Casino operator Genting Singapore’s profit fell 91% in the second quarter of 2015.

The company, which operates the Resorts World Sentosa (RWS) integrated resort, issued a warning last week that it was likely to post a “significant” reduction in its Q2 profits. They weren’t kidding, as the final numbers revealed net profit down 91% to just S$12.5m in the three months ending June 30. For the year to date, profit is down 73% to S$104m.

Total revenue was down 23% to S$578.1m, with gaming revenue down 28% to S$428.3m and non-gaming off 3% to S$149.4m. Adjusted earnings were off a mere 6% to S$296.5m but the company took a S$95m hit on derivative financial instruments and a further S$84m nut-punch via unrealized foreign exchange losses, primarily in Hong Kong and US dollars.

On the plus side, the company’s bad debt provisions narrowed to S$56.6m from S$81.6m in the same period last year. The company says it continues to “maintain a cautious approach in granting credit” due to the persisting “unfavorable global VIP premium business.”