Monaco citizens are not allowed to gamble at the Monte Carlo Casino; in fact, while many of them actually work there, they are not even allowed to visit the casino. On the other hand, all foreign nationals including those who reside in the Principality of Monaco can legally gamble there.
This restriction was created under the reign of Charles III who was the Prince of Monaco from 1856 until his demise in 1889. It was supposed to protect Monaco citizens from further indebtedness. It is important to understand that the gaming industry in Monaco was created to improve the state regain financial stability by bringing money from richer countries; therefore, allowing its own citizens to gamble would have gone against all common sense as it would have been counter productive.
In fact, the Principality of Monaco was not always as economically prosperous as it is today. In 1793, it was brought down to its knees after the Attack on the Tuileries during which France dethroned Honoré III and reclaimed his family possessions. In 1860, the Principality managed to re-acquire its independence; nevertheless, it had forfeited the vast majority of its country area, and it was left with only 370 acres of territory.
Fortunately, Charles III began to study the economical situation of neighboring nations, and he realized that the tourism industry was starting to become a growing phenomenon. Highly inspired by gaming institutions in Germany and Belgium, he created the S.B.M. (Société des Bains de Mer) which successfully targeted the English elite society. The profits generated by the SBM stabilized Monaco's financial condition, and they even managed to gradually clear Monaco's debt by 1869. The financial success was so astounding that Charles III also decided to abolish taxes as they were no longer viewed as essential to pay for the state's needs.
Merci Charles III !
Monaco.
The Monte Carlo Casino and the Belle Epoque Casino.
Monaco, although small, is a very rich country. Its citizens have one of the highest incomes in the world. The country also has a hot casino spot, Monte Carlo, much like Vegas.
Monte Carlo is located in the region of Monaco. This city is slightly north of Nie, France and known for its lavish casino and rich history.
Yes, Monte Carlo is in Monaco.
Monaco is the name of the country, while Monte-Carlo is a district within Monaco.
The capital of The Principality Monaco is Monaco Ville, which is the small district on top of the Rocher (or Rock). This is where the government buildings, parliament and town hall are located. Other well known districts of Monaco are Monte Carlo, famous for its casino and luxury hotels, La Condamine (the port area), Fontvieille (the industrial district reclaimed from the sea).
Monte Carlo is in the country called Monaco. Sometimes people use Monte Carlo to refer to Monaco, which is wrong. So Monte Carlo is not a country, but Monaco is a country.
The Monaco Grand Prix is held in Monte Carlo.
Monte Carlo is not a country, it is a large city in Monaco and although it is one of the largest cities in Monaco, it is not the capital city, the capital city of Monaco is Monaco Ville.
From Monte Carlo to Monaco - 1902 was released on: USA: November 1902
Monaco