The government has began measures to liquidate Svenska Spels’ state-owned Casino Cosmopol.
The Swedish parliament has adopted a proposal to phase out land-based casino gaming in the country. The decision will result in the closure of the state-owned Svenska Spel’s remaining flagship Casino Cosmopol location in Stockholm.
Casino Cosmopol was already on the verge of closing after Svenska Spel liquidated its casinos in Gothenburg and Malmö in February, leaving only the Stockholm location.
In May of last year, the government suggested the entire closure of the land-based company by January 1, 2026, and the elimination of the provision in Svenska Spel’s license that permits it to operate land-based casinos.
The government said that Casino Cosmopol “no longer fulfils its purpose” and encountered difficulty in achieving profitability. Svenska Spel agrees with the assessment.
This opinion was reaffirmed in Parliament yesterday (April 2), with land-based casinos judged superfluous. No other operator will be granted a license to operate land-based casinos in Svenska Spel’s place.
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It’s unclear whether the Casino Cosmopol brand will survive its online offerings. The casino’s real estate on Kungsgatan 65 in Stockholm will be auctioned.
Ola Enquist, CEO of Svenska Spel, stated that while the closing would be an emotional event, the continuation of land-based casino gambling was unsustainable in light of the shift in player preferences to online gaming.
She stated that the Stockholm casino will remain open until further notice, adding that its almost 240 staff would be assisted in transitioning to new employment. Union negotiations are ongoing, she stated.
Casino Cosmopol contributed SEK165 million (€15.4 million) in income for Svenska Spel in 2024, a 65 percent decrease year on year. This contrasts to SEK5.14 billion (€47.5 million) from Svenska Spel’s Tur lottery segment.
However, the Swedish gambling regulator, Spelinspektionen, has already cautioned that removing land-based casinos in Sweden may lead to an increase in illegal gambling.
It requested additional cash to enable increased monitoring. The cops have also raised concerns.
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