Core Viewpoint - Morgan Stanley's research report indicates a significant potential upward trend in Macau's gaming revenue, with October's total revenue possibly reaching 23 billion MOP, marking a 71-month high [1] Group 1: Gaming Revenue Insights - As of October 26, Macau's gaming revenue reached 20.4 billion MOP, with an average daily revenue of 785 million MOP, showing an acceleration to 793 million MOP in the previous week [1] - The report suggests that the increased revenue may reflect pent-up demand during the Golden Week, as many players shortened their trips due to the typhoon and Mid-Autumn Festival [1] - Morgan Stanley forecasts that starting from December, gaming revenue is expected to record double-digit growth, maintaining low double-digit increases in the first quarter of next year [1] Group 2: Company Ratings - Morgan Stanley has a positive short-term outlook on Wynn Macau, assigning an "Overweight" rating, anticipating that its third-quarter performance may exceed expectations [1] - The firm also maintains an "Overweight" rating on Galaxy Entertainment, indicating a favorable mid-term outlook [1] - Conversely, Morgan Stanley is less optimistic about SJM Holdings and Melco International, assigning "Neutral" and "Underweight" ratings respectively, citing their valuations as high relative to fundamentals and limited shareholder returns over the next 12 months [1]

Core Viewpoint - Morgan Stanley's research report indicates that Macau's gaming revenue in August increased by 12% year-on-year, aligning with the bank's and market expectations [1] Group 1: Revenue Growth - After three consecutive months of double-digit growth, the operating leverage is expected to start playing a role in the second half of the year, driving margin expansion and profit correction [1] - The bank anticipates a 16% year-on-year growth in gaming revenue for September, suggesting a 16% year-on-year increase for the third quarter [1] Group 2: Company Ratings - Morgan Stanley has assigned "Overweight" ratings to Sands China, MGM China, Wynn Macau, and Melco Resorts [1]