As a result of the poor market situation in Macau, SJM Holdings’ gaming revenue fell 8.8 per cent in 2014 to HK$79.2bn (US$10.2bn), while net profit fell 12.7 per cent to HK$6.73bn.

In a filing to the stock exchange, the company said VIP gaming revenue fell by 17.3 per cent in 2014 while mass market table gaming revenue rose by 8.9 per cent, reflecting the overall downturn in Macau gaming revenue.

“The decline of Macau’s total gaming revenue by 2.6 per cent in 2014 represented the first annual decrease since the liberalisation of the Macau gaming market in 2002. Multiple factors, including government policies and economic conditions, contributed to the revenue decrease, which followed an extended period of rapid growth.

“While it is not clear how long the conditions which inhibited gaming revenue growth in 2014 will continue, the group remains optimistic about its future prospects, given the potential for growth of visitation and spending in Macau.”

SJM recently held its ground-breaking for Lisboa Palace, the group’s integrated resort on Cotai, featuring three five-star hotels with a total of approximately 2,000 hotel rooms, fine and casual dining, shopping and entertainment facilities and a casino. Substantial foundation work was completed in 2014 and the project is on track for opening in 2017.