SJM Holdings casino profit up nearly two-thirds

Macau casino operator SJM Holdings reported a nearly two-thirds rise in its third-quarter profits on strong gains across all gaming segments.

On Tuesday, SJM released a preview of its financial performance in the three months ending September 30, during which net gaming revenue improved 9.5% year-on-year to HK$8.33b (US$1.05b), adjusted earnings gained 26.7% to HK$919m and profits shot up 65.1% to HK$707m ($90.1m).

SJM’s VIP gaming revenue was up 6.6% to just over HK$5b despite a 0.14 point reduction in VIP win rate during the quarter (to a still above-average 3.04%). SJM’s VIP tables reported total chip sales up over 12% year-on-year to HK$166b.

But SJM’s good fortune wasn’t dependent on VIPs, as mass market table revenue rose 10.6% to HK$5.6b and even the lowly slot machine segment improved 13.7% to HK$285m.