Morgan Stanley issued a research report stating that Macau's August gaming revenue grew 12% year-on-year, in line with both the bank's and market expectations. The investment bank noted that after recording double-digit growth for three consecutive months, operating leverage is expected to begin taking effect in the second half of this year, driving margin expansion and earnings revisions. Morgan Stanley forecasts September gaming revenue will increase 16% year-on-year, implying third-quarter growth of 16% compared to the same period last year. The bank maintains "Overweight" ratings on Sands China Ltd (01928), MGM China (02282), and Wynn Macau (01128).