During the month of July, the Index fell 6.1 points, or 1.7%, as all its casino operators posted double-digit declines in stock value by the close of July compared to their opening-month values. More dramatic devaluations were reported toward the end of the month, suggesting the Index's value could decline in August as well, Applied Analysis principal Brian Gordon tells GlobeSt.com.

The 1.7% decline was in contrast to the S&P 500 daily average increase of 0.6% during the month. However, the Index remains up 11.6% over the same month of the prior year, outpacing the broader market. The S&P 500, when computed on a similar basis, was up a more modest 3.1%.

Applied Analysis principals Brian Gordon and Jeremy Aguero say investor concerns were heightened by sustained increases in fuel prices, speculation of shifts in industry fundamentals and increasing supply in the local's gaming sector, according to the report. "We attribute much of the sector's stock performance to a modest correction following relatively recent record-setting financial and stock performances," states the report. "Valuations and fundamentals expanded heavily during the six months following the shakeout from a post-hurricane season in the fall of 2006."