Macau and Las Vegas are often referred to as the world’s leading casino capitals. However, this shouldn’t blind us to the fact that there is also a city in Europe that is particularly well-known worldwide for its gambling establishments: the Principality of Monaco.
Within it, there are no fewer than 4 prestigious complexes: the Casino de Monte-Carlo, the Casino Café de Paris, the Sun Casino and the Monte-Carlo Bay Casino. All are operated by a single group: the famous Société des Bains de Mer (SBM). A bill on gambling debts unanimously voted by the National Council will allow it to easily and quickly claim advances made in plaques and chips from its customers .
Gambling debts that the law made difficult to recover
Founded in 1863 by sovereign decree of Prince Charles III of Monaco, SBM employs over 3,600 people and currently manages numerous luxury hotels and all of the casinos on the famous rock. Since its inception, it has sought to attract the world’s super-rich to its prestigious establishments. And to achieve this, it doesn’t hesitate to offer them a few amenities. This includes advances in slabs and tokens to play slot machines and gaming tables.
As everyone knows, having fun in a casino is an extremely exhilarating experience and can lead to winning money, sometimes even a lot. However, it also involves risks. This is why, in some cases, you can even lose.
If SBM had benefited from advances, then it had incurred a gambling debt that had to be repaid. Until now, the Monegasque group could not rely on clear legislation in its favor to try to recover this money. So inevitably, when unpaid debts pile up too high, as was the case in 2017 and 2018, for example, this logically causes harm to the famous operator.
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An important law during this difficult time
For the Monaco government, this situation has gone on for far too long. That’s why it has decided to react. And it must be said that things have moved very quickly this time. Indeed, Bill No. 1019 on the legal exception for gambling debts and amending Article 1804 of the Civil Code was tabled on August 10. It has just been unanimously approved by all members of the National Council.
This rapid response is due in part to the difficulties currently facing SBM. Monaco’s largest employer has been particularly hard hit by the international Covid-19 coronavirus pandemic. This has led to a worldwide decline in tourism and led to the closure of all the Rock’s casinos for several weeks last spring.
The implementation of Law No. 1019 will prove to be an excellent way to bring money into the coffers of the SBM, which desperately needs it at the moment. It allows for the quick and easy recovery of gambling debts with a five-year retroactivity. This is therefore very good news for the group, as the potential amounts involved could amount to several million euros.
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