The champagne corks flew as December ended. The casinos were toasting a year to remember after setting a new gross gaming revenue record.

Last month’s numbers also confirm that a slowdown in growth is underway that is likely to last throughout the year. To those celebrating, that should not come as a surprise. Analysts and gaming executives had already warned it was coming.

Read the full version of this article in the January issue of Macau Business magazine, now available at selected newsstand outlets in Macau, Hong Kong bookshops, by subscription and at partner hotels, restaurants, airlines and ferry carriers in Macau.