Casino operator Wynn Resorts has warned investors that its first quarter earnings could be off as much as $25m from the same period last year.

In a Q1 financial preview issued on Tuesday, Wynn said its casino operations in Macau expected to report revenue between $603m to $613m, down from $705m in Q1 2015. Similarly, earnings were tipped to come in between $187m and $195m, down from $212m last year.

Things were slightly rosier at Wynn’s Las Vegas properties, where the revenue range is $384m to $394m, about on par with last year’s $387m, while earnings of $105m to $113m were within spitting distance of Q1 2015’s $111m.

Macau recently stretched its unbroken streak of monthly gaming revenue declines to 22 straight months and March’s decline was worse than most analysts had expected. A recent survey of Macau visitors showed a significant rise in the number who spend less than $125 on gambling per trip, and Wynn reported both VIP and mass market gambling segments falling in Q1.