Macau casino operator Galaxy Entertainment Group’s Q3 profit fell more than one-third year-on-year but rose 13% sequentially thanks to contributions from Galaxy Macau’s new Phase 2 development.

Revenue during the three months ending Sept. 30 came to HKD12.3b (US $1.59b), down 29% year-on-year but up 5% sequentially, while adjusted earnings fell 36% to HKD2.1b ($271m), slightly above analysts’ forecasts. Earnings would have been around HKD131m higher had the gaming tables at all three GEG properties not “played unlucky” during the quarter.

While GEG trimmed its debt from HKD4.8b to HKD1.2b by the end of Q3, GEG is keeping a sharp eye on its bottom line by launching a cost control program that will save the company HKD800m. Details were scant but GEG said it was “focused on moving all of our operations up the efficiency curve as rapidly as possible” to deal with the Macau market’s “challenging conditions.”

The May opening of Phase 2 of GEG’s flagship property Galaxy Macau helped push non-gaming revenue up 92% year-on-year to HKD 742m, with hotel occupancy at 99%. But the property’s overall revenue of HKD8.7b mirrored the larger numbers, rising 9% sequentially, falling 22% year-on-year.