Buoyed by record year and good summer quarter, SBM confirms international appetite
© Monte-Carlo Société des Bains de Mer
On Friday 19 September, Stéphane Valeri restated his ambitions to turn the Monegasque flagship into a group with an international stature.
At the close of the Ordinary General Meeting of Shareholders on 19 September 2025, it was a smiling Société des Bains de Mer CEO who held a press conference in which he restated his ambitious vision, encouraged by a profit of 35.6 million for the 2024-2025 financial year.
Record financial results
Stéphane Valeri began by emphasising the Group’s financial health, a solid foundation for pursuing its large-scale projects. For the 2024-2025 financial year, SBM is forecasting 9% turnover growth to €768 million, buoyed in particular by the opening of the Amazónico restaurant in April 2024 and the reopening of the Café de Paris Monte-Carlo in November 2023. Operating profit stands at €74.5 million, while net profit was €110.1 million, an increase of €6.2 million on the previous year.
The upward trend was confirmed during the summer season (July and August), with turnover up 7% on the same period last year, across all sectors.
Real estate for growth
The CEO then announced a number of property projects that should boost the group’s income. SBM plans to demolish some existing properties to create a complex combining the thermal baths and the Casino terraces building – currently occupied by the Rothschild bank – to create hotel residences and luxury shops. The project is currently being examined by the government and the Direction de la prospective de l’urbanisme et de la mobilité (DPUM – Department of Forward Studies, Urban Planning and Mobility).
Financial results: record year for SBM
The second major project, subject to approval by the Minister of Public Works, the Environment and Urban Development, Céline Caron-Dagioni, is the possible upward extension of the Monte-Carlo Bay building. “We could add a further four storeys without having to reinforce the structure, so as to house large, high-quality residences there,” says Stéphane Valeri.
SBM was also delighted with the excellent results achieved by the Hôtel Hermitage and the Monte-Carlo Bay, “despite 20% of their rooms being out of use” and the ongoing renovation work on an occupied site. When asked about the reconfiguration of Le Méridien Beach Plaza, Stéphane Valeri confirmed SBM’s interest, but it is not a priority. “There’s incredible potential, but the state is in control. We have a very fine hotel and hotel residence project,” he said, adding that a competitive tender would take place.
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International expansion underway
SBM is continuing to develop its international footprint with the planned opening of a Monegasque restaurant in Dubai, serving Mediterranean cuisine using French and Italian ingredients.
In the gaming sector, two floating casinos ‘made in Monte-Carlo’ are still in operation: the first is on board the Crystal Symphony (opened on 14 November 2024), followed in December 2024 by the one on the Crystal Serenity.
Monte-Carlo SBM has officially acquired the Palace des Neiges in Courchevel
SBM’s international ambitions are also taking shape in the Alps with the Monte-Carlo One Courchevel project. “Thanks to the work of Pascal Camia, our Director of International Development, we obtained a 94.5% co-owners’ vote in favour of the building permit. We also had discussions with those who were less keen so that there would be no legal actions that would impede progress (…) The permit was officially granted two days ago and we have now started work,” Stéphane Valeri announced.
The luxury hotel in Courchevel 1850 is due to open in time for Christmas 2027, with rooms starting from €3,500 a night, two restaurants, a prestigious spa and even an alpine version of the famous Jimmy’z Monte-Carlo. The aim of the major project, which should be amortised over 16 years, is to position SBM in the Alpine luxury segment.