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Société des bains de mer de Monaco

January 01, 1970

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]

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,
Chairman & Chief Executive Officer
Albert Manzone,
Deputy Chief Executive Officer
Virginie Cotta,
Corporate Secretary
Sophie Vincent,
Chief Human Resources Officer
Vincent Bouvet,
Chief Financial Officer
Julien Chenaf,
Chief Information Officer
Julien Munoz,
Chief Marketing and Digital Officer
Pascal Camia,
Chief International Development Officer
Cedric Plantavin,
Chief Legal Officer
Olivier Bernard,
Chief Construction and Real Estate Development Officer
Owners
Number of employees
4,436[4]
Websitemontecarlosbm.com

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

  • Official website

January 01, 1970
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The Societe des Bains de Mer SBM English Society of Sea Baths officially the Societe Anonyme des Bains de Mer et du Cercle des Etrangers a Monaco 1 French sɔsjete de bɛ d e mɛʁ e dy sɛʁkl e dez etʁɑ ʒez 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 Opera de Monte Carlo and the Hotel de Paris in Monte Carlo 7 8 Societe Anonyme des Bains de Mer et du Cercle des Etrangers a MonacoTrade nameMonte Carlo Societe des Bains de Mer 1 Company typePublic Societe Anonyme de Droit Monegasque Traded asEuronext Paris BAINISINMC0000031187IndustryHospitality and gamingFounded2 April 1863 2 3 FoundersCharles III Prince of MonacoFrancois Blanc Marie BlancHeadquartersMonte Carlo MonacoArea servedFrance Monaco and United Arab EmiratesKey peopleStephane Valeri Chairman amp Chief Executive OfficerAlbert Manzone Deputy Chief Executive OfficerVirginie Cotta Corporate SecretarySophie Vincent Chief Human Resources OfficerVincent Bouvet Chief Financial OfficerJulien Chenaf Chief Information OfficerJulien Munoz Chief Marketing and Digital OfficerPascal Camia Chief International Development OfficerCedric Plantavin Chief Legal OfficerOlivier Bernard Chief Construction and Real Estate Development OfficerOwnersGovernment of Monaco 59 47 UFIPAR SAS 5 GEG Investment Holdings 4 99 Number of employees4 436 4 Websitemontecarlosbm com Contents 1 History 1 1 Basil Zaharoff 1 2 Aristotle Onassis 1 3 21st century 2 Business activities 3 References 4 Further reading 5 External linksHistory edit nbsp Bond of the S A des Bains de Mer amp du Cercle des Etrangers a 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 Francois 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 Cote 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 amp 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 Monegasque chef Alain Ducasse In July 2015 the LVMH conglomerate acquired 5 of SBM 20 Business activities editThe Societe 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 a b Legal information Monte Carlo Societe des Bains de Mer Retrieved 2020 08 31 Societe Anonyme des Bains de Mer et du Cercle des Etrangers a Monaco Repertoire du Commerce et de l Industrie Retrieved 2022 01 05 a b Jean Joel Bregeon Les Grimaldi de Monaco Criterion 1991 p 233 The Societe des Bains de Mer Monaco Monte Carlo 5 casinos 4 Hotels 33 restaurants Thermes Marins spa etc Monte Carlo SBM Retrieved 2012 06 16 BAIN PA Summary for BAINS MER MONAC N Yahoo Finance Finance yahoo com Retrieved 2012 06 16 Societe des Bains de Mer EPA BAIN quotes amp news Google Finance 2012 05 31 Retrieved 2012 06 16 Company overview Monte Carlo Societe des Bains de Mer Retrieved 2020 08 31 SOCIETE DES BAINS DE MER BMRMF OTC US Stock Quote amp Company Profile Businessweek Investing businessweek com 2012 02 10 Archived from the original on July 9 2012 Retrieved 2012 06 16 John Flynn Men of Wealth the Story of Twelve Significant Fortunes from the Renaissance to the Present Day 337 372 Evans 1987 p 113 Evans 1987 p 114 Evans 1987 p 199 Obituary Prince Rainier III of Monaco The Times London 7 April 2005 pg 58 Nuzum Thomas Monte Carlo Has a Good Feud but Glamor Is Gone The Chicago Tribune Chicago December 5 1965 Section 1B pg 1 Mr Onassis In Monaco Law Battle The Times London 22 August 1966 pg 6 Evans 1987 p 204 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 Evans 1987 p 206 15 years of the Monte Carlo Bay Hotel amp Resort Staff Memories Monte Carlo Societe des Bains de Mer www montecarlosbm com Retrieved 2020 11 17 Diderich Joelle 2015 07 24 LVMH to Buy 5 of Monaco s Societe des Bains de Mer WWD Retrieved 2020 11 17 Dimitri de Andolenko Societe des Bains de Mer Monte Carlo cleverhotel org Retrieved 2012 06 16 4 and 5 Hotels in Monaco Luxury Casinos Restaurants Spas Monte Carlo SBM Retrieved 2012 06 16 Casino de Monte Carlo Monte Carlo Societe des Bains de Mer PDF Monte Carlo Beach Club Saadiyat opening imminent Business Traveller Retrieved 2012 06 16 https www arabianbusiness com industries travel hospitality monaco beach club operator pulls out of abu dhabi s saadiyat 563828 Arabian Business 7 Sep 2014 Monaco business Monaco IQ Retrieved 2012 06 16 Further reading editEvans Peter 1987 Ari The Life Times and Women of Aristotle Onassis London Penguin ISBN 978 0 14 009961 4 External links editOfficial website Retrieved from https en wikipedia org w index php title Societe des bains de mer de Monaco amp oldid 1219527876, wikipedia, wiki, book, books, library,

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