Core Viewpoint - Morgan Stanley forecasts that Macau's gaming revenue in Q4 is expected to grow by 17% year-on-year, with industry EBITDA projected to increase by 15%, surpassing market expectations [1] Industry Summary - The forecast indicates that Q4 and Q1 of the following year will still see double-digit growth in gaming revenue, supported by potential increases in dividends for gaming companies [1] - Q4 EBITDA for gaming operators is expected to grow by 15% quarter-on-quarter and 6% year-on-year, despite high operating expenses, with potential improvements in profit margins [1] Company Summary - Morgan Stanley continues to favor MGM China (02282) and Galaxy Entertainment (00027) as top picks, anticipating that Q4 performance will drive upward revisions in market earnings forecasts [1] - For Galaxy Entertainment, a "Market Perform" rating is given, primarily due to its lower dividend yield and higher enterprise value multiples, with a target price reduced from HKD 44 to HKD 43 [1] - Sands China (01928) is striving for greater market share, and with potential for dividend doubling, it receives an "Overweight" rating, maintaining a target price of HKD 23 [1]