Galaxy Entertainment Group has reported a 7% year-on-year fall in H1 net revenue, to HK$26.2bn (US$3.34bn).
The operator hailed "solid mass performance" but credited its revenue drop to a decrease in VIP volumes.
Adjusted EBITDA for H1 also fell 4%, to HK$8.3bn, and net profit attributable to shareholders was down 7%, to HK$6.7bn.
Galaxy’s trading update prompted a fall of roughly 6% in share price, from HK$47.10 at the close of Monday’s market to HK$44.30.
Performance at both Galaxy Macau and StarWorld Macau was consistent with Galaxy’s overall decline for the trading period, although both also praised mass-market performance.
A mass-market focus should provide a more stable source of revenue for Macau operators in the long run, despite the higher volumes offered by VIP gaming.
Dr. Lui Che Woo, Chairman of Galaxy Entertainment Group, said: "The overall market in Macau remains relatively stable despite a decrease in VIP volumes due to increasing regional competition, ongoing trade tensions and a slowing Chinese economy.
"We continue to reallocate our resources to the highest and best use and focus on growing the higher-margin mass business."