{"id":13850,"date":"2024-01-26T11:19:19","date_gmt":"2024-01-26T11:19:19","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=13850"},"modified":"2024-01-26T11:19:19","modified_gmt":"2024-01-26T11:19:19","slug":"svenska-spel-announces-closure-of-two-casino-cosmopol-venues-over-profitability-issues","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/svenska-spel-announces-closure-of-two-casino-cosmopol-venues-over-profitability-issues\/","title":{"rendered":"Svenska Spel Announces Closure of Two Casino Cosmopol Venues over Profitability Issues"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2024\/01\/svenska-spel-to-close-casino-cosmopol-venues.jpg\" alt=\"Svenska Spel to close Casino Cosmopol venues\" width=\"300\" title=\"Svenska Spel Announces Closure of Two Casino Cosmopol Venues over Profitability Issues\" class=\"alignright size-full wp-image-13851\" \/><strong>Summary:<\/strong><\/p>\n<ul>\n<li>Svenska Spel will terminate Casino Cosmopol operations in Malm\u00f6 and Gothenburg<\/li>\n<li>The closure is due to financial issues and will affect around 200 employees<\/li>\n<li>Svenska Spel prepares for major reforms this year under new leadership<\/li>\n<\/ul>\n<p><strong><a href=\"https:\/\/www.legitgambling.com\/news\/svenska-spel-sees-decline-in-risky-gambling-due-to-safer-measures\/\">Svenska Spel<\/a><\/strong> will shut down its <strong>Casino Cosmopol<\/strong> venues in Malm\u00f6 and Gothenburg due to low profitability. <\/p>\n<p>In an announcement this week, the state-owned Swedish gambling operator stated that it was forced to decide to close both properties to limit losses. The move will impact around 200 jobs, with Svenska Spel currently in talks with the union regarding the affected employees.<\/p>\n<h2>Svenska Spel to Shut Down Cosmopol Venues to Limit Losses<\/h2>\n<p>Svenska Spel\u2019s Casino Cosmopol and Vegas <a href=\"https:\/\/www.legitgambling.com\/blog\/how-to-choose-the-best-online-slot-games-to-have-fun\">Slot<\/a> units have suffered <strong>declining revenues in recent years, absorbing losses of SEK 52 million (\u20ac5 million) for year-to-date trading<\/strong>. This prompted Svenska Spel to launch a strategic review of both units which resulted in the implementation of new measures aimed at increasing revenue. <\/p>\n<p>Cosmopol in particular went through an organizational restructuring, reduced its workforce, introduced new opening hours, and came up with a new restaurant concept to boost its profitability. However, such measures have proved unsuccessful as the unit still struggled to turn a profit with visitor numbers continuing to fall. Thus, <strong>Svenska Spel was left with no choice but to terminate Cosmopol operations<\/strong> in the cities of Malm\u00f6 and Gothenburg.<\/p>\n<p>Svenska Spel\u2019s outgoing CEO <strong>Patrik Hofbauer<\/strong> explained that the revenue declines experienced by its land-based units are due in part to the increasing popularity of online gaming. Hofbauer added that online casinos have grown strongly in the last 10 years, changing the conditions for running land-based casinos. The decision to close two of three Cosmopol venues is aimed at \u201c<em>limiting losses<\/em>\u201d, he said.<\/p>\n<p>The <strong>shutdown will affect around 80 employees in Malm\u00f6 and 120 in Gothenburg<\/strong>, Svenska Spel said. The operator has yet to provide details as to when the two properties will cease operations as it is still negotiating with the labor union. According to the operator, it has gathered inputs from Swedish trade unions in its review of Cosmopol.<\/p>\n<p>The closures leave Sweden with just one land-based casino, the <a href=\"https:\/\/casinocosmopol.se\">Casino Cosmopol<\/a> in Stockholm.<\/p>\n<h2>Major Reforms on the Way  <\/h2>\n<p>Svenska Spel will see major reforms this year, as it gets a new CEO, <strong>Anna Johnson<\/strong>, who will start her new role in June 2024. The operator is also set to launch its <a href=\"https:\/\/www.legitgambling.com\/sports-betting\">new sportsbook<\/a> <strong>Oddset<\/strong> this year, in partnership with sports betting technology provider <strong>Kambi Group<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Svenska Spel will terminate Casino Cosmopol operations in Malm\u00f6 and Gothenburg The closure is due to financial issues and will affect around 200 employees Svenska Spel prepares for major reforms this year under new leadership Svenska Spel will shut down its Casino Cosmopol venues in Malm\u00f6 and Gothenburg due to low profitability. In an [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-13850","post","type-post","status-publish","format-standard","hentry","category-casino","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Svenska Spel Announces Closure of Two Casino Cosmopol Venues over Profitability Issues<\/title>\n<meta name=\"description\" content=\"Svenska Spel will shut down its Casino Cosmopol venues in Malm\u00f6 and Gothenburg due to low profitability.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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