CEO Jean-Luc Biamonti reading figures from Sharedholders’ report. Photo: ML
The Ordinary General Meeting of shareholders of Monaco’s Société des Bains de Mer, held on Friday, September 22, heard that a slight improvement in revenue for gaming had helped the company’s overall performance for the current fiscal year.
Revenues in the hotel sector during the first quarter of the fiscal year, from April 1 to June 30, were broadly stable, SBM said.
In the fiscal year 2016/2017, revenues were €458.8 million compared with €461.4 million in the previous year. The decline in activity in the games sector over the full 12 months was partially offset by increases in the hotel and rental sectors.
The Group’s operating income for 2016/2017 remained at a deficit of – €32.8 million, compared with an operating loss of €31 million for the previous year.
Operating losses due to the reduced capacity of the Hotel de Paris are still in line with expectations, which anticipated losses of more than €50 million over the total duration of the works.
In addition, operating income was impacted by the price of new table games and automatic machines, which generated additional costs of €10.1 million in 2016/2017.
The Betclic Everest Group – in which SBM holds a 50 percent stake – benefited from a 16 percent increase in gross gaming revenue, with the opening of new markets and the favorable impact of the European Football Championship.
However, a sharp rise taxes and significant marketing costs had a negative impact on the overall income from gaming.
Monte Carlo creche celebrates 20 years Photo: Mairie de Monaco
The Monaco City Council held a reception on Thursday, September 21, to celebrate the 20th anniversary of the Crèche de Monte-Carlo.
Present were Mayor Georges Marsan, Chloé Boscagli-Leclerq, Councillor Communal Delegate for Early Childhood, members of the Council Communal André J. Campana, Henri Doria and Claude Bollati, as well as teams from the Social Action Department of the Town Hall.
The crèche opened its doors in the Saint-Charles complex on July 1, 1997, welcoming its first 36 children. The premises of more than 800m2 saw their area increase by 200m2 – and 1300m2 of covered terraces – in 2013 with the transfer of the Daycare to Larvotto, increasing the capacity of the nursery by 15 places.
Today, the Crèche de Monte-Carlo welcomes 51 children daily, under the watchful eye of its director, Nicole Baron,who has served since the opening of the establishment. Ms Baron was warmly congratulated by the Mayor for her work and her involvement over the years.
Ms Baron runs a team composed of two Early Childhood Educators, ten Child Care Assistants and two service ladies who ensure the well-being and development of toddlers every day.
As a reminder, the Crèche de Monte-Carlo was the first municipal facility to welcome young children before the transfer of skills between the Foyer Sainte-Dévote and the Town Hall. From January 1, 2004, the management of nurseries in the Principality has been centralised and officially entrusted to the Municipality.
The Crèche of Monte-Carlo is one of eight community day nurseries run by the Early Childhood section of the Social Action Department of the Town Hall, which also organises and coordinates other institutions and services for early childhood care under municipal management, namely the Family Crèche with fourteen nursery assistants, the Mini-Club, during the months of July and August, and micro-crèches A Ribambela, A Riturnela and, from early September, A Farandola.
2017 graduation ceremony for Institute of Nursing Education (IFSI) in the presence of Princess Caroline. Photo: Manuel Vital/DC
The graduation ceremony for the 2017 Class of the Institute of Nursing Education (IFSI) was held on the morning of Friday, September 22, in the presence of HRH the Princess of Hanover and the Minister for Social Affairs and Health, Didier Gamerdinger.
Of the 30 candidates in the 2014-2017 class, 23 completed the course, with a general average of 14.90/20 for their three years of study. Gaëlle Pugliese achieved the highest score of 16.93/20.
Of the 23 graduates, 15 have obtained a position within the Princess Grace Hospital.
The graduates owe their success to their hard work and to the daily coaching by highly trained staff who are very involved with the students, and to the quality of the tutoring set up in the CHPG’s healthcare services.
“The level of requirements of IFSI Monaco remains high, so that future nurses will live up to the excellence of the care given at CHPG,” said Monique Le Du, Director of IFSI.
At the conclusion of her speech, the class’s top student took up a quote from their teacher and trainer, Jean-Claude Maitrugue, to say: “Above all do not forget to take care of yourself and nurse joyfully!”
On September 26, the second edition of the Monaco Yacht Summit will examine issues of first-time charterer or purchase of luxury yachts.
The pre-Monaco Yacht Show event is exclusively designed to equip new potential superyacht charterers and buyers – or their reps – with information about the decision-making process before attending the four days of the Monaco Yacht Show (MYS), which takes place from September 27-30.
For Gaëlle Tallarida, Managing Director of the Monaco Yacht Show and on the initiative of the Monaco Yacht Summit, this new rendezvous on the eve of the Show aims at offering the ad hoc platform to deliver the superyacht industry intelligence for prospectives. “The Monaco Yacht Show is the world’s leading superyacht market for yacht owners and the new clientele. With the rising generation of younger UHNWI that can afford a luxury vessel but don’t know much about yachting, we believe this is the responsibility of the MYS to give them the opportunity to better understand the industry,” Ms Tallarida told Monaco Life.
She added, “In an intimate and focused format, the Monaco Yacht Summit will be held in a relaxed atmosphere where everyone can ask difficult questions they might feel embarrassed to ask as they are new to this world, which has become ever more regulated, with changing laws and hoops to jump through.”
Monaco Yacht Show Summit 2016
Eleven selected experts will share their personal experience and unbiased insights during five table talks on the subjects of Charter (Freddy Desplanques, Sophia Tutino), Purchase (Ken Judge, Robb Maass, Anouch Sedef), Crew (Charles Dugas-Standish, John Cook), Design (Stefano Pastrovich, Laura Pomponi) and Management (Xavier Lamadrid, Jonathan Watson).
Ken Judge has been living in Monaco for the last 25 years. At Tuesday’s Summit, he will be addressing the purchase and chartering of superyachts and, as both a lawyer with a background in superyacht construction projects and a consumer, he has a lot of perspective on the good, bad and ugly of buying, selling and chartering superyachts. “Monaco has probably the highest concentration of superyacht owners,” Mr Judge, who has raced all his life, from dinghies and all sizes up to the America’s Cup, said, “and it’s a natural destination for owners and charterers to check out what boats are available and the latest trends in both, as well as to be updated at the developments in taxation and crewing of boats.”
Mr Judge referred to the 2016 Monaco Yacht Summit as “a revelation”. “The attendees were very engaged and eager to explore a range of topics and as the format was pretty relaxed and the speakers are readily accessible, the topics were explored in depth. The feedback has been very generous and it seems everyone thought they had a great time.”
Monaco Yacht Show Summit 2016
Xavier Lamadrid, who will discuss the complex regulatory and tax environment during the Management workshop, said he has experienced first hand the period and waste of resources that a poorly managed yacht can cause on a Family Office and the Principal. The Monaco resident said, “The Summit is special as it brings some of the best experts to give real unbiased information to real prospective to first-time yacht buyers and renters, this makes it unique. There are still a lot of cowboys out there when big commissions are at stake.”
Yacht owner and ex-GB Team Sailor Tom Montgomery first became involved in the Monaco Yacht Summit through an introduction from Yacht Investor Magazine. “I will be there to introduce a number of my friends and clients who are in the early stages of looking to buy their first superyacht, and in some cases this is their first Monaco Yacht Show, and certainly their first time at the Summit,” Mr Montgomery explained.
“The Summit for me is a superb event to introduce new potential owners, many from the Royal Thames Yacht Club in Knightsbridge – the World’s oldest Yacht Club, which is a reciprocal club with the Yacht Club de Monaco – who need guidance in the yacht market and the Monaco Yacht Show.”
The Monaco Yacht Summit is a free event, although participation is upon approval. Anyone looking to appoint a personal assistant or family office representative to attend on their behalf should register for information at mys-prive.com.
