According to a recent report by First Metro Investment Corp (FMIC), the Philippine gaming market is expected to simultaneously continue its decline with Macau.

FMIC, the investment arm of Metro Bank Group, said in a report that the Philippine gaming industry is “still highly correlated to Macau gaming.”

“Listed Philippine casino and hotel operators have seen their share prices decline by more than 50 percent year-to-date despite consolidated gross gaming revenues in the country increasing by a fifth in 2015,” The Philippine Star quoted FMIC.

Macau casino gaming revenue declined for the 17th straight month in October, despite a boost from the annual Golden Week holiday period, posting 28.4% year-on-year to MOP 20.1b.