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How Monaco has benefitted from its luxury casino, the iconic Monte-Carlo Casino

We take a look at just some of the reasons the Monte-Carlo Casino is so loved and admired – including just how the wealthy tax haven of Monaco benefits from its existence.

By LLM Reporters  |  February 3, 2022
Monte Carlo, Monaco. Front of the Grand Casino at sunrise

When it comes to the world’s most prestigious casinos, few are as admired as The Monte-Carlo Casino in Monaco. Steeped in rich history dating all the way back to 1865, it’s a venue that has long been synonymous with glamour and luxury, and remains a playground for the rich and famous, with high-rollers turning out to lay eye-watering wagers in the hopes of walking away with pockets even fuller than when they arrived.

Attracting visitors of all kinds from all over the world who are inspired to try their luck at one of James Bond’s most famous gambling haunts, the casino is known not just for its history, but also, some rather peculiar rules and traditions – all of which add to the unique gambling experience and overall allure. 

It goes without saying that the Monte-Carlo Casino has become a much-loved institution, and Monaco’s locals love it just as much as those who travel from far and wide to try their hand at a game of poker, roulette or baccarat. After all, the principality of Monaco benefits handsomely from its premier casino and despite the abundance of new online casinos we’ve seen open over the past two years – like Betfree casino – land-based establishments still hold an appeal all of their own.

Here, we take a look at just some of the reasons the Monte-Carlo Casino is so loved and admired – including just how the wealthy tax haven of Monaco benefits from its existence.

Facade of the Monte Carlo Casino
When it comes to the world’s most prestigious casinos, few are as admired as The Monte-Carlo Casino in Monaco. Image credit: marcorubino/Bigstock.com

The Monte-Carlo Casino has an interesting history

Since opening its doors for the first time all those years ago, Monte-Carlo Casino has held an esteemed reputation as one of the most exclusive luxury casinos in the world – but not many people realise that it was actually moved and redeveloped several times before settling into its current location.

An idea conceived by Princess Caroline, who saw the significant potential a casino could have when it came to income generation, it has certainly proved to be an inspired one across the centuries. Having experienced significant financial issues because of tax losses incurred after the breakaway of the towns of Menton and Roquebrune, the casino ultimately went on to save the House of Grimaldi from bankruptcy, as well as helping to cement Monaco’s status as one of the wealthiest provinces in the whole of Europe.

Inside the Monte-Carlo Casino

The Monte-Carlo Casino is the magnificent focal point of the principality of Monaco and is a billionaire’s playground. The casino opens its doors at 2pm every day, with players often seen getting in and out of Ferraris and other luxury supercars outside as they come and go. There is a strict dress code within the casino, and while many of us are now used to playing our favourite games at online casinos like Topbettingsites.ie from the comfort of our sofas, here, your comfortable loungewear simply wouldn’t cut it. Shorts and flip-flops are prohibited, and after 8pm, men must wear a sports jacket in the private gaming rooms – so if you’re planning on paying this iconic venue a visit, then be sure to arrive looking the part.

Monte Carlo Casino facade
Since opening its doors for the first time all those years ago, Monte-Carlo Casino has held an esteemed reputation as one of the most exclusive luxury casinos in the world. Image credit: Curioso Travel Photography/Bigstock.com

The casino’s interior is incredibly lavish; original paintings adorn the walls, elaborate structures can be seen throughout, and many of the surfaces and tables are finished with opulent gold detailing. Suffice it to say that it is a truly remarkable venue and is just as popular with tourists hoping to be enchanted by the extraordinary décor, as it is with the high rollers who can spend millions of dollars in a single night. 

Interestingly, Monaco’s own citizens are barred from gambling here themselves, and ID cards are checked when guests are permitted entrance to the casino. This is because of the potential ill-effects it is believed commercial gambling could have on its own citizenry, and currently, there are no plans to relax these laws.

So how does Monaco benefit from the casino? 

As mentioned, the casino was first opened to save the House of Grimaldi from bankruptcy – but it continues to benefit the tiny nation in other ways even today. From the time the casino first opened its doors, Princess Caroline was adamant that Monegasques should not be permitted inside, and the rule has stuck to this day. Monaco receives all of its gambling revenue from foreigners, and in exchange, citizens of Monaco are not required to pay income tax. Monaco relies on gambling for approximately 4 per cent of its revenue, and it is undeniably a substantial money-making enterprise for the principality.

That being said, and although the casino revenue is significant, Monaco generates more than 11 per cent of its revenue from tourism, highlighting the fact that gambling is just one contributor to the principality’s economy. Although the casino draws in its fair share of high rollers, you will more commonly see awestruck tourists wandering the floors of the casino, checking out the impressive architecture and indulging in a spot of people-watching. Although they don’t necessarily generate huge revenues when it comes to gambling, tourists contribute to the economy in other ways, by staying in lavish hotels, eating out, and participating in other leisure activities. 

monaco at night
In addition to gambling and tourism, Monaco’s economy is powered by finance and accounting – sectors that are responsible for large amounts of the revenue generated by the principality

One of the most significant draws for tourists in Monaco is the F1 Grand Prix, which takes place throughout the city’s narrow streets and attracts wealthy visitors from across the globe. Many of those arriving on luxury yachts to take it in will spend their evenings splurging in the casino, and enjoying all that this opulent venue has to offer.

The casino is one of the main reasons people visit Monaco

In addition to gambling and tourism, Monaco’s economy is powered by finance and accounting – sectors that are responsible for large amounts of the revenue generated by the principality. However, with Monaco being such a small place, it relies heavily on income generated from outsiders to power its economy and maintain the incredibly high standard of living enjoyed by its population.

By maintaining the exceptional standards of the casino, and ensuring the gambling experience on offer there remains unrivalled, Monaco continues to attract tourists in large numbers, who in turn spend a considerable amount of money while in the country. This, of course, has a knock-on effect on the Monagesgues, and facilitates much of the luxury lifestyle they have come to know, love and live daily.

Please gamble responsibly (18+ UK) – check age restrictions before participating