Slot volume is the metric we watch closely - and growth is accelerating
- Nevada numbers are out and slot handle gained 1% YoY in April, with the 3-month rolling trend on track to break out to the upside this summer
- We believe May will start off a string of growth months for Vegas slot volume
- Due to unfavorable demographics, we still believe the long-term trend is negative. However, better near-term results should boost sentiment.
- MGM is the obvious trade on the long side on the data. MGM's strong Macau ramp should also contribute to higher near-term estimates.
