SJM Holdings Ltd. is flying like an eagle. Its profits soared last year, climbing 45.2% year-on-year and reaching $363.1 million. SJM was able to improve its bottom line by streamlining some of its internal operations and by reducing marketing and promotional expenses. Despite the overall success, total net gaming revenue only increased to $4.291 billion for an improvement of 8.3% over the previous year. 97.9% of the company’s aggregate revenue comes from gaming revenue.

Total revenue for last year of $44.384 billion was reported by the company, also an increase of 8.3% year-on-year. Its EBITDA (earnings before interest, tax, depreciation and amortization) jumped 21.1% over 2017 to reach $473.99 million. The adjusted EBITDA margin climbed 10.8% from 2017 to 2018 compared to the 9.7% seen in the previous two-year period.

VIP gross gaming revenue (GGR) dropped slightly year-on-year, falling 1.1% to $2.50 billion. Mass table GGR increased 12.1% to $2.94 billion, while revenue from slot machines and other gaming operations increased 12.6% to around $147.8 million.

VIP gross gaming accounted for under 44.8% of the total GGR for the company last year. In 2017, it accounted for 47.9% of the overall GGR and this marks a trend that is seeing many operators focus on mass-market gaming while still massaging their VIP feeder markets.