HONG KONG Feb 28 Macau casino SJM Holdings Ltd
posted a 5.6 percent fall in full-year net profit on
Tuesday, as increasing competition in the world's largest
gambling hub has eaten into its market share.
SJM said net profit for 2016 fell to HK$2.33 billion
($300.2 million) from HK$2.47 billion a year earlier.
Gambling revenue for the year fell 14.5 percent to HK$41.3
Controlled by the family of former kingpin Stanley Ho, SJM
has grappled with a downturn in Macau that has hit it harder
than rivals such as Sands China Ltd and Galaxy
Entertainment Group Ltd, both of which have properties
on the glitzy Cotai strip.
SJM helped put the former Portuguese colony on the gambling
map 40 years ago with its fluorescent, onion-shaped Casino
Lisboa, and has presided over much of Macau's development as a
Macau is the only Chinese territory where casinos are
allowed but revenue has fallen to five-year lows since 2014, due
to China's slowing economic growth and a campaign against shows
of wealth among officials and businessmen.
($1 = 7.7614 Hong Kong dollars)
(Reporting by Anne Marie Roantree; Editing by Gopakumar