Monaco's Société des Bains de Mer (SBM) reported a 2% drop in sales to 203.3 million euros for its first quarter (ending June), compared with the same period last year.

Sales in the gaming sector fell by 18% to 56.3 million euros, despite an increase in visitor numbers, 'the vagaries of April and May having been particularly unfavorable', while those in the hotel sector rose by 6% to 111.1 million.

SBM believes that its activities, 'dependent on the economic and financial context, and the random and seasonal nature of business, particularly in the gaming sector, do not allow us, at this stage, to make forecasts for the full 2023-24 financial year'.

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