Société des Bains de Mer reported a much-improved operational profit for the financial year 2022/2023, at 72.2 million euros, more than double the figure for the previous year of 35.4 million euros and an all-time record.

Speaking to the Monaco press following the ordinary General Assembly of Shareholders on Wednesday, September 27, CEO Stéphane Valeri said that the 12-months turnover was 667 million euros, compared to 530.5 million in the previous year, when some pandemic restrictions were still in place.

In a wide-ranging presentation of the past year’s highlights and emerging trends, Mr Valeri noted that the requirements of compliance were having an effect on table games and SBM can no longer welcome a number of clients.

However, the general trends for the company are very positive and there are major real estate developments in the pipeline of which further details will be announced in the near future.

SBM will sign the formal contract for the acquisition of the Palace des Neiges in Courchevel on October 3 and important refurbishment will start next spring following the winter season under current management. The purchase of the property forms part of SBM’s strategy of retaining hospitality employees year-round.

In answer to a question, Mr Valeri said that there is no difficulty in recruitment at SBM, as salaries are well above others in the region. All employees will receive a ‘prime’ of 2,000 euros this year, regardless of position or salary level.

The CEO added that he reminds employees and their representatives that the interests of clients and shareholders are also very important.

PHOTOS: Ian Brodie

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