Casino operator Melco Crown Entertainment (MCE) profit plunged by three-quarters in the third quarter of 2015 but CEO Lawrence Ho believes the worst is over for his company and the overall Macau casino market.

For the three months ending Sept. 30, MCE’s revenue fell 16% to $945.7m, adjusted earnings fell 22% to $237.3m and net income fell 75% to $33.2m. MCE pinned much of the profit decline on costs associated with getting its newly opened $2.3b Studio City property ready for public inspection.

Revenue at City of Dreams, MCE’s original flagship property in Macau, was down 27% to $665m as VIP gambling turnover fell 46%. Mass market table drop was down a more modest 11% while gaming machine handle fell 22%. Non-gaming revenue – the profit potential of which Ho has rubbished – fell 10% to $66.8m.

Altira Macau’s revenue fell 12.5% to $140m as VIP turnover fell 28% and mass table drop fell 14%. The Mocha Clubs slots parlors fared better, with revenue down 6% to $36m despite operating 100 fewer machines than the previous quarter.