For many decades, the principality of Monaco has been a main location for international gaming and extremely rich Middle Eastern businessmen have made the Monte Carlo Casino their favourite casino. Monaco and Las Vegas shared the favour of the world’s millionaires looking to gamble. Times have changed since Macau and Singapore have taken over and surpassed Las Vegas and Monaco. Moreover, the smoking ban has had a bad effect on the principality’s finances.
Now the Société des Bains de Mer plans on doing everything to regain its position as the gaming capital and is concentrating on specific areas : Turkey, the Middle East and Eastern countries. According to Jean-Luc Biamonti, the chairman of the Societe des Bains de Mer, the Sporting d’Hiver is to be re-valued at 1.5 billion euros and so the interest in putting a hand in the pocket to come up with the 600 million euro investment.