In a positive improvement last month Macau saw 227,113 visitors cross its border in August, a substantial improvement over July numbers but still 93.7% down compared with the same month in 2019.

A concerted tightening of regulatory controls against gambling by mainland Chinese authorities looks set to counter expectations of a VIP-led recovery for Macau’s gaming operators, leaving base mass to do the heavy lifting according to investment bank Credit S

Wynn Resorts, one of three Nevada-based companies operating in Macau, warned on Tuesday that U.S.-China trade disputes and the tensions between the two superpowers have continued to escalate in 2020, resulting in “contentious punitive or retaliatory measures being imposed on businesses and individuals.”

The comments, which were made in a filing with both the Hong Kong Stock Exchange and U.S. Securities and Exchange Commission, marked the first time a U.S. gaming company has openly discussed the pressures between the two nations.

Wynn, which operates Wynn Macau, Encore Macau and Wynn Palace on Macau’s Cotai Strip, is seeking to raise an undisclosed amount of financing for its Macau subsidiary through the additional issuance of new debt. Wynn Resorts owns 72% of Wynn Macau.

Among the risk factors Wynn Resorts noted in the filing was the COVID-19 pandemic, which has altered the global macroeconomic environment, causing an extended economic downturn and “even a potential global recession.”

Wynn cited the recent U.S. government ban on the use of the app WeChat, which is widely utilized by the company’s Chinese customers.

“We are unable to ascertain the scope of the ban at this point, and there is no assurance that the ban will not adversely affect our ability to communicate with certain of our customers,” Wynn said in the filing. “Sustained tensions between the United States and China could significantly undermine the stability of the global economy in general and the Chinese economy in particular.”