Junket operators in Macau are packing their bags, thanks to negative headlines and fears of theft in the city state.

Grant Govertsen, analyst at Union Gaming Securities Asia Limited, believe the VIP story in Macau will continue to decline as more operators seek “safer” investment opportunities outside Macau following the Dore theft case.

“Consider that a junket investor sees—on a daily basis—the VIP story in Macau continue to decline for many reasons. At the same time, this investor hears about individuals who lost money in the Dore situation and is reminded of the similar Kimren situation from 2014. The natural reaction, in our view, would be to seek alternative investments,” Govertsen said in a note.

Dore Group, a junket operator under Wynn Resorts, recently lost HKD 2 billion to internal thievery. Dore’s operations reportedly account for between 4 percent and 5 percent of Macau’s total VIP gambling turnover, which is worth between HKD 9 billion to HKD 13 billion per month.