Core Viewpoint - Morgan Stanley expresses concerns over the profitability pressure from promotional activities in Macau casinos, despite a moderate performance during the Lunar New Year and ongoing hopes for a spring effect in the casino sector [1] Group 1: Industry Performance - Macau's gaming revenue is performing better than other Chinese consumer stocks, with no risks related to artificial intelligence [1] - Total gaming revenue is expected to see low single-digit growth year-on-year this month, with a projected 13% year-on-year growth for the first two months of the year [1] Group 2: Visitor Trends - Strong growth in the number of visitors to Macau is noted, but there is a decline in per capita spending [1] - There is a bottleneck in hotel room supply, which may impact overall visitor experience [1] - The average age of gamblers is decreasing over time [1] Group 3: Company Preferences - Morgan Stanley favors Galaxy Entertainment (00027) as an industry representative and Sands China (01928) for its high dividends [1] - Wynn Macau (01128) and Melco Resorts (MLCO.US) are considered undervalued, while SJM Holdings (00880) may experience significant EBITDA fluctuations by 2026 [1]