In the small city-state of Monaco and local casino operator Monte-Carlo Societe des Bains de Mer has reportedly instituted a plan that it hopes will allow it to immediately save as much as €18 million ($21.3 million).

According to a report from G3Newswire, the prestigious firm is responsible for the iconic Casino de Monte-Carlo property and was recently hit hard as the coronavirus pandemic first shuttered and then massively reduced capacities at casinos and entertainment facilities across the whole of France. The source detailed that the company is now eager to decrease its overheads and employee commitments so as to ultimately realize annual cost savings that could reach to €25 million ($29.6 million).

Controlled cutback:

Majority-owned by the government of Monaco, Monte-Carlo Societe des Bains de Mer reportedly explained that the cost reduction scheme is destined to see it allow anyone over the age of 57 to immediately retire so long as such a voluntary move would not require the hiring of a replacement. The operator purportedly revealed that this arrangement could result in the shedding of approximately 227 positions so as to bring back a company-wide feeling of competitiveness.

Future focussed:

Monte-Carlo Societe des Bains de Mer employs over 4,400 people around the world and reportedly announced that this sentiment could moreover be created by its new policy of permitting up to four people from the same department to simultaneously resign so long as they work in areas that are deemed to be overstaffed or superfluous. The firm purportedly declared that these fresh programs are to be combined with other actions that will allow it to better adapt to the current gambling landscape in Europe and ‘return to a level of profitability’ that is to give it the ability to make the ‘investments necessary for its sustainability as soon as the health crisis has passed.’

Income inadequacy:

Also responsible for facilities on Abu Dhabi’s man-made Saadiyat Island, Monte-Carlo Societe des Bains de Mer reportedly proclaimed that the coming staff reduction program has become necessary owing to ‘the economic shock’ that was caused by the coronavirus pandemic. The operator furthermore purportedly stated that this had created an environment where its salary costs had grown to surpass ‘the level of turnover generated.’

Reportedly read a statement from Monte-Carlo Societe des Bains de Mer…

“This has been made particularly necessary due to a chronic deficit in hotel and restaurant operations and in casino activities.”

Recent redevelopment:

Monte-Carlo Societe des Bains de Mer has run the Casino de Monte-Carlo since the property’s opening in 1863 and last year unveiled a new-look Place du Casino public plaza in front of the venue that is more reminiscent of the area during the 1930s. The firm proclaimed at the June unveiling that the redevelopment will allow Monaco to better maintain its reputation as one of the world’s most exclusive tourist destinations while providing a safer space for pedestrians without altering the course for the annual Monaco Grand Prix.