An Italian casino called Casino di Campione often takes pride in being one of the oldest casinos in the Old Continent — that is, until it was shut down due to bankruptcy talks. Last year was a really disappointing for this casino as they desperately sought some kind of debt relief in order to at least postpone announcing bankruptcy, but it seems that they had to take on some preventive measures which resulted in casino shutting down until further notice. According to creditors, the casino owes $83.47 million at the moment.
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However, the casino may be lucky if the creditors manage to strike a deal on the court. They went to the court and appeared in front of a judge a couple of days ago and are hoping that a deal can be made. If they manage to reach an agreement, there will be hope for a casino not to shut down completely. Casinos’ shutting down would mean that the small town of Lake Lugano would probably be shut down as well.
The Telegraph published an article which discusses the situation created in the Italian Como exclave. Lake Lugano itself has creditors among the citizens. In fact, all 2000 inhabitants are creditors and they could lose millions of dollars because the casino operators were not able to properly manage the casino. On top of that, the government of Italy pushed to get a larger action piece.
The Current State of Affairs in the City is Depressing
When the court ordered the casino to close the doors for the visitors, 500 people immediately lost their jobs. Furthermore, they haven’t received their salaries for almost a year, and the additional stores and services in town started shutting down as well. When the casino was at its peak, there were dozens of interesting bars, pizza places, and stores all over Lake Lugano, and they are all now at the brink of closing down.
The current state of the casino is not affecting only tourist-oriented businesses, but also various other sectors which suffer severely. One resident of Lake Lugano claimed that nobody had believed that the casino would shut down so quickly and that all industries in the city are heavily affected.
The government of Italy made a promise to send a professional who would look into the case of the oldest casino in Europe and state whether there were any chances for the casino to start working again. The residents of Lake Lugano are now in some kind of limbo and everything is getting more difficult with each passing day, due to the fact that their economy is rapidly decaying with the absence of its epicenter — the casino.
The judge has heard 202 out of 212 creditors in total, and will bring the final resolution by the end of March. However, many residents feel that it would be too late then.
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