What is ‘Monte Carlo’?
Monte Carlo is the largest commercial and residential area in the principality of Monaco, which is located in the west of Europe between France and the Mediterranean Sea. It is well known to gamblers as one of the main casino cities, or ‘sin cities’, in the world today. The city’s most famous casino is the Monte Carlo Casino, owned by the government and royal family since the 1900s. There are many other casino venues in the region.
‘Monte Carlo’ Explained
The world’s second smallest nation after the Vatican, Monaco is perhaps best known for the city that acts as its administrative capital – Monaco City, or Monaco-ville. The largest region of this capital area is Monte Carlo – essentially a city in its own right.
Home to the Monte Carlo Casino, Monte Carlo is one of the world’s most prestigious gambling destinations and the nation makes most of its money through the tourism, hospitality and gambling industries. Monte Carlo attracts many people due to its gambling culture, including the world’s elite executives and VIPs. There are also a number of luxury resorts and expensive boutique stores in the region – many of which are also publicly owned through the government and the ruling family.
Gambling is the main income of the royal family or ‘ruling family’ of Monaco, and funds are also redistributed back into the nation’s economy. Monaco is known as a tax haven, charging no income tax and very low business tax rates, which make it a desirable place to work and live. It is a good place to operate a casino for this reason. Along with the national Monte Carlo casino, there are a number of privately operated casino venues in the region.