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little river casino restaurantshe factors that could lift Macau equities in the back half of the year.With some countries in the Asia-Pacific still struggling to contain the coronavirus, Beijing is urging Chinese citizens to eschew international travel and consider domestic destinations, which could benefit Macau. However, some analysts also argue that Wynn Resorts (NASDAQ:WYNN) derives a significant portion of its Macau business from the premium mass segment, potentially buffering it against weakness in the VIP market.Morgan Stanley forecasts VIP and mass market revenue this year will reach 40 percent and 80 percent of 2019 levels, respectively.“VIP will continue to drag overall GGR down,” according to the bank.Waiting on Renewal ReratingThe research firm says concession retender concerns should abate this year with Macau authorities likely opting for a three-year re-upping from the 2022 expiration, which would remove some of the headwinds facing Macau gaming stocks, particularly the US-based companies.“We expect US-backed concessionaires to be re-rated higher if all licenses are extended,” said the Morgan Stanley analysts.The US-based Macau operators are LVS, Wynn, and MGM Resorts International (NYSE:MGM) via its MGM China unit. That’s provided they haven’t been to another country in the three weeks prior to their visit.VIPs, Junkets Still SluggishEchoing sentiments of other research firms, Morgan Stanley notes Macau’s high rollers business remains slack, and that mass and premium mass market players will have to do the heavy GGR lifting over the near-term.That scenario could be to the benefit of Galaxy Entertainment and Las Vegas Sands (NYSE:LVS), which are more tethered to mass market trends than rival operators. That’s because the special administrative region (SAR) recently imposed new travel restrictions on international visitors following the emergence of a new strain of coronavirus. 27 in Seattle. However, some analysts also argue that Wynn Resorts (NASDAQ:WYNN) derives a significant portion of its Macau business from the premium mass segment, potentially buffering it against weakness in the VIP market.Morgan Stanley forecasts VIP and mass market revenue this year will reach 40 percent and 80 percent of 2019 levels, respectively.“VIP will continue to drag overall GGR down,” according to the bank.Waiting on Renewal ReratingThe research firm says concession retender concerns should abate this year with Macau authorities likely opting for a three-year re-upping from the 2022 expiration, which would remove some of the headwinds facing Macau gaming stocks, particularly the US-based companies.“We expect US-backed concessionaires to be re-rated higher if all licenses are extended,” said the Morgan Stanley analysts.The US-based Macau operators are LVS, Wynn, and MGM Resorts International (NYSE:MGM) via its MGM China unit. resorts casino logo