Ge Long Hui·2025-10-14 03:14Core Viewpoint - Morgan Stanley forecasts a 9% year-on-year growth in Macau's gaming industry EBITDA for Q3, with a 12.5% increase in gaming revenue, but anticipates a decline in overall EBITDA margin both year-on-year and quarter-on-quarter [1] Industry Summary - Q3 EBITDA growth is projected at 9% year-on-year [1] - Gaming revenue is expected to rise by 12.5% [1] - Overall EBITDA margin is anticipated to decline compared to both the previous year and the previous quarter [1] - Q4 gaming revenue is expected to grow by over 10% year-on-year [1] - The industry's EV/EBITDA forecast stands at 10 times, below the 15-year average of 12.8 times, which may help Macau gaming stocks outperform the market [1] Company Summary - Morgan Stanley is optimistic about Wynn Macau due to its increasing market share, high yield, and attractive valuation [1]