SJM Holdings CEO Ambrose So “bearish on Macau

SJM Holdings Chief Executive Officer Ambrose So said he’s bearish about the prospects for Macau gambling revenue over the next six months as China continues its crackdown on corruption.
He said he expects GGR in the territory to be flat or to drop slightly this year, but sees high single digit growth in 2015 as new properties begin to come on line.
“The prospect of VIP market is gloomy,” So said. “If you ask me now, I’m bearish towards VIP market for the next six months. I don’t know how to read the future beyond that.”
SJM on Tuesday reported that its Q3 profit declined 16.4 percent and its share of the Macau market slipped as VIP revenues fell, while its mass market performance lagged rivals.
The company reported profit attributable to owners of the company of $1.53 billion ($197.3 million). Gaming revenue fell 14.1 percent to $18.1 billion.
The company said VIP gaming revenue dropped 23.6 percent to $10.37 billion, while mass market revenue edged up 3.1 percent to $7.35 billion. Slot machine revenue gained 5.4 percent.