text: Today the palace is home to Prince Rainier's son and successor, Prince Albert II. The state rooms are open to the public during the summer, and since 1960, the palace's courtyard has been the setting for open-air concerts given by Monte-Carlo Philharmonic Orchestra (formerly known as the Orchestra of the National Opera).
  However, the palace is far more than a tourist attraction and museum: it remains a fully working palace and headquarters of the Monégasque ruler, a fact emphasised by the sentries on constant guard duty at the entrance (Illustration 17). The sovereign princes, although bound by constitution, are involved with the day-to-day running of Monaco as both a country and a business. Today Monaco covers an area of  of which  have been reclaimed from the sea since 1980.
  For important Monégasque events—such as Grimaldi weddings and births—the palace courtyard is opened and the assembled citizens of Monaco are addressed by the prince from the Gallery of Hercules overlooking the courtyard. The courtyard is also used to host the annual children's Christmas party. Through such events, the palace continues to play a central role in the lives of the prince and his subjects, as it has done for over 700 years.