大摩：料澳门第三季博彩收入同比增12.5% 看好永利澳门

Core 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, it anticipates a decline in overall EBITDA margin both year-on-year and quarter-on-quarter [1] Group 1: Industry Outlook - The gaming revenue in Macau is projected to grow by over 10% year-on-year in Q4 [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 aiding Macau gaming stocks to outperform the market [1] Group 2: Company Focus - Morgan Stanley is optimistic about Wynn Macau (01128) due to its increasing market share, high yield, and attractive valuation [1]