Emerging Stronger From COVID

by Luiz F. Costa Senior Contributor
January 21, 2023
Emerging Stronger From COVID

“There is a catch-up phenomenon,” said Jean-Luc Biamonti, CEO of Société des Bains de Mer (SBM).  May last year he announced the “numbers are very good” for Monaco’s largest private employer. “After losses, we are announcing profits.” SBM’s hotel revenue and growth in rental activities were both on the up over the last fiscal year. “There is a return of congresses. In addition, individual clients are very present and spending a lot.”

I would go further in saying that the “catch-up phenomenon” extends to major events. Take Top Marques as last year's example. The supercar show in June 2022 was not only a success in terms of numbers—a third more tickets sold than ever before with 22,000 visitors and a flying motorbike sold — but also who was there, from local Monaco billionaires (Manfredi Lefebvre d’Ovidio) to influencers (with 1.53 million subscribers, Monaco resident and YouTuber GMK is the Number One automotive influencer in France). The return of events and boosted revenues is not limited to the Principality. 




Luiz F. Costa

Senior Contributor

Luiz F Costa is a contributing editor at Monaco Voice, specializing in “all things Monte Carlo”. Luiz is a former CEO, publisher and executive editor of Forbes magazine (Monaco and Netherland’s editions) . You can find more of his many opinions on Instagram , and Facebook.

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