Casino operator Melco Resorts & Entertainment (MRE) eked out a modest revenue gain in Q1 thanks to a serious run of VIP gaming luck.

Unaudited figures released Tuesday show MRE’s revenue hitting $1.36b in the three months ending March 31, around 4% higher than the same period last year. However, operating income fell 15% to $188m and net income tumbled by one-quarter to $117.4m.

MRE CEO Lawrence Ho credited the company’s performance as “solid” given the ongoing “volatility” in Macau’s VIP gambling market. Macau’s VIP market slipped to below 49% of Macau casino gaming revenue in Q1, the first time the VIP segment has taken a back seat to its mass market rival.

Oddly enough, MRE’s Macau properties all reported VIP turnover declines while posting improved VIP win rates, all of which were above the expected range. City of Dreams saw VIP turnover fall 8% to $10.2m in Q1, but win rate rose 0.4 points to an above-average 3.4%. Altira Macau’s VIP turnover was off nearly 11% to $5b while win shot up 0.8 points to 3.8%.