Macau’s gross gaming revenue fell 4.5% in July to 17.8 billion Macau patacas (MOP; US$2.2 billion). For the global casino capital, it’s the 26th consecutive year-on-year decline in monthly gaming revenue, and for the first seven months of 2016, gaming revenue is down 10.5%. Nonetheless, July’s revenue beat expectations, fitting popular narratives that August or September will end the losing streak. That turnaround is supposed to be driven by the openings of new resorts from the fathers of modern Las Vegas and 21st century Macau, Steve Wynn and Sheldon Adelson. Nothing Macau does can address the root causes of the decline, mainland China’s anti-corruption campaign and slowing economic growth. These new resorts, nevertheless, may shift the so-called “new normal” paradigm by helping Macau maintain its share of the growing pie of mainland Chinese travelers and expand the city’s destination appeal beyond greater China.

July average daily gaming revenue (ADR) was MOP573 million, 8% above June ADR of MOP529 million. Wells Fargo senior analyst Cameron McKnight points out July’s revenue increase over June soundly beat the trailing five year average of a 4-5% boost. Union Gaming analyst Grant Govertsen observes that ADR was just 3% below the average for the previous months.

As has been the case in recent non-holiday months, betting volumes grew as the month progressed. Sanford Bernstein reports ADR for the final seven days of the month tracked at MOP625 million. Senior analyst Valery Umansky and analyst Clifford Kurz attribute the acceleration, at least in part, to the end of the Euro 2016 football tournament and start of the summer vacation visits.

The Bernstein analysts forecast GGR to reach MOP19 billion in August, which would be a 2% increase from last year, breaking the losing streak. They see the opening of Wynn Palace on August 22 as a catalyst for renewed growth, even though Steve Wynn warned on parent company Wynn Resorts’ second quarter earnings call that the new Cotai casino might only get 100 gaming tables allocated to it.

Union Gaming warns that pre-Palace August may be slow. In addition to Typhoon Nida that hit Macau and its primary market areas at the start of the month, “some number of higher value customers” will delay visits awaiting the Wynn opening. Union expects a big finish to August, but overall forecasts gaming revenue to decline for a 27th straight month before turning positive in September, when Sands China’s Parisian Macao is scheduled to debut on the 13th. Wells Fargo sees August performing in line with its historic average gain of 2% until the Wynn opening bump, forecasting gaming revenue for the month in the range of down 4% to even compared with last year. Morgan Stanley, on the other hand, has warned that, with gaming revenue continuing to fall, more rooms and more tables aren’t necessarily what Macau needs now.

Wynn Palace has gotten glowing reviews from people who’ve seen it, and Parisian’s half-size Eiffel Tower makes a full-scale impression. Still, there was ample buzz surrounding last year’s openings of Galaxy Macau’s Phase 2 and Broadway Macau, and Melco Crown’s Studio City, and gaming revenue just kept falling. Like those other Cotai newcomers, Wynn Palace and Parisian play to those operators’ strengths while adding wrinkles that will capture market share. The challenge remains to go a step (or three) further and create iconic, original properties, like Singapore’s Marina Bay Sands with its extraordinary architecture and rooftop deck with skyscraping infinity pool, that broaden Macau’s appeal as a tourist destination.