Casino junket investor Iao Kun Group Holding (IKGH) saw its net losses more than quadruple in Q2, reflecting the turmoil the company has endured over the past year.

Figures released by IKGH on Thursday show VIP gambling turnover falling 51% year-on-year to $900m in the three months ending June 30. Revenue fell 52% to $10.6m, while net losses came to $104.4m, a significant downturn from the $23.8m loss the company reported in the same period last year.

IKGH took pains to note that the bulk of its quarterly losses came via a one-time $97.3m impairment of intangible assets. The company says that if you strip out all the negative one-offs, its quarterly loss was a far more reasonable $3m. So, you know, hooray.

IKGH has projected full year VIP turnover will fall to between $2.5b and $3b this year, but the company claims those numbers will still allow it to “theoretically” operate at cash flow breakeven, assuming that VIP win rate doesn’t far too fall out of whack.