Sports, Recreation & Leisure (2.13) · Industry Index

Overview

Sports, Recreation & Leisure spans amusement parks and attractions, golf and country clubs, bowling and entertainment centers, outdoor recreation, spectator sports, youth sports, and shooting ranges. It is the experiential side of consumer spending, anchored by admissions, memberships, and participation fees. (Gyms and fitness now sit under Health & Wellness.)

The category recovered strongly after the pandemic, riding a sustained experiential-spending boom. Private equity is highly active in recurring-membership models (golf clubs, youth sports) and in consolidating experiential assets (eatertainment, marinas, campgrounds, ski resorts).

Market snapshot

Market size: ~$182B
Growth: ~4.9%CAGR (2017–22, nominal)
Companies: ~73,524 firms

Firms by employee count

83.7% of firms have fewer than 20 employees: 61,507 micro-businesses, below most mandates.

The investable universe12,016 firms with 20+ employees

20–99: 9,90282%
100–499: 1,66714%
500+: 4474%

Percentages are of the 20+ employee universe. 20–99 and 100–499 are the lower-middle market; 500+ is at scale.

The experiential-spending economy — admissions, memberships, participation fees — that rebounded hard after the pandemic. The investable action is segment-specific: spectator sports is a scarce-asset class, golf and outdoor recreation (ski, marinas) draw PE and REIT capital, and youth sports and eatertainment are active roll-ups. Two things hold the headline down — gyms and fitness, the largest recurring-membership segment, moved to Health & Wellness, and the count still spans largely-nonprofit cultural institutions (museums, historical sites) that don't trade.

NAICS 532284, 611620, 711211, 711212, 711219, 712110, 712120, 712130, 712190, 713110, 713120, 713910, 713920, 713930, 713950, 713990. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census.

Business model & economics

Revenue model

Memberships, admissions, participation fees, and concessions

Key economics

Revenue per firm: $2,470,098
Revenue per employee: $123,837
Employees per firm: 18.2
Recurring revenue: Moderate–High
EBITDA margin: 10–25%
Capex intensity: High

Characteristics

Balanced cost base — payroll is 36% of revenue, leaving room to scale margin without cutting staff
Deep strategic-buyer pool — 447 firms exceed 500 employees, so a scaled asset has trade buyers
Experiential-spending boom drives demand.
Recurring memberships prized in golf, youth sports, and clubs.
Capital-intensive assets (parks, clubs, marinas) consolidating.

NAICS 532284, 611620, 711211, 711212, 711219, 712110, 712120, 712130, 712190, 713110, 713120, 713910, 713920, 713930, 713950, 713990. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census.

M&A deal context

Deal activityHigh

Who’s acquiring

PE-backed leisure platforms
Experiential-asset consolidators
Franchise networks

What’s driving deals

Roll-ups in youth sports, eatertainment, and clubs.
Consolidation of marinas, campgrounds, and ski resorts.
Recurring-membership economics attracting capital.

Sports, Recreation & Leisure