Singapore has risen as a great destination location for those interested in finding five-star accommodations and incredible gambling. However, analysts are concerned that the success of these casinos may be on the decline as the slowing market and uncertainty in VIP accommodations has them thinking that the days ahead may be bleak ones.

This recent assessment comes after Genting Singapore reported a “relatively weak set of numbers” for the first nine months of 2019. According to a recent filing, the company reported a drastic decrease in net profit for the third quarter of this year, falling by 24% over the same period of time in 2018. This occurred as a direct result of lower revenue from their gambling business.

Affin Hwang Capital, a leading investment banking in Singapore, explained that the struggles are occurring because of a variety of factors, including an increase of 50% on gambling taxes that came into effect in April. In addition, they explained that the mass market GGR has fallen by 10% year-on-year to SG$334 million ($245 million).

The biggest concern at Affin Hwang Capital was that the win rate has fallen to 2.6% after reaching an all-time high of 3.7% in the prior quarter. “We believe that the high win rate in 2Q … had helped mask the weakness of Genting Singapore’s profitability.”