Global ratings agency Fitch Ratings is still optimistic about Macau’s long-term business, saying that business should pick up in the second half of the year.

“While the recent operating declines are concerning we are encouraged by the fact that the long-term fundamentals for the higher-margin, lower-volatility mass business remain intact,” the analysts said.

The agency projects Macau’s gaming revenue to slide by 4%, a figure that it says would represent “mild sequential improvement through the first half of 2015 relative to the last quarter of 2014. Gaming revenues would also be aided by the opening of Galaxy Macau and Studio City’s expansion projects.

Fitch Ratings added that while dividends may have to be cut as a result of the stagnating numbers, it remains hopeful that the six casino operators are all in good enough financial position to withstand the lower revenues.