Coronavirus: Svenska Spel withdraws dividend proposal and implements "short-term work"

Svenska Spel has implemented “short-term work” due to the impact of the coronavirus, as well as withdrawing its proposal for a dividend.

svenskaspelboardroom

The Swedish operator has also been affected in the retail sector, with its Casino Cosmopol AB and CC Casino Restaurang AB impacted by a ban on meetings of more than 50 people.

The short-term work measures affect 45 of a total 135 employees within Svenska Spel Sports & Casino AB.

On the retail side, however, 800 of a total 900 employees have been impacted, while the company’s previously proposed dividend was SEK 850m ($85.6m)

Svenska Spel President and CEO Patrik Hofbauer said: "We are implementing the measures to adapt the business to the current situation and we do so with the utmost care of our employees.

"Our hope is to be able to quickly switch to full operations and staffing when the situation turns.

"But right now we do not know how it will develop in the future, or how long it will last, and therefore it is necessary we take steps to ensure a sustainable business."

Premium+ Connections
Premium
 
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Mohegan Inspire
DraftKings
The Star Entertainment Group
Follow Us

Company profile: Growe Partners

Dominate the Sports Betting Affiliate Arena with Growe Partn...

Company profile: GR8 Tech

The sportsbook provider discusses turning sportsbooks into a...

Analysing sports betting data from the African Cup of Nations 2024

Sports betting supplier Betby provides Gambling Insider with...

LiveScore Group: Football’s changing relationship with fans

Gambling Insider delves deeper into LiveScore’s Evolution...