Involved in the degradation and assimilation of (-)-camphor, which allows P.putida strain NCIMB 10007 to grow on this enantiomer of camphor as the sole carbon source (PubMed:8515237). Catalyzes the FMNH(2)-dependent lactonization of 3,6-diketocamphane via a Baeyer-Villiger oxidation to produce the unstable lactone 5-oxo-1,2-campholide with (S,S) configuration, that presumably undergoes spontaneous hydrolysis to form 2-oxo-Delta(3)-4,5,5-trimethylcyclopentenylacetate (PubMed:23524667). Is also able to convert (-)-camphor to the corresponding lactone in vitro (PubMed:23524667, PubMed:22286514, PubMed:8515237). Shows no conversion of (+)-camphor, (+)-fenchone, (-)-fenchone, and (+)-nopinone. Acts on other bicyclic ketones but very poorly on a few 2- and 4-substituted monocyclic ketones (PubMed:23524667). (1S,4S)-bornane-2,5-dione + FMNH2 + O2 = (1S,4S)-5-oxo-1,2-campholide + FMN + H(+) + H2O Optimum pH is 7.0. Homodimer (PubMed:26527149, PubMed:23524667, PubMed:8515237). Likely forms a loose transient complex with a P.putida flavin reductase that provides the required FMNH(2) to the enzyme (PubMed:23524667, PubMed:8515237). By (-)-camphor and, to a lesser extent, by (+)-camphor. Belongs to the bacterial luciferase oxidoreductase family.