Macau casino operator SJM Holdings’ profit tumbled more than half in the first half of 2015.

Macau’s largest casino operator reported revenue down 40% year-on-year to HKD 26.6b (US $3.4b) in the six months ending June 30, while adjusted earnings fell 49% to HKD 2.26b and profit fell 54% to HKD 1.79b.

All but HKD 298m of the revenue total came from gaming activity at the 18 SJM-licensed venues in Macau. The Gaming Inspection and Coordination Bureau reported that SJM’s share of Macau’s overall gaming revenue fell 1.2 points to 22.3%.

Overall VIP revenue fell 48.7% to HKD 14.2b despite hold rising to 3.19% from 2.76% as turnover fell 56%. SJM decreased its number of VIP tables by 11% to 511 from the same period last year. The VIP share of SJM’s total gaming revenue fell 8.7 points to 54.1%. SJM’s share of the market’s overall VIP revenue fell 2.7 points to 21.2%.