The bankruptcy of Casino Campione in Italy has been cancelled, it has been confirmed by the Italian Supreme Court.
The court confirmed the judgment of the Court of Appeal, abolishing the bankruptcy, ruling as “inadmissible” an appeal presented by the Banca Populare di Sondrio.
The bank, as a creditor of the casino, argued that the management company was “non-fallible.” Consequently, it argued, because it was a cross-claim, it had dropped the defence that has been presented.
The judgement of the Milan Court of Appeal is therefore confirmed, abolishing for a technicality the bankruptcy ruled originally by the Court of Como in July.
The Casinò di Campione was Europe’s oldest casino, as well as the largest employer in the municipality of Campione d’Italia, an Italian exclave within Switzerland’s Canton of Ticino, on the shores of Lake Lugano. The casino was founded in 1917 as a site to gather information from foreign diplomats during the First World War. It was owned by the Italian government, and operated by the municipality. The income from the casino was sufficient for the operation of Campione without the imposition of taxes, or obtaining of other revenue. It was Europe’s largest casino.
For more details about Casino Campione you can read HERE.
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