Macau casino operator Galaxy Entertainment Group (GEG) says it withstood Macau’s best shot and finished 2015 on a positive note.

On Thursday, GEG turned in its Q4 earnings report, which showed revenue falling 20% to HKD 13.3b (US $1.7b) and earnings down 7% to HKD 2.5b in the three months ending Dec. 31. However, those numbers were up 8% and 18% respectively from Q3, leaving the company “cautiously optimistic” that Macau has turned a corner.

For 2015 as a whole, revenue was off 29% to HKD 51b, earnings were down 24% to HKD 8.7b and net profit fell 60% to HKD 4.2b (counting HKD 1.2b of non-recurring charges). GEG “experienced bad luck” in its gaming operations, as VIP revenue fell 43% to HKD 28.9b and mass market table revenue fell 6% to HKD 17.7b.

GEG chairman Lui Che Woo (pictured) said the “credible” results were all the more incredible given Macau’s 20-months-and-counting revenue doldrums. Lui said GEG had enjoyed “healthy” visitor numbers over the Lunar New Year period, which “potentially signal market stabilization.”