The economic slump plaguing the Macau gambling industry has taken a bite out of Emperor Entertainment Hotel Ltd. as the hotel casino operator sees its profits plunge by 49 percent year-on-year.

Tracking the same downward trajectory taken by its peers in China’s premier gaming hub, Emperor’s profit halved to HK$256.2 million (US$33 million) in the 12 months to March 31, 2016 compared to the

HK$504.3 million (US$81.78 million) in the previous year.

Emperor, which operates the Grand Emperor Hotel and casino in downtown Macau as well as the non-gaming, 287-room Inn Hotel Macau, cited Macau’s sputtering economic activity as a major factor why it has slumped in 2016.