Moody’s Ratings has affirmed the ‘Ba3’ corporate family rating of Macau casino concessionaire SJM Holdings Ltd, but changed the firm’s rating outlook to ‘negative’ from ‘stable’. The Macau casino operator reported group-wide revenue of nearly HKD14.64 billion (US$1.88 billion) for the first six months this year, up 6.1 percent from a year earlier. According to the institution, the company’s “higher earnings will be mainly supported by the reallocation of satellite casino tables to SJM’s existing self-owned properties”. In June, SJM Holdings said it will cease operating seven of its current nine satellite casinos this year, with one shuttered at the end of July. The rating agency also said SJM Holdings’ liquidity was “adequate”.