Gaming revenue for the third quarter continued to recover from a low point of €9.6m (£8.5m/$11.7m) for the first quarter, hitting €45.9m. However, this was still down 16.1% year-on-year.

“This decrease remains small given the public health situation,” the SBM group said. “Table gaming revenue actually benefited from particularly favourable luck during the month of December.”

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Total revenue, meanwhile, came to €95.8m, down 23.0%. This decline was largely due to low hotel revenue at €23.5m, down 48.5% year-on-year.

Lease revenue for various shop and office properties owned by SBM, however, was up 9.2% at €27.2m, while other revenue fell 61.5% to €735,000. This, the Société said, “confirms the validity of the diversification strategy SBM has engaged in over the last several years”.

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For the year so far, gaming has brought in €94.0m, down 54.3%. Overall revenue, meanwhile, declined 50.3% to €264.5m.

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The group noted that the novel coronavirus (Covid-19) pandemic is still having a “strong impact” on its ability to operate, and while Monaco did not lock down during the quarter, opening hours for restaurants and casinos were reduced.

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Looking forward, the group said it expects “a sharply deteriorated financial performance” for the full year. Last year, the group announced a restructuring plan that would include voluntary departure for employees aged over 57 years and layoffs in departments that need to cut further costs.

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The voluntary departure plan saw 164 employees opt to leave. This larger-than-expected takeup means SBM now expects to make less layoffs than the anticipated 161.

The group has also issued short-term negotiable debt securities, with plans to raise €150m. So far, it has raised €65m through these securities, while the Monegasque government has committed to buy up to €120m worth of securities if there is no other interest.

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