SJM Holdings revenue, earnings and profit all down in H1

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.