Casinos in Monaco are losing money
Turnover at casinos in Monaco are seeing lower numbers.
In our news we sometimes talk about the financial situation of the major capitals of gambling, such as Atlantic City or Macao. What about Monaco? Well, we will deal with this question today.
Games are generating less revenue
The famous Casino in Monte Carlo has lost nothing of its splendour with its fine woodwork and gilded ornaments. Nevertheless, it has not generated higher revenue for several years now. For about six years, the Société des Bain de Mer, which manages all the casinos in Monaco, has not paid any dividends to shareholders. Without the other activities of the group, which leases offices, shops and luxury apartments, the situation would be even worse.
Innovation to revive the old fascination of gambling
Since sales are lower, games of chance have attempted to make things more interesting again for players. This has led to some innovative ideas: extraordinary dinner events, temporary art installations at the entrance to the casino and the 28 pillars of the Second Imperial Pond, a gift shop, boxing matches, blackjack and English roulette by the sea in summer or a roulette tournament with a pot of a million dollars! For a year and a half, the management has tried to revive the fascination of gambling from days past.
A sector in crisis
The Société des Bains de Mer and the casinos that they manage are still part of the leading trio of the most famous casino brands in the world. But the low turnover makes them only 0.3% of the gross product of gambling at the international level. The gambling sector has been experiencing difficulties around the world and needs to reinvent themselves. The group is trying to improve the situation.
In order to revive their financial situation, operators are thinking up innovative ideas to increase interest.
Difficulties since the turn of the millennium
The difficulties of the casinos began at the beginning of the 2000's with the conversion to the euro. The ban on smoking in public places in 2008 and increased regulation of money laundering in 2009 were also tackled. Of course, the role of the global economic crisis has also hurt and the competition from online gambling sites and Asian casinos should not be underestimated.
Whatever happens, the Société des Bains de Mer still has plenty of assets, including the many palaces, a lot of experience in the field and a special status that makes playing there special. Despite these difficulties, the casinos in Monaco should be able to recover and we will follow their progress.