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Gaming, Lodging, & Leisure

Global Home > Gaming, Lodging, & Leisure

Revenue Diversity Key to Tencent's Resilience as China Slows

Tencent is relatively well positioned to deal with macroeconomic headwinds and competitive threats in China's internet sector due to its solid market leadership in multiple internet segments, large economies of scale and greater revenue diversity.

webinar

Gaming & Leisure Outlook: Investor Roundtable Takeaways

Now Available On-Demand

Please join us for a webinar discussion on the gaming and leisure sectors.

 

Speakers:
Alex Bumazhny – Senior Director, Gaming, Lodging & Leisure
Colin Mansfield – Director, Gaming, Lodging & Leisure
 

Listen Now

UK Pub and Leisure WBS Vulnerable to No-Deal Brexit

UK pub and leisure issuers are vulnerable among whole business securitisations (WBSs) to a no-deal Brexit due to revenue and cost pressures. Short-term shocks are likely to be offset by stockpiling, comfortable liquidity positions and balance sheet flexibility, but a dampening effect on the UK economy could hurt UK WBS issuers in the medium and long term.

Airbnb/HotelTonight Hastens Alternative, Hotel Convergence

Airbnb's planned acquisition of HotelTonight highlights the convergence of alternative and traditional lodging and the use of M&A to build out online travel agency platforms. We view Airbnb as a potential disruptor for traditional operators in global lodging and leisure but do not expect the online lodging marketplace's growth to affect credit profiles. 

rating action

Downgrade: Thomas Cook to 'B'; Outlook Negative

The downgrade reflects prolonged operating weakness at TCG, as we expect price pressure to continue, prompted by the knock-on effect of an exceptionally warm summer of 2018 on bookings for the current year. 

CNBC

Are casino stocks worth taking a gamble on?

Alex Bumazhny of Fitch Ratings says legalized sports betting in states such as New Jersey likely won't be a big revenue driver for casinos, and that slot machines are the real cash cow.

Bloomberg Radio

2019 May be an Uncertain Year For Macau Casinos

Alex Bumazhny, Senior Director at Fitch Ratings, joined Rishaad Salamat and Doug Krizner on Bloomberg Radio’s Daybreak Asia to discuss the outlook for the gaming sector in 2019. He started with a look at Macau, discussed growth in non-gaming revenue and the competition it faced around Asia.

Rating Criteria & Sector Companions

Master methodology covers financial adjustments and corporate structures.  More details appear in sector-specific companions:

GVC Expected Ratings Incorporate UK Betting Terminal Cap

The UK government's plan to cut the maximum stake on fixed-odds betting terminals to GBP2 from GBP100, announced yesterday, could put pressure on the credit profiles of many UK gaming companies as their revenues and margins will be likely to fall.

Regulatory Respite for US Regional Gaming Markets

The supply-demand dynamic in gaming states is static as they limit the number of gaming licenses. In some states without license limits (Iowa and Mississippi) entry barriers are high; including a difficult licensing process, high development costs and long timeframes for ramping up - in markets that are already saturated. 

Ladbrokes Coral's 'BB' IDR and Senior Unsecured Note Rating on RWP

The rating actions follow the announcement that the board of Ladbrokes Coral has agreed to a takeover of the group by GVC Holdings plc, and the launch of a consent solicitation process for the group's outstanding bonds by Ladbrokes Coral. 

Contacts

Business ENQUIRIES

Jill Zelter

Global Group Head & North America

Business ENQUIRIES

Anjali Sharma

Europe, Middle East, Africa

Business ENQUIRIES

Kathleen Fuentes Holtzman

Latin America

Business ENQUIRIES

Sing Chan Ng

Asia-Pacific

Banker ENQUIRIES

Matthew de Mendonca

North America

Banker ENQUIRIES

Sean Costello

Europe, Middle East, Africa

Investor ENQUIRIES

Aymeric Poizot

Global Group Head & Europe, Middle East, Africa

Investor ENQUIRIES

Ian Rasmussen

North America

Investor ENQUIRIES

Frank Laurents

Latin America

Investor ENQUIRIES

Helen Wong

Asia-Pacific

ANALYTICAL ENQUIRIES

Alex Bumazhny

North America

ANALYTICAL ENQUIRIES

Joe Bormann

Latin America

ANALYTICAL ENQUIRIES

Pablo Mazzini

Europe, Middle East, Africa

ANALYTICAL ENQUIRIES

Kalai Pillay

North Asia

ANALYTICAL ENQUIRIES

Vicky Melbourne

South Asia

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