La Société des Bains de Mer will cut jobs as it aims to save around €25m
Monaco.- Monte Carlo Casino operator La Société des Bains de Mer has announced a series of cuts designed to achieve cost savings of around €25m due to the impact of the Covid-19 pandemic.
The operator, which also owns 50 per cent of the major French sports betting brand, Betclic Everest, will implement a three-part plan of cuts beginning with voluntary redundancies for staff aged 57 or older and for employees in roles that will not need replacement.
That will be followed by a “collective departure plan” focusing on departments that are deemed to be overstaffed or in need of reorganisation to make the company more competitive.
The third part of the plan will involve attempts to renegotiate collective bargaining agreements with unions.
The company said: “This restructuring work is made particularly necessary because of a chronic deficit in the group’s hotel and restaurant operations and its casino activity, linked in particular to a level of salary costs not in line with the level of turnover generated.”
La Société des Bains de Mer reported revenue of €45.1m for the quarter ending June 30, a drop of 74 per cent year-on-year. Gaming revenue was down 84.5 per cent at €9.6m.