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Gaming Index Declines for Third Straight Month

LAS VEGAS-The good news is that the index is still up 10% on a year-over-year basis and that most of the nine companies ended August better than they started, a sign that the angle of descent may be flattening.

By Brian K. Miller | Updated on September 07, 2006

LAS VEGAS-The Applied Analysis Gaming Index posted its third consecutive month of decline, dropping by 16.3 points, or 4.6%. The locally based research firm’s Index tracks the stock prices of nine casino companies with significant operations in Nevada. Since hitting 379.3 in May 2006, the high-water mark since it was launched in 1998 with a value of 100, the Index has been on the decline and now stands at 337.1.

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.

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