Team needs to move about 400k net (125 over and 275 bonus from last season) in a few weeks to be compliant even with a taxi squad. With a twenty man roster.
It's possible there's some cap gymnastics they could do by waiving Holden and putting him on the taxi squad and still playing him a majority of the games (unclear as those days he would count fully on the roster) but everything would be super tight.
Some trade probably has to happen in a month or so to feel comfortable and possibly take advantage at the deadline of a team out of the playoffs and looking ahead to the expansion draft. But they aren't so desperate that they can't swing a decent deal if the player traded is a good player.
Edit:
Crunching the numbers some on cap friendly it seems Vegas could send Holden and Fleury through waivers for the taxi squad and probably open enough room to account for some amount of IR that players are bound to need.
So the team could possibly get through the season without a trade, but would probably prefer if they could swing a deal that makes sense.
Should mean Marchessault or Pacioretty should return nice trade piece, if they do get traded, because Vegas doesn't have to do it.