The slowdown has mostly been attributed to the high-profile corruption crackdown spearheaded by Chinese President Xi Jinping. They had already plunged a record 30.5 percent in December and fell 2.6 percent overall in 2014, the first annual decline since figures were first released in 2002. Official figures published by the former Portuguese colony showed that overall gaming revenues fell 17.4 percent year-on-year to 23.75 billion patacas ($2.97 billion) in January. SJM said it continued to lead overall gaming market share in Macau at 23.2 percent. "2014 proved to be a challenging time for Macau's gaming industry, particularly the second half," said its chief executive officer Ambrose So. SJM said 60 percent of its gambling revenue came from VIP operations in 2014, down from 67 percent in 2013. Macau is the only part of China where casino gambling is legal and has depended on high-rollers from the mainland, now hit by Beijing's anti-corruption drive. Those figures reflected "the overall downturn in Macau gaming revenue", SJM said in a statement. SJM's overall gaming revenue fell 8.8 percent to HK$79.27 billion - VIP gaming revenue dropped 17.26 percent, while mass market table revenue was up 8.92 percent. The company said its net profit for the calendar year fell 12.7 percent year-on-year to HK$6.73 billion ($867.82 million). SJM's woes were compounded when Alan Ho, executive director for the company's Hotel Lisboa and the nephew of gaming tycoon Stanley Ho, was arrested as part of a prostitution ring bust in January which saw more than 100 people detained. Gaming revenue in the semi-autonomous Chinese city has fallen for eight consecutive months in the face of a corruption crackdown by the Beijing government, which is reining in big spenders from the mainland. Macau hotel and casino giant SJM holdings, owned by Hong Kong tycoon Stanley Ho, said Wednesday its net profit for 2014 dropped 13 percent as the gambling enclave struggles to stem a revenue decline.
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