LVMH and Macau’s Galaxy invest in Monte Carlo’s SBM
French luxury giant Louis Vuitton Möet Hennessy (LVMH) is investing in Monaco and buying in to the Sociéte des Bains de Mer (SBM) which owns and operates all luxury hotels and casinos in Monaco. Bernard Arnault, CEO of LVMH, said that his company would buy just over 5% of the new share issue from SBM, designed to raise some € 650 miliion for projects around casino square including renovation of the Hotel de Paris. Another group, believed to be Macau’s Galaxy Entertainment Group, will take just under 5%. The Monaco government still holds a majority stake of around 70%.