Macau may have found its footing this month after tripping on a lower gross gaming revenue (GGR) in May, according to the latest Morgan Stanley note.

The city state’s GGR fizzled by as much as 12.1 percent with Macau casinos raking in MOP25.49 billion (US$3.15 billion) in May. In terms of month-on-month comparison, Macau’s May 2018 GGR growth was lower than the 27.6 percent it posted in April 2018.

The May GGR slowdown was attributed to the fall in mass market numbers, which was partially due to the mid-month mainland police busts of currency exchange shops at the Gongbei border. The market may have also taken a breather after 22 months of growth.

Fortunately, Macau’s GGR weakness in May appears to have been only temporary.