HONG KONG, Oct 31 (Reuters) - Macau casino SJM Holdings posted a 16.5 percent fall in its third-quarter net profit on Tuesday, weighed down by rising competition in the world’s biggest casino hub.
SJM, controlled by the family of former kingpin Stanley Ho, is lagging behind other companies including Sands China and Wynn Macau, which have already completed casino resorts on Macau’s fast-growing Cotai strip.
SJM’s planned casino project, which has been beset by delays, is unlikely to be ready before 2019, analysts said.
The company’s net profit in the third quarter fell to HK$428 million ($54.9 million) while revenue rose 0.6 percent to HK10 billion from a year ago, it said. ($1 = 7.8002 Hong Kong dollars) (Reporting by Farah Master; Editing by Gopakumar Warrier)