Tony Fung’s Aquis Entertainment is off to a rough start this year.

This week, the Casino Canberra reported a loss of AUD7.7 million (USD5.84 million) for 2016, which, in turn, puts Aquis in a negative position with liabilities of AUD31.3 million (USD23.76 million) outstripping the casino operator’s assets by AUD14,300 (USD10,856).

The company’s 2016 financial statements, filed at the Australian Stock Exchange, showed that its gambling revenue was up 21 percent to AUD22 million in 2016. Food and drink revenue was also up for the year at AUD2.23 million, while spend per visitor was up 33 percent.

To be fair, Casino Canberra is not expected to be back in black this year. The casino, which was acquired by Aquis in 2014 for AUD6 million, had to be refurbished—to the tune of AUD13.6 million—before it fully opened its doors to public. The refurbishment works were conducted in the first half of 2016, which saw the casino’s operations moving to a temporary facility with only 16 gaming tables, offering minimal food and beverage service as well as reduced levels of visitation due to the smaller facility.