Gross gaming revenues of Philippine casinos will bounce back in July following the June 2 Resorts World Manila rampage that left 38 people, including the gunman, dead.

In a note it issued on Saturday, International brokerage Morgan Stanley Asia Ltd. pointed out that the tragic incident in RWM will only have a short-term, negative impact on Philippine casinos. It’s a different story, however, for RWM which it says to have difficulty recovering.

“GGR growth in July should rebound from [the] 5 percent to 10 percent [experienced] year-on-year in June,” Morgan Stanley analysts Alex Poon and Praveen Choudhary pointed out. “Resorts World Manila reopened on June 29, and we expect business for the overall market to recover in July, but Resorts World Manila could see difficulty recovering its lost share completely.”

Last month, state regulator Philippine Amusement and Gaming Corporation admitted that the suspension of the gaming license of casino operator Travellers International Hotel Group, Inc. has put a dent on the state-regulator’s target revenue for the year.