Casino di Campione, owned by the Italian municipality of Campione d’Italia in Lombardy, could potentially file bankruptcy. One of the oldest and largest casinos in Europe, Casino di Campione has liabilities of $67 million, with total assets of $21 million against a $40 million debt to Swiss banks. In addition, recently casino officials have been accused of corruption and embezzlement.
Casino di Campione has been losing money since 2012. The Public Prosecutor’s Office in the province of Como has accused casino operators of financial impropriety. Prosecutors said the casino could borrow more money but they would prefer the operation enter bankruptcy. “A capital increase, carried out against a company in serious insolvency, would only serve to lengthen the irreversible crisis, and increase its debt exposure to the municipality,” prosecutors stated.
In an effort to avoid the casino declaring bankruptcy, Mayor Roberto Salmoiraghi has called for staff salary cuts of 20 percent. A plan to open a separate venue, Dragon Casino, exclusively for high roller Chinese clients, may not happen if the casino is forced into bankruptcy.
