Macau casino operator SJM Holdings lost over $182m in the first half of 2020 and the company doesn’t expect a return to pre-pandemic normal anytime this year.  

On Tuesday, the Hong Kong-listed SJM reported generating revenue of HK$4.37b (US$564.4m) in the six months ending June 30, nearly three-quarters below the sum generated in the same period last year. Earnings were a negative HK$1b and the company booked a net loss of HK$1.41b versus a profit of HK$1.68b in H1 2019.

SJM’s VIP revenue slid 81.6% to HK$1.37b in H1 despite the hold rate increasing more than half a point to 3.67%, as high-roller turnover tumbled 84.5%. At the end of H1, SJM had 192 VIP tables in action with 14 junket operators, down from 275 tables and 15 junkets at the end of 2019. SJM’s share of Macau’s overall VIP revenue fell more than two points from H1 2019 to just 8.6%.

Over at the mass market tables, revenue fell 73.5% to HK$3.3b as the number of tables in action fell by around 40%. But SJM fared better than some of its rivals, as its share of Macau’s overall mass table business rose 3.8 points year-on-year to 22%.