Weaker gross gaming revenues (GGR) has taken a toll on Philippine-listed casino operator Travellers International Hotel Group Inc.’s (TIGHI) net profit for the first quarter of 2018.

TIGHI, a joint venture between Genting Hong Kong Ltd. and Philippines’ Alliance Global Group, clocked a net profit of PHP444 million ($8.5 million) for the three months to March 31, down by 35.2 percent on the previous year period.

Gross revenues of TIGHI also tumbled by 13.74 percent to PHP5.46 billion ($104.24 million) during the first three months of the year, from PHP6.33 billion ($120.85 million) during the same period in 2017.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the three months ended March 31, 2018, was at P839.7 million ($16.03 million), down 40.87 percent compared to P1.42 billion ($27.10 million) for the same period last year.