However, the expansion of the U.S. game market will be "relaxed given record game revenue in 2021 and 2022," the agency said. "China has been a drag on the game recovery but will now help the broader hospitality recovery last longer," it added.

Moody's links to COVID-19 protocols for mainland China, Macau and Hong Kong in early January will nonetheless help drive earnings growth in the interest, taxation, depreciation and amortization (EBITDA) gaming industry worldwide.

"Game industry EBITDA will jump from 17% in 2022 to 20% to 25% over the next 12-18 months," Moody's predicted. 마사이트프로

"Macao's expected recovery and continued recovery in Singapore and other Southeast Asian regions are expected to show significant growth given the level of stagnation since 2020," the rating agency said.

In contrast, games, accommodations and restaurants in the United States are expected to "grow at a more modest pace in the coming months," it added.

But Moody's added a caution about leisure spending by ordinary consumers, including cruises, hotels and restaurants, as well as casinos, that "recovery is weakening."

Suppression factors worldwide included "an increasingly difficult economic environment characterized by high inflation and rising interest rates."

"For now, consumers are still spending money on leisure," Moody's said.

CRUISE SECTOR AND ASIA GAMING ARE DELAYING RECOVERY AFTER LONG-TERM COVID-RELATED RESTRICTIONS.

Moody's said, "These two sectors are still driving our hospitality forecasts for solid EBITDA growth of 16% to 20% over the next 12-18 months. But that's a downward revision to 25% from the previous forecast for 2023 as U.S. games, accommodations and restaurants have already circulated most of the recovery," it said.

It pointed out that risks are "speeding up in the face of a slowing global economy and increasingly uncertain prospects."