Exclusive interview with CEO Stéphane Valeri

Ian Brodie (right) interviewed SBM’s CEO Stéphane Valeri

Hotel and casino operator Société de bains de mer works in a competitive market with its fortunes intertwined with those of Monaco itself, and the company’s most recent financial results show that it’s doing well, with a full recovery after Covid.



As the Principality’s biggest private employer of Monegasques, with 500 locals on the payroll, SBM’s strong performance serves as a guarantor of the prosperity of a large section of the Monaco population.



SBM’s social responsibility is taken very seriously, and its workforce, by and large appreciates its efforts. 

SBM’s workers have every reason to be happy and proud to work for the company, Mr Valeri says.

Salaries are indexed to inflation based on quarterly reviews and after two years in the job employees receive a 13th salary. Last year there was a payment to each employee of 2,000 euros based on profit share. On top of that, SBM spends three million euros annually on its welfare fund for the direct benefit of employees.



The company is also a significant employer of residents from outside the Principality.

 “We pay much more than our competitors and the key is to offer accommodation,” Mr Valeri emphasises. In order to help cope with seasonal demand, SBM has a total of more than 330 beds available in apartments close to Monaco.



In order to help recruit hospitality staff, SBM holds two ‘talent days’ every year, and currently has no problems of staff shortages.



A spate of openings



The recent opening of Amazonico at the Café de Paris was a great success and in July Yannick Alléno’s L’Abysse has just opened at the Hotel Hermitage.

Chef Yannick Alleno with Chef Yasunari Okazaki at L’Abysse

Internationally, SBM has great ambitions, but is tempering this with a “not too fast” approach, Mr Valeri says. The much publicised acquisition of Le Palace des Neiges in Courchevel will see the 5-star venue reopen under SBM management at the end of 2026. 



Closer to home, both the Hermitage and the Monte-Carlo Bay will undergo renovations from this autumn, “but over several years and with minimal disruption,” Mr Valeri says.



Target markets



Recent years have seen a significant shift in clientele. Now, 17 percent of hotel guests are from the US, where SBM and the Tourism and Conventions Office have made significant marketing efforts.

France and the Middle East are also important while the UK stands at 10 percent. 

“The US market is very important to us and we need to develop it further,” Mr Valeri says.



Gambling not doing so well



Mr Valeri doesn’t hesitate to put his cards on the table when he talks about the casino sector.

“Last year turnover in this sector was up by three percent to 221.3 million euros, with the increase in revenue from slot machines and associated activities, and a decline of two percent in table games revenue. Compliance rules are very tough. It’s not easy.”



“On the other hand we have a fantastic park of slot machines, and other games can be developed,” he adds.

Profitability primary focus



Mr Valeri’s main focus is on profitability, he says, and this enables the company to do so much more, to develop and refurbish its Monaco businesses while also looking further afield.

Overall, the company is doing very well, and its real estate interests are highly profitable. SBM currently owns and operates 170 properties in Monaco.



On the horizon, Le Meridien is a target for SBM. It already owns part of the land on which the hotel stands and is negotiating with the state to acquire the rest.



“I am very proud to be Chairman and CEO of SBM. My goal is to make the legend live on.”



“Glamour and excellence are in our DNA,” Mr Valeri says, adding: “The blood of the company is red and white.”

MORE INFO: https://www.montecarlosbm.com/en/restaurant/labysse-monte-carlo-yannick-alleno