Simplify the following text for a Grade 10 native English-speaking person.
Original: The Monaco Grand Prix is widely considered to be one of the most important and prestigious automobile races in the world alongside the Indianapolis 500-Mile Race and 24 Hours of Le Mans .
Simplified: The Monaco Grand Prix ( Grand Prix de Monaco ) is a Formula One race held each year on the Circuit de Monaco . Run since 1929 , it is widely considered to be one of the most important and prestigious automobile races in the world alongside the Indianapolis 500 and the 24 Hours of Le Mans .