MGM Mirage, the nation's second-largest casino company (its trophy properties include the Bellagio and MGM Grand), reported disappointing results in late October, and the stock was hammered. MGM Mirage was hamstrung by the loss of properties in the Gulf Coast, which was no surprise. But the company also warned that things aren't quite as hot as was thought in its core market of Las Vegas.

The key financial metric for hotel/casino companies is REVPAR—revenue per available room—or how many dollars per night you can squeeze out of a guest's spending on mini-bars, spa services, room service, and blackjack. For the fourth quarter of 2005, MGM Mirage expects REVPAR will rise 6 percent at its Vegas Strip properties—down from 13 percent growth in the fourth quarter of 2004. For casinos, as MGM Mirage's Web site notes, it's all about momentum. And so the soggy forecast had investors rushing for the exits like a bunch of hipsters trapped in a Céline Dion show.

Read more about Las Vegas gambling October revenues at http://www.gamblingmagazine.com/managearticle.asp?C=360&A=15718.