The worst has yet to come in China’s ailing gaming hub.

Global investment bank Morgan Stanley is bracing itself for Macau casino’s second quarter operating results which they predicted to be “the worst quarter in the last five years.”

Even before casinos start reporting their second quarter earnings this month, analysts at Morgan Stanley it is already anticipating the worst for this former Portuguese colony.

“Weak second quarter revenue is well understood, but will result in negative earnings revisions for 2016,” Analysts Praveen Choudhary, Alex Poon, and Thomas Allen said in a research note, according to GGRAsia.