The gambling center of the United States is once again reporting overall revenues are soaring. In July, the casinos found themselves with Lady Luck on their side, taking in an incredible $1.146 billion statewide. It was the strongest July ever reported by casinos in Nevada, setting a new revenue record for the typically slower summer month.

Incredibly the billion busting number was a 8.4 percent jump from the previous year, and on the Las Vegas Strip gaming revenues increased a whopping 14.1 percent. That part, the heart of Las Vegas, brought in $606.8 million. Even more impressive is that July 2007 had eight weekend days compared to the nine in 2006. It’s common for casino resorts to fill up on the weekends while hotels are not as full between Sunday through Thursday. So seeing such an increase is even more impressive. It’ll be interesting to see what happens when August numbers are reported because this year had a ninth weekend day in 2007 compared to eight in 2006.

Analysts at Bear Sterns report that the main reason profits were up so much was the casinos held onto a higher percentage of money bet than the previous year. In fact, they note that total drop on the Strip actually fell -0.3 percent year over year. Table win was up 20.1 percent, even thought table drop actually fell 1.2 percent. Baccarat win benefited from both an increase in hold year over year and a 6.3 percent increase in drop.  The biggest losers in Nevada casinos were playing Baccarat, where soared an astronomical 36.3 percent in July.

Slot win on the Strip was up 10.1 percent in slot hold, while slot handle remained relatively flat (+0.1 percent) year over year.

According to the AP, the state's hold percentage was 15.03 percent. That was up from a year earlier when the casinos held onto 13.28 percent of total wagered dollars. “Some months, for the players, the luck swings their way. This month, it definitely swung on the casino side,” said Gaming Control Board analyst Frank Streshley to the AP.

Over at Morgan Stanley, casino analyst Celeste Brown wrote in an analyst’s note the results the higher hold percentage is a fluke rather than an emerging trend. “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,” she wrote.

 In July, the locals market generated $236.6 million in revenues and experienced a 14.7 percent increase. All three regions showed increases in the period with North Las Vegas, showing the greatest year over year gain, rising 15.7 percent.  The Balance of Clark County was up 15.6 percent and the Boulder Strip rose 13.2 percent. Red Rock opened in late April of 2006, thus, the July 2007 results include a full month of Red Rock, making the comparison in the Balance of CC segment slightly more difficult as patrons flocked to the new property last year.

Even as casino gambling proliferates across the United States and the world, Nevada gaming and Las Vegas in particular, continues to see increasing revenues. Anecdotally, experts have repeatedly told onlinecasinocrawler.com that casinos closer to home actually act as a catalyst to drive business to Las Vegas. Seems those that play in their home region enjoy it so much they start planning trips to Las Vegas. Additionally, Las Vegas has become a leading destination for meetings and conventions. The city is attracting more people than ever, with a record 44 million coming in 2006. It’s expected even more will visit this year.

Additionally, there is about $30 billion in new development in the city which should drive visitation rates through the roof.

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