Svenska Spel is edging closer to breaking away from the Hasseln 1 property at Kungsgatan 65 in Stockholm, the former site of Casino Cosmopol.
The operator stated that the procurements initiated in the spring to hire a transaction consultant and a transaction lawyer for the property’s sale have been completed, with Cushman & Wakefield and TM & Partners assigned, respectively.
Svenska Spel added that the property sale will “create value for the company and ensure that the unique building is put to use”, noting that it is pleased to begin collaborating with Cushman & Wakefield and TM & Partners.
“It feels safe to work 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,” said Ola Enquist, CEO of Casino Cosmopol.
Sweden says no to land-based casinos
Casino Cosmopol in Stockholm closed its doors for good earlier this year on 25 April due to a change in law from the Riksdag, as the Swedish Parliament decided at the beginning of that month to close down land-based casinos in the country. The law is set to come into effect from 1 January 2026.
The operator’s land-based casino operations struggled with profitability and visitor numbers over the past few years as more players opted to play online.
This has resulted in Svenska Spel closing all four original casinos, the Sundsvall casino in 2020, the Gothenburg and Malmö casinos in February 2024 and the Stockholm casino back in April.
Enquist said at the time of the casino closure announcement that Svenska Spel would do what it could to assist its just under 240 employees at its Stockholm casino.
Ultimately, the operator shared the Government’s assessment and had prepared for the Riksdag’s decision, but called the closure “emotionally tough”.
Property has ‘many options’
As a transaction consultant, Cushman & Wakefield will provide strategic advice, market analysis, marketing of the property and implementation of the sales process. Sven-Olof Johansson, Partner Capital Markets, Cushman & Wakefield, has already expressed optimism about the property’s future.
Johansson said: “Palladium’s magnificent premises connected to well-functioning office space will be given new life. Showroom, headquarters or entertainment venue in national or international ownership remains to be seen, but the location at the central station opens up many options.”
Meanwhile, as a transaction lawyer, TM & Partners will provide legal transaction advice concerning the Hasseln 1 sale.
