The good news is that six out of nine gaming companies posted stock values ahead of where they started the month, a signal that declines may be flattening, and that the gaming index remains 10.2% ahead on a year-over-year basis. The Index's year-over-year performance doubled that of the S&P 500, which experienced a more modest 5.1% increase.

The continued decline in the Index is being contributed to profit taking by investors. The companies' stock performance late in the month, however, suggests some investors believe there is upward mobility in prices, according to Applied Analysis principals Brian Gordon and Jeremy Aguero.

"Recent softness in overall visitation growth estimates by the Las Vegas Convention and Visitors Authority has caught our attention," states the analysis that accompanies the data. Overall, however, "fundamentals within the industry remain stable, with the majority of key indicators pointing toward continued strength in the travel and tourism industry."