Since hitting record high growth in early 2014, Macau has steadily seen profits dwindle after the Chinese government began cracking down on corruption, which deterred many high-rollers.

SEE MORE: Slowdown in Macau Cripples Gaming ETF

Moreover, Macau has since banned phone betting and expanded smoking bans in casinos, writes Wayne Duggan for InvestorPlace. Resorts have been pushing up against the government when trying to to expand table games.

However, not everyone believed Macau’s luck was turning

“We remain on the sidelines of the Macau gaming names [Las Vegas Sands, Wynn Resorts and Melco Crown] as estimates and valuations adjust to a ‘new normal’ of a weak Chinese economy and a recovery that is likely to be flatter than prior rebounds, contributing to more muted revenue growth in Macau,” according to analysts at Wells Fargo, the Financial Times reports.

For more information on the hotels and resorts industry, visit our Leisure & Entertainment category.

VanEck Vectors Gaming ETF