Monaco’s hotel and restaurant industry has just shattered the billion-euro ceiling again, second year running, racking up a dizzying €1.1 billion in revenue for 2024.
The tiny principality (smaller than the size of New York’s Central Park) has once more proven that what it lacks in square kilometres, it more than makes up for in luxury stays, pampering its guests in its Michelin star restaurants amongst champagne corks.
The report comes courtesy of IMSEE, Monaco’s statistical arm. The numbers? Stunning. Compared to 2023, revenue soared over 6%. And in just a decade, the sector has bulked up by 60%, growing from over €650 million to today’s billion-plus playground.
High Stakes, High Steaks
Leading this parade is the iconic Société des Bains de Mer (SBM), the company that leads Monaco. SBM owns the fabled Hôtel de Paris and Hermitage among other leading hotels, of course, to restaurants with envied wine lists and sommeliers.
SBM alone pulled in €400 million between April 2024 and March 2025. (Though this number is complicated since their fiscal year doesn’t quite align with Monaco’s calendar year stats.)
Employees and Aprons Galore
Beyond the eye-watering revenues, there’s also a swelling tide of employment. In 2024, Monaco’s hotels and restaurants employed between 8,000 and just less than 9.000 workers, just a little more than a 7.5% increase over 2023. That makes it the second-largest employer in the Principality, with SBM once again at the helm.
Bellhops and waiters, sommeliers and pastry chefs with Michelin-starred reputations, and concierges and a myriad other helping hands.
Occupancy: No Vacancy for Doubt
Rooms are being increasingly booked, not just by honeymooners and Formula 1 fans. In 2024, Monaco’s hotels welcomed nearly 350.000 visitors, marking over a 2% bump from the previous year. Even more telling: overnight stays surged by over 5%.
Translation? Monaco’s hotels weren’t just booked—they were relatively packed. The average hotel occupancy rate hit over 65% up over 3 percentage points from 2023. In certain months, March, September, and December, the jump was even sharper, with occupancy sometimes leaping by over 7 and 8 percentage points.
In short: people came, they stayed, and they likely spent a lot, boosting the economy.
The Billion-Euro Question: What’s Next?
With these numbers, it’s clear Monaco is offering much more than beds and meals, it’s marketing successfully a lifestyle that borders on the cinematic. The challenge for 2025? Keeping the magic alive. With the hospitality sector doing so well and luxury retail riding the same wave, the odds would seem more than fair for a continuation in Monaco’s favour.
