Published
Land-BasedCasinoFinancial

International Entertainment reports $12m loss for H2 2020

International Entertainment Corp has reported a loss attributable to its owners of HK$91.1m ($11.7m) for the six months that ended 31 December 2020.

Pic

The operator's revenue for the half-year period was HK$35.3m, a 78% drop year-on-year.

HK$20.9m came from the hotel segment, a 62% drop from HK$54.3m. Loss before taxation for the period was approximately HK$90m.

Gross profit for half a year in 2020 was HK$2.5m, a 98% year-on-year decline. Administrative and other expenses decreased by 49% to HK$40m.

This decline was attributed to the ongoing COVID-19 pandemic due to travel restrictions, social distancing and health measures, and reduced tourism.

The revenue derived from the leasing of properties in H2 2020 was HK$14.4m, an 86% year-on-year decline. Due to the cancellation of live poker events from 1 July to 31 December, the group could not obtain revenue from this segment.

International Entertainment remains hopeful about future prospects, with a slow easing of some safety measures. It said: “The tourism industry in the Philippines is expected to grow after COVID-19 pandemic, with higher disposable incomes, increasingly discerning market demographic and other positive factors have driven the booming development of the Philippines.”

The operator has also hired independent professionals to review its internal control measures and anti-money laundering policy.


Casino News Sponsor
Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Seminole Hard Rock Support Services
Metropolitan Gaming
Holland Casino
Nederlandse Loterij
Relax Gaming
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...