South Korean casino operator Grand Korea Leisure (GKL) saw profit plunge over 40% in Q4 2015 as the Chinese economy and Beijing officials combined to stem the flow of high-rollers visiting GKL’s casinos.

GKL, which operates three Seven Luck-branded foreigners-only casinos, reported revenue falling 17.4% to KRW 23.3b (US $19.1m) in the three months ending Dec. 31, while net income fell 40.6% to KRW 18.4b. The revenue decline is slightly better than the company had forecast last month.

Things were slightly less dire on the full year front, with revenue down 6.5% to KRW 505.7b, while operating profit slipped 20% to KRW 118.4b.

Recent enforcement actions in China against international casinos organizing travel for Chinese gamblers were deemed the chief culprit behind GKL’s fall, as the number of Chinese VIPs crossing GKL’s threshold in Q4 was down 37% year-on-year. Morgan Stanley analysts estimated that total VIP turnover at GKL properties was down 48%.