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Month: May 2022

SBM is back in the black

by: Cassandra Tanti
31/05/2022

The Société des Bains de Mer (SBM) secured almost €200 million more in turnover last financial year, signalling strong recovery for Monaco’s largest company and the region’s most important employer.

For 150 years, the Société des Bains de Mer (SBM) has been one of the leading players in the gambling and casino businesses in Europe, and number one in the luxury tourism market in Monaco. The company, which employs over 4,000 staff within Monaco, Italy and France, runs the Principality’s most prestigious hotels, including the Hôtel de Paris and the Hôtel Hermitage, the most famous Michelin star restaurants, from Le Louis XV – Alain Ducasse to the Pavyllon by Yannick Alléno, as well as spas, nightclubs, and of course, gaming locations like the Casino de Monte-Carlo.

So, when the global pandemic hit, SBM’s activity went into freefall.

At a press conference on Tuesday morning, SBM CEO Jean-Luc Biamonti revealed a very encouraging financial report for the year 1st April 2021 to 31st March 2022. Figures show that, despite the ongoing impact of Covid-19,  the company managed to achieve a turnover of €530.5 million, an increase of 57% on the previous year which garnered €336.9 million.

“Even though activity in the first quarter of 2021 (April to June) remained strongly impacted by the health crisis, like the Rolex Monte-Carlo Masters being held behind closed doors, or heavy restrictions on the Formula 1 Grand Prix, the summer season (July to September) saw a resumption of activity,” said Jean-Luc Biamonti. “The second half of the year confirmed the positive trend we saw in the summer period. Although a slowdown in activity was recorded in December 2021 and January 2022 with the arrival of the fifth wave, the favourable trend was again confirmed in February and March 2022.”

While the first quarter of 2020/21 was heavily marked by the temporary closure of almost all establishments in Monaco due to Covid, no such measures were applied last year. As a result, significant gains were witnessed in the gaming sector, which achieved a turnover of €200.8 million against €124.3 million in 2020/2021. However, figures are still down 16% compared to the 2019/2020 financial year.

With the return of tourists came a bounce in hotel revenue, amounting to €213.3 million against €109 million the previous year.

Photo of the Monte-Carlo Bay Hotel and Resort, photo by Cassandra Tanti for Monaco Life

Over the past 10 years, the Monte-Carlo Société des Bains de Mer Group has been developing its property leasing business. So, in addition to its historic portfolio of retail spaces for luxury brands, the company is offering residential properties with high-end hotel services, including the Résidence du Bay, Résidence du Balmoral, Les Villas du Sporting and the One Monte-Carlo.

The move is definitely paying dividends, with the rental sector, which includes retail and office rental activities as well as hotel residences, presenting a turnover of €117.6 million. Less impacted by the pandemic, this sector saw an increase of 11% on the previous year.

“This is mainly due to the increase in residential rental activity following the implementation of progressive rental of the One Monte-Carlo apartments and the non-renewal of discounts that had been granted to shop tenants during the closure period of April 2020,” revealed the SBM CEO.

Meanwhile, the “other activities sector” posted revenue of €9.3 million compared to €4.6 million the previous year, up €4.7 million.

Photo of One Monte-Carlo by Cassandra Tanti for Monaco Life

In March 2021, as SBM grappled with the effects of the pandemic, it implemented a global restructuring plan that included, most significantly, a small number of voluntary redundancies for those aged over 57.

“The announced objective of reducing annual expenses by €25 million resulting from the restructuring plan and reductions in operating expenses has been achieved,” said Biamonti.

The operating profit of the SBM therefore was €35.4 million compared to an operating loss of €103.3 million the previous financial year.

The only negative financial result was seen in its stake in the online gaming group Betclic Everest, which amounted to -€5.2 million for the 2021/2022 financial year, compared to a loss of -€7 million for the 2020/2021 financial year.

It means that, at the end of March 2022, SBM was back in the black with a net positive of €30 million against a net debt of €129.9 million the previous year.

 

Top photo of Jean-Luc Biamonti by Claude Ingargiola 

 

 

 

Video interview: New award to honour F1 team making “positive impact”

by: Stephanie Horsman
31/05/2022

The Monaco Grand Prix was the backdrop for the launch of a new Grace Influential Positive Impact Award, created by the Princess Grace Foundation USA and supported by Prince Albert II and Formula 1.

The lead up to the Grand Prix weekend was the ideal moment to reveal the new Grace Influential Positive Impact Award, an annual prize given to the Formula 1 team who makes the greatest efforts to effect change in a positive way during the course of a year.

An event was held on the Azzurra II in Port Hercule on 27th May where Prince Albert II and Formula 1 owner and CEO of Liberty Media, Greg Maffei, both attended the momentous occasion.

“Formula 1 has set out an ambitious sustainability strategy to forge a path to be completely carbon neutral by 2030, not only within our organisation but also including our global venues and race attendees,” said Maffei. “It is a pleasure for us to support the Grace Influential Positive Impact Award to recognise and amplify all of the efforts made by the teams.”

Brisa Carleton, CEO of the Princess Grace Foundation and Grace Influential added, “This new Grace Influential Impact Award is a key pillar of our commitment to introduce Princess Grace’s legacy of positive change to new generations. We look forward to recognising each Formula 1 team’s unique efforts toward positive societal impact and what better place to celebrate this important work than in Monaco.”

The accolade has been created in conjunction with Dr Christina Pace. The winner of the first award will be announced at a dedicated ceremony during the Monaco Grand Prix 2023, decided by a group of jurists that will include motorsport leaders, celebrities active in positive impact, and a selection of youth judges.

Grace Influential is a global initiative honouring the memory of Princess Grace who, as a philanthropist herself, was credited with spreading that spirit to those in the Principality, as well as abroad. Through a series of global partnerships, new generations will have the opportunity to be inspired by her ongoing influence and impact.

For more info on the future Positive Impact Award or on Grace Influential, visit the website at www.graceinfluential.com

Monaco Life welcomed Brisa Carleton for an interview with Editor in Chief Cassandra Tanti onboard Friendship during the Monaco Grand Prix weekend, see the video below… 

 

 

 

Top photo left to right: Formula 1 owner and CEO of Liberty Media Greg Maffei, Princess Grace Foundation USA CEO Brisa Carleton, and Prince Albert II of Monaco, by Fabbio Galatioto 

 

 

 

Italy ends Covid entry rules for visitors

by: Stephanie Horsman
31/05/2022

Italy’s version of a Covid-19 vaccine pass will no longer be required for entry into the country from 1st June, allowing travellers free and easy access as the summer season ramps up.

The Italian government announced on Monday that it will not be renewing the Covid ‘Green Pass’ requirement when it expires on 31st May, giving tourists impetus to return to one of Europe’s summer hotspots unimpeded this year for the first time since summer 2019.

The pass required proof of vaccination, a negative test result or recent recovery from the virus before being allowed entry to the nation.

This move is significant, as Italy was one of the first and hardest hit countries when the coronavirus took hold of Europe in early 2020, leading to a raft of tough restrictions, including the Green Pass.

Now, as case numbers, deaths and hospitalisations continue to drop and much of the population are vaccinated, the easing of regulations is a natural step in the country’s recovery, though a few rules, such as masks on public transport and in schools are still required.

Italy’s new case count was a mere 7,846 on Monday, a steep and steady drop since highs of over 228,000 per day in mid-January.

 

 

Photo by Aiva Apsite on Unsplash

 

 

 

Top Marques adds classic cars to its lineup

by: Stephanie Horsman
31/05/2022

The prestigious supercar show Top Marques will this year feature over 50 of the world’s rarest and most beloved sports cars from the 1950s to the 90s, alongside its impressive line-up of luxury contemporary toys.

Top Marques has been dazzling visitors for 17 years with its astounding array of supercars and prototype models, giving car enthusiasts drooling material to last them for months.

Now, there is even more reason to check out the iconic car show. The organisers of Top Marques have announced they are adding a classic car department to the show, giving them a massive 3,000m2 space for viewing the best of the past.

Collectors will be able to see, and purchase, over 50 of the world’s rarest and most beloved sports cars from the 1950s to the 90s, offered by leading dealers from all over Europe.

The new department will be launched in collaboration with Retromobile and Boutsen Classic Cars, the company founded by former Formula 1 driver Thierry Boutsen. Some of the highlighted vehicles include a Maserati 3500GT Superleggera from 1960, a 1960 Ford Shelby GT40 listed on the Shelby American World Registry, and a Ferrari 512TR dating from 1992.

At the Dream Car Performance stand, car buffs can check out a Lamborghini Diablo GT-RS driven by Le Mans driver Gérard Larousse, a Jaguar XRJ 15, which took first place in Monaco in 1991, and a Ferrari F40.

Ferrari lovers will be captivated by, amongst other rarities, the 1974 Ferrari 246 GTS Dino and a Ferrari 365 GTC from 1969, as well as a Bizzarrini 5300 GT Strada from 1967 on display from Swiss dealer Rebellion Motors.

Other exhibitors in Top Marques’ classic car section will include DPM Motors, Brabus Classic, British and Sportscar, Monaco Luxury, LRS Formula, and the Cars Collection of  Prince Albert of Monaco.

Top Marques opens to the general public on 9th June from 12pm to 7pm, then goes from 10am to 7pm on 10th and 11th June, ending on 12th June after a 10am to 6pm run. There is also a VIP cocktail event on 8thJune from 8pm to 11:30pm, but tickets are limited.

For more information or to purchase tickets, visit the event’s website on https://www.topmarquesmonaco.com/en/

 

 

 

Stunning Roca Team comeback keeps alive hopes of Betclic glory

by: Luke Entwistle
31/05/2022

AS Monaco Basketball often do things the hard way. Monday was no different, as they recovered from an awful first half (29-47) to beat Strasbourg (82-80) in overtime in typically dramatic circumstances.

Having lost the first leg of the quarter-final tie at the Salle Gaston Medecin last week, Monaco fought back with an overtime victory in Strasbourg to take it to a deciding tie. Gifted another life, the Roca Team looked to have wasted it as a lack of intensity allowed the visitors to take the ascendency.

But as so often has been the case with Monaco this year, a different team returned from the dressing room. As Sasa Obradovic told Monaco Life, “In the first-half you see one team and then in the second, another one. We were way more aggressive.”

The comeback in the second-half was incremental rather than bombastic. There were sprouts of recovery in the third-quarter, but whenever Monaco stepped on the accelerator, Strasbourg had the legs to fight back.

But the same can’t be said in the final quarter, where an exhausted Strasbourg side were simply over-run by the Roca Team. However, the sheer distance that Monaco had to cover to get back into the tie meant that parity was only restored late-on. Naturally, Strasbourg found a second wind as they fought for their place in the semi-final and the teams matched each other blow-for-blow.

A Mike James two-pointer with just four seconds left on the clock levelled the scores at 72-72 and took the game to overtime for the second time in just three days.

The killer blow came deep into overtime, when at 77-78 a Donatas Motiejunas two-pointer, followed by a Dwayne Bacon two-pointer gave Monaco a three-point advantage from which Strasbourg couldn’t recover. Despite a valiant performance from the valiant underdogs, Strasbourg lost (82-80) on the night and 2-1 in the series.

Post-match, Obradovic joked that “these games shorten the life of a coach”. He also recognised the entertainment value of such games, but was nonetheless disappointed by how his side began the encounter. He told Monaco Life, “On the one hand, it’s good for the fans, but this isn’t the way, I don’t know this way and I don’t teach this way.”

Ultimately, Monaco’s strong mentality allowed them to launch yet another comeback, which is becoming almost a trademark signature. They will, however, want to avoid falling into the same trap when they face Pau-Lacq-Orthez in the first leg of their Betclic Elite semi-final at the Salle Gaston Médécin on Thursday.

 

Photo by Luke Entwistle, Monaco Life

 

 

 

Ballet explores a different kind of love

by: Stephanie Horsman
30/05/2022

Coppel-I.A. is coming to the stage in June as Ballets de Monte-Carlo’s choreographer Jean-Christophe Maillot’s modern take on the 1870 classic comedic ballet Coppélia.

In 1870, choreographer Arthur Saint-Léon debuted a new ballet at the Théâtre Imperial de l’Opéra in Paris, to the delight of audiences. The comic ballet, entitled Coppélia, was the story of a Dr. Coppéllius, who created a life-size dancing doll so lifelike that a village youth falls in love with her, shunning his current intended.

Ballets de Monte-Carlo’s famed artistic director Jean-Christophe Maillot became fascinated with the concept and created an ultra-modern show where a man falls in love with an automaton.

In his version, an engaged couple’s love is challenged by the entry into their lives of a robot with artificial intelligence.

The company describes the story best saying, “Coppel-i.A. projects us into the near future where two young lovers, Frantz and Swanilda, discover carnal love while their society demands ever more conformity. When eroticism bursts into their lives, an artificial being shakes up their certainties and calls into question what they thought they knew about love. Is the ideal partner the flesh being that we have always known or the abstract being that questions our belonging to the human race?”

The music arrangement of Bertrand Maillot echoes the original by Léo Delibes, but with a modern twist.

Coppél-I.A. comes to the Salle des Princes at the Grimaldi Forum for three performances on the 3rd, 4th and 5th of June.