Economic miracle

Concession of the S.B.M. to François Blanc

Charles III rightly thought he would compensate the deficit due to the economic loss of 90% of the Monegasque territory by developing aristocratic tourism for bathing and gambling. He conceded in 1856 the monopoly of this business to the Société des Bains de Mer and du Cercle des Etrangers, which was itself conceded in 1863 to the talented François Blanc, who was successful helping a casino to soar in Germany. The specification requires the S.B.M. to be in charge of public services such as water supply and gas, construction of roads, the organization of land and sea transport with Nice and Menton, the publication of an official journal etc. The combination of the natural assets of the Principality and the society life which developed there attracted artists and members of European high society.