What is the ‘Monte Carlo Casino?
The Monte Carlo Casino (better known as the Casino de Monte-Carlo) is the most prestigious casino in Monte Carlo. It is publicly owned, with the state and the ruling family each taking a share in profits, and it plays a big role in shaping the economy of Monaco. It is well known for its appearances in many movies and TV shows.
‘Monte Carlo Casino’ Explained
The Monte Carlo Casino is one of the world’s most famous casinos and it is certainly the best-known casino in the Monaco. Monaco is a principality which is self-ruled through its own royal family and government. Monaco is located in the Mediterranean and shares borders with France, and Monte Carlo is the largest administrative, residential and commercial district of its main city, Monaco City. It is in this Monte Carlo district that the famed casino is located.
The casino was built and operated by the royal family of Monaco from its inception in the 1800s, when it was established with the aim of generating money for the royals to ease their money troubles and save them from certain bankruptcy. It struggled as a resort until the 1900s, when it received a great deal of investment and support, eventually being taken over by the Société des Bains de Mer who operate it today. The society returns profits to its major stakeholders – the ruling family and the government of Monaco. Coupled with the low tax rates, gambling is a big part of local tourism and culture. For this reason, the Monte Carlo Casino (and the wider gambling industry) were the main contributors to the nation’s economy for many decades, and the gambling and entertainment sector still accounts for a huge proportion of Monaco’s GDP.