Despite two quarters of losses, Bloomberry Resorts Chairman and CEO Enrique Razon expects the company’s losses will narrow because its company’s gaming revenue is growing.

In an interview with Bloomberg, Razon said that even though the whole industry has been painted with the same brush, Philippine casinos are still growing and nowhere near the situation in Macau.

China’s crackdown on graft has curbed gaming revenues in the region, with Macau posting a 37% decline in the first half of the year and fell by a third in September—its 16th straight month of decline.

“The good thing now, in hindsight, is that our relationship with China is really not that good,” said Razon. “So we never had the business from China, which nowadays is probably a good thing.”