A JPMorgan analyst said Monday that New Year’s Eve room rates at Las Vegas casino resorts appear to be 27 percent lower this year, marking another sign of weakness for the city’s gambling market.

Based on a weekly survey of Las Vegas Strip room rates, JPMorgan analyst Joseph Greff said the average daily room rate for Dec. 31 fell to $341 this year, from $466 last year.

He noted that New Year’s Eve, a key event for Las Vegas casino operators, falls on Wednesday this year, compared with Monday last year.

Also Monday, Soleil Securities Group analyst Christina Woo said worsening conditions in the Las Vegas and Atlantic City gambling markets are adding to pressure on Boyd Gaming (nyse: BYD - news - people ) Inc. She downgraded the company’s rating to “Hold” from “Buy.”

In a note to investors, Woo said that local gaming activity in Las Vegas appears sluggish and hotel rooms are still available for New Year’s Eve.

Shares of casino operators mostly gained with the broader market on Monday. MGM Mirage  (nyse: MGM -  news  -  people ) shares rose 48 cents, or 4.5 percent, to $11.16 in afternoon trading. Shares of Las Vegas Sands Corp.  (nyse: LVS -  news  -  people ) jumped 46 cents, or 9 percent, to $5.57. Boyd Gaming’s stock rose 6 cents to $4.46.

Source:Forbes