Monte-Carlo Société des Bains de Mer (SBM), Monaco’s largest private employer, relies on a peak-season workforce of around 5,000 people to operate its network of luxury hotels, casinos, and restaurants. While the group’s financial success often takes the spotlight, its internal social model and employment policies also offer insight into how a company of this scale maintains operational standards and staff retention across its diverse operations.
Speaking during SBM’s annual financial presentation on Wednesday, Chairman and CEO Stéphane Valeri credited the company’s recent performance to its employees, highlighting the workload undertaken during major events like the Monaco Grand Prix. “They contribute every single day to ensuring that SBM remains synonymous with excellence in service and the art of living in Europe,” said Valeri.
The group has built a compensation structure that includes quarterly wage indexation and a variety of bonuses. Among these is a Grand Prix bonus, which in 2025 reached €420 for employees who worked at least four days during the event. A profit-sharing bonus, funded by the group’s overall performance, was approximately €1,800 gross per employee in the previous fiscal year and is expected to remain at that level this year.
SBM’s wage practices for lower-income employees also include additional measures. According to Valeri, many entry-level roles start at around €2,000 gross per month, above the legal minimum. In recognition of the high cost of living on the Côte d’Azur, SBM has introduced a supplementary social bonus: €500 for employees earning under €2,200 gross per month, and €250 for those earning between €2,200 and €2,500. These are scheduled to be paid alongside the profit-sharing bonus in October.
This brings the total bonus package for lower-wage employees to around €2,300 per year, excluding the company’s regular salary structure and the legally mandated 13th month salary.
“Some might say that our social model is a financial burden, but I see it as a strength,” said Valeri, who stated his intention to maintain and defend the company’s current approach.
Monaco Life is produced by multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Facebook, Instagram, LinkedIn and Tik Tok.
Photo credit: Cassandra Tanti, Monaco Life
Prince Albert II to host French President Emmanuel Macron and first lady
Prince Albert II and Princess Charlène will welcome French President Emmanuel Macron and First Lady Brigitte Macron to Monaco for a state visit on 7th and 8th June, the Palace has announced.
The visit reflects the “strong and centuries-old bonds of friendship between the two countries” and will feature high-level diplomatic meetings alongside events focused on marine conservation and the blue economy.
The programme begins on Saturday evening with a private audience between the two head of state at the Prince’s Palace, followed by a state dinner in the historic Throne Room.
Sunday’s activities will centre around the Blue Economy and Finance Forum (BEFF), starting with a visit to SeaWergie’s Larvotto facility. The Monaco based company specialises in thalassothermy, an innovative renewable energy technology that harnesses seawater temperature differences for heating and cooling systems.
While Prince Albert II and President Macron tour the SeaWergie installation with local stakeholders, Princess Charlène and Brigitte Macron will attend a separate ‘Water Safety’ event. The gathering will highlight the crucial work of Princess Charlène’s Foundation, whose primary mission is water safety education and accident prevention to save lives.
The Princely couple and French President will then jointly close the two-day BEFF forum and participate in an exclusive lunch attended by multiple heads of state, government leaders, and representatives from various royal families.
Following the forum’s conclusion, both leaders will travel to Nice for the third United Nations Ocean Conference (UNOC3), underlining the maritime theme running throughout the visit.
Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Facebook, Instagram, LinkedIn and Tik Tok.
Photo: Prince Albert II with Princess Charlene, French President Emmanuel Macron and First Lady Briditte Macron during the 2024 Paris Olympics. Credit: Eliot Blondet
Belinda Davids to bring Whitney Houston’s legendary voice back to life at Grimaldi Forum
The Grimaldi Forum will transform into a temple of R&B on 27th June when South African singer Belinda Davids takes the stage to honour one of music’s greatest talents: Whitney Houston.
With her remarkable four-octave vocal range—just half an octave shy of Houston’s 4.5-octave tessiture— Belinda Davids is one of the few contemporary artists capable of authentically interpreting Houston’s challenging repertoire.
Davids’ journey to becoming Houston’s most authentic interpreter began in the coastal town of Port Elizabeth, South Africa, where she discovered her idol at age eight through the track ‘Hold Me.’
“Whitney Houston has been my idol since forever,” Davids recalls. “When I saw her for the first time on our television screen in South Africa, I decided to become like her. The neighbours called me ‘Whitney’—I sang her songs, cut my hair like hers, even altered my clothes to look like hers.”
The turning point came in 2013 when Davids was selected from over 15,000 candidates to star in ‘The Greatest Love of All’ production. Since then, she has performed across 28 countries in nearly 1,000 shows.
Her international recognition peaked in 2017 when she won the BBC’s ‘Even Better Than the Real Thing’ with a breathtaking rendition of ‘I Will Always Love You.’ This victory led to a performance at New York’s iconic Apollo Theatre—the same venue where Houston recorded ‘The Greatest Love of All’ music video.
Davids has developed a unique approach to her tribute performances, maintaining rigorous vocal preparation while connecting spiritually with Houston’s legacy.
“My biggest pressure is doing justice to her music,” she explains. “None of her songs are easy to sing, even the simplest ones. The climax is ‘I Will Always Love You’—that final high note is a real challenge.”
Her method includes intensive vocal warm-ups, athletic-level physical care, and careful attention to diet. “I embody her, I pay tribute to her, but I definitely don’t try to be her. There’s only one Whitney.”
A night of timeless classics
Producer Richard Walter, whose company has created acclaimed tributes to Queen, Elton John, and Jean-Jacques Goldman, discovered Davids through his wife’s persistent recommendations.
“I thought it was impossible to find an artist capable of reproducing Whitney Houston’s performances,” Walter admits. “But Belinda possesses that exceptional natural gift of a vocal range covering four octaves, which she shares with Whitney.”
The Monaco concert will feature Houston’s most beloved hits, including ‘I Will Always Love You,’ ‘I Wanna Dance with Somebody,’ ‘One Moment in Time,’ and ‘I Have Nothing’—each song representing a chapter in the legend’s remarkable career.
For Davids, these performances represent something deeper than mere tribute shows. “Everywhere I perform around the world, I can see how much she’s missed. She connected so many people through her voice. Her songs are part of everyone’s memories.”
The 27th June concert at the Grimaldi Forum’s Salle des Princes promises to be more than just an evening of music—it’s an emotional journey through the catalogue of one of history’s greatest voices, interpreted by an artist who has dedicated her life to preserving Houston’s musical legacy.
Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Facebook, Instagram, LinkedIn and Tik Tok.
Prince Rainier III centenary albums distributed to Monegasque households
Every household in Monaco is being presented with a commemorative album set marking the 2023 centenary of Prince Rainier III, as part of a tribute led by Prince Albert II and Princess Stéphanie.
The two-volume collection, titled Retour en Images, highlights the major commemorative events held during the year, including the official ceremony on 31st May 2023. Each set is presented in a specially designed case and will be distributed free of charge to residents.
The collection is available for pick-up in two phases. From 2nd to 13th June, albums can be collected at the Espace Léo Ferré from 9am to 5pm. From 16th June, distribution will continue at Monaco Town Hall’s Civil Status – Nationality Service between 8:30am and 4pm, until all sets have been claimed. A limited number of commemorative flags and Centenary-branded items will also be offered.
Only one album set will be given per household. The person collecting must be an adult and show a valid Monegasque ID. Young adults aged 18 to 29 living with Monegasque parents are counted within their family’s household and are not eligible for separate sets. Representatives collecting on someone’s behalf must bring a signed authorisation and copies of both parties’ identity documents.
Elderly citizens who receive home assistance from the town hall will have the set delivered directly to them by municipal staff. These residents will be informed in advance and are not required to travel.
The distribution is one of the final acts in a year-long programme commemorating Prince Rainier III, who led Monaco from 1949 to 2005. Events included exhibitions, musical tributes, and public displays reflecting the enduring legacy of the prince often referred to as the “builder prince” for his transformative reign.
Monaco Life is produced by multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Facebook, Instagram, LinkedIn and Tik Tok.
In its latest financial disclosure, Monte-Carlo Société des Bains de Mer (SBM), Monaco’s largest employer and flagship resort operator, has reported robust growth for the fiscal year ending 31st March 2025. Revenue reached a record €768 million, up 9% from the previous year, with operating and net income also showing strong upward trends.
Stéphane Valeri, Chairman and CEO of SBM, presented the financial report to local press on Wednesday 28th May at One Monte-Carlo. He revealed that SBM’s growth was driven by a high-performing summer season and a successful end-of-year festive period.
Key contributors included the full reopening of the Café de Paris Monte-Carlo brasserie in November 2023 and the April 2024 launch of the Amazónico Monte-Carlo restaurant. “The 2024/2025 fiscal year as a whole was highly dynamic and confirmed that we have the right strategy, with a coherent and complementary product offering and a globally attractive Resort,” said Stéphane Valeri.
The hospitality division was the star performer, with revenue increasing by 16% to €399.9 million. Average room rates hit a record €800 per night, and occupancy remained high across the year. “Our hotel sector performed particularly well both in volume terms and average prices,” added Valeri, who noted that restaurants served over one million covers during the year. However, despite this impressive volume, the catering business remained unprofitable, with over 50% of restaurant revenue going to staff wages. “Shareholders might argue it’s not a good model financially, but I believe it’s an integral part of our company’s identity. It also reflects our commitment to staff well-being,” said Valeri.
Gaming revenue declined by 3% to €215.5 million, primarily due to unfavourable variance and tighter compliance regulations, which SBM acknowledged had a deterrent effect on some clients. Despite a rise in gaming volume, operating income in the sector fell by €14.7 million. “This year, luck wasn’t in our favour… we had to refuse tens of millions of euros in gaming activity because we couldn’t absolutely guarantee the origin of the funds. That also has a real financial impact,” said Valeri.
Still, the group remains optimistic about a rebound in this sector, which represents 28% of the group’s total revenue, particularly through increased slot machine appeal and targeted outreach to American markets.
SBM’s client base continues to diversify, with North America now leading in revenue contribution. Visitors from the United States and Canada accounted for the largest share of revenue in 2024/2025 at 18%. France, traditionally a dominant market, has slipped slightly but remains significant, now tied with the Middle East at 11%. The United Kingdom, including Ireland, follows at 9%, while Swiss clientele contribute 7%. Italian guests, once a primary demographic, have dropped to sixth place at 6%.
“If someone had told me when I was 20 that Italy would only represent 6% of SBM’s revenue, I wouldn’t have believed it,” said CEO Stéphane Valeri. Meanwhile, German visitors are gaining ground, now making up 4% of total revenue—a notable shift in the group’s geographic market balance.
Photo: Chairman and CEO of SBM Stephane Valeri, source: Monte-Carlo Société des Bains de Mer
The real estate segment remained a pillar of strength, recording an 11% increase in revenue to €149.9 million. New retail leases at the refurbished Café de Paris complex and a near-zero vacancy rate drove much of this gain. “We’re very close to the full earning potential of our existing real estate portfolio,” said Valeri, though he acknowledged that further expansion would be required to unlock new growth in this area.
“If we want to go even further in this segment, we’ll need to develop new real estate projects. Because in terms of current assets, we’re nearing full saturation of what’s possible,” said the company CEO. “Unless we build or expand, we’re close to the maximum income potential we can extract from the current portfolio.”
Looking forward, SBM is doubling down on its investment strategy, with several high-profile launches in 2025, including Marlow, Jondal at La Vigie Monte-Carlo, a Cédric Grolet venue at the Hôtel de Paris, and the Monte-Carlo Cigar Club.
Culinary prestige remains central to SBM’s brand, with the group now boasting ten Michelin stars—“more than any other resort in the world,” according to Valeri.
Overall, SBM reported a slight increase in consolidated operating income for the 2024/2025 fiscal year, rising to €74.5 million from €73.6 million the previous year. Gains in the hotel and rental sectors—up €7.3 million and €11.4 million respectively—offset a €14.7 million decline in gaming sector earnings. Financial income also improved, reaching €35.6 million, driven by strong returns on the group’s investments. Overall, consolidated net income rose to €110.1 million, compared to €103.9 million the year before.
Monaco Life is produced by multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Facebook, Instagram, LinkedIn and Tik Tok.
Main photo credit: Cassandra Tanti, Monaco Life
All the headlines and highlights from Monaco, direct to you every morning
