Yet as Jean-Luc Biamonti, Chairman of the Board of Directors, and Bernard Lambert, SBM’s Managing Director, faced journalists at the press conference last week, it was the SBM’s projects that were of most interest. The overall impression is that the group is drawing in its horns, having invested on average 5.5 million euros a year over the last ten years in its hotel, casino and real estate portfolio.

Reconstruction of the Hotel Balmoral into luxury residences continues apace, as does the project to create conference facilities under the Hermitage Hotel and another one to open a new “more sexy” cabaret by 1st December 2010. Last month, another chic eatery called the Buddha Bar, with seating for 70 targeting Asian clients, opened its doors.

However, tourist operators will be delighted to hear that plans to close the Casino’s magnificent Belle Epoque gaming halls for renovation have been abandoned and replaced by a phased programme of refurbishment. The priority is to create gaming areas on the terraces, partly to appease the smokers although Mr Biamonti says gaming tables “tend to be more profitable when they are outdoors”.

Meanwhile, the “minimum” has been done to the recently purchased Rascasse bar (on the famous Rascasse corner of the Grand Prix circuit) while they study plans to renovate this bar-restaurant.

And finally the future of the Sporting d’Hiver, a classic art nouveau style building overlooking Casino Gardens, has been put on hold. Mr Biamonti said there are several propositions on the table and that while no decision has been taken “we will very probably look at demolishing the building and putting up a newer better quality building.” Ever since the SBM first announced this project, there has been fierce opposition to their plans to pull it down, although Mr Biamonti reiterated that it was not economically feasible to keep the façade and reconstruct the interior. Monaco’s elected parliament, the Conseil National, recently voted unanimously for measures to conserve the Principality’s heritage although Mr Biamonti’s response was that “it was not law yet”. It could be years before this project progresses any further.

Concerning the SBM’s results for the period 1st April 09 to 31st March 2010), both aspects of the business have been affected by the global crisis, with hotels suffering most from an 11 per cent drop in turnover down to 154.8 million euros. A new phenomenon for the SBM is the dramatic rise in those taking reservations at the last minute - 40 per cent now book from one to seven days before hand. The gaming business was down 5 per cent, faring better than its Italian and French neighbours, and hopes are high for the online sector in the next two years. This is a new direction for the SBM following the purchase of 50 per cent of Mangas Gaming last year. Mr Biamonti said this part of the business is unlikely to show its potential for a couple of years and the focus now is on gaining market share in this highly competitive sector. CL