Société des Bains de Mer, the operator of Casino de Monte-Carlo, recently announced robust revenue growth for the first six months of the 2022/2023 fiscal year.
Financial Performance and Recovery:
In the previous fiscal year, Société des Bains de Mer experienced a decline in performance during the first half of 2021–2022. However, the company managed to generate €311.4m ($327.4m) in revenue for the same period this year, showcasing a strong recovery. Although this figure falls short of the pre-pandemic H1 revenue of €408.6m recorded in 2019/2020, it still represents a significant improvement.
Operational Profit and Adjustments:
The most recent data indicates a notable increase in operational profit, rising from €50.1m in the first half of the previous year to €91.9m for the current period. Moreover, the revenue for the first half of 2022/2023 surpasses the pre-pandemic figure of €69.4m recorded in H1 2019/2020. These positive financial indicators suggest that Société des Bains de Mer has effectively adapted to the challenges posed by the pandemic.
Pascal Camia’s Insights and Adaptation:
Pascal Camia, the Chief Operating Officer of Société des Bains de Mer, attended ICE London 2022 and shared his insights during an interview with the GI Huddle live. He discussed the impact of the pandemic on the company’s operations, highlighting the adjustments made to adapt to the new normal. Camia emphasized the opportunities that emerged from the crisis and provided an overview of the company’s current status.
Succession Planning and Biamonti’s Retirement:
Following his long-standing service to the company, the current Chairman of the Board of Directors, Biamonti, announced his retirement. Biamonti, who was appointed as Director in 1985 and Chairman since 1995, expressed his heartfelt wishes for the success of the company and its stakeholders. The official appointment of Biamonti’s successor is scheduled to take place at the end of the upcoming Board of Directors meeting on January 23-24.
Société des Bains de Mer’s latest financial report indicates a strong recovery and positive growth for the first half of the 2022/2023 fiscal year. The company’s ability to adapt to the challenges posed by the pandemic, coupled with increased operational profit and higher revenue compared to pre-pandemic levels, demonstrates its resilience and strategic planning. As the company looks towards the future, the appointment of a new Chairman will mark a significant milestone, ensuring continuity and effective leadership for Société des Bains de Mer.