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Monaco is a tiny enclave on the French Côte d'Azur. Its destiny changed radically in 1863, when Prince Charles III, after whom Monte Carlo is named, opened the casino there. Today, Monaco is a lucrative banking and services center, as well as a tourist destination. Prince Rainier's marriage to film star Grace Kelly, and some astute management of the economy, successfully transformed Monaco into a center for the international jet set. In 1962, the prince's absolute authority was abolished by a new, democratic constitution.