Merrill Lynch stated that the Macau gaming revenue stated to slow down since April 2014, of which the decreasing rate for VIP was most severe. However, the situation was reversed following the launch of smoking ban in October. While the revenue in VIP rooms rebounded 16% monthly in October, the mass recorded a month-on-month decline of 8%. On a yearly basis, the mass revenue increased 15% in September but decreased 8% in October. The switch was conceived as the major justification behind the deceleration in mass revenue.

As revealed by the operator, the betting time lost after the implementation of smoking ban expected to be 8%. Meanwhile, smoking clients shifted from mass to VIP rooms, which affected the profit margin. In conclusion, the market underestimated the impact of smoking ban on mass.