Morgan Stanley expects Macau's November gaming revenue to rise 12% year-on-year

AASTOCKS
2025.11.03 02:50

Morgan Stanley published a research report indicating that Macau's total gaming revenue in October was MOP 24.1 billion, an increase of 16% year-on-year and 32% month-on-month, far exceeding the market forecast of a 12% increase. Morgan Stanley expects total gaming revenue in November to rise by 12% year-on-year.

Morgan Stanley mentioned that the growth of Macau's gaming revenue is accelerating, with a year-on-year increase of 16% in the fourth quarter, compared to increases of 8% and 12.5% in the second and third quarters, respectively.

The firm stated that the FCFE yield generated by the gaming industry is between 7% and 11%, and dividends have also increased. The firm has given "Overweight" ratings to Wynn Macau (01128.HK), MGM China (02282.HK), and Melco Resorts & Entertainment (MLCO.US), and expects Sands China (01928.HK) to distribute higher dividends in the fiscal year 2027, which may drive up its stock price

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