Macau casino operator SJM Holdings saw profit fall 44% in Q1 as the market’s 23-months-and-counting slump continues to play havoc with operator earnings.

On Wednesday, SJM issued a trading update covering the three months ending March 31, during which time gaming revenue fell nearly 29% to HKD 11b (US $1.4b), adjusted earnings fell 32.5% to HKD 838m ($108m) and profit fell to HKD 561m ($72.3m).

Playing the primary villain in SJM’s tale of woe was VIP gaming revenue, which fell 29.2% to HKD 5.6b. SJM operated an average of 369 VIP tables in Q1, down from 530 in the same period last year.

Mass market gaming revenue fared slightly better, falling 15% to HKD 5.1b, despite the number of mass tables rising from 1,209 to 1,298. Slots revenue was down 14.3% to HKD 267m, while total non-gaming revenue was a mere HKD 132m, down 16.5%.