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Casino stocks were trading lower on Wednesday following Macau-based SJM Holdings' concerning full year 2015 results.
SJM Holdings is one of six companies authorized to operate casinos in Macau. The company reported that its total 2015 gaming revenue fell to HK$48.59 billion ($6.25 billion) from HK$79.269 billion in 2014. Hotel, Catering and Other Income also fell to HK$601 million from HK$971 million a year ago.
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SJM Holdings' profit plunged 63.4 percent from 2014 to HK$2.465 billion.
The company also noted that its Grand Lisboa Hotel's occupancy rate fell by 10.2 percent to 83.0 percent for the full year, while its average room rate fell by 12.7 percent from a year ago.
Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, commented "SJM enters 2016 in a strong position in spite of the economic challenges faced by Macau's casino gaming market in 2015. We have achieved substantial progress on construction of our Grand Lisboa Palace, and we remain optimistic about the future of Macau's tourism industry with SJM as a strong contributor."
Despite SJM Holdings' CEO optimistic outlook, investors sold US-listed hotel stocks. Shares of Wynn Resorts, Limited (NASDAQ: WYNN) were lower by 2.25 percent at $77.86.
Investors also sold off MGM Resorts International (NYSE: MGM) and Las Vegas Sands Corp. (NYSE: LVS) despite both names being favored by some analysts due to their greater cash flow diversification outside of the Macau region.
Shares of MGM were lower by 2.36 percent at $17.79, while Las Vegas Sands dipped 2.16 percent at $46.21.
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