Wynn Resorts and Las Vegas Sands (LVS) may not have a clearly defined future, but they’re still holding value as companies. This is the determination of Union Gaming (UG), which pointed out that the two casino operators are still showing strong stock valuations, despite concerns over where the companies will be going forward.

This past Monday, UG said that the lack of clarity on the companies’ futures stems from the possibility of a trade war between the US and China, as well as how such a trade war could impact the Chinese economy. Also causing doubt are the after effects of Typhoon Mangkhut, which just passed through the region and has already taken a bite out of gross gaming revenue for September.

UG stated, “It’s tough to recommend Macau today amid all of the uncertainty, particularly with more posturing from China that it could decline trade talks.” Its announcement came prior to news on Tuesday that indicated a slew of new tariffs that will be assessed by the US on Chinese imports.

In its Monday note, UG put Wynn Resorts and LVS – both of which operate casinos in Macau – at the top of the list for stock purchases. It asserted, “Las Vegas Sands is uniquely positioned to sustain any significant or prolonged deceleration or downturn in Macau…If Macau recovers, we expect shares of Wynn Resorts will see significantly more upside, given its greater gearing to Macau and VIP overall.”