WordNet (r) 3.0 (2006):

Monte Carlo
    n 1: a town and popular resort in the principality of Monaco;
         famous for its gambling casino

The Free On-line Dictionary of Computing (30 December 2018):

Monte Carlo

    (After Monte Carlo, Monaco - a gambling mecca) Any
   one of various methods involving statistical techniques for
   finding the solutions to mathematical or physical problems.

   For example, to calculate pi: draw a square then draw the
   biggest circle that fits exactly inside it.  Pick random
   points on the square.  The proportion of these that lie within
   the circle should tend to pi/4.

   (2005-04-05)