The ordeal of the Campione d'Italia casino, and for at least a part of its 482 employees, is heading towards a happy ending. The Court of Como has in fact ordered the reopening of the historic premises, closed for three years due to bankruptcy: it was July 27, 2018 when the debt restructuring agreement seemed one step away and instead foundered because the Municipality of Campione, the police station, withdrew. Subsequently, the liquidators appointed by the Court proceeded to dismiss all the employees: 270 of them had contested the dismissal, and 174 of them already see the light at the end of the tunnel because at least they will find their jobs again now that the casino can finally reopen the doors, by the end of 2021 (Covid permitting).
The judges thus deemed the new relaunch plan valid, based on a radical strategic, governance and managerial discontinuity with respect to the past, where a renewed relationship with the shareholder assumes a central role Common, based this time on balance and mutual sustainability. It should in fact be remembered that it was precisely the impact of the contribution paid to the Municipality of Campione that was decisive in causing the economic and financial imbalance of the company that manages the casino, the Casinò di Campione spa. Another fundamental element of the arrangement plan consists of greater organizational flexibility and workforce downsizing.
That is why, when the gaming room reopens, the rehired employees will, as mentioned, be only 174, but the company does not exclude in a note that they may "increase in subsequent years based on the trend in business volumes". In terms of debt, the plan envisages repay 100% over five years privileged creditors and 60% for unsecured creditors. The latter will also be granted a ten-year right to be able to receive any additional sums, compatibly with the cash generated by the company, up to a 100% refund. A breath of fresh air for the Campione area itself, the Italian enclave in Switzerland whose autonomy mainly revolved around the casino.
The judges Ambrogio Ceron, Marco Mancini and Annamaria Gigli took the favorable decision, while the company was supported by a team led by Marco Ambrosini and made up of: Vitale-Zane & Co. for the preparation of the industrial and financial plan, DLA Piper , Studio Legale di Tolle Pilia & Associati and Studio Legale Ghislanzoni for the arrangement request and all the legal and labor law aspects, Studio Zezza for the accounting and tax aspects.
