Casinò Di Campione D’Italia – A Sad Tale Of Woe Foreseen
Casinò di Campione – Image source: AdmComSRL / CC BY via Wikimedia Commons
Casinò di Campione d’Italia – the Biggest Casino in Europe
With a total of 36,000 square metres and a surface of 4,450 square meters, you can look at the Casinò di Campione d’Italia as the largest casino in Europe by some margin. Since its first inception way back in1917, the casino has seen many ups and downs, and this includes recovering from closures. Nevertheless, this iconic casino has recently risen again from the ashes like the Phoenix. Although in 2018 the casino declares bankruptcy, it has only recently been able to spring back to life.
Is the Casinò di Campione Italy Reopening in 2021?
For many years leading up to 2018, the casino was having some serious financial problems and was unable to meet its obligations to the authorities in Campione, in the Italian province of Como. So it had no option but to declare bankruptcy. Unfortunately, this led to the dismissal of over 500 casino employees. As well as another 300 personnel who were employed in affiliated businesses around the casino. Obviously for a town with a population of fewer than 2,000 people this was a catastrophic blow. The nursery closed down, the mayor of the town quit, and many of the pensioners were forced to turn to food banks as the municipality had no funds.
In some ways, the writing was already on the wall. The rise of online gambling meant that many players could enjoy their gambling activities on their phones or tablet from the comfort of their homes. It was easier to try and win the jackpot online than having to go out to a casino. There was no longer a need to go out and visit the traditional casino. Also, new laws gave permission to place slots in local bars and cafes. To add insult to injury, three large Swiss casinos were given permission to open their doors nearby. Also, many gamblers were happy to play one of the four popualar Italian lotteries. The combination of all of these factors led to a steep decline in the casino’s profits. And before long, it was running on debt and fumes. As you can imagine, it doesn’t take long for the increasing debts of such a large organisation to become unsustainable.
Rising From The Ashes Of Bankruptcy
Now the Casinò di Campione is emerging from this dire period. With regards to the bankruptcy, what was interesting, was that the Supreme Court ruled that the casino was not actually bankrupt. This allowed for the arrangement of a settlement plan. But for the casino to open, they had to agree on a number of sacrifices. The first one being that they would have to significantly downsize the number of employees. As such they could start again with just 174 casino employees. They will be an allowance to increase this number to 280 over the next five years.
Obviously emerging from bankruptcy involves a number of important changes to cut costs. To that end, all non-core functions, such as catering and marketing need outsourcing. The hope is that the reopened casino will bring in gaming revenue of €41million at the beginning. And this will rise to €80 million by year 5. This seems quite possible if you remember that before the Casinò di Campione d’Italia closed its doors, it was taking in a revenue of €91 million. Though you can’t win any casino prizes this big whilst playing online at 22Bet Casino, you can collect their great welcome bonus that’s on offer to all new players. It’s a very nice 122% up to €300 and will help your bankroll go much further.
Paying Off Its Debts
Finally, we come to the repayment of its massive debt. This stands at over €130 million. Nevertheless, the new casino believes that they will eventually be able to pay back 100% to all creditors. Of course, let’s not forget that the government agencies are first in line. These include the Revenue Agency and the Italian Treasury. Only after they have been paid can the banks and the employees receive their share. Unfortunately, these repayments do not include the municipality of Campione, at least not for the first 5 years. This month of September 2021, the bankruptcy board will hear this plan and we will see if there’s general acceptance by all parties.
History of Casinò di Campione d’Italia
The original Casinò di Campione saw construction in 1917. It was then in use as a cover for espionage during the First World War. At the end of the war, soon after 1919, the Campione Casinò closed its doors. It was not to reopen until 1933. That was the year that Benito Mussolini added “d’Italia” to the town’s name. This was in order to assert the fact that it was Italian, with the town being so close to the Swiss border. The casino followed suit. Although the casino actual owner is the government, its operation falls under the local municipality.
Casinò Municipale di Campione d’Italia Old Building
In 1933 a law was passed which is still in force today. It declared that the casino proceeds should cover both its own operating cost and all the cost of the municipality. As a result, the town was able to prosper from its in Golden Goose. Having a tiny population, the casino was able to provide a steady cash flow benefitting every inhabitant of the sovereign Italian territory. Almost everyone worked in or around the casino itself. Like the warnings found in children’s fairy tales, as time passed the municipality became more and more dependent on the casino. From today’s standpoint, it’s easy to see how this story is going to end.
A massive game-changer took place in the year 2000. The demolition of the old Casinò di Campione building. In its place was a modernistic casino design. The new building saw 55,000 square metres of gambling space. The construction took 7 years and the casino finally opened in 2007 at a cost of €160 million. The casino is 9 floors high, and the modernistic block was the work of the renowned Swiss architect Mario Botta. The gambling halls could accommodate up to 3,100 gamblers at a time. It also offered 56 gambling tables and more than 500 jackpot slots machines.
All Hopes Dashed
Understandably, this was a huge event for the town and for the municipality itself. This reignited hopes that they could once again relive their golden past with the new Casinò di Campione next door. Unfortunately, this was not to be as the timing could not have been at a more awful time. Three major events, the 2008 financial crisis, the drop in the value of the Euro, and the rise of online gambling. With gamblers going to the best online casinos with jackpots. These were to take more than just the shine off a new building. It was an absolute disaster for the municipality and they saw their dreams shattered. After 11 years of constant struggle, the Casinò di Campione d’Italia closed its doors.
The New Casinò di Campione in Italy
The Casinò di Campione d’Italia was by far the biggest casino in Europe. Some gamblers make the mistake of thinking that it was the oldest one. But we know that the Casinò de Venezia is more than two centuries older. There are four towns in Italy that have a licence to operate a casino, and Campione is one of them. At some point, this was a must-see for any gambling tourist who was visiting Italy. But today you’re better option would be going to any casino in Venice.
Casinò di Campione Poker & Other Games
As for the game selection of the Casinò di Campione d’Italia, you’ll find your regular table games. These include such games as roulette, chemin de fer, baccarat, blackjack, and of course, the slots. Every year there was the Casinò di Campione jackpot poker tournament. This grew in popularity and was eventually included in the WSOP International Circuit. In fact, the Campeao Casinò’s poker rooms were some of the most highly regarded by international players. As a result, they were always full. Hopefully, soon the poker halls and gaming tables of the new Casinò Municipale di Campione d’Italia will offer a continuation of this casino’s wonderful history. And echo with the sounds of happy gamblers. You can also be a happy gambler playing online. We love playing at 22Bet Casino, as they not only have a huge selection of casino games but are happy to accept Italian players.
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