A shareholders meeting for the Société des Bains de Mer (SBM) took place on 19 September at the Monte-Carlo Bay Hotel & Resort. Fiscal reports were approved during the meeting and afterwards, Stephane Valeri, President of the SBM, unveiled big plans to renovate and expand the Monte-Carlo Bay and other projects.
The SBM’s General Meeting of Shareholders also passed the resolution on the allocation of net income. Given the year’s excellent results, it was decided that a dividend €1.80 (one euro and eighty cents) would be distributed. The last trading day for dividends is set to 6 October 2025.
Renewal of the Director
The shareholders renewed Fabrice Larue’s term of office as a Director, which would expire at the Ordinary General Meeting of Shareholders, to be held after 13 July 2030.
Authorization to buyback Company shares
The shareholders also renewed the authorization granted to the Board to buyback Company shares, up to a limit of 5% of the share capital, at a maximum price of €130 per share and for a maximum total amount of €40 million. This authorization is valid for a period of 18 months as from 19 September 2025.
“Historic” revenue
The SBM’s consolidated revenue for the 2024/2025 fiscal year was €768 million. The consolidated operating income amounted to €74.5 million, compared with €73.6 million for the previous fiscal year. Hotel revenue was up by 16% to €399.9 million, driven by the opening of Amazónico in April 2024 and the reopening of the Café de Paris in November 2023. There was also a higher occupancy rate over the summer season. Rental revenue was up 11% to €149.9 million, driven by the gradual take-up of leases for new retail units available at the refurbished Café de Paris complex.
Gaming revenue reached €215.5 million, down 3% with the house playing unluckier than last year, although gaming volumes rose slightly.
Look ahead to New Porjects…
The SBM plans to expand the Monte-Carlo Bay by four floors to create very high-end apartments. Construction plans will not affect the current structure of the building. The SBM also plans to modernize the Thermes and build residences, offices, and shops on the top level on Avenue de Monte-Carlo. Construction could begin as early as 2027.
Internationally, the “Monte-Carlo One – Courchevel” in the former Palace des Neiges is expected to open at the end of 2027. The group has obtained an additional 5,000 m² of building rights. Two restaurants and a club are planned for the alpine resort, a ‘Monte-Carlo 1863’, a ‘Grill’ similar to the Hôtel de Paris, and a Jimmy’z.
“Courchevel 1850 is also a land of high-level sporting events, it thus positions itself as an alpine mirror of the Principality of Monaco,” said Stephane Valeri.
