Italian finance police on Wednesday searched the Casino Campione d'Italia, Europe's largest casino, for a suspected 130-euro-million (151-million-U.S. dollar) hole, local reports said.

An investigation was opened over alleged irregularities in the management of the casino, according to economic newspaper Il Sole 24 Ore.

Police searched the casino, which is located in Campione d'Italia, an Italian exclave within Switzerland Canton of Ticino, as well as in various houses.

Il Sole 24 Ore also added some people were put under investigation for alleged crimes including criminal conspiracy, laundering and embezzlement.

Marita Piccaluga, mayor of the Campione d'Italia municipality which owns the casino, said her administration was "fully collaborating" with investigators, according to ANSA news agency.

She denied, however, that there was a hole in the casino's balance sheet. "A hole does not exist," she was quoted by ANSA as saying.

The Casino Campione d'Italia was first established in 1933. The new seat is located close to the old one and extends for more than 55,000 square meters over nine floors. Endit

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