Graffito warning from 1597: "play here and die"

Make editor and publisher Dale Dougherty recently took this photo. He says:
Oldgraffito (Click on thumbnail for enlargement)

Here's some graffiti from the alley-side wall of a church in Dubrovnik.

In Latin, it reads: Pax Vobis Memento Mori Qui Ludentis Pilla. (1597) (My photo cuts off "mori".)

Translated it means: Peace be with you. Remember that you will die, you who play here.

Presumably it's a warning to those who play in the alley, perhaps from someone at the church.