Genting Singapore Ltd. has delivered its financial report for the first quarter of the year and things could have definitely been better. The company’s profit slipped 5.4% year-on-year, as did its revenue, which fell by a similar amount, 5.1%. The company took in $150.7 million, down from the $159.3 million a year ago.

Genting Singapore has a mix of gaming and non-gaming operations and is behind the Resorts World Sentosa resort in Singapore. The company’s gaming revenue dropped 7.9% year-on-year to $315.6 million, compared to $342.8 million last year, and non-gaming revenue saw a slight, 1% uptick to $153.5 million. That revenue comes from operations that include, among others, the Universal Studios Singapore theme park.

Hurting the company’s bottom line in the quarter was a net impairment on trade receivables. This is nothing more than a fancy way for a gambling company way to say that it gave out too much credit that it wasn’t able to collect. Genting Singapore showed this impairment, or bad debt, to be $8.1 million, which was 34% higher than it was a year ago. The good news is that the amount was lower quarter-over-quarter – the company only gave away $28.6 million in the fourth quarter of last year.

Despite the drop in revenue, Genting Singapore is a glass-half-full kind of company. It said in its filing, “The group continued to perform healthily in the first quarter of 2019. Non-gaming business registered its eighth consecutive quarter of year-on-year revenue growth with higher spend per visitor. Our key attractions drew in a daily average visitation of over 19,000.”