According to a report published by Morgan Stanley, Macau's gambling revenue is in line with expectations and better than market expectations. However, the EBITDA performance has not met expectations and has been revised downward since October 2023.

According to the report, based on data from the first two months of the second quarter, it seems that Galaxy Entertainment (00027.HK) has increased its market share, while Wynn Macau (01128.HK) seems to have lost some market share. The bank remains bullish on MGM China (02282.HK) and Melco Resorts & Entertainment (MLCO.US) performance in the second quarter, but expects good performance from Galaxy Entertainment in the near future.

Although MGM China's market share trend is weaker, the bank's full-year EBITDA forecast is still 5% higher than market expectations, which is believed to support the stock price. The bank is also bullish on Melco Resorts & Entertainment, which has shown positive mid-market share trends in the second quarter and will benefit from attractive valuations and deleveraging.