Macau casino gaming revenue fell hard in the month of November although the final stats were slightly better than many analysts had forecast.

Figures released Sunday by Macau’s Gaming Inspection and Coordination Bureau (DICJ) show the special administrative region’s casino operators generated gaming revenue of MOP25b (US$2.84b) in November, an 8.5% decline from the same month last year and 13.5% below October 2019’s total.

November’s decline marked the seventh month of year-on-year declines so far in 2019, and the 8.5% decline was second only to the 8.6% fall the Macau market suffered in August. November’s revenue was the second-lowest this year, above only September’s MOP22.1b.

Macau’s current woes have largely been laid at the doors of the casinos’ VIP rooms, which have struggled as high-rollers give Macau a wide berth. The VIP skittishness has been attributed to a number of factors, including tightened liquidity for some manufacturing execs as the US-China trade war drags on and Chinese authorities’ renewed interest in the activities of certain junket operators.