Bucking overall market trends, Macau casino operator SJM Holdings reported revenue, earnings and profit declines in the first half of 2017.
Figures released Tuesday show the Hong Kong-listed SJM’s gaming revenue falling 2% year-on-year to HKD 20.4b ($2.6b) in the six months ending June 30, while adjusted earnings fell 7.7% to HKD 1.5b and profit slid nearly 13% to HKD 955m.
The gaming revenue declines were across the board, as VIP revenue declined 3.4% to HKD 9.8b, mass market table games slipped 0.5% to HKD 10b and electronic gaming machines fell 3.2% to HKD 520m.
Unlike most of its Macau casino rivals, SJM’s properties failed to reap the rewards of the VIP gambling resurgence. VIP turnover was down 6.6%, in part due to SJM’s complement of VIP tables falling nearly one-sixth from the same period last year. SJM’s share of the overall Macau VIP market fell to 14.2% from 18.4% last year.