Monte Carlo is like no other place, small yet a draw for people from all over the world both during Grand Prix weekend and for the rest of the year. You will see few Monegasques as so much of the city is taken up by hotels and apartments owned by the wealthy from Europe, The Middle East and the rest of the world. Others pull up in their boats and watch the Grand Prix from here though some seem to be there to be seen rather than to see the race.
The Monaco Grand Prix is unique in that practice sessions are on Thursday, this means that on Thursday night Drivers enjoy themselves, if you do go out in Monte Carlo you may even get to go to an event with them. Spending your time in Monaco doing anything more than taking a walk to take in the sights though can get very expensive and many people going to the Grand Prix do stay in Nice or nearby, also closer to the Airport. Though in May if the weather is good others treat their Monaco Grand Prix trip as a beach holiday staying in a nearby resort for a week or so.