A €1 billion industry: Monaco’s hospitality sector goes from strength-to-strength

From five-star hotels to Michelin-starred restaurants and iconic bars and nightclubs, the Monaco hospitality industry is booming. The sector produced record revenues nearing €1 billion in 2023, and things only look set to improve, with exciting new establishments like Amazónico Monte-Carlo boosting coffers even more this year.

One of the first things that comes to mind when you think about Monaco is its world-famous hotels and internationally renowned bars and restaurants. Some are so well-known and respected that they have inspired the names of corners of the legendary Grand Prix track, such as La Rascasse in Port Hercule, while big-name hotels have provided the backdrop for iconic on-screen moments in everything from James Bond to Becoming Karl Lagerfeld.  

A new report by IMSEE, Monaco’s official statistical agency, has revealed an incredibly strong 2023, during which record revenues were reached.

Never-before-seen revenues

According to the report, the combined revenues of the Principality’s hotels and accommodation, restaurants, bars and catering services climbed almost 15% in 2023 to reach €999.1 million – an all-time high. It was also the second year running that the sector had smashed pre-Covid records that had been set in the mighty 2019 calendar year. 

The 16 companies that fell under the hotel and similar accommodation sector produced €710 million alone, and Monaco’s 243 restaurants generated just shy of €265 million. 

See more: Experience Monaco’s wild side at the new Amazónico Monte-Carlo

Beverage-serving establishments contributed €9.5 million, while events and catering services produced €14.7 million.  

In total, the sector was comprised of just over 300 businesses, including nine newly founded companies in 2023. The sector represented around 2.6% of all registered enterprises in Monaco, making the hospitality industry one of the smallest categories in the Principality, but it was still the second-biggest employer, with more than 8,100 workers on the books in 2023. 

More men than women were employed by the hospitality industry last year, a ratio of 68.3% to 31.7%, which is a slightly heavier weighting in favour of male workers than in the overall private sector.

The hotel sector had the largest proportion of employees – just over 5,500, according to IMSEE – followed by the restaurant and food service sector. While the majority of all employees were of French nationality, with Italians in second, the combined accommodation and food sectors employed 428 Monegasques, which equates to four in 10 of Monegasque nationals working in the private sector last year. 

Read related: 

Monaco’s tourism sector in 2023: Hotel prices hit new record


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Photo credit: Manuel Vitali / Monaco Communications Department