Macau casinos won $3.3 billion from gamblers in October, according to numbers released from Macau’s Gaming Inspection and Coordination Bureau.

The figure represents a 3.2 percent drop from October 2018 but is up 19 percent from September’s 12-month low of $2.7 billion in revenue. Of the 10 completed months in 2019, six of them have seen decreases in year-over-year gaming revenue compared to just four with an uptick.

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According to a Reuters report, the drop in revenue is consistent with what analysts predicted. Those same analysts from Sanford Bernstein are continuing to point to the same three factors that have caused decreases in prior months.

The trade war, civil unrest in Hong Kong and the regulatory uncertainty in the region have all led to high rollers staying away from the area. The trade war has had a negative impact on the Chinese economy itself, but also directly hurt the value of the yuan.

The drop in VIP gambling is the main difference between 2019 and previous years.

While high roller action has dropped, the masses have actually increased their gambling habits. The VIP gambling market in Macau dropped by more than 20 percent in October, but mass market revenue was up 12 percent.

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The profit margin on the mass market is higher for casinos than it would be for VIP gamblers, however. Casinos do not have to split any profits from the gambling masses with junket operators. Junket operators help usher high rollers into the area casinos and will take a cut of the profit from the casinos.

There might be more people gambling, but the market will need to find a way to make up for the revenue dip that stemmed from the decreasing number of high rollers in the region.

Golden Week, a week-long national holiday in mainland China, usually brings an increased amount of action to the region’s gaming operators. This year, however, there was a 3.1 percent drop in tourism during the holiday compared to 2018.

Despite the lack in revenue, most casino operators reported profit gains at the conclusion of Q3. Melco Resorts & Entertainment, a gaming company with properties almost exclusively in Macau, set records for its mass market gaming operations during the quarter.

Melco ended the third quarter of 2019 with $1.44 billion in revenue, up a whopping 16 percent from last year’s numbers. Operating income on that revenue was $175.2 million and its net income was $83.2 million, which was more than 10 times the net income it earned in Q3 of 2018.

Macau casinos closed out 2019 with its third straight month of revenue decline and its worst year-over-year drop since 2015.

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According to statistics released by the region’s Gaming Inspection & Coordination Bureau, Macau gambling operators generated $2.85 billion in gaming revenue, which represents a 13.7 percent drop from December 2018.

The drop is even steeper than the staggering 8.5 percent drop casinos experienced in November.

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December’s figures brought the annual revenue to $36.47 billion, which was down 3.4 percent from 2018.

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Despite the massive drop, it was still slightly better than expected. According to Bloomberg,most analysts were anticipating a 15 percent revenue decline. The financial media outlet also cited the region’s inability to lure the high rollers it became accustomed to thanks to an economic slowdown in China and geopolitical tensions in the area.

As was the case with most of the year, the looming trade war with the United States coupled with escalating protests in Hong Kong dampened casino profits.

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President Xi Jinping’s arrival in Macau furthered those declines. With Jinping in the city to celebrate the 20th anniversary of the former Portuguese colony becoming part of China, visa policies were tightened as were travel restrictions, and there was more stringent border security.

Xi urged Macau to “diversify its economy” during his visit to the city, but with improved infrastructure coming in 2020, some believe that the new year should bring a rebound to the industry.

This was the eighth time in 2019 that Macau saw year-over-year declines in monthly revenue reports.