why Jean-luc Biamonti leaves the SBM
Monaco: why Jean-luc Biamonti leaves the SBM
By presenting a balance sheet of good economic health, Jean Luc Biamonti, who for years has chaired the progress of the SBM Group (Société des Bains de Mer) in its adaptation to international tourism, announces his departure.
During the meeting of shareholders of the SBM Group, a major player in tourism in Monaco (casinos, palaces, restaurants, shops, etc.), the president and delegate of the Société des Bains de Mer, Jean-Luc Biamonti, announced that Stéphane Valeri, adviser to the Monegasque government, will be called upon to succeed him as president at the end of the current financial year in March 2023.
As a reminder, the Principality is the majority player in the capital of SBM. An announcement as the 2021-2022 financial year, ending in March, was marked by a strong increase in turnover, and the current 2022-2023 financial year promises to be a record.
Thus for the 2021/2022 financial year, the SBM Group posted a turnover of €530.5 million (+ 57%) and a profit of €35 million against €336.9 million in turnover in 2020/2021 and a loss of 103M€!
During this financial year, the Group continued to reduce operating expenses with a personnel restructuring plan.
And the objective of saving €25 million in expenses has been achieved. The recovery is stronger than expected, thus the first quarter of the current financial year (April 1 to June 30, 2022) is €207.8 million compared to €110.9 million for the same quarter of the previous financial year.
And in July/August 2022, activity even increased by 22%. This promises a record current year.
It seems that the resumption of tourist activity and the fruits of major investments are being realized by SBM in recent years with €600 million invested in the renovation of the Hôtel de Paris and the vast real estate program at the location of the former Sporting d’Hiver is beginning to generate profits.
And ongoing projects such as the renovation and extension of the Café de Paris with new restaurants and shops, among others, should boost this recovery.
Michael Bovas