Svenska Spel closes remaining Casino Cosmopol venue
The group confirmed the news on 25 April after receiving a change in ownership instruction the day before. Svenska Spel said the Casino Cosmopol venue closed for the final time on 24 April and would not open again.
Casino Cosmopol’s fate was all but sealed earlier this month when the Swedish government voted to abolish land-based casinos in the country – a decision backed by Svenska Spel.
A proposal to discontinue Casino Cosmopol, which Svenska Spel operates under instruction from the state, was first tabled last May.
Land-based casinos are set to be banned from 1 January 2026. Technically, Svenska Spel could have kept the venue open until the end of the year. However, it has closed ahead of time following the change in ownership instruction in Stockholm.
Approximately 240 members of staff have been impacted by the decision to shut the venue. Svenska Spel said the facility was closed following discussions with union groups.
Prior to the parliamentary vote, Svenska Spel held the monopoly on brick-and-mortar casino gaming in the country.
“It has been known for some time that the ownership instruction would be changed,” Casino Cosmopol CEO Ola Enquist said. “Our focus is now on our employees to help them take the next step in their professional lives.
“We have initiated a union dialogue about the closure so that it will be as good as possible for everyone. Just as we did with the closures in Malmö and Gothenburg, we will organise a career fair for our employees in Stockholm with several invited companies.”
End of the road for Casino Cosmopol
Casino Cosmopol’s future has been uncertain for some time now. According to the group, both profitability and visitor numbers have been declining for several years.
To limit these losses, Svenska Spel had already closed several Casino Cosmopol venues. The first to close was the location in Sundsvall, which shut in 2020. Casinos in Gothenburg and Malmö also closed their doors in February last year.
‘Emotionally tough’ decision for Svenska Spel
Enquist said that although Svenska Spel supported the decision, as it did make sense on a business level, it was “emotionally tough” and the end of an era for the group.
“As an employer, we will do everything we can to support our fantastic employees,” Enquist said. “From a business perspective, it is the right decision to close immediately because the operations have been at a loss for a long time. I would like to take this opportunity to thank all the guests and teams who have worked in Stockholm over the years.”
Svenska Spel president and CEO Anna Johnson shared a similar view on the closure. “For over 20 years, Casino Cosmopol has offered an international casino experience to guests from all over the world,” she added.
“It is sad for our employees that the last casino has now closed, but at the same time it will give us the opportunity to focus on growth in our other businesses.”
Net profit rockets in Q1 at Svenska Spel
The announcement comes after Svenska Spel published its Q1 results. These revealed a year-on-year fall in revenue partly due to lack of land-based gambling demand. However the operator reported a sharp rise in net profit.
Net gaming revenue for the quarter hit SEK1.88 billion (£145 million/€170 million/$194 million). This falls 4.1% short of the previous year, with only the sport & casino segment reporting growth.
Revenue from the Tur lottery business slipped 1.1% and Vegas gaming machines revenue was down 25.7% while, unsurprisingly, Casino Cosmopol revenue was down 61.8%.
But savings from the two casino closures last year helped net profit rise 73.1% to SEK509 million.