“We believe that today’s weakness in the Macau stocks is largely related to high investor and analyst expectations caused by inflated consultant estimates, which have now been proved wrong for more than several months,” Nomura, the Japanese brokerage, said in a note on Monday.

VIP player spending was “softer” in the midst of the World Cup, Steven Wieczynski, an analyst at Stifel Nicolaus & Co., told Bloomberg.

Macau shares also took a tumble in June amid reports that China was considering opening cashless casinos on tropical Hainan island.

US casino operators have been betting on Macau amid slow growth at home. MGM Resorts International unveiled its $3.4 billion property in Macau in February, competing for punters alongside Wynn Palace and Las Vegas Sands’ Parisian.