International Entertainment has issued a profit warning to the Hong Kong Stock Exchange, expecting to record a loss from continuing operations of not more than HK$95 million (US$12.3 million) for the six months ending December 2020. This is attributed to the substantial decrease in the number of tourists and other Covid-related issues in the Philippines.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.