Some high-end players have stayed away from Macao in the past two weeks, citing the fluctuations in the stock market and the looming trade war, said Andrew Lo, executive director of Suncity Group Holdings, the listed vehicle of the enclave’s biggest junket operator.

“The market conditions have more uncertainties, including the potential trade war escalation,” said Lo. “High rollers are more cautious, betting less or reducing trips to Macao.”

The caution is already surfacing in Macau’s gaming data, with revenue showing two straight months of slowing growth. It’s expected to maintain low double-digit gains in July, according to a survey of analysts by Bloomberg News.

The sentiment contributed to a 21% tumble in the Bloomberg Intelligence index for Macao casinos from a four-year high at the end of May. Shares of MGM China Holdings, Galaxy Entertainment Group and Wynn Macau have fallen more than 22% from their peaks this year. The index advanced 0.1% in Hong Kong on Wednesday.

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