Morgan Stanley said in a note Monday that large institutional investors have increased their allocation of U.S. gaming stocks in the first quarter compared with the final quarter of 2016, pointing out that Wynn and Las Vegas Sands were favorites due in part to "greater optimism on Macau." Even so, Morgan Stanley said, "Wynn's institutional ownership remains relatively low vs. historical levels." Wynn's stock is already up more than 44 percent this year, making it the top performer among the U.S.-based casino giants.