Stung by a drop in operating profit and a lower than expected VIP win rate, casino and resorts operator Genting Singapore Plc reported a 16.6 percent net profit tumble in the fourth quarter of 2017.

In a filing before the Singapore Stock Exchange, Genting Singapore announced that its net profit for the last three months of 2017 slowed to SGD132.79 million (US$101 million) versus SGD159.19 million ($120.95 million) in 2016.

While its gross gaming revenue increased by 4.7 percent to SGD417.6 million in the fourth quarter, Genting said it wasn’t enough to offset the lower than expected VIP win rate and higher operating costs.

For the October to December 31, 2017 period, Genting said that its operating profit dropped 24.1 percent to SGD179.1 million ($136.07 million).