S&P Global – Hotels, Gaming and Leisure Industry Credit Outlook 2025

The report by S&P Global "Hotels, Gaming and Leisure Industry Credit Outlook 2025" examines the economic factors influencing the sector's credit landscape. The report highlights significant policy uncertainty affecting discretionary travel and leisure spending amid potential tariffs and labor constraints. The global gaming market faces varied challenges, with Macao's mass gaming market projected to grow 5%-6% in 2025 due to a strong mass market segment. However, regional gaming revenue in Las Vegas may be pressured by a slowing economy. The lodging sector sees modest RevPAR improvements in the U.S., while European hotel owners face higher costs. The cruise industry benefits from forward bookings at higher prices. Key risks include M&A activities and regulatory changes, which could impact credit ratings negatively.