Founded in 1866, Monte Carlo has a name of Italian origin meaning "Mount Charles", in honor of the then-reigning prince, Charles III of Monaco. The specific mountain is the escarpment at the foot of the Maritime Alps on which the town stands.
The history of the area and the ruling Grimaldi family, however, dates back centuries. The port of Monaco is first mentioned in historical records as early as 43 BC, when Julius Caesar concentrated his fleet there while waiting in vain for Pompey. In the 12th century, the area fell under the sovereignty of Genoa, which was granted the entire coastline from Porto Venere to Monaco. After much conflict, the Grimaldis regained the rock in 1295, but suffered a significant amount of opposition in the ensuing years. In 1506 the Monegasques, under Lucien, Lord of Monaco, were under siege for some four months by the Genoan army, which had ten times the number of men. Monaco officially received full autonomy in 1524, but experienced difficulty retaining power, and on occasions briefly fell under the domination of Spain, Sardinia, and France.
By the 1850s, Monaco’s reigning family was almost bankrupt; this was a result of the loss of two towns, Menton and Roquebrune, which had provided most of the principality’s revenues with their lemon, orange and olive crops.At the time, a number of small towns in Europe were growing prosperous from the establishment of casinos, notably in German towns such as Baden-Baden and Homburg. In 1856, Charles III of Monaco granted a concession to Napoleon Langlois and Albert Aubert to establish a sea-bathing facility for the treatment of various diseases, and to build a German-style casino in Monaco.The initial casino was opened in La Condamine in 1862, but was not a success; its present location in the area called "Les Spélugues" (The Caves) of Monte Carlo, came only after several relocations in the years that followed. The success of the casino grew slowly, largely due to
