Sweden plans to close down Casino Cosmopol business
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The Swedish government has proposed discontinuing the Casino Cosmopol gambling business from state-owned operator Svenska Spel.
On May 7, the Swedish government stated that the casino business “no longer fulfils its purpose,” noting on going challenges preventing Casino Cosmopol from reaching profitability. This includes the closure of two sites at the end of 2023 and ongoing regulatory issues.
As such, the government plans to shut down the business. It maintains that it does not expect the proposed closure to have a “major impact” on illegal gambling in Sweden. If the closure does go through, however, the license for Svenska Spel to operate land-based casinos would be revoked and it would need to shut down its last casino venue before January 1, 2026. This is expected to impact around 200 jobs.
Svenska Spel responds to the proposed closure of Casino Cosmopol
Spokespeople for Svenska Spel have publicly stated that they echo the government’s assessment. In the past, it operated four locations, the first of which closed in 2020, followed by those in Gothenburg and Malmö last year.
“The movement from gambling in land-based casinos to gambling online accelerated after the reregulation of the gambling market in 2019 and the subsequent pandemic, when Casino Cosmopol remained closed,” Svenska Spel CEO Erik Strand said.
“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.”
Fellow CEO Ola Enquist also made a statement accepting the news but also described the move as an “end of an era”.
“Although we share the government’s assessment, it is emotional to take part in the bill,” Enquist said. “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.”
Featured image: Per-Olof Forsberg on Flickr, licensed under CC BY 2.0 DEED
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