Ownership of the Casino de Monte-Carlo lies with the Société des Bains de Mer (SBM), a public enterprise in which both the government of Monaco and the ruling princely family maintain a majority interest. The company also boasts ownership of several premier hotels, distinguished sports clubs, fine dining establishments, and bustling nightclubs throughout the glittering Principality.

Interestingly, citizens of Monaco are strictly forbidden to enter the gaming rooms of the casino. This regulation prohibiting all Monegasques from gambling or working in the casino was established by Princess Caroline, the de facto regent of Monaco, who amended the rules for moralistic reasons. The intention behind this was to ensure that the casino remained a sanctuary for foreigners, a sentiment echoed in the official name of the company formed to oversee the gambling operations, the Société des Bains de Mer et du Cercle des Etrangers (English: Company of Sea Baths and of the Circle of Foreigners).^[3]

The visionary concept of opening a gambling establishment in Monaco was sparked by Princess Caroline, who aspired to save the House of Grimaldi from the brink of bankruptcy. The ruling family's dire financial struggles intensified after the loss of tax revenue from two neighboring towns, Menton and Roquebrune, which declared independence from Monaco in 1848, refusing to pay taxes on olive oil and fruit levied by the Grimaldis.^{[This claim needs references to reliable sources. (July 2022)]}

Throughout the late 1850s, Monaco found itself an unlikely candidate for a successful resort, grappling with insufficient road infrastructure to connect with nearby Nice and the greater European landscape. The absence of comfortable accommodations for visitors coupled with the concessionaires' failure to effectively promote the new resort resulted in a disappointing turnout of customers compared to expectations. Unable to secure the capital necessary to keep the money-losing enterprise afloat, Aubert and Langlois capitulated their rights to the venture, which ultimately passed to Frossard de Lilbonne, who then transferred them to Pierre Auguste Daval in 1857.^[5]

During this formative phase, the casino was relocated several times, ultimately establishing itself in a locale referred to as Les Spelugues (translated as The Caves). Construction on this site commenced on May 13, 1858, under the auspices of Parisian architect Gobineau de la Bretonnerie, with completion achieved in 1863. This architect also laid down the designs for the adjacent Hôtel de Paris Monte-Carlo, which was constructed in 1862.^[6]

Although the casino began to show profits in 1859, Daval proved ineffective in managing operations. Much like his predecessors, he lacked the skills required to elevate the gambling venue to the heights envisioned by Princess Caroline.^[8] Frustrated by the prolonged struggles, she dispatched her private secretary M. Eyneaud to Germany, with hopes of enticing François Blanc, a French entrepreneur and operator of the Bad Homburg casino. Although Blanc initially turned down the offer, Princess Caroline invested considerable time and effort to persuade him to relocate to Monaco, appealing to Madame Blanc, whom she befriended during her first visit to the Bad Homburg establishment, suggesting that the temperate climate of Monaco would be beneficial for Madame Blanc's health issues.

Between 1878 and 1879, the casino underwent a significant transformation and expansion, directed by architects Jules Dutrou (1819–1885) and Charles Garnier, the mastermind behind the renowned Paris opera house, currently called the Palais Garnier. Blanc had previously assisted Garnier by lending at least 4.9 million gold francs to the financially strapped government of the French Third Republic, ensuring the completion of the opera house, which finally welcomed audiences in 1875. The renovations to the Casino de Monte-Carlo featured the addition of a new concert hall (designed by Garnier and subsequently named the Salle Garnier), located on the casino's seaside facade, alongside the redesign and expansion of the gaming rooms and public areas, primarily executed by Dutrou on the casino's side facing the lively Place du Casino, home to both the Hôtel de Paris Monte-Carlo and the bustling Café de Paris.^[9]

In 1921, the casino's lush gardens were transformed into the venue for the inaugural Women's Olympiad.^[11][12]

Recently, the Casino de Monte-Carlo has remained a vital engine of income for both the House of Grimaldi and the Monegasque economy, continuing its legacy as a centerpiece of high-stakes gambling and lavish entertainment that has defined Monaco for generations.

The casino offers an extensive array of gaming options, catering to every type of gambler with the following facilities:

• In 1873, Joseph Jagger gained considerable publicity for the casino by "breaking the bank at Monte Carlo," having discovered and capitalized on a bias in one of the casino's roulette wheels. Technically, "the bank" referred to the money held on the table by the croupier. An article from the late 19th-century The Times posited that it was feasible to "break the bank" multiple times. The 1892 song "The Man Who Broke the Bank at Monte Carlo", popularized by the music hall singer and comedian Charles Coborn, was likely inspired by the exploits of Charles Wells, who "broke the bank" on several occasions during his three visits.^[14]
• According to the book Busting Vegas by Ben Mezrich, a team of blackjack players recruited from the MIT by team leader Victor Cassius, alongside Semyon Dukach, attempted to "break the bank" at Monte Carlo using a team-play-based strategy. The book recounts how Monte Carlo management responded to the success of the team. Semyon asserts that while the account in Busting Vegas is accurate, it features himself, Andy Bloch, and another player he refers to as "Katie".^[15]

• The casino