By Megavarshini G. Somasundaram and Anshuman Tripathy

July 17 (Reuters) - Investors will likely pay closer attention to potential dealmaking than earnings when U.S.-based casino operators prepare to report second-quarter results, as growth in the sector becomes scarce.

Mergers and acquisitions, according to analysts, have emerged as one of the few possible catalysts for a sector that has struggled to regain investor favor despite steady demand in regional U.S. gaming markets.

-- Focus on deals in the sector picked up after hospitality billionaire Tilman Fertitta offered to buy Caesars Entertainment for about $18 billion last month, while media mogul Barry Diller's People Inc proposed to buy MGM Resorts.

-- Shares of both these Las Vegas casinos will be driven primarily by deal speculation in the near future, said Barclays analyst Brandt Montour.

-- "We believe incremental M&A activity is likely," said Jefferies analyst David Katz, noting potential participation from Churchill Downs, Monarch Casino & Resort, Boyd Gaming and PENN Entertainment.

-- In Macau, the sector faces concerns over the World Cup's impact on spending by premium customers in China, cryptocurrency weakness and tighter controls on capital flows, Wells Fargo analyst Trey Bowers said. June gross gaming revenue there fell 12.1% from a year earlier.

-- "Macau should improve coming out of World Cup as we've seen in prior post-holiday periods, but visibility remains low," Montour said.

-- Las Vegas visitor volumes rose 2% in May, year-on-year, to 3.49 million, according to the Las Vegas Convention and Visitors Authority; Jefferies said strip gaming revenue increased 10% during April and May, helped by convention demand.

-- Las Vegas Sands is scheduled to report results on July 22, followed by Caesars on July 28, MGM Resorts on July 29 and Wynn Resorts on August 4.

(Reporting by Anshuman Tripathy and Megavarshini G. Somasundaram in Bengaluru; Editing by Joyjeet Das)