SJM Holdings said its January-March 2019 period profit rose 16.5% over the prior year to HK$850 million (about US$108 million), driven by mass market revenue.
VIP gross gaming revenue in the period dropped 19.4% to HK$3.9 billion (about US$499 million), while mass market revenue grew 7.9% to HK$6.2 billion (about US$786 million). Total net revenue increased 0.7% to HK$8.7 billion (about US1.1 billion).
Analysts at Bernstein Research said the results had come in above its estimates, but the firm noted that the company continues to lose market share in Macau, dropping to 14.1% of overall market GGR at the end of the quarter, compared with 14.7% the same time last year.
“We are very pleased that our efforts to strengthen our mass market business have resulted in material increases in SJM’s net profit and adjusted EBITDA during the first quarter,” Vice Chairman and CEO Ambrose So commented. “We strive to continue enhancing our business on Macau Peninsula whilst we complete construction of the Grand Lisboa Palace on Cotai.” (AGB)