Macau junket operator Neptune Group has posted a net loss of HKD828 million ($103m) for the fiscal year ended June 30 due to the “spectacular slowdown” in the local VIP gaming industry.

According to its filing with Hong Kong Stock Exchange on Friday, Neptune Group Ltd’s gaming revenue is down by 33% year-on-year to HKD473.6 million, driven by the plunges in revenues generated by its three VIP rooms in The Venetian Macao, Sands Macao and Grand Lisboa, which dropped 38.2%, 32.3% and 25.2% year-on-year, respectively.

The revenues generated by its previous VIP room in StarWorld Hotel, of which the business has already ceased, also dived by nearly 60% for the year.

The decline in VIP gaming business led its EBITDA loss to reach HK$997.8 million, a huge slide of 292.8% year-on-year to HKD1.52 billion, compared to an EBITDA of HKD517.6 million last year, a loss prompting the company to think about shutting down the business.