Priceline bookings closely correlate to Strip room rates
- Correlation between YoY change in Priceline's booked ADR and Strip ADR was 88% over the past 2 1/2 years
- Despite Priceline's warning about Q3 bookings and ADR, MGM management cited a recent improvement in consumer trends
- We remain skeptical of a Las Vegas Strip comeback this year and the long-term demographic picture may impede a return to peak metrics
