Societe des Bains de Mer, also known as SBM, the land based gambling operator in France has revealed its financial records for the last year. These reports clearly show that the net deficit increased to almost the double as it amounted up to 33.2 million Euros.
The company owns 50% of the shares in Betclic Everest Group, the internet gambling operator. It has been reported that the income from the operations prior to the depreciation, starting from the 1st of April of last year until the 31st of March of this year has decreased by a total of 16%. On the other hand, the loss from the operations increased by 6.7 million Euros if compared with the numbers from the last 12 months.
It is not all bad news for SBM as the company has scored a 3% improvement in year to year turnover as it scored 372 million Euros. This improvement came as a result in the large increase of sales in the company’s hotel section. The turnover of the hotel section increased by 6% when compared to the last year as it reached 181 million Euros.
Lastly, SBM stated that it has suffered a tremendous loss of 50.2 million Euros in its Betclic Everest Group operations due to the applying of severe & strict taxes and the penalties applied due to the opening of the regulated French market among other reasons.