€7.5 Million May Have Been Laundered Through State-Run Casino in Tiny Country Surrounded by Italy

^{Salvatore Caronia, General Manager of Giochi del Titano Casino}

A money laundering scandal has erupted in San Marino, a tiny country entirely surrounded by Italy, where as much as €7.5 million may have been laundered through the publicly owned Giochi del Titano casino. The casino came under scrutiny during an inquiry by Italy’s financial police, Il Resto del Carlino reports. San Marino authorities have also joined the probe.

The alleged scheme began in Italy.

Between 2019 and 2026, businessman Elio Marino allegedly transferred money to shell companies for services that were never provided. He then received the funds back in cash through an intermediary and moved the money into San Marino.

There, Marino and his companion fed the cash into slot machines. Casino employees allegedly reserved specific machines for the couple and prevented other customers from using them.

This allowed the cash to be converted into documented gambling winnings. The machines had a return-to-player (RTP) rate of 92–95%, meaning they were designed to pay back that proportion of wagers over the long term. Although some money was lost during play, the casino issued checks for the winnings. Marino then deposited them at a bank, allowing the funds to enter his account as legitimate casino payouts.

Financial investigators traced transactions totaling €7.5 million, even though Marino had declared an annual income of just €5,000 to €38,000.

Casino General Manager Salvatore Caronia may also have been involved in the scheme. When employees at one bank sought to verify Marino’s income and request his tax return, Caronia allegedly intervened. According to recorded phone conversations, he demanded that the bank drop the checks, threatening to reconsider the casino’s business relationship with the institution if it refused.

Seven people are under investigation: Marino and his companion, Caronia, his deputy Angelo Muraccini, and three casino employees.

Caronia was placed under house arrest, but the order was later lifted. He denies the allegations. The casino has also denied any involvement in wrongdoing and remains open.

Meanwhile, investigators have seized ten slot machines to determine whether their settings had been manipulated to increase the frequency of payouts.

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