The index was launched in 1998 with a value of 100. Afterexperiencing the two largest monthly gains in the history of theindex in September and October, the index in November fell nearly81 points or 12% to 586,26 from an all-time high of 667.09.

Applied Analysis, the locally based business research andadvisory firm that created and maintains the index attributes thedecline in the AAGI to a dip in valuation that affected primarilypublic gaming companies with assets in Asian gaming markets. Thosecompanies, including AAGI companies Las Vegas Sands and WynnResorts, had seen significant increases in value in recent monthsas the Macau, China gaming market expanded at a robust pace.

"During November, fundamentals remained relatively stable whileinvestor profit-taking placed downward pressure on valuations ofgaming operators within the AAGI," according to the latest AAGIreport. As a result, the S&P 500, when computed similar to theAAGI, posted a relatively mild 5% decline. Compared to the sameyear-earlier period, however, the AAGI is up 38.6% while theS&P 50 is up 5.4%.