Investors who bet on the Philippine casino industry may heave a sigh of relief after the “cannibals” failed to show up after Okada Manila opened recently.

Analysts from Morgan Stanley downplayed the possible cannibalization of the Philippine casino market due to a new supply of venue space as the Southeast Asian island nation rides on strong tourist arrivals and a vibrant and dynamic economy.

In the near term, the international brokerage said in its note on Thursday that potential cannibalization of the Philippine casino is “not a concern.”

“We are not concerned about cannibalisation, which is not visible in the second quarter. Strong tourist arrivals and the NAIA Expressway have brought in more Chinese and Filipino mass customers from cities outside of Manila respectively,” Morgan Stanley analysts Alex Poon and Praveen Choudhary said.