A perceived improvement in relations between the U.S. and China should have a positive impact on gaming operators in Macau, financial services firm Morgan Stanley said in a note.

Macau News Agency reported that the prospect of resolving conflicts between the two economic powerhouses, after talks at the G20 Summit last weekend, was one factor that boded well for stock prices of the casino concessionaires, whose licenses are set to expire from 2020 to 2022.

“The potential positive outcome as it relates to trade tensions between China and US could boost sentiment and, thus, drive valuation multiples. We think these should remove overhang from concession renewal, even though there is no direct revenue/cost impact,” the Morgan Stanley note read.

For the last couple of months, both countries had threatened the raising of tariffs on imports from the other country by January 1, 2019, with U.S. President Donald Trump suggesting $200 billion worth of Chinese imports affected. A meeting with his Chinese counterpart Xi Jingping at the G20 event led to Trump tweeting, “President Xi and I have a very strong and personal relationship. He and I are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations.” He also hinted at a “meaningful halt” to a “major and uncontrollable Arms Race” in collaboration with Xi and Russian President Vladimir Putin.