Italy’s once-fabled Casino di Campione could become a medical clinic after its ignominious descent into bankruptcy.

The casino, which resides on the shores of Lake Lugano within the municipality of Campione d’Italia – part of the Italian province of Como despite being surrounded by land belonging to Switzerland – was forced into bankruptcy in July after liquidators rejected plans to restructure its €132m debt.

The casino was 100% owned by the municipality, which sought an ever higher cut of gaming revenue, putting a strain on the operation’s finances. Prosecutors also alleged that the casino’s management company engaged in a range of financial impropriety over the years that contributed to the property’s red ink.

With its cash cow shuttered, and its nearly 500 staff – out of a total population of only 2,000 – out of work, the municipality is now in its own dire financial straits.