Analysts fear this could hurt the special administrative region's economy because the company could decide to take VIP players to Manila.

Researchers in Credit Suisse recently opened a VIP room in the Philippines in May, and the business could be converted to this new outlet, which would further hurt Macau's demand overall, according to a report in Macau Business Daily.

Researchers say they predict Macau's gaming revenue will drop 36-37 percent year-on-year in May. Revenue will range from MOP 20.4 billion to 20.6 billion. Another factor driving VIP players away from Macau is the approval of a blanket ban on smoking in casinos.

Credit Suisse suggests investors should be cautious in the Macau gaming industry. This is due to "unsupporting policy headwinds" such as uncertainty in game table allocation for new casinos, low flexibility in workforce reduction, full smoking cessation application, and discussions over visiting caps.

In addition, the People's Bank of China's standard deposit and loan interest rate cut is expected to have a limited impact.

Macao's first-quarter results across all real estate fell more than 37% year-on-year from MOP 133.5 billion to 83.9 billion. The biggest drop was in sand China, which posted a profit of 54.2%.

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