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Regional Gambling Giant SJM’s Profit Up 12 Percent In First Six Months
Regional Gambling Giant SJM’s Profit Up 12 Percent In First Six Months
Asia

Regional Gambling Giant SJM’s Profit Up 12 Percent In First Six Months

Regional casino and gambling giant, Macau-based SJM Holdings posted a 12 percent year-on-year increase in profits for the first six months of 2019 despite a slip in overall revenues.

The figures released by the gambling operator reveal that their overall revenue slipped slightly by 0.7 percent year-on-year to HK$17.1b (US$2.2b). The company’s net revenue was also down to HK$16.2b for the first six months of 2019, ending June 30.

However, the company’s profits surged as its adjusted earnings rose 6% to HK$2.1b and profit gained 12% to HK$1.68b ($214.7m).

Earlier during the first quarter, SJM had posted similar growth figures as its revenue was up by 0.8 percent and the increase in profits soared to 16.5 percent year-pon-year.

The increase in profits despite declining revenue was attributed mainly to lower special gaming taxes, levies, and premium. Also, the company’s strategy to focus more on the mass-market gaming segment allowed them to cut costs and accentuate profits. The company reportedly saved HK$1.5b in commissions to local Junket Operators.

SJM’s VIP gaming revenue tumbled amidst the ongoing Sino-US trade war. Its VIP revenue slipped by almost 25 percent year-on-year to HK$7.45b while revenue from mass-market gaming jumped by 8% to HK$12.4b.

Earlier this year in May, talking to the press at an SJM event, CEO Ambrose So Shu Fai said that he feared that China-US trade war would further aggravate the revenue crisis facing Macau; however, he said that he believes the city’s gaming revenue prospects are not as bad as it is being projected.

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Cameri Ross

Cameri Ross

Cameri is an independent and self employed person, she has expertise in digital marketing and content creation for websites and blogs. Her passion is dancing and singing, especially classical singing.

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