SJM Holdings saw its profit fall for 81% as VIP gamblers still avoid the former gambling heaven for high rollers. The Macau based casino operator reported that for the third quarter of the year its net profit dramatically dropped at HKD285 million or around $36.8 million.

This decrease, however, includes the impairment loss “on an available-for-sale investment” worth HKD250 million. Without this impairment loss, the profit would have fallen by “only” 65% y-o-y, reported SJM Holdings.

According to the information provided by the company, SJM’s gaming revenue in the three months ending September 30th fell for 38% to HKD11.2 billion ($1.45 billion). Earnings in the same period also went down for 49.5% to HKD884 million.

The main reason for these catastrophic numbers is believed to be the refusal of VIP gamblers to return to Macau. This can be easily seen in the report, which reveals that VIP gaming revenue across all SJM establishments dropped for 47.5% to HKD5.4 billion.

This resulted with a change in SJM’s table mix as well. Currently, only 458 tables are reserved for VIPs only, a number lower by 106 in comparison with last year. On the other hand, the number of mass market tables has jumped by 73 to 1,263.

SJM, additionally, saw its market share decrease for 1.2 points to 21.3%, with its flagship facility Casino Lisboa witnessing a sharp drop in revenues of around 49%.

Nonetheless, SJM Holdings confirmed that the company was still working on its new casino resort Lisboa Palace, whose opening is scheduled in late 2017. The overall estimated cost of the project is approximately HKD30 billion.

SJM Holdings is not the only Macau gaming operator that’s having a hard time. The latest report of Macau casino revenue showed that October was the 17th month in a row in which gaming revenue had declined.