Nevada taxi trips fell again in October
- The number of Nevada taxi trips declined 3.3% in October 2013 despite the easiest comp of the year
- Visitation to Las Vegas, which has a 0.86 correlation to NV taxi trips, could be weak in October
- Taxi trips also has a 0.60 correlation with non-baccarat table volume
- While MGM has the sell side focused on the strength of Q1 RevPAR, Q4 is looking increasingly soft. We remain concerned surrounding the health of the underlying Strip gaming metrics, particularly slot volumes.