Despite Macau’s promising recovery, Chief Executive Fernando Chui is keeping his expectations low for the city state’s gambling revenue next year.

In October, the world’s biggest casino hub posted an 8.8 percent year-on-year increase to MOP21.82 billion (USD2.73 billion)—its best month since January 2015, when GGR totaled MOP23.84 billion. It also marked that third consecutive month of year-on-year growth for Macau, which recorded its first growth in August after 26 straight months of decline.

The government, however, is not budging from its conservative forecast for 2017, despite the casino industry’s steady recovery. Chui, in particular, is sticking with his expectations that the economy will “grow by low single-digits in 2017.”

At a briefing in Macau, the chief executive said his revenue target of MOP200 billion (USD25 billion) for 2017 remains unchanged.