Macau casino junket operator Iao Kun Group Holding Company (IKG) saw annual revenue fall nearly 45% last year as Macau’s VIP market went into the toilet.

Despite Macau’s much publicized VIP woes, IKG’s rolling chip turnover for the year fell just 2% to $16.6b. But revenue tumbled to $17.2m, down from $31m in 2013. The company recorded a net loss for the year of $60.1m, compared to a net profit of $5.4m in 2013. The loss was largely attributable to $60.9m in contingent consideration related to IKG’s acquisition of the King’s Gaming, Bao Li Gaming and Oriental VIP room operations.

The situation was a little brighter in the three months ending Dec. 31, during which time IKG revenue came to $5.7m, compared to a net loss of $5.5m in Q4 2013. The gains came thanks to a 3.95% win rate, 1.5 points above Q4 2013’s win rate, which helped offset a 34% decline in VIP turnover.

The new year hasn’t been kind to junket operators and IKG hasn’t been spared. VIP turnover in March was down 57% year-on-year, but win rate soared to 4.51%, so the few VIPs that are showing up are the seriously unlucky variety. For the first three months of 2015, IKG turnover is down 54%.