Macau casino junket operator Iao Kun Group Holdings Ltd (IKGH) carved out a bigger than usual slice of VIP wagers in Q1. Too bad the pie they were carving was so much smaller.

IKGH, which has a share in profits from five VIP gaming rooms in Macau, reported rolling chip turnover of $2.2b in the three months ending March 31. That’s a 54% decline from the same period last year, mirroring the decline experienced by the broader Macau VIP gambling market. IKGH revenue fell 48% to $41.7m.

Still, things would have been much worse but for a stellar 4.1% win rate, better than the 3.6% recorded in Q1 2014 and well above the theoretical win rate of 2.7% to 3%. Net income was $17.1m, more than five times last year’s $3.2m, but this quarter’s figures were artificially boosted by $13.1m due to a change in fair value from last year’s acquisition of King’s Gaming, Bao Li Gaming and Oriental VIP Room.

IKGH revised its full-year 2015 outlook, lowering rolling chip turnover projections to between $7b and $8.5b from the previous forecasted range of $8.5b to $10b. IKGH chairman Lam Man Pou said he expects Macau’s VIP slump to continue for the “near term” and thus his firm plans to “prudently manage our capital.” IKGH is also eyeing further expansion efforts outside Macau similar to its recent deal with Australia’s Crown Resorts.