Our recent research trip to Las Vegas found that the US gaming market remains in good shape, with gross gaming revenue at casinos growing at around 2-3% pa, which is within our expectations. The replacement cycle of gaming machines, another key indicator of the sector’s health, looks flat to being marginally up for the year, with around 50-55,000 units having been sold. Can Aristocrat Leisure continue to build on the momentum from the past two years and use its competitive advantage to grow earnings and increase market share in the US? (VIEW LINK)