would be permitted, but promised to build two hotels and an apartment block. Unwilling to give Onassis his guarantee, Rainier used his veto to cancel the entire hotel project, and publicly attacked SBM for their ‘bad faith’ on television, implicitly criticising Onassis. Rainier and Onassis remained at odds over the direction of the company for several years, and, in June 1966, Rainier approved a plan to create 600,000 new shares in SBM to be permanently held by the state, which reduced Onassis's stake from 52% to under a third. In the Supreme Court of Monaco, the share creation was challenged by Onassis who claimed that it was unconstitutional, but the court found against him in March 1967. Following the ruling, Onassis sold his holdings in SBM to the state of Monaco for US$9.5 million ($ as of 2015), and left the country. 2000's In 2005, SBM opened the Monte-Carlo Bay Hotel & Resort. In 2011, the company opened its first non-European establishment in the United Arab Emirates. In 2013, SBM celebrated its 150th anniversary on Monaco's place du Casino : a high end picnic imagined by world known Monégasque chef Alain Ducasse. In July 2015, the LVMH conglomerate acquired 5% of SBM. Business The Société des Bains de Mer operates in the accommodation, dining, entertainment, and gambling services. SBM manages and owns casinos, hotels, restaurants, bars, night clubs, spas, beach clubs, and golf clubs. Fifty-two of their fifty-eight properties are located in Monaco. SBM opened its first non-European establishment on Saadiyat Island, Abu Dhabi, United Arab Emirates, in September 2011. SBM is Monaco's largest employer, with approximately 4 000 employees. References External links 1863 establishments in Monaco Companies established in 1863 Hospitality companies of Monaco Companies listed on Euronext Paris Aristotle Onassis