According to a research report from Morgan Stanley, Macau's gaming industry continues to show robust revenue growth despite global geopolitical concerns and weak consumption growth in China. The firm projects a 13% year-on-year increase in revenue for the first quarter of 2026 and expresses optimism regarding the performance of Sands China Ltd (01928) and Wynn Macau (01128) ahead of their Q1 earnings releases. Although both companies demonstrate strong free cash flow and high dividend payout ratios, market attention remains focused on potential downward revisions to profit expectations.