Swedish Government proposes closure of Casino Cosmopol
Svenska Spel has shared the Government’s assessment of the business.
The land-based casino Casino Cosmopol is set to be discontinued, with the one in Stockholm the last remaining of the four original casinos.
This proposed decision has been taken by the Government in Sweden with Casino Cosmopol struggling to make a profit and the fact that liquidation is not expected to have any major impact on illegal gambling.
Svenska Spel has pointed to the visitor number declines owing to more people playing online as a key factor with recent years seeing closures to Casino Cosmopol in Sundsvall, Gothenburg and Malmo.
Likewise, last month, Svenska Spel released its interim report for the first quarter of this year, which highlighted a mixed start to the year and also showed that net gaming revenue was down 32% for the Casino Cosmopol and Vegas business area.
The last remaining Casino Cosmopol casino, in Stockholm, which is remaining open for the time being, would then be closed.
Svenska Spel Interim President and CEO Erik Strand said: “The movement from gambling in land-based casinos to gambling online accelerated after the reregulation of the gambling market in 2019 and the subsequent Covid-19 pandemic, when Casino Cosmopol remained closed.
“Our review of Casino Cosmopol has taken place in close dialogue with our owner. We share the assessment that it is no longer possible to run Casino Cosmopol profitably.”
Casino Cosmopol CEO Ola Enquist added: “Although we share the government’s assessment, it is emotional to take part in the bill. If it is adopted, it means that our last casino is closing and that an era is over. This of course affects all of us who work at Casino Cosmopol.
“As an employer, we will do everything we can to support our employees. We will also stay open as usual and continue to take care of our guests.”
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