SBM in Monaco : while gambling is decreasing, catering is rising
While gambling has constituted the major part of the SMB turnover (Société des Bains de Mer) in Monaco, it tends to decrease (- 2%). On the contrary, catering is growing (+ 7%). This is what the 1999-2000 fiscal year shows (closure on March 31st). The figures were given on yesterday, Tuesday June 20th, in Paris. So, the funded turnover of the group has hardly grown (2.014 billion francs while the previous fiscal year was about 2.001 billion francs). Thus, the gambling part is slightly decreasing to 1.338 billion francs (SBM has got the gambling monopoly in the Principality), and the catering part (Hotel de Paris, Hermitage, Mirabeau, Louis XV, Thermes Marins, etc.) has gone up to 651 million francs, which allow SBM to set off the deceleration of the casinos, to say the least.For Michel Novatin, the CEO, SBM is carry on changing. It will go on investing (a four-star hotel with 320 rooms has been planned for 2002, on the Larvotto peninsula), on renewing its property holding, on looking for new markets, on innovating.