The declines erased an estimated $14 billion from the market capitalization of the 10 companies in the index.

Several companies, including MGM Mirage and Las Vegas Sands Corp., traded at all-time lows during the month.

Quarterly earnings reports released last week by Wynn Resorts, Boyd Gaming Corp. and MGM Mirage ranged from upbeat to "not as bad as expected," according to analysts, and helped give the sector a boost over the past three days.

But the price reversal wasn't enough to erase the previous week's losses.

"Recent activity has been unprecedented and we may witness continued volatility," Brian Gordon, a partner in Applied Analysis, said Friday.

Las Vegas Sands Corp. had the largest percentage decline of any of the gaming companies during October. Shares of the casino operator averaged $13.99 during the month, down more than 63 percent from September. Las Vegas Sands actually fell as low as $4.32 on Tuesday before staging a comeback. By Friday, shares of the company closed at $14.19 on the New York Stock Exchange.

By comparison, Wynn Resorts saw its stock price average $54.40 in October, a decline of almost 38 percent from September. Wynn's balance sheet, which the company said Thursday had $1.7 billion in cash on hand, gave investors some confidence.

UBS gaming analyst Robin Farley said Wynn was able to calm fears during the company's quarterly conference call by saying liquidity was not an issue for the company. The $2.3 billion Encore Las Vegas and hotel expansion in Macau were fully funded and will open on time. Encore is planning a Dec. 22 opening.

JP Morgan gaming analyst Joe Greff was more confident about Wynn than other casino operators.

"Wynn's balance sheet, liquidity position and funded development pipeline positions it well versus its peers," Greff told investors. "We would look at share price weakness as an opportunity."

The two other big losers among the casino operators in October were regional casino operators Ameristar Casinos (down almost 53 percent) and Pinnacle Entertainment (a decline of almost 50 percent). Both companies are based in Las Vegas and operate casinos primarily in the South and Midwest.

Gordon said investor confidence improved slightly in the last few days of the month after weeks of bad news.

"The latest market activity has gaming companies witnessing record lows as broader economic concerns persist," Gordon said. "The daily average stock prices reported in the (index) are intended to mitigate the day-to-day volatility."

The Applied Analysis gaming index fell 109.13 points in October, sending the chart down 29.2 percent to 262.78.

Gaming equipment manufacturers actually fared slightly better in October than casino operators. Shares of WMS Industries fell 27 percent, International Game Technology was off 29 percent and Bally Technologies showed a 32 percent decline.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.