Core Viewpoint - Morgan Stanley's research report indicates a slight decline in profit margins for the Macau gaming industry in Q4 2025 due to unfavorable business mix changes (higher proportion of VIP customers) and increased operating expenses [1] Industry Summary - The average adjusted property EBITDA for the industry is expected to increase by 4% quarter-on-quarter and 13% year-on-year in Q4, aligning with market expectations [1] Company Summary - Morgan Stanley is optimistic about Galaxy Entertainment and Sands China, both rated "Overweight" [1] - The rating for Melco Resorts China was downgraded to "In Line with the Market" in December due to high royalty expenses [1] - A "Underweight" rating was assigned to SJM Holdings [1]