In a new report, Morgan Stanley analyst Thomas Allen discusses five trends the firm has identified in the U.S. casino gambling market.“Contrary to consensus, recent economic data suggests some potential momentum in travel spending (though leisure and not corporate), but a slowdown in US gaming spend,” Allen explains.

Allen has identified the following five U.S. gaming trends:

1. Real PCE data suggests that U.S. casino spending (excluding casinos with hotels) declined about 4.5 percent from the first half of 2015 to the second half of the year.

2. Economic data since the Financial Crisis indicates that U.S. casino spending has become much more elastic and dependent on the strength of the overall economy than it was in the past.

3. The popularity of spectator sports is…

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