Stéphane Valeri, President of Monte-Carlo Société des Bains de Mer (SBM), recently announced the company’s exceptional financial results and outlined an ambitious roadmap for 2024/25, with a focus on both local and international development.

For the first time in its history, SBM’s revenue surpassed the €700 million mark, reaching €704 million for the fiscal year ending March 31, 2024, up from €667 million the previous year. The revenue was primarily driven by the hospitality sector, which contributed 50%, followed by gaming at over 30%, and real estate at just under 20%. Operating profit saw a modest increase from €72.2 million to €73.16 million, while consolidated net income soared to €103.9 million, bolstered by a €36.9 million gain in financial income.

Looking ahead to the 2024/25 fiscal year, SBM has already recorded a 7% increase in first-quarter revenue, totaling €218.4 million. The hotel sector led the way, generating €130 million, a €19 million increase from the same period last year. This growth was attributed to the reopening of the Amazonico restaurant and the newly renovated Café de Paris, which is now performing 40% better than pre-COVID levels.

On the sustainability front, Valeri highlighted SBM’s efforts to reduce its carbon footprint. The company has transitioned to geothermal systems for all its heating and cooling needs and has introduced more electric and hybrid vehicles into its fleet.

International Expansion: Courchevel, Cruise Casinos, and New Restaurants

SBM’s international expansion is progressing rapidly. In Courchevel, renovation work on the Palace des Neiges is underway, with Herzog & de Meuron leading the project. Construction is scheduled to begin in April 2024, with the Monte-Carlo One Courchevel expected to open for the 2026 winter season. Valeri anticipates significant profits from this property, particularly with the 2030 Winter Olympics nearby, positioning Courchevel as a prime Olympic resort.

SBM is also venturing into the cruise industry, launching its first Monte-Carlo casino aboard the Crystal Symphony in Venice on November 14. Another ship will follow in the Caribbean later in the year. SBM will manage the casino operations, including croupier training and game selection, earning a percentage of gaming profits without bearing financial risks.

Additionally, SBM is set to introduce a new restaurant brand, Monte-Carlo Club 1863, internationally. In partnership with Dream, a luxury dining group, the first restaurant will open in Dubai in autumn 2025, offering a menu of Monegasque classics and Mediterranean dishes with French and Italian influences, alongside iconic images of Monaco.

Monaco Projects and New Openings

SBM’s development efforts remain focused on Monaco, with several major projects in the pipeline. Renovations are planned for the Hôtel Hermitage and Monte-Carlo Beach, while the Terrasses du Casino project, which encompasses the area around Casino Square, will create luxury residences, a spa, and retail spaces by late 2030/early 2031, after the Rothschild bank relocates.

New venues are also on the horizon, including Moods, an “affordable” winter club featuring live music, which is set to open soon. These developments reflect SBM’s commitment to maintaining its leading position in Monaco while expanding its global presence.