Macau casino operator Galaxy Entertainment Group (GEG) has trimmed its operating costs to the bone, based on its view that the global gambling hub’s prolonged downturn may be far from over.

Figures published last week show GEG generated revenue of HK$1.15b (US$148.7m) in the three months ending June 30, down 91% from the same period last year and 77% worse than the sum generated in Q1 2020. GEG reported an earnings loss of HK$1.37b versus a HK$4.3b gain in Q2 2019.

Net gaming revenue accounted for HK$276m (-97.5% year-on-year) of Q2’s overall tally, more than twice as much as non-gaming revenue (HK$130m, -90%), but the company’s construction materials division easily trumped both of its rivals with HK$747m (+4.3%). Gaming accounted for nearly 85% of Q2 2019’s revenue total, leaving the company very glad that to have its construction unit’s cash flow during the current crisis.

VIP gambling turnover was down 96.2% to just HK$6.7b in Q2, while VIP gross revenue slid 95.7% to HK$315m. The VIP revenue stat would have been even worse had VIP win rate not risen 0.6 points to an outsized 4.7%, continuing the company’s recent trend of playing extremely lucky against its high-rollers.