Macau casinos started the month of January on a solid footing but it eventually fumbled along the way.

On paper, Macau casinos seem to be performing well given that the January gross gaming revenue has risen by as much as 3.1 percent to MOP 19.3 billion (US$2.4 billion). The latest GGR figure is a reversal of Macau casinos’ January 2016 record, which tumbled by 21.4 percent.

Analysts, however, frowned at the newest data provided by Macau’s Gaming Inspection and Coordination Bureau – which included four days of Chinese New Year festivities beginning January 28 –since it fell short of their expectations.

Macau casino stocks were in the red following the announcement, with Wynn Macau slumping as much as 4.5 percent and Sands China losing as much as 2.8 percent in Hong Kong trading. SJM Holdings Ltd stocks slide 2.6 percent and MGM China Holdings Ltd. slipped 2.4 percent.