大摩：美高梅中国明年牌照费升至每月收益3.5%，EBITDA或按年降5%

Group 1 - The core point of the article is that starting next year, MGM China will increase the license fee paid to its parent company, MGM International, from 1.75% of monthly gross gaming revenue to 3.5% [1] - The new license fee for MGM China is expected to be HKD 1.2 billion next year, compared to HKD 600 million this year [1] - Morgan Stanley forecasts that MGM China's EBITDA may decline by 5% year-on-year next year, with a contraction in profit margin of 220 basis points [1] Group 2 - Despite the changes, Morgan Stanley maintains a constructive outlook on Macau gaming stocks [1]