American investment bank Morgan Stanley has painted a rosy picture for Macau casino operators’ earnings for the third quarter.

In a note it released on Friday, Morgan Stanley predicted that Macau casino operators’ collective earnings before interest, taxation, amortization, and depreciation (EBITDA) may have risen 5 percent year-on-year and 7 percent quarter on quarter.

This is the first year-on-year growth in quarterly earnings since the former Portuguese enclave has been afflicted by an economic malady as a result of Xi Jingping’s anti-corruption crackdown, according to the investment bank.

Morgan Stanley also taken into account in their recent note the openings of two new Cotai properties that opened on September 13 and on August 22 respectively, and that are promoted respectively by Sands China Ltd and Wynn Macau Ltd.