Macau casino junket investor Iao Kun Group Holding Company Ltd (IKGH) doesn’t expect the beleaguered VIP sector to recover significantly in 2016.

On Friday, IKGH filed tis Q4 and FY15 earnings report, which showed Q4 net income of $12.2m, up from $5.7m in Q4 2014, despite VIP turnover falling 57% year-on-year to $1.2b.

However, IKGH’s income improvement was largely due to a $15.4m positive change in fair value of contingent consideration related to its acquisition of the King’s Gaming, Bao Li Gaming and Oriental VIP Room operations. Absent this impact, net income would have fallen from $8m to just $0.9m.

As previously reported, IGKH’s VIP turnover fell 61% to $6.4b in 2015. Net income for the year came to $5.1m compared to a net loss of $60.1m in 2014. However, excluding those pesky contingent consideration impacts, IKGH’s 2015 net income fell nearly by half to $9m.