Monte Carlo officially refers to one of the administrative areas of Monaco, but it is used to refer to a larger district corresponding to the former municipality of Monte Carlo.
Going by an Alias
Grand Prix de Monaco
Tony Stark and Pepper Potts traveled to Monaco, becoming the center of attention for Potts' recent appointment as CEO of Stark Industries during their stay at the Hotel de Paris in Monte Carlo. Natalie Rushman, appointed as Stark's assistant, organized his schedule to take care of the press. Elon Musk congratulated Potts and greeted Stark, briefly discussing an idea about an electric jet.
Justin Hammer, also attending the event, greeted Stark as he would do with an old friend despite their recent confrontation at the Senate Armed Forces Committee in Washington, D.C., with his date Christine Everhart, journalist from Vanity Fair.  Tension arose because Everhart had a brief affair with Stark, and Stark's comments about the suspension of Hammer Industries' contract with the Department of Defense made Hammer uncomfortable.
Stark, slowly dying from palladium poisoning due to the Arc Reactor in his chest, tried to enjoy what he believed would be his last days, and he replaced the driver in the car sponsored by Stark Industries racing at the Grand Prix De Monaco to compete in the Formula One race, gaining attention in the media. Christine Everhart left Hammer during her interview to cover the news.
Stark began the race, interrupted when Ivan Vanko, disguised as a mechanic, entered the Circuit with the intention of killing Stark. Vanko, armed with his own Arc Reactor powered harness, easily tore one of the cars in half, and waited for Stark's car, cutting it too.
Potts and Happy Hogan rushed to the Circuit to deliver Stark a portable Iron Man Armor, in order to battle Vanko, as he managed to evade Vanko's attacks until their arrival. Hogan then repeatedly hit Vanko with the car, but was unable to prevent him from continuing his attack, even cutting the car while trapped between it and a fence.
Stark put on his armor, and now, as Iron Man, was able to withstand Whiplash's attacks. Vanko himself deflected Stark's repulsor attacks, and managed to trap him with one of his whips. Stark approached Vanko enough to remove the Arc Reactor from Vanko's armor, disabling it to allow the police forces to arrest Vanko, who was transported to a French prison while laughing and claiming that Stark had lost.
Hammer, having witnessed the whole event on television, smiled watching someone capable of helping him destroy Tony Stark.