our talented employees, but we must adapt to prevailing market conditions. With a constantly declining customer base, our casino in Sundsvall is no longer profitable and it is unfortunately not commercially defensible to continue to run the business.”
Te casino was opened in 2001 and was Sweden’s first international casino, with Malmo, Gothenburg and Stockholm opening at later dates.
All casinos were closed on March 29 due to Coronavirus restrictions after the government announced a ban on gatherings of more than 50 people. Tey have yet to re-open.
CEO Per Jaldung said: “Closing the casino in Sundsvall was of course incredibly sad, but the casino had been struggling with the business for a very long time and the number of visitors has decreased year by year for 10 years. Te decision to close the casino in Sundsvall means that the management team of Casino Cosmopol can focus on developing the remaining three casinos.
“Casino Cosmopol is determined to turn its casinos around after the pandemic, and to make sure that they are profitable and sustainable for many years to come. As an example, we are using the time we are closed to invest in our Gothenburg casino. We are expanding the premises by 350sq.m and refurbishing the interior to be able to host larger events, poker tournaments and conferences, and still allow for social distancing. We are also changing our
“Closing the casino in Sundsvall was of course incredibly sad, but the casino had been struggling with the business for a very long time and the number of visitors has decreased year by year for 10 years. Te decision to close the casino in Sundsvall means that the management team of Casino Cosmopol can focus on developing the remaining three casinos. Per Jaldung, CEO, Casino Cosmopol
organisation and internal work processes to be even more effective and to adapt the business to the market’s demand for land-based casinos.”
THE RE-REGULATED MARKET Sweden has been subjected to a state gambling
monopoly since the mid-1930s due to a growing need for control. Te state acquired ownership of the National Lottery, Penninglotteriet and Tipstjanst, and as the lottery and gambling markets grew, a lotteries board was inaugurated in 1974, which later became the Swedish Gambling Authority in 1995 around the same time the Lotteries Act was introduced.
Te gambling offer of sports betting, lotteries and VLTs are all operated by Svenska Spel, whilst a monopoly run horse racing sector is controlled by AB Trav och Galopp (ATG). Any other licences are granted by the authority for private operations, although these were few and far between.
NEWSWIRE / INTERACTIVE / MARKET DATA P133
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