Key points:
- Svenska Spel has brought on Cushman & Wakefield and TM & Partners to aid in the sale of its Casino Cosmopol property in Stockholm
- This comes following the shut down of the operator's land-based division
- Both Svenska Spel and Cushman & Wakefield hope the sale will give new life to the property
Svenska Spel has onboarded two legal bodies as it begins preparations to sell its Casino Cosmopol property in Stockholm.
The sale of the property, located at Kungsgatan 65, is expected to bring in value for the operator, while allowing the building a second chance at life.
Collaborating with Cushman & Wakefield and TM & Partners felt “safe,” according to Casino Cosmopol CEO Ola Enquist, noting both their experience from carrying out “several sales of this size in a professional and good way for all parties.”
Cushman & Wakefield will be responsible for strategic advice, market analysis and marketing of the property, as well as the sales process, while TM & Partners will offer legal transaction advice in connection with the sale.
On the property, Cushman & Wakefield Partner Capital Markets Sven-Olof Johansson said: “Palladium's magnificent premises connected to well-functioning office space will be given new life. Showroom, headquarters or entertainment venue in national or international ownership remains to be seen, but the location at the central station opens up many options.”
Good to know: A Swedish court recently annulled Svenska Spel’s warning and sanction fee placed against it in 2024 by Spelinspektioten, after the operator was found to have fulfilled its duty of care responsibilities
The closure of Casino Cosmopol was announced in May 2024, due to several factors including declining numbers and changing regulations. Enquist said at the time that it was “emotional” to take part in the new Government bill, adding: “It means that our last casino is closing and that an era is over.”
The closure was confirmed by the operator in its Q1 2025 earnings report. Indeed, recent years have seen the land-based segment of the business lose money continuously, while online gaming and sports betting have been on the rise. These results also saw operating profit up 96%, while revenue was down 4% to SEK1.88bn ($200m), in part due to declining land-based engagement.
