We adore the kind of life that involves travelling around the world. Driven by tourism economy, the leisure and entertainment industry would normally flourish. However, with the advent of the 2020 pandemic, all this is paling. Nowadays, the most popular catchphrase is ‘life is more important than money’. Although everything has been expected to go back to normal between March and June, the viral rampage is still wreaking havoc in a lot of countries around the world. As a matter of fact, it seems to be rising, and must not be taken lightly. The end result is that the tourism industry is facing almost total destruction.
The Australian gaming giant ‘Crown’ has accumulated more than A$1 billion in new debt, and directly laid off 95% of its staff accordingly. It is expected to close for a long time. The second largest US gaming giant ‘Atlantic City’ has filed for bankruptcy protection. In Asia, Vietnam, Cambodia and the Philippines have already closed down the entire leisure and entertainment industry. Without any light at the end of the tunnel, bankruptcy seems inevitable for the players in this industry!
Following this chain reaction, the employers in this industry are going through an insufferable fate. Recently, it is reported that the internationally renowned leisure and entertainment investment company DKG Group, which has been approved for listing on the Nasdaq in the United States, is sustaining huge losses in the global economic downturn. It is forced to sell its Hong Kong-listed companies. The Group has invested in more than 35 VIP gaming rooms around the world, and these leisure and tourism-related businesses in the Philippines, Vietnam etc. have been out of operation for more than 8 months, with no re-opening day in sight. With such adverse market condition, the road to bankruptcy is looming large for the Group.