Lawrence Ho’s Melco International Development posted an 88 percent drop in attributable profits for the first half of 2015.

In a statement filed with the Hong Kong Stock Exchange on Monday, the conglomerate reported that its net profit plunged to HK$111.1 million ($14.3 million) in the first six months of the year, compared to last year’s HK$886 million ($184.51 million), due to a decline in contribution from associates.

The group’s revenue was up by 137.4 percent to HK$212.6 million, but its share of profits from associates dropped 79.1 percent to HK$220.4 million from HK$1 billion a year ago.

“Macau gaming industry has been facing unprecedented challenges with unfavorable market conditions which are notably anticipated to remain difficult in the short term,” Melco said.