On July 16, Morgan Stanley's research report pointed out that the gambling revenue in Macau's first 14 days of July was 8.3 billion Macau patacas, equivalent to a daily revenue of 0.593 billion Macau patacas, and the average daily gambling revenue in the second week increased by 15% to 0.635 billion Macau patacas per week, mainly due to the gradual reflection of summer demand. The bank pointed out that with the end of the European Cup in the early morning of Monday Hong Kong time, the next few weeks are expected to enter the peak summer vacation season, and gambling revenue will gradually improve. According to segmented markets, the bank expects that the mid-market gambling revenue from this month to date will be 105% to 110% of the pre-epidemic level, while the VIP room will be around 20% to 26%. The bank pointed out that because the start of this month was slow, it is expected that Macau's gambling revenue in July will be around 18.5 billion Macau patacas, lower than the market's initial expectation of more than 19 billion Macau patacas. Morgan Stanley stated that the valuation of Macau gambling stocks is cheap, especially considering that a large part of the enterprises engaged in the consumption and leisure industry in the Mainland face limited risks. However, the bank pointed out that there is currently no short-term catalyst to drive stock price reassessment, and investors should focus on long-term bullish factors or special opportunities related to performance adjustments. The bank's preference order for Macau gambling stocks remains unchanged, with MGM China, Wynn Macau, Sands China, Silver Heritage, Galaxy Entertainment, and Melco Resorts & Entertainment.