SBM Announces Profit: ‘The Numbers Are Very Good’

Author image

Nancy Heslin   Forbes Monaco

SBM Announces Profit: ‘The Numbers Are Very Good’

SBM CEO Jean-Luc Biamonti. Photo: Monaco Info Facebook

“The numbers are very good,” Société des Bains de Mer (SBM) CEO Jean-Luc Biamonti told the media on Tuesday, May 31. “After losses, we are announcing profits.”

Operating profit was reported at €35 million compared to a loss of €103 million the previous year—and €22.6 million in 2019/2020. With a turnover of €530 million against €336 million the previous year, the company’s consolidated net result is €76 million.

Hotel revenue was up from €109 million to €213 million. Growth in rental activities rose 11% to €117.6 million.

“April and May 2021, we suffered. But then it took off way beyond our expectations. And the low season was also quite satisfactory,” said the head of Monaco’s largest private employer. “There is a return of congresses. In addition, individual clients are very present and spend a lot. There is a catch-up phenomenon.”

However, like in France, lack of service industry staffing in Monaco is an issue. “We are having a lot of difficulty recruiting. We already know that we will not be able to open certain restaurants seven days a week. For example, from June 23, the Lebanese Em Shérif which is a big success at the Hôtel de Paris will only open at from 4 p.m. The fact that there are a lot of customers and not enough seasonal workers—around 40 less out of a total of 700—creates tensions. We will therefore lower the level of reservations to avoid anyone being dissatisfied.”

For the period of 2020/2021, gaming revenue increased from €124 million to €200 million but are still 16% lower than in 2019/2020. Biamonti confirmed that the Sun Casino and the Monte-Carlo Bay & Resort Casino will not reopen. The Monaco Grand Prix attracted a strong concentration of casino players from Latin America as well as the Middle East. “The American clientele is making a strong start,” he added.

After the March 2021 social plan that resulted in 227 voluntary layoffs and four forced redundancies, SBM is relaunching its investments, including the €40 million renovation of the Café de Paris featuring an Asian Peruvian restaurant, Amazonico, on the roof terrace (scheduled for a June 2023 launch).

Author image

Nancy Heslin   Forbes Monaco

Nancy Heslin is an established journalist and lifestyle writer. She has been the Editor-in-Chief of Forbes Monaco magazine (bimonthly in English) , since the magazine's 2nd issue . Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.