In the spring of 2025, Svenska Spel began preparations for the sale of its former Casino Cosmopol property at Kungsgatan 65, Stockholm, a property that once housed the iconic Casino Cosmopol venue. This decision aligns with the operator’s goal of maximizing the value of the asset and ensuring the building’s continued use. As part of this process, the company engaged Cushman & Wakefield as the transaction consultant and TM & Partners as the legal advisor.

Engagement of Cushman & Wakefield and TM & Partners:

Casino Cosmopol CEO Ola Enquist expressed satisfaction with the partnerships, stating that it felt reassuring to work with Cushman & Wakefield and TM & Partners, given their vast experience and successful track record with similar-sized transactions. “We are pleased to collaborate with partners who have solid experience and expertise in the area, and who have previously carried out several sales of this size in a professional and good way for all parties,” he said in Svenska Spel’s press release.

Cushman & Wakefield’s role will involve providing strategic guidance, conducting market analysis, marketing the property, and overseeing the implementation of the sales process. Meanwhile, TM & Partners will offer legal support throughout the sale. Cushman & Wakefield’s Partner, Sven-Olof Johansson, noted the potential for the property, suggesting that the former Casino Cosmopol building could be transformed into a showroom, headquarters, or entertainment venue under new ownership, thanks to its prime location near Stockholm’s central station.

Svenska Spel’s decision to sell the Kungsgatan 65 property comes after the closure of its final land-based casino. The closure was part of the Swedish government’s decision to phase out land-based casinos, with a scheduled ban on such operations beginning in January 2026. Although Casino Cosmopol could have remained open until the end of 2025, the property was closed early following a change in ownership instructions, confirmed on April 25, 2025.

The closure of Casino Cosmopol, along with the earlier shutdowns of venues in Sundsvall, Malmö, and Gothenburg, marks the end of an era for Svenska Spel. This decision was prompted by a decline in visitor numbers and profitability, which had been affecting the land-based casino segment for several years.

Impact on employees and the transition:

The closure of the Stockholm casino, which employed approximately 240 staff members, has undoubtedly had a significant impact on those affected. Enquist emphasized the company’s commitment to supporting its employees during this transition. “Our focus is now on our employees to help them take the next step in their professional lives,” said Enquist. Discussions with union groups have been ongoing, and Svenska Spel plans to hold a career fair for the affected employees, offering opportunities with other companies.

Although the closure was a business decision, it was emotionally difficult for many involved. Enquist remarked that despite the logic behind the closure, it marked “the end of an era” for the company. Svenska Spel’s President and CEO, Anna Johnson, echoed this sentiment, acknowledging the sadness of the situation but also highlighting the opportunity it provided to focus on growing other segments of the business.

While the shuttering of its land-based casinos weighed heavily on Svenska Spel’s financial performance, the company’s Q1 2025 results showed a 73.1% increase in net profit. The operator’s net gaming revenue for the quarter was SEK 1.88 billion ($200 million), down 4.1% compared to the previous year, with the biggest decline coming from the land-based casino sector. Despite this, the company reported a growth of 96% in operating profit, thanks in part to savings from the closure of its land-based casinos in 2024.

Revenue from the operator’s online gaming and sports betting segments was more robust, with these areas seeing growth, even as traditional land-based operations saw continuous losses. The decision to focus more on digital and online platforms is in line with shifting market trends, where online gaming and sports betting continue to attract growing numbers of players.

The sale of the Casino Cosmopol property is one of several significant steps in Svenska Spel’s ongoing strategy to adapt to the changing gaming landscape. As land-based gambling continues to decline in popularity, Svenska Spel’s focus is clearly shifting toward expanding its online and sports betting offerings, which have proven more lucrative in recent years.