2026 Gaming, Lodging, and Leisure Outlook (2/2)
David Bussey, CFA: Senior Analyst, Leisure - 糖心视频
Kyle Morgan: Analyst - 糖心视频
Nicholas Chen: Analyst, East Asia Corporates - 糖心视频
15 January 2026
Insights into 2026 Gaming, Lodging, and Leisure Outlook (2/2), including:
- Comprehensive Sector Coverage: Explore 糖心视频’ 2026 Gaming, Lodging, and Leisure Outlook featuring in-depth credit analysis of 25+ companies across casino operators, hotel franchisors, cruise lines, travel platforms, and gaming REITs with detailed financial metrics and leverage trajectories.
- Casino Operator Financial Intelligence: Access critical credit data for major gaming companies including MGM Resorts, Caesars Entertainment, Wynn Resorts, Las Vegas Sands, Boyd Gaming, and Penn Entertainment, with comprehensive EBITDA margins, FCF generation, and regional performance insights across Las Vegas, Macau, and U.S. regional markets.
- Hotel & Lodging Credit Analysis: Unlock detailed financial assessments of asset-light hotel operators including Marriott, Hilton, Hyatt, Wyndham, and Choice Hotels, featuring RevPAR trends, capital allocation strategies, gross and net leverage ratios, and portfolio composition across economy, midscale, and upscale segments.
- Cruise Line Deleveraging Trajectories: Navigate the cruise sector recovery with comprehensive leverage analysis for Carnival, Royal Caribbean, and Norwegian Cruise Line, including deleveraging paths, capacity expansion plans, ship delivery schedules, and return to investment-grade rating strategies.
- Detailed Credit Metrics & Liquidity Profiles: Leverage actionable insights with complete financial tables featuring LTM revenues, adjusted EBITDA, EBITDA margins, free cash flow, gross/net leverage ratios, interest coverage, liquidity positions, and debt structures for every covered issuer across gaming, lodging, and leisure sectors.
Executive Summary
For part 2 of our 2026 Gaming, Lodging, and Leisure Outlook we focus on relative value and discuss our top picks and pans across the sub-sectors and how to play names in both IG and HY.
U.S. Casino Operators
MGM is exposed to the recent softening in Las Vegas. Fortunately, its higher-end Strip properties have held up nicely, and the company benefits from exposure to regional markets, Macau, and the high-growth online gaming space. We also like management鈥檚 approach to capital allocation and business development,including a greenfield development in Osaka 鈥� which we view as manageable in the context of MGM鈥檚 FCF. While yields on MGM鈥檚 2032s (trading to a 2029 workout) are ~18 bp inside of CZR鈥檚 2029s (trading to maturity), we favor MGM鈥檚 internal growth prospects and see less event risk surrounding its online gaming business.
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