Monte Carlo SBM held an ordinary general meeting at the end of September.

President of the Administrative Council Jean-Luc Biamonti commented that so far it's been a tough year, especially for hospitality and gaming, reminding shareholders of the 2009/2010 net results of 1.1 m euros, compared to 40.6 m the previous year and 93.5 m in 2007/2008. Consequently no dividends will be paid, apart from the legal requirement of 0.01 euros per share.

However, investments in the company's "industrial" offerings will remain comparable to previous years. Work on the Balmoral Hotel transformation continues, a less ambitious Casino renovation will go ahead with the priority on outdoor gaming terraces, and construction of luxury villas in the Larvotto area are planned.

The big gamble for SBM is its 50% holding in online betting company Mangas Gaming, in which it has already invested 170 million euros. Mangas is ranked 3rd in the world, and will soon become number 2 when the leading companies merge. There are currently 9 major players in the market, and although acquisition opportunities exist, SBM will continue alone for the moment. The company is also pleased with its entry into the deregulated French market, and hopes to enter Germany and Greece in the coming months.

Employee relations were also discussed during the meeting. SBM has been dealing with problems regarding the remuneration of gaming personnel, who have historically been paid different salaries according to the type of game. The differential is less relevant today and negotiations are proceeding towards new legislation.

A final word was given regarding the destruction of the Sporting d'Hiver. SBM is still in discussions with the Government and hopes for a positive outcome.

SBM : results at half mast, but still projects

SBM : making efforts to adjust