The whales may be swimming away from Macau casinos during the first half of 2019, but they will return during the latter half of the year. This is according to Instinet, the stockbroking division of Japan-based Nomura.

Instinet analysts Harry Curtis, Daniel Adam and Brian Dobson predict that Macau’s gross gaming revenue (GGR) is going to take a hit in the current half, but things will even out later in the year. The analysts write, “Consensus expectations are for (7.5 percent) VIP compression in the first half of 2019 and up low single digits in the second half, so there would be upside to estimates (and probably sentiment) if it stays flat or declines only low single digits while mass expands mid- to high-single digits.”

They further state, “Based on November and month-to-date December results, there should be upside to our kitchen sink 2019 (10 percent) VIP estimate.”

The analysts published their forecast this past Monday, providing guidance on the mass- and VIP-gaming segments of Macau’s casino industry. They added that year-on-year growth for GGR for the VIP segment has remained flat, or dipped into the red, during each of the past six months.