The current international trade war between China and the United States could impact US casino operators’ ability to renew their Macau concessions, according to a new security report.

The report by political and corporate risk consultancy Steve Vickers & Associates (SVA) describes Macau’s gaming sectors as “highly exposed” to fallout from the trade spat, which has seen the two nations hike tariffs on a wide variety of products in a rapidly escalating game of political brinksmanship that could leave both countries bleeding.

SVA says Macau casino operators could experience a “dampening” of gaming revenue should the trade war lead to “any significant slowdown or fall in the yuan’s value” from Beijing’s “further curbing of capital outflows.”

Such a scenario could benefit local junket operators, whose entire business model revolves around circumventing China’s capital controls. However, SVA estimated that this gain could be modest due to the junket industry now being “more closely monitored’ by Beijing authorities than in years past.