To reduce the use of steel during World War I, on April 12, 1918, President Woodrow Wilson approved the construction of concrete ships, overseen by the Emergency Fleet Corporation (EFC).

[1][2] McKittrick was powered by a single Nordberg triple expansion steam engine which was the same unit for other EFC concrete vessels.

[5] Its hull was mostly filled with concrete to reduce motion and the former oil tanker was converted for the purpose of gambling, prostitution and drinking, all of which were illegal during Prohibition.

Monte Carlo opened for business off Long Beach on May 7, 1932 coinciding with the 1932 Los Angeles Olympics along with two other gambling ships of the fleet.

The water taxis and ferries that carried customers to and from Monte Carlo were subject to high taxation in an attempt to undermine the financial viability of the business.

According to the late lifelong resident of Coronado, Edward "Bud" Bernhard[6] who retrieved hundreds of dollars from the shipwreck as a child: "I’m convinced there is $100,000 in gold and silver coins deep in that wreck".