Mr. Josef Cupka, the Insolvency Administrator of Sazka has been a very busy man as of late trying to manage a difficult bankruptcy situation. Cupka was recently forced to dismiss former CEO Mr. Aleš Hušák after learning that Hušák was paid an advance on his salary, a development that contradicted the repeated public statements made to the media by Hušák that he was working for free.
It’s was right back to business after the Hušák ordeal. And after extensive financial analysis, Sazka’s Insolvency Administrator Josef Cupka has now determined that the video lottery terminal Starport operations must be shut down due to poor financial results.
During its operation from 2004, the Starport system generated a total loss of CZK 467 (€19.3m) million. The last four years an annual average loss reached CZK 100 million. The termination applies to game video terminals only, normal terminals used by bettors remain in operation and SAZKA, a.s. maintains that position that players who used video terminals can find other favorites in the product portfolio.
Approximately 1700 game video terminals across the country were be disconnected at night on Monday at 00.00 am. Nearly 700 are owned by SAZKA, a.s. while the others were let and leased.
