Monte-Carlo Société des Bains de Mer (SBM), Monaco’s largest employer, reported exceptional growth for the fiscal year ending March 31, 2025. Revenue reached a record €768 million, a 9% increase from the previous year. Significant growth was also noted in operating and net income.
Stéphane Valeri, Chairman and CEO of SBM, highlighted that the growth was driven by a successful summer season and festive period. The reopening of Café de Paris Monte-Carlo and the launch of Amazónico Monte-Carlo also contributed to the excellent results. Valeri emphasized that SBM’s strategy with its diverse product offering proved successful.
Hospitality sector as the main growth driver
The hospitality sector was the top performer, with revenue increasing by 16% to €399.9 million. The average room rate reached a record €800 per night, with high occupancy throughout the year. Although restaurants served over one million covers, this segment remains unprofitable due to high staff costs. However, Valeri stressed its importance to the company’s identity.
Decline in gaming revenue and market diversification
Gaming revenue decreased by 3% to €215.5 million, primarily due to unfavorable variance and stricter compliance regulations. SBM had to decline tens of millions of euros in gaming activity due to inability to guarantee fund origins. Despite the decline, the group remains optimistic, especially with a focus on the American market.
SBM continues to diversify its clientele, with North America (US and Canada) now accounting for the largest share of revenue at 18%. France and the Middle East are at 11%, the United Kingdom at 9%, Switzerland at 7%, and Italy at 6%. German visitors are showing growth at 4%.
Real estate stability and future plans
The real estate segment showed stability with an 11% increase in revenue to €149.9 million, driven by new retail leases and a near-zero vacancy rate. Valeri noted that the potential of the current portfolio is nearing saturation, and new projects will be needed for further growth.
SBM plans further investments in 2025, including the opening of new prestigious restaurants and clubs. The group proudly boasts ten Michelin stars, more than any other resort in the world.
Overall financial results
SBM’s overall consolidated operating income slightly increased to €74.5 million, while net income rose to €110.1 million, driven by strong returns on the group’s investments.
