Continuing pressure on its business in Macau has seen VIP junket operator Neptune Group Limited announce that it expects to remain in the red for the twelve months to the end of June.

The Hong Kong-listed firm, which has partnerships to operate VIP rooms with the Sands Macao, the Casino Grand Lisboa and The Venetian Macao, fell into the red during the 2014/15 fiscal year after posting a net loss of $103 million despite recording an overall profit of $19.1 million for the previous twelve-month period.

“The board of directors of the company wishes to inform the shareholders of the company and potential investors that the group is expected to record a significant loss for the year ended June 30, 2016,” read a statement from Neptune Group Limited.

The junket operator declared that the reasons behind its current situation include the “slow and often delayed” receipt of monies alongside the “harsh” gaming environment in Macau. It additionally stated that junkets in Macau are “reluctant to issue credit to players” because “receipt of gaming losses from players tend to be slow and protracted”.

“The information contained in this announcement is only based on the preliminary assessment by the board with reference to the unaudited consolidated management accounts of the group for the year ended June 30, 2016, which are currently available and is not based on any information or figures that have been audited or reviewed by the company’s auditors or the audit committee of the board,” read the statement from Neptune Group Limited. “Shareholders and potential investors are advised to peruse with care the final results announcement of the company for the year ended June 30, 2016, which is expected to be released on or around September 30, 2016.”

The first half of its financial year saw Neptune Group Limited report a 53% plunge year-on-year in revenues from commissions on VIP rolling turnover to $17.1 million.

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