue in its third quarter ended 31 December, despite a quarterly decrease.

Gaming revenue came to €53.4m (£44.4m/$59.6m), and while this was up from 2020-21, it was down 20.7% compared to Q2. However, this was still improvement from gaming revenue’s lowest point of €45.0m in Q1.

Gaming revenue for the year so far stands at €166.0m, up 76.6% from the same period in the previous financial year.

Total revenue for the quarter came to €125.8m, a quarter-on-quarter decrease of 37.2%. Yet this was a rise of over €30.0m compared to 2020-21 Q3.

Revenue from leases owned by SBM totalled at €29.4m, a rise of 8.2% year-on-year but approximately €500,000 in difference to Q2.

Hospitality revenue came to €43.6m for the quarter, up 85.8% year-on-year.

In a statement, SBM commented on its expectations for full-year revenue, which will be released after its fourth quarter ends in March 2022.

“Despite a level of activity which should still remain significantly impacted over the coming months by the health crisis and its consequences, the SBM Group expects the financial performance for the 2021-22 financial year to improve compared to that of the previous year, without it being possible to precisely determine the extent,” said the group.

“This perspective is, however, in context to the gradual exit from the health crisis, which remains fragile today.”

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