New Zealand casino operator SkyCity Entertainment Group’s shares tumbled on Friday over concerns that China’s anti-gambling moves could further depress already depressed VIP gaming revenue.

SkyCity issued a “disappointing” fiscal Q1 trading update on Friday, with ‘normalized’ revenue – so named because it smooths out the inherent variance of VIP gambling activity – falling 5.7% to NZD 262m (US $188.5m) in the three months ending September 30.

While nearly all of SkyCity’s casino properties were in negative territory for the quarter, the biggest decline came from its ‘international business’ (IB) segment (VIP to you and me). Normalized IB revenue fell 20.2% to NZD 34.3b due to decreased turnover and a lower than average win rate (although higher than the previous year’s Q1).

SkyCity says it enjoyed “fewer trips than expected from larger VIP customers” in Q1. That trend could continue, given China’s recent detention of 18 Crown Resorts staffers for promoting Australian casino visits to Chinese high rollers.