Macau’s gross gambling revenue is down about 73 percent in the month to date compared with the same period last year and is down 11 percent from the prior month, analysts at Bernstein Research wrote in a note.

The firm said there is no near-term sign for an improvement as this will depend on visa processing bottlenecks.

VIP volumes are down about 80 percent with a lower-than-normal win rate, while mass is down in the high sixties percent, the note said.