The Monte Carlo Casino is one of the most notable buildings in Monaco. The casino complex is a gambling facility which also includes the Grand Théâtre de Monte Carlo, an opera and ballet house, and the office of the Ballets de Monte Carlo. It is situated in the Monte Carlo district, although the citizens of Monaco are forbidden to enter the gaming rooms. It hosts the annual European Poker Tour Grand Final. The casino is owned by the Société des bains de mer de Monaco, a public company in which the government has a majority interest. This corporation also owns the principal hotels and nightclubs of the community that serve the tourist trade. The route of the Monaco Grand Prix (the Circuit de Monaco) is past the casino. The Monte Carlo methods, a class of random sampling algorithms, were named for the casino.
The idea of opening a gambling casino in Monaco belongs to Princess Caroline, a shrewd, business-minded spouse of Prince Florestan I. Revenues from the proposed venture were supposed to save the House of Grimaldi from bankruptcy. The ruling family’s persistent financial problems became especially acute after the loss of tax revenue from two breakaway towns, Menton and Roquebrune, which declared independence from Monaco in 1848 and refused to pay taxes on olive oil and fruit imposed by the Grimaldis.
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