Increased earnings reported in Monaco's hotel and gaming sector during the recent quarter
**Monaco's Casino and Hotel Sectors Shine in Q1 2021**
Monaco's economy, heavily dependent on tourism, has once again demonstrated its resilience with a remarkable performance in the first quarter of 2021. The gaming and hotel sectors, key components of Monaco's tourist appeal, have played a significant role in this success.
The Societe des Bains de Mer (SBM), a major player in Monaco's gaming and hospitality sectors, has reported exceptional results. The company's hotels, including the iconic Casino de Monte-Carlo, achieved a personal best during Q1 2021, contributing to a 12% increase in turnover for SBM and its subsidiaries.
Hotel revenue soared to a new record of €148.9m, marking a substantial 41% growth compared to the previous quarter. This impressive increase was not limited to the hotel sector alone, as all sectors of activity within SBM showed an improvement.
The gaming sector also made a substantial contribution to SBM's overall turnover increase. The volume of Table Games increased during Q1 2021. However, an unfavourable risk was reported at the beginning of the year, partially offsetting this growth. The gaming sector's turnover for Q1 2021 was €50.6m, representing an increase of €3.6m compared to the same period last year.
Despite the gaming sector's significant improvement, it was not the primary contributor to SBM's overall turnover increase. The hotels, with their record-breaking performance, played a crucial role in the company's success.
This positive trend in Monaco's gaming and hotel sectors is a promising sign for the country's economy, which has faced challenges in recent years. In Q1 2024, for instance, Monaco's revenue dropped by 10%. However, Monaco has been working diligently to strengthen its financial integrity, with efforts to exit the Financial Action Task Force (FATF) Grey List by 2026.
New developments such as luxury clubs and events continue to contribute to Monaco's allure and economic growth. As more data becomes available, a clearer picture of Q1 2021's impact on Monaco's economy will emerge. For a detailed analysis of the quarter's financial performance, access to specific reports or historical data from SBM or Monaco's financial authorities would be necessary.
Visitors to Monaco's iconic Casino de Monte-Carlo, operated by the Societe des Bains de Mer (SBM), had a thrilling experience playing casino games such as table games, as the gaming sector significantly contributed to SBM's increased turnover in Q1 2021.This surge in revenue, coupled with the hotel sector's record-breaking performance, demonstrates the appeal of casino-and-gambling activities and casino-games to tourists in Monaco, playing a pivotal role in the country's economic resurgence.