Downtown casinos have been winning lots of bets lately.

Gambling win was up slightly in October, the fourth consecutive month it rose.

It's the longest winning streak since 2004 for the casino cluster anchored by the Fremont Street canopy and overshadowed by the amenity-packed resorts on the Strip.

October gambling win for the downtown casinos topped $60.1 million in October, a 0.7 percent increase from the $59.7 million casinos won the same month in 2006. The gambling win is up nearly 7 percent since July 1, no small feat for a market that has been stagnant or in decline for more than a decade.

There are myriad reasons for the uptick, casino owners say.

For starters, a number of properties have invested tens of millions of dollars in recent years to spruce up their image. The Golden Nugget led the way with $170 million in upgrades, including an addition that opened last week, since Landry's Restaurants of Houston took over in 2005.

Owners of the El Cortez and the Four Queens have spent $20 million on each of those Fremont Street properties. Miami developer Gregg Covin spent $15.6 million to buy the Gold Spike and plans to invest at least $5 million more in renovations.

"The people who have been reinvesting in their properties have been doing OK," said Terry Caudill, owner of the Four Queens. "The people who have not have been struggling."

Nolan said new clubs and a city-funded street and sidewalk renovation on Fremont Street between Las Vegas Boulevard and the El Cortez are drawing bigger-spending players downtown.

"I think people are feeling a lot more comfortable in the area," he said.

Earlier this year Caudill saw enough potential downtown to plunk down $32 million to buy Binion's, an aging downtown hotel-casino that's been a perpetual money-loser for the current owners, MTR Gaming of Chester, W.Va.

"If we can add rooms over there ... I think that place has a lot of upside," Caudill said. "It better have."

One problem with Binion's is finding a spot to add rooms. Like many properties downtown, Binion's is surrounded by adjoining developments. It has the added problem of sitting on leased land with several owners.

Downtown could also be reaping short-term gains from closures on the Strip. Both the Stardust and New Frontier were recently imploded, leaving budget-conscious tourists with fewer options for affordable gambling on the Strip.

In October, casino slot win was up 3 percent downtown and coin-in, the amount of money people put into machines before winnings are paid, was up almost 5 percent. The amount bet on table games was up almost 6 percent, although winnings were down nearly 7 percent.

Whether the recent gambling spike will prompt more investment remains to be seen.

It could be the downtown surge is just a run of good luck, something that can change on a dime.

Just ask Mike Nolan.

Contact reporter Benjamin Spillman at bspillman@reviewjournal.com or (702) 477-3861.