Macau’s VIP market won’t fully recovery any time in the foreseeable future and gross gambling revenue in 2023 is still expected to be lower than the levels of 2015, Bernstein Research said in a note.

The firm expects VIP GGR to decline at a compound average rate of 4 percent from 2019 to 2023. The market as a whole is expected to reach $40 billion by that year.