A transfer of power at Monte-Carlo SBM

Turnover set fair and promising projects... Stéphane Valeri takes the helm at a flourishing SBM

"I appreciate the magnitude of the task that awaits me, and I absolutely commit myself from now to continuing to make the Principality's economic jewel thrive and grow". Stéphane Valeri was appointed by the Board of Directors of the Société des Bains de Mer, and took over the reins of the group on 24 January. The new Managing Director also paid tribute to the work of his predecessor Jean-Luc Biamonti, thanks to whom "SBM is currently in an extremely good economic and financial situation". "Previously, we made money in the first six months of the year and lost it in the last six. Today, we make money in the first six months and hardly lose any subsequently...", Jean-Luc Biamonti joked a few days earlier with a wide smile as he revealed the turnover for the first six months of the 2022/2023 tax year, which rose sharply across all sectors.

A "fully leased" rental stock and a profit of over 820 million Euro from the sale of the shareholding in the Betclic Everest Group: the company is a long way from the tax years in the red that were afflicting it a few years ago. In the first nine months, the 2022–2023 tax year can look back on a 27% increase in consolidated turnover as opposed to the previous year (556.5 million Euro compared with 437.2 million Euro). "We can envisage attaining a better operating result than in the record 2007-2008 tax year", the Board of Directors reports. Alongside the profits, there are some promising projects: the new Café de Paris, which is scheduled to reopen fully at the end of this summer, includes lease income (with a dozen new luxury boutiques) and significant commercial revenues with the suction effect of the festive Amazonico brand. The aficionados of the former Moods are already waiting patiently for the live concert venue to reopen ten years after it closed down.

There are also other projects that are now being followed up by Stéphane Valeri, who knows SBM well. "My family and I have been very attached to this company for several generations", says this son and grandson of croupiers. As a part of his previous functions, he was able to monitor the evolution of the Société des Bains de Mer. A 1986 graduate of the ESCP Business School, he was President of the National Council from 2003 to 2010 and from 2018 to 2022, and a member of the government in the capacity of advisor to the Minister of Health and Social Affairs from 2010 to 2017. He became a Director of SBM after being co-opted by the Board of Directors on 23 September 2022, and his appointment was ratified by a shareholders' vote at the Ordinary General Meeting held on 2 December 2022.