Macau casino operator SJM Holdings had a 2016 to forget, with revenue, profit and market share all in full retreat.
Figures released Tuesday show SJM’s gaming revenue falling 14.5% to HKD 41.3b ($5.3b) in 2016, while earnings were off 11.5% to HKD 3.4b and profit slipped 5.6% to HKD 2.3b. SJM’s share of the overall Macau market’s gaming revenue dipped from 21.7% in 2015 to 19.1% last year.
All of SJM’s gaming verticals were in negative territory, with VIP revenue falling 20.5%, mass market tables down 8.2% and slots falling 6.4%. These compare unfavorably with the overall Macau market, which saw VIP revenue fall 6.9% while mass market revenue gained 1.8%.
SJM’s flagship Grand Lisboa property bore the brunt of the damage, with revenue down 14% to HKD 14b. VIP turnover was down only 4% but VIP revenue was off 17% as the property played unlucky. The Grand Lisboa finished 2016 with 125 VIP tables, 25 fewer than at the end of 2015.