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Post by MyAdia on Jun 16, 2012 12:26:33 GMT -5
Regardless if Albert is just clueless to turn things around with SBM, just doesn't care or a combination of both, ultimately, Albert is affected personally and publicly by SBM's result. Mnay people's lives in Monaco is affected by the success (and failure) of SBM. SBM (which includes hotels, casinos, restaurants, bars, night-clubs, spas, beach clubs and golf clubs) is Monaco's largest employer and 35% of the company is owned by the Grimaldi Family. However,since the Government of Monaco also owns 35% of SBM, Albert basically has a majority control of what happens to SBM. The remaining interest in the company is 25% public ownership and 5% private ownership. Instead of Albert and Charlene gallivanting around the world promoting other countries spas and resorts, perhaps they should stay home and promote Monaco for a change. Here's a starting tip, Charlene perhaps you can name a spa or salon in Monaco that is your favorite place. From Charlene's second (of thus far four) Vogue interview/photo shoot: She is retracing the stages of her romance with one of the world’s most eligible bachelors—they will marry on July 1 in Monaco—on a spring trip to New York while sitting in a Chelsea studio having her hair and makeup done. Besides squeezing in a Vogue photo shoot, some pre-wedding shopping, and a visit to what she describes as “my favorite beauty spot in the world,” the Warren-Tricomi salon at the Plaza, she is here to attend her bachelorette party. Tonight she will submit to an outfit with a leather-and-lace theme put together by her maids of honor, Danish designer Isabell Kristensen and Prince Albert’s cousin Donatella Knecht de Massy, and join guests including the model Karolina Kurkova, Fox 5 reporter Carolyn Gusoff, and nightlife entrepreneur Amy Sacco for dinner at the Lion and dancing at Cipriani Downtown. Another tip for Charlene, perhaps you can name Monaco as one of the best places in the world for shopping, art, inspiration?. From Charlene's Quantas Interview while in Australia: Interviewer: Best city in the world for shopping, art, inspiration? Charlene: Paris and New York for shopping, Rome for art and architecture, Durban for inspiration and Sydney for fun.
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Post by paca on Jun 17, 2012 11:22:37 GMT -5
Not only did they double their losses since last year, on Friday their stock also dropped 4,8% and that whilst the Paris Index went up 1,8%. They are one of a few listed companies going against the trend....I think you need to add the fact that the stock is now only worth 32 Euro to the losses. Is there any way to find out what the stock was worth a year ago? Anyways the managers do not think that next year will be any better thenthis one. They claim that the gambling is stable and the frequentation of the hotels is fine, due to several events, i.e. the tennis and the GP, so basically their major draws for the year. IMO it's all downhill from here.... www.boursier.com/actions/actualites/news/societe-des-bains-de-mer-le-titre-prend-un-bouillon-en-bourse-487401.html?sitemap
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Post by paca on Jun 17, 2012 11:59:03 GMT -5
Here you can see that since mid 2008 the worth of the stock has gone rapidly down. If you click on un an, you can see that a year ago the stock worth was about 45 Euro. That's a loss of 13 Euro per stock last year, so that means they lost about a third of their value.... votreargent.lexpress.fr/bourse/cours/bains-mer-monaco_MC0000031187.html#graphWhat I am still not getting is if 46% is gambling and 45% is hotels, which they claim are both doing fine, how can they burn in the other 9% of their activity burn so much, that they end up doubling their losses in one year? Also if you look at the stock price development then you can see that in February 2009 the stock was listed a over 500 Euro. At times it was up to almost 800 Euro worth. Now we are talking about 32 Euro. Now considering that the government owns 70%, do the math and calculate how much money the SBMs value has gone down with 3 years. And since Albert personally owns stocks as well (Steph and caro supposedly too), then not only the company has lost money but Albert personally. At Rainiers death the stock was worth 586 Euro. Since Albert inherited his share it has gone down 554 Euro per stock....Now considering how trashy and fatty go through money, how much do you think they still have left from the billions he inherited?
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Post by paca on Jun 17, 2012 12:02:46 GMT -5
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Post by mrszinck on Jun 17, 2012 12:11:09 GMT -5
I've heard that Albert has lost a lot of money the last months... ---- Properties owned by SBM Gambling • Casino de Monte-Carlo • Casino Café de Paris • Sun Casino • Bay Casino • Casino d'été Entertainment • Le Moods • La Salle des Etoiles • L'Opéra de Monte-Carlo Accommodation • Hôtel de Paris • Hôtel Hermitage • Monte-Carlo Bay Hotel & Resort • Monte-Carlo Beach Spas • Thermes Marins de Monte-Carlo • Montecarlospa Beach • Spa Cinq Mondes • Montecarlothalasso Sports • Monte-Carlo Golf Club • Monte-Carlo Country Club • Monte-Carlo Beach Club • Monte-Carlo Beach Club Saadiyat • Centre fitness Food service/night clubs • Bar Américain • Bar des Palmiers • Blue Bay • Buddha Bar • Café de Paris • Côté Jardin and its terrace • Elsa • Il Baretto • Jimmy'z • La Trattoria • La Vigie • Las Brisas • La Salle Empire and its terrace • La Salle Belle Epoque • La Salle des Étoiles • Le Blue Gin • Le Circus • Le Deck • Le Fuji • Le Grill • Le Louis XV • Les Privés • Le Sea Lounge • Le Train Bleu • Le Vistamar and its terrace • L'Hirondelle et sa terrasse • Limun bar • L'Orange Verte • Mozaïk • Restaurant des Palmiers en.wikipedia.org/wiki/Soci%C3%A9t%C3%A9_des_bains_de_mer_de_Monaco
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Post by paca on Jun 17, 2012 14:29:42 GMT -5
I'd love to know how many shares there are. That would make it easy to calculate what SBM is worth these days and how much money the state and the family have. Though they would have to sell to actually have it. But when you look at the value of each share since 2008, then they have lost an incredible amount of money. And so has the state, which means that it is much harder for them to get money these days from banks and to get it at a good percentage. Considering that they practically have only VAT and SBM as revenue, VAT going down with spending and tourist numbers down and SBM making losses, there really is not much econmy left. I honestly don't see how they want to finance anything these days without risking to become another Greece. Only that apart from Russian billionaires in need of a washing machine, no one will come to the rescue. EU is to busy looking after their own and France wouldn't mind MC going bankrupt. They will help only, if they get MC as a whole. Which is probably in their current situation the best thing that can happen to them. I doubt that the current French president would tolerate a washing machine as a neighbor for long...
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Post by mrszinck on Jun 17, 2012 15:08:15 GMT -5
I total agree with you, paca. It doesn't look good…
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Post by paca on Jun 17, 2012 16:56:27 GMT -5
I think it's been a long time it has looked as bad as now. Another bad year, and it does look like it's going to be one, seeing that they have had the main events behind them for this year already and they are not at all optimistic already (only 2 month into their new year). That means that they will have to estimate another 30 million losses as well. How much do they have left before they are broke? And how will the share price develop under these circumstances. They will end up having to open for big investors. But who will invest and risk that Albert does what Rainier did? Not sure if it would work nowadays, but still....
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Post by agentf on Jun 17, 2012 17:03:53 GMT -5
That's usually the cue for a Rothschild to float some government loans and start cannibalizing the place. It's not enough to have the US via the CIA infiltrate the Riviera since WW2 with the help of the French government and Hollywood studios, now it's just going to be brought down to its knees begging. Another iconic place bites the dust.
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Post by paca on Jun 17, 2012 17:33:38 GMT -5
their own fault though.....
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Post by agentf on Jun 17, 2012 18:15:06 GMT -5
Yeah but some banksters are pretty tentacular. They do prey on those who have double standards of their own, usually politicians, but with a complete disregard for the innocent people beneath those arseholes who are given no more opportunity to consent to anything. I personally resent any encroachment on basic human free will.
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Post by grimnir on Jun 18, 2012 3:00:56 GMT -5
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Post by paca on Jun 18, 2012 4:24:24 GMT -5
Any info about how many shares are out there?
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Post by paca on Jun 18, 2012 6:13:18 GMT -5
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Post by countess on Jun 18, 2012 8:58:52 GMT -5
I LOVE THIS THREAD!!! Viva la France, i can't wait for moronaco and the non dynamic duo to do down! he was on the wealthiest billionaire list a few years ago, along comes flagship trashy and it all goes to hell LOVE IT!
wouldn't it be fantastic, if they went broke and had to move in with trashlenes family in SA. oh, if only karma would be so kind.
it must kinda hurt going from billionaire to millionaire in a year but i doubt they'll ever be really broke, now removed from power << that's another thing (clapclapclap) i get all giddy just thinking about it.
i only hope as the situation deepens, he takes out his frustration and anger on trashy, it'd be the cherry on top if he blamed her. if she hadn't signed those business papers, now would be the time to divorce him and get half, while there's still some left or she gets kicked to the curb
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Post by paca on Jun 18, 2012 10:09:54 GMT -5
Monaco hebdo has an article as well. And they are putting some other numbers out. That the managers paid themselves a nice sum, whereas the whare holders received significantly less. They also state the anti smoking rule has kept the Italians ans cigarsmokers away and thus the gambling in the casinos has declined (don't be surprised if the non smoking rule will soon be abandonned again). In 4 years the number of gambling has dropped from 259 million to 172 million Euro. That's almost half (so what makes them say in their statement that the gambling is stable? ) They haven't had such a crisis since 1995...One administraotor says: we aren't heading straight for the wall, we are already through it. SBM wants to continue to invest. They want to tear down the Sporting d'hiver and take over the Meridien. One of their investors (who has sold 80% of his shares) said that they would actually be at a loss of 50 millions if it wasn't for the sale of Wynn shares. But investors are most worried about the online gambling. which in France just doesn't take. YOu have to take in account that the French are not that into certain internet activities. They don't like to buy online as much, nor do they like to bank online. Anything to do with money online is suspect to the French. The representatives of the Conseille National regret that they did not seize the opportunity to sell their online activities when there was an offer. And the opposition is asking if SBM really has a financial strategy (and they don't seem to be alone. I am not an expert, but from a common sense point of vue it all looks dilletant to me. Like some peole who hear that sth might be a good investment, get involved and then fall flat on their face because they didn't understand what they were investing in) The SBM is hoping that France will change its gambling laws, hoping that then in a few years they could be doing good business there. There is just one problem....when will France change that and will a change actually be in favour of SBM. Besides there is no poltical reason for a change at present. The french government has other priorities to take care of rigt now, so I doubt that anything much will happen within the next 5 years or so. And meantime SBM will continue to lose...Note that the associete of SBM sold 20% of his company to Lillian Bettencourt. He was arrested on June 11th for this transaction and released June 12th. Apparently the judge thinks that the deal was legit. In any case SBM and Courbit will no longer collaborate. They had another project together, but SBM stopped it as it would have been too complicated with EU regulations. (sounds to me that Courbit was trying to get SBM to join him in mounting a huge scam and they realized during the set up that they could have some serious problems longterm...but that is just my personal thought) Another thing that effects SBM is that their facilities on French soil are now being taxed 2% higher then they used to be. They are now taxing 7,5% per night without breakfast. Cheaper hotels only have to pay 5,5% From the regular gambling it is reported that there are too many directors of different sections. Also there seems to be a problem in the administration. Apparently there are 2 opposing camps, one around Biamonti the other around Keusseoglu. They are also spending an incredible amount on lawsuits due to the problems they have constantly with the the employees syndicats. As to the sporting d'Hiver the SBM is resolved on destroying it, whereas the CN doesn't see it quite yet. Especially not in the current economical climate. It would take years to tear down and reconstruct. Not mentioning that during that time they will not gain anything, the future benefit is not certain, but most of all it will change the look of the entire place. The look that is the best known of Monaco. That is what tourists take pictures of. They need to consider how well the people who are still coming or planning on coming would accept such a significant change. Also the construction would cause significant noise for years, would be a very disagreable site, plus it would cause significant traffic blocks on one of the most important roads in MC. I don't really see how it will happen without people in MC really getting up in arms. SBM is following the same reflex as Alberts government: when you run out of ideas of how to save your butt, you start building sth.... www.monacohebdo.mc/6745-quand-la-sbm-connait-la-crise
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Post by MyAdia on Jun 18, 2012 10:38:16 GMT -5
Thanks Paca. As a researcher myself,what's amazing to me is the seemingly little research Albert and his government do before the proceed into some of these now failed ventures. Even when they do preliminaries studies, they tend to ignore the results they do not want to hear. Plus, their follow up studies are truly a joke and a waste of money since they ignore those findings that disprove the propaganda they were trying to promote.
Recall the effectiveness study that they commissioned after the $7 million image campaign which was launched on the presence of Charlene appearance on the balcony of National Day 2010 (to an almost empty crowd - except the bought one). The study by a reputable Parisian firm found only a 3% public recall from their campaign and yet Monaco tried to spin this as successful. For the fiasco wedding disaster effectiveness study, they didn't use a reputable firm to study that effect (why throw good money after bad). Instead, they went in house because they knew the wedding investment was a failure and they also knew their Monaco economists will tell and spend the results they want to hear - which they did. The most ludicrous finding from that "study" was that the free media that Monaco received from the wedding was a $40 million benefit. I was surprised that the normally muffled Monaco media even noted the obvious - the press was all negative you idiot.
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Post by countess on Jun 18, 2012 17:22:17 GMT -5
this is all very interesting, thanks so much for the information y'all
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