There is perhaps nowhere on Earth more closely associated with the casino trade than Monaco; only Las Vegas comes close. The glamour and glitz of Monaco casinos is the first thing that anyone thinks of when the name of Monte Carlo is mentioned, and the five casinos sited in Monaco have played a huge role in the development of this tiny principality on the southern coast of France. Although nowadays the casino sector truly forms a fairly small part of the economy, Monaco casinos will always occupy a very special place in the history of the casino trade, in addition as being the chief allurement for visitors to this glamorous community.
Monaco is the second-smallest independent state in the world (only the Vatican City is smaller) and has been ruled for over 700 years by the Grimaldi family; furthermore, there is no income tax in the principality. consequently, it is home to some of the richest people in the world, who are attracted not only by its tax-haven position, but also by the glamour of living in one of Europes most exclusive, and expensive, cities. Citizens of Monaco are, however, banned from entering the gaming rooms.
There are five Monaco casinos, the first of which, the Monte Carlo Casino, was inaugurated by Prince Charles III in 1863. The Monte Carlo Casino is housed in a magnificent building built in 1878 by Charles Garnier, who also designed the Opera in Paris, and commands spectacular views over the bay. Open daily, there is a strict dress code of jacket and tie for men. Like all Monaco casinos, it is run by the Société des Bains de Mer; although a private company, the Grimaldi family are the majority shareholders.
Monaco casinos have entered the popular consciousness due to their exclusive reputation and their glamorous associations. Monaco was the thinly-disguised setting for the first James Bond novel, Casino Royale, and is also famous in the song The Man who Broke the Bank in Monte Carlo, which is thought to be based on the story of one Charles Wells, who enjoyed spectacular success at the gaming tables in the early years of the Casinos existence. The continuing allure of Monaco casinos is one of the chief attractions for visitors to this tiny country, and no visitor to Monaco would consider their stay complete without at the minimum one spin of the roulette wheel in one of Monte Carlos famous casinos.