Société des bains de mer de Monaco

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Société Anonyme des Bains de Mer et du Cercle des Etrangers à Monaco
Monte-Carlo Société des Bains de Mer[1]
Company typePublic (Société Anonyme de Droit Monégasque)
Euronext Paris: BAIN
ISINMC0000031187
IndustryHospitality and gaming
Founded2 April 1863[2][3]
FoundersCharles III, Prince of Monaco
François Blanc
Marie Blanc
Headquarters
Monte Carlo, Monaco
Area served
France, Monaco, and
United Arab Emirates
Key people
Stéphane Valeri,
President and Chief Executive Officer
Albert Manzone,
Chief Executive Officer
Virginie Cotta,
Secretary General
Sophie Vincent,
Director of Human Resources
Vincent Bouvet,
Administrative and Financial Director
Pascal Camia,
Director of Operations
Owners
Number of employees
4,436[4]
Websitemontecarlosbm.com

The Société des Bains de Mer (SBM; English: Society of Sea Baths), officially the Société Anonyme des Bains de Mer et du Cercle des Etrangers à Monaco[1] (French: [sɔsjete de bɛ̃ d(ə) mɛʁ e dy sɛʁkl(ə) dez‿etʁɑ̃ʒez‿a mɔnako]; English: Society of Sea Baths and of the Circle of Foreigners in Monaco), is a publicly traded company registered in the Principality of Monaco.[5][6] SBM owns and manages the Monte Carlo Casino, the Opéra de Monte-Carlo, and the Hôtel de Paris in Monte Carlo.[7][8]

History[edit]

Bond of the S. A. des Bains de Mer & du Cercle des Étrangers à Monaco, issued 1 April 1898

SBM was founded on 2 April 1863 by a sovereign order issued by Charles III, Prince of Monaco. He ceded the company to the businessman François Blanc for 1.7 million gold francs for the privilege of exploiting the monopoly on gambling in the Principality of Monaco for 50 years. It was initially funded with capital of eight million francs divided into 32,000 shares.[3]

Basil Zaharoff[edit]

After World War I, the casino in Monte Carlo was in trouble. The world had changed, particularly the world of money, and the Prince of Monaco, Louis II, believed the casino's aged owner, Camille Blanc, had lost touch. As the casino supplied the principality with revenue, he sought to replace Blanc and bring in fresh business management. For assistance, he approached Basil Zaharoff, an international financier and arms dealer who had long been a patron of the Côte d’Azur. Zaharoff managed to get hold of the shares and, with the aid of the Prince, shouldered Blanc out and became the casino's master. Zaharoff brought in fresh administration and the result paid huge dividends.[9]

Aristotle Onassis[edit]

In 1953, Greek shipping magnate Aristotle Onassis bought up the shares of SBM via the use of front companies in the tax haven of Panama and took control of the organisation, moving his headquarters into the Old Sporting Club on Monaco's Avenue d'Ostende shortly after.[10] Onassis's takeover of the SBM was initially welcomed by Monaco's ruler, Prince Rainier III, as the country required investment,[11] but Onassis and Rainier's relationship had deteriorated by 1962 in the wake of the boycott of Monaco by the French president, Charles de Gaulle.[12]

Onassis and Rainier had differing visions for Monaco. Onassis wished the country to remain a resort for an exclusive clientele, but Rainier wished to build hotels and attract a greater number of tourists.[13] Monaco had become less attractive as a tax haven in the wake of France's actions, and Rainier urged Onassis to invest in the construction of hotels.[14] Onassis was reluctant to invest in hotels without a guarantee from Rainier that no other competing hotel development would be permitted, but promised to build two hotels and an apartment block. Unwilling to give Onassis his guarantee, Rainier used his veto to cancel the entire hotel project, and publicly attacked SBM for their ‘bad faith’ on television, implicitly criticising Onassis. Rainier and Onassis remained at odds over the direction of the company for several years and, in June 1966, Rainier approved a plan to create 600,000 new shares in SBM to be permanently held by the state,[15] which reduced Onassis's stake from 52% to under a third.[16] In the Supreme Court of Monaco, the share creation was challenged by Onassis, who claimed that it was unconstitutional, but the court found against him in March 1967. Following the ruling, Onassis sold his holdings in SBM to the state of Monaco for US$9.5 million ($271 million as of 2015),[17] and left the country.[18]

21st century[edit]

In 2005, SBM opened the Monte-Carlo Bay Hotel & Resort.[19]

In 2011, the company opened its first non-European establishment in the United Arab Emirates.

In 2013, SBM celebrated its 150th anniversary on Monaco's place du Casino : a high end picnic imagined by world known Monégasque chef Alain Ducasse.

In July 2015, the LVMH conglomerate acquired 5% of SBM.[20]

Business activities[edit]

The Société des Bains de Mer operates in the accommodation, dining, entertainment, and gambling services.[21] SBM manages and owns casinos, hotels, restaurants, bars, night clubs, spas, beach clubs, and golf clubs. Fifty-two of their fifty-eight properties are located in Monaco.[22]

SBM opened its first non-European establishment on Saadiyat Island, Abu Dhabi, United Arab Emirates, in September 2011. SBM pulled out in 2014.[23][24][25]

SBM is Monaco's largest employer, with approximately 4,000 employees.[26]

References[edit]

  1. ^ a b "Legal information". Monte-Carlo Société des Bains de Mer. Retrieved 2020-08-31.
  2. ^ "Société Anonyme des Bains de Mer et du Cercle des Etrangers à Monaco". Répertoire du Commerce et de l'Industrie. Retrieved 2022-01-05.
  3. ^ a b Jean-Joël Brégeon, Les Grimaldi de Monaco, Critérion, 1991, p. 233
  4. ^ "The Société des Bains de Mer, Monaco - Monte-Carlo: 5 casinos, 4 Hotels, 33 restaurants, Thermes Marins spa etc". Monte-Carlo SBM. Retrieved 2012-06-16.
  5. ^ "BAIN.PA: Summary for BAINS MER MONAC N- Yahoo! Finance". Finance.yahoo.com. Retrieved 2012-06-16.
  6. ^ "Societe des Bains de Mer: EPA:BAIN quotes & news - Google Finance". 2012-05-31. Retrieved 2012-06-16.
  7. ^ "Company overview". Monte-Carlo Société des Bains de Mer. Retrieved 2020-08-31.
  8. ^ "SOCIETE DES BAINS DE MER (BMRMF:OTC US): Stock Quote & Company Profile - Businessweek". Investing.businessweek.com. 2012-02-10. Archived from the original on July 9, 2012. Retrieved 2012-06-16.
  9. ^ John Flynn: Men of Wealth - the Story of Twelve Significant Fortunes from the Renaissance to the Present Day, 337–372
  10. ^ Evans 1987, p. 113.
  11. ^ Evans 1987, p. 114.
  12. ^ Evans 1987, p. 199.
  13. ^ "Obituary: Prince Rainier III of Monaco.", The Times, London, 7 April 2005, pg. 58.
  14. ^ Nuzum, Thomas. "Monte Carlo Has a Good Feud, but Glamor Is Gone", The Chicago Tribune, Chicago, December 5, 1965, Section 1B, pg. 1
  15. ^ "Mr. Onassis In Monaco Law Battle.", The Times, London, 22 August 1966, pg. 6.
  16. ^ Evans 1987, p. 204.
  17. ^ 1634–1699: McCusker, J. J. (1997). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States: Addenda et Corrigenda (PDF). American Antiquarian Society. 1700–1799: McCusker, J. J. (1992). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States (PDF). American Antiquarian Society. 1800–present: Federal Reserve Bank of Minneapolis. "Consumer Price Index (estimate) 1800–". Retrieved February 29, 2024.
  18. ^ Evans 1987, p. 206.
  19. ^ "15 years of the Monte-Carlo Bay Hotel & Resort: Staff Memories | Monte-Carlo Société des Bains de Mer". www.montecarlosbm.com. Retrieved 2020-11-17.
  20. ^ Diderich, Joelle (2015-07-24). "LVMH to Buy 5% of Monaco's Société des Bains de Mer". WWD. Retrieved 2020-11-17.
  21. ^ Dimitri de Andolenko. "Société des Bains de Mer Monte-Carlo". cleverhotel.org. Retrieved 2012-06-16.
  22. ^ "4* and 5* Hotels in Monaco, Luxury Casinos, Restaurants, Spas". Monte-Carlo SBM. Retrieved 2012-06-16.
  23. ^ "Casino de Monte-Carlo | Monte-Carlo Société des Bains de Mer" (PDF).
  24. ^ "Monte-Carlo Beach Club Saadiyat opening 'imminent'". Business Traveller. Retrieved 2012-06-16.
  25. ^ https://www.arabianbusiness.com/industries/travel-hospitality/monaco-beach-club-operator-pulls-out-of-abu-dhabi-s-saadiyat-563828, Arabian Business. 7 Sep 2014.
  26. ^ "Monaco business". Monaco-IQ. Retrieved 2012-06-16.

Further reading[edit]

  • Evans, Peter (1987). Ari: The Life, Times and Women of Aristotle Onassis. London: Penguin. ISBN 978-0-14-009961-4.

External links[edit]

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