The Société des Bains de Mer (SBM), the company that manages the Monte Carlo casinos and is co-owner of Betclic Everest, announced on October 2 that, due to the COVID-19 health crisis, it will implement a global restructuring plan to save 25 million euros.
Consequently, voluntary and forced dismissals are foreseen in all departments, without exceptions. In a company press release, Vice President Jean-Luc Biamonti explained that the cost savings plan will be divided into three parts: first, "a voluntary departure plan open to people over 57 years of age with the essential condition of not replacement"; second, a "Collective Exit Plan" or layoffs due to overstaffing and reorganization; and, third, the Société will renegotiate some of its collective agreements with the unions.
Likewise, from the company they explain:
"This restructuring work is particularly necessary due to a chronic deficit in the group's hotel and restaurant operations and its casino activity, linked in particular to a level of salary costs that is not in line with the level of turnover generated" .
According to the financial data reported, the gaming division of the Société had a drop in revenue of 84.5% compared to 2019 and that is why they warn:
"The SBM group must imperatively return to a level of profitability that ensures the investments necessary for its sustainability, and only the success of this plan will avoid the need to take more drastic measures to reduce costs or personnel."
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