Macau casino gaming revenue fell 21% in January, a sign that the worst may be over.

Gross gaming revenues in Macau were down 21.4% in January from a year earlier to 18.67 billion patacas ($2.33b). The figure marks the 20th consecutive month of decline for Macau but the good news is it is lower than the average estimate of a 22% drop from six analysts surveyed by Bloomberg and the range of decline has come out from between 30% and 50% for most of last year.

December’s 21.2% decline was the lowest single-month dip since January 2015’s 17.4% drop.

Also Chinese New Year (CNY) will kick off February 7 to 13, earlier than last year. Historically, Macau gaming revenues decline in the weeks leading up to the New Year holiday and most of the pre-CNY seasonal slowdown would have already been felt in January.