{"id":777039416,"date":"2026-03-19T10:10:13","date_gmt":"2026-03-19T13:10:13","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777039416"},"modified":"2026-04-21T13:19:20","modified_gmt":"2026-04-21T16:19:20","slug":"morgan-stanley-revises-outlook-for-macau-gaming-sector-amid-ggr-slowdown","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/morgan-stanley-revises-outlook-for-macau-gaming-sector-amid-ggr-slowdown","title":{"rendered":"Morgan Stanley revises outlook for Macau gaming sector amid GGR slowdown"},"content":{"rendered":"\n

The brokerage has shifted its sector rating from \u201cAttractive\u201d to \u201cIn-Line.\u201d<\/p>\n\n\n\n\n\n\n\n

Macau.- Morgan Stanley has lowered its outlook on Macau\u2019s gaming stocks, projecting that GGR will rise by 6 per cent and EBITDA by 2 per cent in 2026. In a report released on Wednesday, it shifted its sector rating from \u201cAttractive\u201d to \u201cIn-Line\u201d due to expectations that year-on-year GGR growth will slow from May and that EBITDA growth will turn negative in the second and third quarters of 2026.<\/p>\n\n\n\n

Morgan Stanley analysts attributed the downgraded view to several factors, including softness in base mass play, elevated promotional allowances and ongoing non-gaming expenses. Despite the softer outlook, it believes Macau\u2019s casino GGR will outperform both Singapore and Las Vegas, where growth is expected to reach around 1 per cent. <\/p>\n\n\n\n

Regarding individual equities, Morgan Stanley highlighted Sands China and Melco International Development as preferred options, citing stronger growth prospects and expected market gains.<\/p>\n\n\n

\n\t\t\tSee also:<\/span><\/p>\n
\n\t\t\t\t\"\"<\/p>\n

\n\t\t\t\t\tSee also:<\/span> Macau daily gaming revenue averages US$87.4m in March, UBS says<\/a>\n\t\t\t\t<\/p>\n<\/p><\/div>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

The brokerage has shifted its sector rating from \u201cAttractive\u201d to \u201cIn-Line.\u201d<\/p>\n","protected":false},"author":2395,"featured_media":7865,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Morgan Stanley has downgraded its sector rating for Macau's gaming stocks from \"Attractive\" to \"In-Line,\" projecting a slowdown in GGR growth and negative EBITDA growth for Q2 and Q3 2026. This revised outlook is attributed to softness in base mass play, elevated promotional allowances, and non-gaming expenses. Despite the downgrade, Macau's casino GGR is still expected to outperform Singapore and Las Vegas, with Sands China and Melco International Development highlighted as preferred equities.","focusai_entities":"Morgan Stanley, Sands China, Melco International Development, UBS","focusai_location":"Macau, Singapore, Las Vegas","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.9), investor_analyst (1.0), journalist_researcher (0.8)","focusai_suggestions":[{"label":"Macau GGR Drivers?","query":"What specific factors are driving the projected slowdown in Macau's GGR growth from May 2026, and how do these compare to previous analyst expectations?"},{"label":"Operator Impact?","query":"How might the projected negative EBITDA growth in Q2 and Q3 2026 specifically impact the capital expenditure and dividend policies of major Macau integrated resort operators?"}],"footnotes":""},"categories":[16338,163],"tags":[29,24619,257],"class_list":["post-777039416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-casino","tag-finance","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777039416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2395"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777039416"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777039416\/revisions"}],"predecessor-version":[{"id":777039426,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777039416\/revisions\/777039426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/7865"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777039416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777039416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777039416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}