Macau’s VIP gaming downturn has prompted the early termination of a deal between junket operator Hengsheng Group and casino operator Imperial Pacific International Holdings Ltd.

In January 2014, the Hong Kong-listed Imperial Pacific agreed to pay HKD 400m in convertible notes for a 5% share of the profits of Hengsheng (also known as Hang Seng), which at the time controlled 82 VIP gaming tables in seven rooms at six Macau casinos. Imperial Pacific claimed documents provided by Heng Sheng indicated that the junket had generated a profit of HKD 462m (US $59.6m) in the first 10 months of 2013.

One year later, Imperial Pacific warned that Hengsheng had delivered less than half its minimum guaranteed annual profit of HKD 24m. This week, Imperial Pacific revealed that its share of Hengsheng’s profits over the first half of 2015 was just HKD 6k ($774).

Before you start crying for Imperial Pacific, consider that Hengsheng had deposited HKD 376m with Imperial Pacific as alternative security for its profit guarantee from 2015 to 2029. This cash deposit was non-refundable, and so Imperial Pacific expects to realize a profit of “approximately HKD 221m” from the cancellation of the deal, which it intends to invest in its proposed resort casino on the island of Saipan.