South Korea’s foreigners-only casinos are expected to report a downturn in Q4 but the lone casino to accept local gamblers will continue to print money.

A new report by Morgan Stanley Research says South Korea’s 16 foreigners-only casinos will report depressed Q4 revenues thanks to the continued thinning of the herds of Chinese high-rolling gamblers that used to sweep majestically across Asian casino jurisdictions.

Morgan Stanley had previously projected that extra competition from the splashy new integrated resorts currently under construction in South Korea coupled with China’s worsening economy would “compress margins” at foreigners-only casinos between 2015 and 2018.

In a report issued on Friday, the analysts take an equally pessimistic view of the short term. Paradise Co Ltd, the country’s largest foreigners-only casino operator, is expected to report Q4 revenue up 5% year-on-year, although the analysts cautioned that this was due to an “abnormally high hold rate” at its gaming tables, as total betting turnover is believed to be down 25% (and Chinese VIP turnover down 39%).