SJM Holdings has reported a slight decline in its third quarter revenue results.
Macau.- Asian casino operator SJM Holdings has revealed a slight decline in its total revenue. As reported by its third quarter statement, the company suffered a 16.5 percent decrease in profits during the last three months, noting an alleged result below international and regional gaming market expectations.
The Hong Kong company gathered a total revenue of HK$428 million, whilst adjusted EBITDA for the group fell 10.4 percent to HK$726 million. However, it was not all bad news for the casino operator, as the report showed a small increase in gaming revenue for the third quarter of 2017, reaching HK$10 billion, representing an increase of 0.6 percent.
In August, analyst Grant Govertsen of Union Gaming Securities Asia Ltd said that VIP and premium mass was expected to be quite modest over the coming days and weeks as costumers were “likely to divert their trip and come back to the market only once things have returned to normal.” Although the expectations were already low, the company has not achieved the expected results.
Furthermore, the company had to resume its operations in Macau as a tropical storm hit the Chinese region last month and damaged some of the casino resorts in the city, which showed that their floors were flooded.