Measuring the Reopening of Lodging, Leisure and Gaming

Goldman Sachs Research evaluated 28 gaming, lodging, and leisure stocks against a new recovery framework, achieving a 32% outperformance over the S&P 500 driven by strong forward bookings and a $1.3 trillion influx of consumer savings. Analysts cite China's travel normalization as a leading indicator that U.S. activity will undergo a significant step-function shift by mid-year following broad vaccine distribution. The firm concludes that while the sector faces long-term structural changes like the "bleisure" trend and digital transformation, current valuations remain attractive relative to the broader market's recovery potential.