Abstract: It's not necessarily an axiom that stalled economic growth and consumers with less disposable income mean hard times for the casino, lodging, time-share, and fitness club industries. After all, gaming is often considered recession resistant. Lodging can usually rely on global diversification or on business travelers who keep booking rooms even when tourism slips. Timeshare sales have enjoyed year-over-year increases since the early 1990s. And fitness clubs have posted several consecutive years of 10% annual growth in new facilities. This time may be different, however. Current and projected economic conditions are looking more and more likely to create unavoidable difficulties for these industries. Gaming, for instance, skirted through the last U.S. recession, but cash-strapped consumers have already pushed the industry

Brief Excerpt: RESEARCH Ratings Definitions Issuer Ranking: U.S. Gaming, Lodging, And Leisure Companies, Strongest To Weakest Publication date: 02-Oct-2008 Primary Credit Analyst: Craig Parmelee, CFA, New York (1) 212-438-7850; craig_parmelee@standardandpoors.com...

Report Type: Commentary
Sector: Aerospace & Defense, Asset-Backed Securities, Automotive, Capital Goods, Collateralized Debt Obligations, Commercial MBS, Consumer Products, Corporations, Financial Institutions, Global Issuers, High Technology, Hotel & Gaming, Media & Entertainment, Public Finance, Real Estate Companies, Structured Finance, Telecommunications & Cable
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 S&P Credit Research
S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.