Despite facing strong headwinds in 2017, Macau-based casino equipment maker Paradise Entertainment Ltd. has managed to slash its losses by as much as 92 percent.

In a disclosure to the Hong Kong Stock Exchange on Monday, Paradise announced that its losses drastically dropped to HKD30.7 million ($3.8 million) last year, compared to nearly HKD380.4 million ($47.07 million) in 2016.

The 2016 losses of Paradise included the writing down of nearly HKD334.8-million ($41.43 million) as a result of the one-off non-cash loss arising from assignment of intangible assets concerning the patents and associated technology to International Game Technology Plc (IGT).

Paradise said that it started to recognize the royalty income from the IGT deal last year, contributing some HKD2.9 million revenue to their coffers.