International credit debt watcher Fitch Ratings projects Macau’s gaming revenue to grow 12 percent this year amid the possible monetary tightening and increased real estate restrictions in mainland China.

Fitch issued its latest note just a day after Macau’s Gaming Inspection and Coordination Bureau announced that the former Portuguese enclave’s VIP gambling market grew twice as fast as the mass market casino revenue in the first quarter of this year.

Analyst Alex Bumazhny, Senior Director Corporate Finance of Fitch, said they have already taken into account the tougher year-over-year comparisons in the second-half of 2017 and the possibility of China’s implementation of a tight monetary policy in making its projections.

Increased real estate restrictions – which may slow economic growth on the mainland – will also have little effect on Macau’s GGR for this year, according to Fitch.