Coronavirus: Svenska Spel withdraws dividend proposal and implements 'short-term work'

By Tim Poole

Svenska Spel has implemented “short-term work” due to the impact of the coronavirus, as well as withdrawing its proposal for a dividend.

The Swedish operator has also been affected in the retail sector, with its Casino Cosmopol AB and CC Casino Restaurang AB impacted by a ban on meetings of more than 50 people.

The short-term work measures affect 45 of a total 135 employees within Svenska Spel Sports & Casino AB.

On the retail side, however, 800 of a total 900 employees have been impacted, while the company’s previously proposed dividend was SEK 850m ($85.6m)

Svenska Spel President and CEO Patrik Hofbauer said: "We are implementing the measures to adapt the business to the current situation and we do so with the utmost care of our employees.

"Our hope is to be able to quickly switch to full operations and staffing when the situation turns.

"But right now we do not know how it will develop in the future, or how long it will last, and therefore it is necessary we take steps to ensure a sustainable business."

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