SJM Holdings’s profit attributable to the company’s owners fell by 44.1 per cent year-on-year to HK$561 million in the first quarter, the gaming operator said in a statement on Tuesday.
The company’s gaming revenue decreased by 22.8 per cent to HK$11.02 billion, while adjusted EBITDA dropped by 32.5 per cent to HK$838 million.
According to the statement, VIP gaming revenue dropped by 29.2 per cent to HK$5.6 billion. Mass-market gaming revenue fell by 14.9 per cent to HK$5.1 billion. Slot machine and tombola revenue decreased by 14.3 per cent to HK$267 million.
During the first quarter, SJM operated an average of 369 VIP gaming tables, 1,298 mass-market tables and 2,898 slot machines.
According to the statement, SJM operates three “self-promoted” casinos, while 14 of its casinos are third-party promoted.
The statement said that Grand Lisboa Palace in Cotai was planned for completion around the end of next year.
“Though the challenging environment in the gaming market persisted in 2016, there are signs of stabilisation, particularly in the mass-market segment,” the statement quoted SJM Holdings CEO Ambrose So Shu Fai as saying.