Gaming, Lodging and Real Estate: TWA #26/2026: Weak Macro; Result Preview

Research evidence excerpt

Gaming, Lodging and Real Estate: TWA #26/2026: Weak Macro; Result Preview

Idea

June 26, 2026 04:56 PM GMT

Morgan Stanley Asia Limited+MGaming, Lodging and Real Estate | Asia Pacific Praveen K Choudhary

Equity Analyst

TWA #26/2026: Weak Macro; Praveen.Choudhary@morganstanley.comDan Chee +852 2848-5068

Dan.Chee@morganstanley.com +852 2239-1227

Result Preview Morgan Stanley India Company Private Limited+

Monica Dasoju

Weak June Macau GGR (due to World Cup) could mean lower Equity Analyst

Monica.Sharma@morganstanley.com +91 22 6118-1154

Industry EBITDA (especially for Sands), but is the valuation

Morgan Stanley Asia Limited+

compelling? Rate hike expectation and HSI underperformance is Anson Lee, CFA

hurting HK property stocks, but will earnings change that? We Research Associate

Anson.Lee@morganstanley.com +852 2239-7435

host India property companies on 29th June (Mon).

Why read this note? We answer these relevant questions inside:

Q#1: Gaming: We have published our early take on 2Q EBITDA expectations (MGM/ Hong Kong/China Multi-Industry

Wynn better than consensus, while Sands is lower). How will it change with Asia Pacific

Industry View In-Line

weaker-than-expected June GGR?

Hong Kong/Macau Gaming

Asia Pacific

Q#2: HK Property: What do we expect from the result season? The first two Industry View In-Line

companies reporting are HK Land and Hang Lung Properties (end-July). Do we ASEAN Gaming

expect EPS and DPS decline? Asia Pacific

Industry View Cautious

Hong Kong Property

Q#3: HK Property: Why are HK property stocks underperforming recently? Rates,

Regulation, Index performance or Physical market? Industry View Attractive

Hong Kong/China Leisure & Lodging

Q#4: Asia hotels: Why is South Korea's RevPAR up 21% YoY in May-2026? Asia Pacific

Industry View Attractive