Sweden may see Casino Cosmopol go

Sweden may see Casino Cosmopol go

Sweden may see Casino Cosmopol go
Land-based gambling continues to give way to online gambling, and this is especially true in Sweden, with the government announcing a potential plan to shutter the iconic Cosmopol Casino, one of the country’s oldest establishments that preceded the legalization of online gambling. Yet, a new memorandum that proposes to change the gambling law and close down Casino Cosmopol has now been put forward. The government has estimated that Casino Cosmopol is no longer able to reach its profitability targets, making its operations possibly redundant. This opinion is confirmed by Svenska Spel, the national gambling company. Casino Cosmopol has been going through choppy seas in terms of profitability with its operational results and footfall numbers in steady decline. The government wants to see the amendment that would make the closure possible enforced on January 1, 2026, which would mean that the last standing Casino Cosmopol in Stockholm would shutter operations. Two other properties, the one in Gothenburg and the one in Malmö already closed in 2020 and 2024 respectively. Commenting on this, Svenska Spel President and CEO Erik Strand has said that it was a simple matter of sustainability. “It’s no longer possible to run Casino Cosmopol profitably,” Strand noted. The government proposal is to now pass the amendment that would effectively prohibit Svenska Spel from operating land-based games of chance, enforcing a closure on the last remaining Casino Cosmopol. The measure will also impact the 200-odd employees who are currently working at the property. Casino Cosmopol CEO Ola Enquist has said that he too felt that this was the right decision moving forward, but called it an emotional moment, nevertheless. Enquist further promised to support workers and help them transition to new work opportunities. In the meantime, gambling in Sweden has been going at a good pace. It’s estimated that 3 in 4 people are indeed gambling, but they seem to be increasingly opting for options other than land-based gambling, as Casino Cosmopol’s financial troubles signify. Image credit: Unsplash.com

08 MAY 2024

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