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Société des bains de mer de Monaco

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Société des Bains de Mer et le Cercle des Étrangers à Monaco
Company typeSociété Anonyme de Droit Monégasque
Euronext: BAIN
IndustryLeisure
Founded1863[1]
FounderCharles III
François Blanc
Marie Blanc
Headquarters
Monte Carlo, Monaco
Area served
France, Monaco, and
United Arab Emirates
Key people
Jean-Luc Biamonti (Chairmen) and (CEO)
Yves Toytot (CFO)[2]
OwnersGovernment of Monaco (69.1%)
Qatari Diar (6.39%)
Number of employees
4,436[3]
Websitehttps://www.montecarlosbm.com/

The Société des Bains de Mer (SBM; Euronext: BAIN; Template:Lang-en), officially the Société des Bains de Mer et du Cercle des Étrangers à Monaco (French: [sɔsjete de bɛ̃ d(ə) mɛʁ e dy sɛʁkl(ə) dez‿etʁɑ̃ʒez‿a mɔnako]; Template:Lang-en), is a publicly traded company registered in the Principality of Monaco.[4][5] SBM manages and owns the Monte Carlo Casino, the Opéra de Monte-Carlo, and the Hôtel de Paris in Monte Carlo.[6]

History

Basil Zaharoff

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 Sir 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.[7]

Aristotle Onassis

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.[8] Onassis's takeover of the SBM was initially welcomed by Monaco's ruler, Prince Rainier III, as the country required investment,[9] 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.[10]

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.[11] 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.[12] 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,[13] which reduced Onassis's stake from 52% to under a third.[14] 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),[15] and left the country.[16]

Business

The Société des Bains de Mer operates in the accommodation, dining, entertainment, and gambling services.[17] 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.[18] SBM opened its first non-European establishment on Saadiyat Island, Abu Dhabi, United Arab Emirates, in September 2011.[19][20]

SBM is Monaco's largest employer.[21]

References

  1. ^ "History". Montecarlosbm.com. Retrieved 2012-06-16.
  2. ^ "Company profile > Company Profile". Euronext. Retrieved 2012-06-16.
  3. ^ "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.
  4. ^ "BAIN.PA: Summary for BAINS MER MONAC N- Yahoo! Finance". Finance.yahoo.com. Retrieved 2012-06-16.
  5. ^ "Societe des Bains de Mer: EPA:BAIN quotes & news - Google Finance". Google.com. 2012-05-31. Retrieved 2012-06-16.
  6. ^ "SOCIETE DES BAINS DE MER (BMRMF:OTC US): Stock Quote & Company Profile - Businessweek". Investing.businessweek.com. 2012-02-10. Retrieved 2012-06-16.
  7. ^ John Flynn: Men of Wealth - the Story of Twelve Significant Fortunes from the Renaissance to the Present Day, 337–372
  8. ^ Evans 1987, p. 113.
  9. ^ Evans 1987, p. 114.
  10. ^ Evans 1987, p. 199.
  11. ^ "Obituary: Prince Rainier III of Monaco.", The Times, London, 7 April 2005, pg. 58.
  12. ^ Nuzum, Thomas. "Monte Carlo Has a Good Feud, but Glamor Is Gone", The Chicago Tribune, Chicago, December 5, 1965, Section 1B, pg. 1|link=http://archives.chicagotribune.com/1965/12/05/page/33/article/monte-carlo-has-a-good-feud-but-glamor-is-gone
  13. ^ "Mr. Onassis In Monaco Law Battle.", The Times, London, 22 August 1966, pg. 6.
  14. ^ Evans 1987, p. 204.
  15. ^ 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.
  16. ^ Evans 1987, p. 206.
  17. ^ Dimitri de Andolenko. "Société des Bains de Mer Monte-Carlo". cleverhotel.org. Retrieved 2012-06-16.
  18. ^ "4* and 5* Hotels in Monaco, Luxury Casinos, Restaurants, Spas". Monte-Carlo SBM. Retrieved 2012-06-16.
  19. ^ http://www.montecarloresort.com/ecrire/upload/MCBC_SAADIYAT_FACTSHEET.pdf
  20. ^ "Monte-Carlo Beach Club Saadiyat opening 'imminent'". Business Traveller. Retrieved 2012-06-16.
  21. ^ "Monaco business". Monaco-IQ. Retrieved 2012-06-16.
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