Monaco, MC
clear sky
9 ° C
13 °
5 °
12 °
11 °
15 °
17 °
14 °
Breaking News

Transport disruptions expected to continue as union strikes roll on throughout France

The SBM achieves positive annual results

The SBM achieves positive annual results

By Cassandra Tanti - June 18, 2019

Monaco’s largest employer Société des Bains de Mer (SBM) has posted positive financial figures for the first time in seven years, with major investment projects like the Hôtel de Paris and One Monte Carlo expected to help continue the upward trend.

The newly renovated Hôtel de Paris was unveiled in January 2019. Photo: Hôtel de Paris

Since 2012, SBM’s annual revenue has been in the red. But the latest figures show there is light at the end of the tunnel.

In the 2018-19 financial year, the hotel sector recorded important growth with an increase of 8% on last year, bringing in a total of 253.7 million euros. The rental sector also performed incredibly well, with a 27% increase in revenue at 51.9 million euros.

Overall, for the last financial year which closed at the end of March, SBM achieved a turnover of 526.5 million euros. That equates to an increase of 11%, or 2.6 million euros, compared to a net loss of 14.6 million euros in 2017-18.

Operating profit rose from -27.1 million to -9.6 million year-on-year.

The 2018-2019 financial year was marked by the reopening in January this year of the jewel in the crown of the SBM, the historic Hôtel de Paris. Just a few months later the newest player in the game was inaugurated, the One Monte Carlo real estate complex featuring luxury boutiques. Two-thirds of the apartments in this project are already let, while six out of nine floors dedicated to office space is still on the market.

“This shows that we are in recovery,” president-delegate Jean-Luc Biamonti told the press. “We are not there yet, but we are at the bottom of the pass and now we have to pedal.”

Given the inauguration of SBM’s latest projects, Mr. Biamonti said he was “quite optimistic” that there would be significant improvement in the results of the group in 2019-20.

Meanwhile, Pascal Camia’s takeover in 2015 of the gaming sector is beginning to bear fruit. Following several years of decline, the gaming share has increased by 11%, with a turnover of 222.7 million euros.

“The biggest growth is in table games and the recovery is paying off,” said Biamonti. “The Middle East has provided us with the biggest new players and we are starting to see a regular Asian clientele, especially Chinese, but also more customers from Latin America.”

The latest financial report has been eagerly awaited, particularly by the government, considering 64% of the institution is owned by the state of Monaco. The Macao Group Galaxy Entertainment Group and the French luxury giant LVMH respectively hold 5%.

Previous articleNational Support Plan for Aging and Dependency Care
Next articleUPAW, a Street Art contest for college students


December 9, 2019 | Business & Finance

Monaco receives four new ambassadors

Cassandra Tanti

Monaco now has four new Ambassadors from Belarus, Malayia, Mali and the European Union.

December 6, 2019 | Business & Finance

Monaco hosts World Top Model final

Cassandra Tanti

For the first time, Monte Carlo will play host to the World Top Model final, set to take place on 14th December at the Fairmont Hotel.

December 5, 2019 | Business & Finance

Major step forward for gay rights in Monaco

Cassandra Tanti

Same sex couples in Monaco will be able to benefit from a host of legal rights afforded to married couples and their children, under a new Free Union law that has just been passed by the National Council. After reading a very detailed report by Pierre Van Klaveren on bill 974 and the civil contracts of […]

Cassandra Tanti

Princess Charlene of Monaco has shared what life is like raising her strong-willed twins in a new interview published recently. The South African born Princess also revealed that her husband, Prince Albert, is a “fun” father who personally takes his kids to school every day.