Zhi Tong Cai Jing·2025-10-14 07:21Core Viewpoint - Morgan Stanley forecasts a 9% year-on-year increase in Macau's gaming industry EBITDA for Q3, with gaming revenue expected to rise by 12.5%. However, the overall EBITDA margin is anticipated to decline both year-on-year and quarter-on-quarter [1] Industry Summary - The gaming industry in Macau is projected to see a year-on-year EBITDA increase of 9% for Q3 [1] - Gaming revenue is expected to grow by 12.5% in the same period [1] - The overall EBITDA margin is expected to decline compared to both the previous year and the previous quarter [1] - For Q4, gaming revenue is anticipated to grow by over 10% year-on-year [1] - The industry's EV/EBITDA forecast for this year is 10 times, which is lower than the 15-year average of 12.8 times, potentially allowing Macau gaming stocks to outperform the market [1] Company Summary - Morgan Stanley is optimistic about Wynn Macau (01128) due to its increasing market share, high yield, and attractive valuation [1]