Macau’s original casino operator SJM Holdings continues to lag its newer competitors, reporting a double-digit decline in third-quarter profits.

Tuesday saw SJM release its unaudited earnings report for the three months ending September 30, during which gaming revenue was essentially flat at HKD 10b (US $1.28b), while adjusted earnings fell 10.4% to HKD 726m ($93.1m) and profit slipped 16.5% to HKD 428m.

Things look equally limp on the year-to-date front, with gaming revenue falling 1.2%, earnings off 8.6% and profits down 14%. Fortunately, the company remains flush, with HKD 13.5b in cash, bank balances and pledged bank deposits versus only HKD 4.4b of debt.

The Q3 shortcomings can’t be pinned on the company’s flagship property, the Casino Grand Lisboa, which reported gaming revenue up nearly one-fifth to HKD 3.7b, although the property’s earnings were up a more modest 2% to HKD 418m.