Ste des Bains de Mer et du Cercle des Etrangers a Monaco

Latest Results (14.01.2026):

Ste des Bains de Mer et du Cercle des Etrangers a Monaco — reporting the full fiscal year 2022/2023 (year ended March 31, 2023; full‑year results rather than a single calendar quarter). The Group delivered a strong recovery: consolidated revenue €667.0m (+26% vs FY2021/22), operating income €72.2m (vs €35.4m), and operating income before depreciation/amortization €145.3m. Consolidated net income was €896.2m, driven by an extraordinary gain from the disposal/contribution of its 47.30% stake in Betclic Everest Group (BEG) (net exceptional profit ≈ €813.5m plus €15.6m share of prior-period earnings). Hotels led the top‑line recovery (+52% to €325.1m), gaming rose to €215.4m (+7%), rentals to €124.8m (+6%). Net cash position strengthened to €276.5m and equity rose to €1,509.9m.

Headline numbers

Consolidated revenue €667.0m (+26% y/y); operating income €72.2m (vs €35.4m); EBITDA / operating income before depreciation & amortization €145.3m. Consolidated net income attributable to owners €896.2m (includes one‑off BEG transaction). Cash generated from operations €131.6m; purchases of PP&E and intangibles €95.6m.

One‑off BEG transaction

The disposal/contribution of the 47.30% holding in Betclic Everest Group to FL Entertainment (closed June 30, 2022) generated an extraordinary consolidated profit of approx. €813.5m plus €15.6m in pre‑closing earnings — the main driver of FY2022/23 net income. Post‑transaction Monte‑Carlo SBM International holds ~4.95% voting rights and ~10.39% economic rights in FL Entertainment (listed on Euronext Amsterdam).

Hotels: main driver of recovery

Hotel revenue €325.1m (+52% y/y). Accommodation €152.6m (+59%) with occupancy ~59% (vs 44.7% prior year) and ADRs up ~20%. Catering €133.4m (+48%). Hotel operating income turned positive to €20.2m (vs -€19.2m), helped by higher rates, stronger volumes and tighter cost/staff management.

Gaming: improved table games, mixed slots

Gaming revenue €215.4m (+7%). Table games €93.7m (+9%) drove the gain (notably Monte‑Carlo Casino), while slot revenue was slightly lower at €107.4m (-1%). Other gaming‑related activities (F&B, retail, entrance) rose markedly. Gaming operating income was €10.8m (vs €9.5m).

Rentals: steady growth and strong margins

Rental revenue €124.8m (+6%), split commercial €73.4m and residential €51.4m. Growth supported by contractual rent indexations and One Monte‑Carlo leasing. Rental operating income remained robust at €91.3m.

Balance sheet & liquidity

Equity stood at €1,509.9m. Net cash position: €276.5m (i.e., net debt/(cash) shown as -€276.5m). Market price per share at fiscal year‑end €91.80. Strong cash generation (€131.6m) and the BEG transaction materially improved financial resources for future investment.

Investments and outlook

Capex (PP&E & intangibles) €95.6m in FY2022/23. Ongoing major projects include Café de Paris refurbishment (completion delayed into autumn) and IT masterplan initiatives to enhance customer data and pathways. Management signals continued investment to support development in Monaco and internationally.

Operational efficiency

Improved margins reflect not only higher revenue but also sustained cost control measures implemented during the pandemic (operating expense reductions, tighter staffing management and seasonally adjusted spend).

Governance & other items

Chairman & CEO Stéphane Valeri (appointed Jan 24, 2023) notes regular board consultation on long‑term strategy. FY2022/23 includes the co‑optation of Mr. Fabrice Larue to the Board (Feb 15, 2023).