Monaco citizens are not allowed to gamble at the Monte Carlo Casino; in fact, while many of them actually work there, they are not even allowed to visit the casino. On the other hand, all foreign nationals including those who reside in the Principality of Monaco can legally gamble there.
This restriction was created under the reign of Charles III who was the Prince of Monaco from 1856 until his demise in 1889. It was supposed to protect Monaco citizens from further indebtedness. It is important to understand that the gaming industry in Monaco was created to improve the state regain financial stability by bringing money from richer countries; therefore, allowing its own citizens to gamble would have gone against all common sense as it would have been counter productive.
In fact, the Principality of Monaco was not always as economically prosperous as it is today. In 1793, it was brought down to its knees after the Attack on the Tuileries during which France dethroned Honoré III and reclaimed his family possessions. In 1860, the Principality managed to re-acquire its independence; nevertheless, it had forfeited the vast majority of its country area, and it was left with only 370 acres of territory.
Fortunately, Charles III began to study the economical situation of neighboring nations, and he realized that the tourism industry was starting to become a growing phenomenon. Highly inspired by gaming institutions in Germany and Belgium, he created the S.B.M. (Société des Bains de Mer) which successfully targeted the English elite society. The profits generated by the SBM stabilized Monaco's financial condition, and they even managed to gradually clear Monaco's debt by 1869. The financial success was so astounding that Charles III also decided to abolish taxes as they were no longer viewed as essential to pay for the state's needs.
Merci Charles III !
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