Applied Analysis principal Brian Gordon attributes the Index's recent decline largely to investor profit-taking because the two-month decline follows the two strongest monthly expansions in the history of the Index. In January, the average daily share prices of both Wynn Resorts and Las Vegas Sands climbed over the $100-per-share watermark while Harrah's daily average share price rose 17%, pushing the Index up by more than 40 points (8.7%).

The Index is weighted such that the companies with the largest market capitalizations have the largest influence. As a result, the 8.2% March decline in the daily average share price of Las Vegas Sands, whose $31.5-billion market cap is slightly more than three times that of Wynn, pulled the Index down more than 20 points in March, while Wynn Resorts 10% decline pulled the Index down by just 9.5 points. The share prices of two other casino operators in the Index -- Station Casinos and Harrah's -- remained relatively flat due to pending takeovers.

Las Vegas Sands' average daily share price ended March at $87.07, down from $94.89 in February and $101.30 in January. Wynn Resorts average daily share price ended March at $95.14, down from $105.67 in February and $104.03 in January. Station Casinos' average share price ended the month at $86.31, up from $83.69 in February and $81.77 in January. Harrah's average share price ended March at $83.88, down slightly from $84.97 in February and up slightly from $83.27 in January.