It looks like the gross gaming revenue (GGR) rollercoaster in Macau hasn’t finished running its course, after all. The first few months of the year have seen the gambling city’s revenue move up and down, with May being relatively productive as it improved 1.8% over the same period last year. However, June is about to see the ride slow down if Sanford C. Bernstein analysts are correct.

The brokerage’s analysts predict that GGR will drop this month from what was previously forecast and has lowered its prediction to between 1-3% for year-on-year growth. They add that, if the US-China trade war continues, GGR recovery in Macau is going to become more difficult.

Over the first five months of the year, Macau reported GGR of around $15.57 billion. While that is an impressive return, it still represents a drop of 1.6% over what was seen during the same period in 2018. Most analysts have determined that the loss stems from a reduction in the number of VIP gamblers, which are, to some degree, staying away as a result of the trade war.

In Bernstein’s Monday note, the analysts asserted, “Weaker-than-expected macro data for May, along with the recent heightened tension in U.S.-China trade relations however, casts uncertainty over the GGR recovery. If a trade war sustains over an extended period, it will likely pose a headwind to China’s economy and gaming spend from China’s high-net-worth individuals in Macau.”