Slower VIP gaming business coupled with a weaker peso dragged Philippine casino operator Travellers International Hotel Group Inc.’s net profit down by as much as 15 percent in 2016.

Resorts World Manila operator announced in Tuesday’s regulatory filing that its annual net profit tumbled to PHP3.4 billion (US$67.83 million) last year compared to PHP4.02 billion (US$80.2 million) in 2015.

The culprit behind Travellers’ net profit slip was its lackluster VIP segment, which fell 17.4 percent year-on-year. Travellers reported cornering P303.5 billion (US$6.05 billion) in 2016.

Traveller’s saving grace was its hotel and food/beverage operations and better cost management, which bolstered its cash flow by four percent to P6.4 billion (US$127.68 million) and increased its overall net revenue by two percent to P25.09 billion (US$500.54 million).