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The purpose of this study is to deepen emerging knowledge concerning the experiences of hospitality and tourism businesses operating in a regional setting in dealing with the uncertain environment caused by the COVID-19 crisis. Considering the conceptual pillars of entrepreneurial action, the study proposes a theoretical framework that extends the understanding of this unsettling and fluidly emerging phenomenon from a firm perspective. On-site, face-to-face interviews with ten owners and managers in regional New South Wales, Australia, contributed to the development of four different conceptual dimensions. First, the non-action-driven opportunity dimension underscores unintended positive outcomes from the crisis, while a second, action-driven opportunity illustrates initiatives business owners/managers implement to anticipate, minimise or exploit emerging opportunities. Third, the non-action-driven threat dimension is associated with negative outcomes from the crisis, and the last, strategy-driven opportunity, suggests changes, for instance, in firms' business model with the goal of creating future opportunities. [ABSTRACT FROM AUTHOR]