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Macau's SJM posts 5.6 pct fall in 2016 net profit
February 28, 2017 / 10:35 AM / 9 months ago

Macau's SJM posts 5.6 pct fall in 2016 net profit

HONG KONG, Feb 28 (Reuters) - 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 billion.

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 casino city.

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 Warrier)

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