{"id":39100,"date":"2020-09-29T12:03:13","date_gmt":"2020-09-29T10:03:13","guid":{"rendered":"https:\/\/www.monaco-tribune.com\/2020\/09\/jean-luc-biamonti-the-sbm-has-a-very-difficult-winter-ahead\/"},"modified":"2020-09-29T12:03:16","modified_gmt":"2020-09-29T10:03:16","slug":"jean-luc-biamonti-the-sbm-has-a-very-difficult-winter-ahead","status":"publish","type":"post","link":"https:\/\/www.monaco-tribune.com\/en\/2020\/09\/jean-luc-biamonti-the-sbm-has-a-very-difficult-winter-ahead\/","title":{"rendered":"Jean-Luc Biamonti: the SBM has a \u201cvery difficult winter\u201d ahead"},"content":{"rendered":"\n

During a press conference at the Hotel Hermitage, Jean-Luc Biamonti, president of the Soci\u00e9t\u00e9 des Bains de Mer (SBM), assessed the current situation facing the SBM. While the pandemic has not been catastrophic for Monaco\u2019s largest employer, Mr. Biamonti\u2019s forecast for the future isn\u2019t of the most optimistic.\u00a0 <\/strong><\/p><\/p>\n\n

They expected 2020 to be a record-breaking year. Following steady growing profits for several consecutive years, the SBM\u2019s recent economic recovery has been thwarted by the Covid-19 pandemic<\/a>. The SBM is the governing body in charge of Monaco\u2019s biggest hotels and casinos, and Monaco\u2019s biggest private employer.<\/p><\/p>\n\n

Before the pandemic, the SBM\u2019s turnover was flourishing – 619,9 million euros compared to 526,5 in the previous year, equivalent to an 18% growth. All of the company\u2019s sectors were on the rise. Then, came the pandemic. The SBM\u2019s forecast is clear: after a \u201cmediocre\u201d summer, Jean-Luc Biamonti expects a \u201cvery difficult\u201d winter.<\/p><\/p>\n\n

\u201cI cannot guarantee that there won\u2019t be any financially restrictive measures in the following weeks and months\u201d<\/p><\/h2>\n\n

At the moment, the situation is dire enough for there to be talk of imminent cuts: \u201cWe are thinking about it and might have to go through with it. I cannot guarantee that there won\u2019t be any financially restrictive measures in the following weeks and months,\u201d said Jean-Luc Biamonti at the press conference. All of the company\u2019s investments are currently halted.<\/p><\/p>\n\n

One of the most affected sectors is the gaming industry, which has suffered a 63% turnover drop. Such losses are largely explained by the lack of foreign tourists, whose absence was particularly felt in the Casinos\u2019 private gaming rooms. While the Monte-Carlo Casino and the Casino of the Caf\u00e9 de Paris remain open<\/a> and do not seem threatened by the situation, both the Sun Casino and the Monte-Carlo Bay Casino are not expected to reopen anytime soon.<\/p><\/p>\n\n

\u201cThe Hermitage is a hotel and that\u2019s not going to change\u201d<\/p><\/h2>\n\n

There have been rumours that the Hotel Hermitage would be either closed or transformed, but at the press conference Jean-Luc Biamonti was quick to dismiss such allegations. \u201cThe Hermitage is a hotel and that\u2019s not going to change,\u201d he said. Yet, it would probably be more profitable for the SBM to convert the hotel to a renting complex. The SBM\u2019s renting revenue is on the rise, with a 34-million-euro profit, following the progressive leasing of the One Monte-Carlo flats and the new retail spaces at the H\u00f4tel de Paris and in the One Monte-Carlo complex.<\/p><\/p>\n\n

As for a wave of pandemic-related firing, Mr. Biamonti insisted that there had been no such thing. However, he did admit that several seasonal and casual employees had had to be cut. With 4,000 employees, the SBM is Monaco\u2019s largest private employer. Following the pandemic, in order to avoid partial unemployment and over-burdening the Government, most of the SBM\u2019s workers were transferred to the company\u2019s other establishments, such as the Monte-Carlo Beach. MR. Biamonti also confirmed that 19 cases of coronavirus had been recorded within the company and that health measures had been diligently respected throughout the company.<\/p>\n\n

One of the driving forces of Monaco\u2019s economy, the Soci\u00e9t\u00e9 des Bains de Mer will continue to organise events over the coming months. “We will do everything possible to ensure that people do come to Monaco and feel safe here. As far as is possible and in full respect of health guidelines, we will make sure that Monaco remains an exception amongst other countries,\u201d Mr. Biamonti said.\u00a0<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

During a press conference at the Hotel Hermitage, Jean-Luc Biamonti, president of the Soci\u00e9t\u00e9 des Bains de Mer (SBM), assessed […]<\/p>\n","protected":false},"author":24,"featured_media":38547,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[247,1825,243],"tags":[2862],"post_sectags":[],"post_format":[2468],"class_list":["post-39100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-editors-choice","category-news","tag-monte-carlo-sbm-en","format-story"],"acf":[],"yoast_head":"\nJean-Luc Biamonti: the SBM has a \u201cvery difficult winter\u201d ahead<\/title>\n<meta name=\"description\" content=\"During a press conference at the Hotel Hermitage, Jean-Luc Biamonti, president of the Soci\u00e9t\u00e9 des Bains de Mer (SBM), assessed the current situation\" \/>\n<meta name=\"robots\" content=\"index, follow, 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