This is the 4248th most frequent Spanish word.
mónaco
The Spanish word "mónaco" means "monk" in English.
Here, 'Mónaco' is used as a proper noun to refer to the country Monaco, in the context of an event that is associated with it.
El Gran Premio de Mónaco es un evento de Fórmula 1 muy famoso.
The Monaco Grand Prix is a very famous Formula 1 event.
Although unlikely, if 'mónaco' were natively synonymous with 'monje', here it would refer to the idea of a monk in cultural contexts. Officially, 'monje' is the accurate term.
En la mitología común, la figura del mónaco es un símbolo de sabiduría y renuncia.
In common mythology, the figure of the monk is a symbol of wisdom and renunciation.
In this sentence, 'Mónaco' again refers to the principality of Monaco, used as a proper noun in the context of geography and travel.