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The Honolulu Advertiser

Posted at 9:32 a.m., Wednesday, September 12, 2007

Nevada casinos win record $1.146 billion in July

Associated Press

LAS VEGAS — Nevada casinos won the most money from gamblers in a single month than ever before in July, raking in $1.146 billion as luck favored the house.

The casinos' so-called gaming win was up 10.3 percent from a year earlier and beat the previous record of $1.144 billion in May.

The state's hold percentage, or the amount won by casinos as a percentage of the total amount wagered, was 15.03 percent. A year earlier, the hold percentage was 13.38 percent, which is normal, said Gaming Control Board analyst Frank Streshley.

"Some months, for the players, the luck swings their way. This month, it definitely swung on the casino side," Streshley said.

Morgan Stanley casino analyst Celeste Brown downplayed the results.

"While investors will likely view the large revenue growth numbers as a positive, we feel that revenue growth through higher hold is unsustainable in the long run," Brown wrote in an analyst note.

Win from casinos on the Las Vegas Strip rose 14.1 percent from a year earlier to $606.8 million, while revenue at downtown Las Vegas casinos rose 9.6 percent to $53.7 million. On the Boulder Strip, a stretch of locals casinos in eastern Las Vegas, revenues rose 13.2 percent to $85.1 million.

Mesquite revenues were up 20.4 percent, North Las Vegas revenues were up 15.7 percent and Laughlin revenues were up 1.9 percent.

Win at casinos in Washoe County was down, however, by 7.7 percent, at $92.1 million. Revenue from Reno casino floors fell 8.8 percent, and dropped 7.3 percent in North Lake Tahoe, but rose 1.2 percent in Sparks. The rest of the county saw revenue fall 15.1 percent.

In other major markets, casinos on Lake Tahoe's south shore saw revenue fall 7.3 percent, while Elko County casinos took in 14.7 percent more.

Carson Valley-area casinos saw revenue drop 4.4 percent.

The "win" is what's left in casino coffers after payouts to gamblers are subtracted from money that's bet on tables, in slots and on sports events. It's a gross figure, with no operating costs or other expenses deducted.