• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

Takeaway: MGM and PCLN commentary not matching up despite historical correlation

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

CHART DU JOUR: PRICELINE AND LV - PCLN