Svenska Spel has officially closed its last land-based casino, Casino Cosmopol in Stockholm, after updated ownership directives were issued following the Swedish Parliament’s decision to phase out land-based casino gaming. The closure was confirmed on 25 April, shortly after the company received new instructions from the government the previous day.
Casino Cosmopol’s closure marks the end of an era for Svenska Spel, which had operated the venue under a state-sanctioned monopoly. Although the new law does not require the full cessation of physical casino operations until 1 January 2026, Svenska Spel opted to shut down the Stockholm location ahead of schedule.
Casino Cosmopol Closes After Two Decades of Operations
The decision to end land-based casino gambling in Sweden, supported by Svenska Spel itself, was taken by Parliament earlier in April. A proposal to discontinue Casino Cosmopol’s operations was first raised as early as May last year. With profitability and foot traffic in steady decline for years — largely due to the rise of online gaming alternatives — Svenska Spel had already shuttered its venues in Sundsvall (2020), Gothenburg, and Malmö (both closed in February 2024).
Approximately 240 employees were impacted by the closure of the Stockholm site. In line with its previous actions following the shutdowns in Malmö and Gothenburg, Svenska Spel has initiated discussions with trade unions and plans to hold a career fair for affected employees in Stockholm, inviting multiple companies to assist with career transitions.
Casino Cosmopol CEO Ola Enquist reflected on the development, stating: “It has been known for some time that the ownership instruction would be changed. 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.”
Business Impact and Future Plans for Svenska Spel
Despite the emotional weight of the decision, Svenska Spel executives acknowledged that closing the loss-making venue was the right move from a financial standpoint. Enquist described the closure as “emotionally tough” but emphasized it made “business sense” given the long-standing operational losses. “As an employer, we will do everything we can to support our fantastic employees,” he said.
Anna Johnson, President and CEO of Svenska Spel, echoed these sentiments, highlighting the significance of Casino Cosmopol’s contribution over the past two decades. “For over 20 years, Casino Cosmopol has offered an international casino experience to guests from all over the world,” Johnson stated. She added that while the closure was unfortunate for staff, it would enable Svenska Spel to concentrate on expanding other parts of its business.
Svenska Spel has also confirmed that it owns the historic building at Kungsgatan 65, where the Stockholm casino operated. The company has already begun the process of selling the property, although no timeline for the sale has been disclosed.
Financial Results Reflect Changing Priorities
Coinciding with the closure announcement, Svenska Spel released its financial results for the first quarter of 2025. The figures showed a 4.1% decrease in net gaming revenue year-on-year, totaling SEK1.88 billion. This decline was attributed in part to falling demand for land-based gambling services.
Revenue from the Tur lottery division dipped by 1.1%, while income from Vegas gaming machines fell sharply by 25.7%. Meanwhile, Casino Cosmopol’s revenue plummeted by 61.8% compared to the previous year. However, Svenska Spel’s bottom line benefited from cost savings related to previous casino closures, resulting in a net profit surge of 73.1% to SEK509 million.
The company’s leadership is now turning its attention to future growth areas, aiming to build on the momentum generated by operational shifts away from land-based gaming.
Sources:
Svenska Spel stänger Casino Cosmopol i Stockholm, Svenska Spel, April 25, 2025.