Junket operator Neptune Group continued its “spectacular” downward slide through the end of 2015, posting a net loss of HKD257 million (US$33.1 million) for the second half of the past year.

In a filing with the Hong Kong Stock Exchange on Monday, the VIP gambling operator said its financial performance for the last six months of 2015, which ended on Dec. 31, was “negatively impacted by an impairment loss on intangible assets of HKD277.3 million.”

In addition, revenue from commissions on VIP room rolling chip turnover also went down by 53 percent to HKD 133 million compared to the HKD 284 million posted in the same period in 2014.

The Macau junket operator chalked up the decline to the continued slump in Macau’s VIP gaming sector. Data from the city state’s casino regulator, Gaming Inspection and Coordination Bureau (DICJ), indicated that the market wide gross gaming revenue from VIP baccarat spiraled down by 36.9 percent year-on-year in the second half of 2015. VIP baccarat is considered to be Macau’s main gauge for VIP gaming segment.