News of the slight growth in Macau’s gross gaming revenue recently ignited a faint glimmer of hope that the city state’s $29 billion casino industry is finally rebounding after 26 straight months of decline.

Well, not so fast, according to billionaire Lui Che-Woo.

The chairman of Galaxy Entertainment Group told Bloomberg News that “it’s still too early to say” if Macau is rebounding, despite the city state eking a 1.1 percent growth in August to reach a GGR of MOP18.8 billion (USD2.4 billion).

“While Macau’s gambling industry has hit the bottom, it’s still too early to call it a recovery,” the 87-year-old casino mogul told the news agency.