Monte Carlo SBM's shareholder meeting

Shareholders met at the end of September to review the 2008-09 results.

It hasn't been one of the best years for Monte Carlo SBM. With sales down 13%, shareholders gathered in late September to take stock and look towards the future. The growth of the past 4 years looked likely to continue up to a year ago, when it came to a sudden halt. From October 2008 onwards, figures took a downward turn [1], as a result of the global economic crisis and the new smoking laws.

To counteract the trend, company directors adopted measures to control costs. The strategy from September 2008 onwards has been to continue to invest in the company's assets whilst awaiting economic recovery. Restoration and refurbishment of existing properties is going ahead, as is investment in new projects. The Principality will soon see the opening of SBM's Buddha Bar, which is expected during the 2010 Monaco Grand Prix.

And with the opening of the new, we'll be seeing a temporary closure of the 144 year old iconic Monte Carlo Casino. The Belle Epoque pride of Monaco's heritage played a large part in the Principality's survival after Roquebrune and Menton were ceded to France in 1861. It's likely that the famous building may close for 6 months after the F1 race to allow a complete face lift and remodeling of the interior. The huge project is awaiting authorization.