Stéphane Valeri, President of Monte-Carlo Société des Bains de Mer (SBM), on Friday shared the company’s impressive financial performance and detailed an ambitious roadmap for 2024/25, highlighting both local and international development projects.
For the first time, SBM’s revenue surpassed €700 million, reaching €704 million in the past fiscal year (1st April 2023 to 31st March 2024), compared to €667 million the previous year. This revenue is divided between hotels and restaurants (50%), gaming (over 30%), and real estate (under 20%), with hospitality emerging as the primary driver. Operating profit also saw a slight increase, rising from last year’s record €72.2 million to €73.16 million. Consolidated net income jumped to €103.9 million, largely due to a €36.9 million boost in financial income.
Looking ahead to 2024/25, SBM recorded a 7% increase in first-quarter revenue, bringing the total to €218.4 million. The hotel sector stood out, posting €130 million in revenue, up €19 million from the same period last year. The growth was attributed to the reopening of the Amazonico restaurant and the newly renovated Café de Paris, which now performs 40% better than pre-Covid figures.
On the sustainability front, Valerie said that SBM is taking significant strides to reduce its carbon footprint. The company now generates all its heating and cooling energy through geothermic systems and has introduced more electric and hybrid vehicles to its fleet.
Expanding internationally: Courchevel, cruise casinos, and new restaurants
SBM’s international development is in full swing. In Courchevel, renovation work on the Palace des Neiges is moving forward, with Herzog & de Meuron leading the project. Construction is set to start in April 2024, with the Monte-Carlo One Courchevel slated to open in time for the 2026 winter season. Valeri expects this property to generate significant profits, especially with the 2030 Winter Olympics taking place nearby, making Courchevel an Olympic resort.
SBM is also launching its first Monte-Carlo casino aboard the Crystal Symphony cruise ship in Venice on 14th November. Another ship will follow in the Caribbean by the end of the year. SBM will manage the casino operations, from croupier training to game selection, earning a percentage of gaming profits without financial risk.
A new Monegasque restaurant brand, Monte-Carlo Club 1863, will also debut internationally. Partnering with Dream, a luxury dining group, the first restaurant is set to open in Dubai in autumn 2025. The menu will feature Monegasque classics and Mediterranean dishes with French and Italian influences, accompanied by iconic images of Monaco.
Monaco projects and new openings
SBM’s development focus remains in Monaco, said the head of SBM, with several major projects in the pipeline. Renovations at the Hôtel Hermitage and Monte-Carlo Beach are planned, while the Terrasses du Casino project, which encompasses the land around the famous Casino Square and includes the buildings housing the Rothschild Bank and the Thermes Marins Monte-Carlo, will create luxury residences, a spa and retail spaces by late 2030/early 2031, after the Rothschild bank relocates.
Exciting new venues are also set to open. Moods, an “affordable” winter club featuring live music, comedy, and a menu by two Michelin-starred Chef Marcel Ravin, will reopen on 30th November. Marlow, an English-style restaurant and bar, will open in January 2025 in the new Mareterra district. Additionally, The Monte-Carlo Cigar Club, set to open in the spring of 2025, will be an exclusive and luxurious venue located in the historic office of SBM founder François Blanc, within the Casino de Monte-Carlo. The club will offer a high-end experience for cigar enthusiasts, featuring a carefully curated selection of premium cigars. Partnering with Dominique London, a luxury cigar and spirits expert, the club aims to become one of the world’s most prestigious cigar lounges, providing a refined atmosphere for tastings and special events.
Finally, Stéphane Valeri revealed that SBM is a candidate to oversee the reconstruction of the Le Méridien hotel in Monaco. However, since the land is state-owned, the project will be awarded through a competitive bidding process, which SBM fully expects to participate in.
Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Threads, Facebook, Instagram, LinkedIn and Tik Tok.
Photo source: Monte-Carlo SBM