South of Santurce is Hato Rey, part of the former municipality of Río Piedras. Hato Rey was grazing ground for cattle owned by the royal government (hence its name, the ''King's Herd'' in Spanish) as early as the 16th century, and is now considered the financial center of the island. A section of this district is often referred to as ''Milla de Oro'' (actually  long) due in part to the many banks and businesses located there.