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IEC reports US$11.7m loss for H2 2020

Revenue for the second half of 2020 fell by 77.8 per cent year-on-year.
Revenue for the second half of 2020 fell by 77.8 per cent year-on-year.

The company was impacted by a loss of revenue across its Philippines hotel and gaming segments.

The Philippines.- International Entertainment Corporation (IEC) has reported that revenue for the second half of 2020 fell by 77.8 per cent compared to 2019.

It reported a loss attributable to owners of HK$91.1m (US$11.7m) for the six months to 31 December 2020.

With no events due to the Covid-19 pandemic, the company did not report any revenue from live poker, while revenue from hotel operations fell by 61.5 per cent year-on-year to about HKD20.9m.

The Hong Kong-based company said that despite the difficult operating environment, it “remains confident in the long-term prospects of the Philippines market.”

IEC operates New Coast Hotel Manila, where it leases casino and related gaming equipment to PAGCOR.

Revenue derived from PAGCOR for the six months to December 31 was approximately HKD14.4m, a decline of 85.8 per cent year-on-year.

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IEC International Entertainment Corp. land-based casino