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Takeaway: Paying attention to slot metrics from the latest Strip data, Vegas has a ways to go before it's truly back on track.

Nevada’s July revenue data is set to drop next week and at first glance, gaming revenue will look strong. This would normally be a positive after continuously tepid numbers coming out of Las Vegas over the summer. But ultimately, our Gaming, Leisure and Lodging team believes slots are the most important metric that reflects Vegas growth and we expect another decline in the numbers on a year-over-year basis.

Slot data has been negative since April and July should represent the fourth straight month of consecutive declining slot volume in a period where the Vegas strip should be recovering. That certainly doesn’t work in favor for companies with high exposure to Vegas numbers like MGM Resorts (MGM).

STRIPPING: Is Las Vegas Back On Track?  - July Vegasstrip