Statewide, casinos won $981.1 million from gamblers in November, an almost 14 percent decrease compared with $1.14 billion that gambling houses won in November 2006. On the Strip, the drop was even steeper: Strip casinos won $519.7 million, a decrease of 19.1 percent compared with $642.4 million won a year ago.

"We were expecting a soft month, but this was a much bigger drop than we ever expected," said Frank Streshley, the control board's senior research analyst.

The gaming revenue decrease also contributed to a 19.1 percent drop in gaming tax collections. Nevada collected $60.9 million in percentage fees from the casinos, compared to $75.3 million a year ago. The State's Economic Forum forecasted in May that casinos would collect more than $79.4 million during November, meaning actual collections were 23.3 percent below expectations.

State budget director Andrew Clinger said he wasn't surprised the tax collections didn't meet projections.

"That fluctuates from month to month, and typically at the end of the year it evens itself out," Clinger said.

Much of the blame for the down month centered on high-end play, particularly baccarat gambling on the Strip. In November 2006, more than $1.049 billion was wagered on baccarat with casinos winning $121.6 million. This year, baccarat wagering was $366.6 million, a decrease of 65 percent, while the win from baccarat was $47.8 million, a decrease of 60.7 percent.

Most baccarat play is handled through credit and the state taxes gaming revenues once the markers are collected by the casinos. Often, collections trail several months behind the actual play. Gaming Control Board Chairman Dennis Neilander said Friday the state can't force casinos to collect on outstanding credit.

"There are certain laws in place that require (casinos) to make diligent efforts," Neilander said. "Within 90 days, they have to take about six different steps to ensure they are trying to collect it. Of course, they want to collect it."

Gov. Jim Gibbons was asked if the state can do anything to improve marker collection.

"I don't know if you can. I don't know if it is legislative or whatever. It is a timing issue," Gibbons said.

High-stakes gambling traditionally coincides with special events. In November 2006, a Mayweather championship fight drew thousands of fans to the Mandalay Bay Events Center. High rollers also flocked to big ticket performances by The Rolling Stones and Streisand at the MGM Grand.

No such special events were on the calendar in November 2007, Streshley said. The closest performance that could classify as a special event was a concert by rock legend Billy Joel at the MGM Grand on Nov. 17. Streisand did perform in November, but for a private show in conjunction with the grand opening of the Planet Hollywood Resort.

High-end play in October 2007 was a key factor in fueling the state to an all-time monthly gaming revenue record of $1.164 billion.

"We'll probably see some strong high-end play in December, so that made it pretty tough for November to be bookended by those two months," Streshley said. The statewide gaming win decrease was the largest since January 2002, when casinos recorded a 14.9 percent drop statewide and a 22 percent decline on the Strip.

Wall Street gaming analysts told investors not to read too much into November's down month as a prelude to poor fourth-quarter figures that will be reported in February.

"While we normally would not call out monthly revenues, November's Las Vegas Strip revenue growth was outside of a normal band, warranting special attention," Deutsche Bank gaming analyst Bill Lerner said. "November was a mixed bag. We would wait to see December results to evaluate the entire quarter's performance."

Dennis Farrell, gaming analyst for Wachovia Capital Markets, told investors that they would have a better understanding of how Las Vegas casinos are performing by combining October and November results. January, however, may be another story.

"If reported revenue figures fall below our expectations in the first quarter of 2008, it could be a difficult year in Nevada," he said in a note to investors.

Gaming revenues as a whole in Clark County fell more than 16 percent. Downtown casinos suffered their first revenue loss in five months, reporting a gaming win of $48.7 million, down 9.3 percent compared with $53.7 million a year ago.

Statewide, gamblers wagered almost 7 percent less in November than was gambled a year ago. The total amount bet on slot machines was $11.1 billion, a 2.6 percent decrease compared with $11.4 billion last year. Table game wagers were $2.4 billion during the month, down 22.7 percent compared with $3.1 billion in November 2006, again, most attributed to lower amounts bet on baccarat.

Review-Journal Capital reporter Sean Whaley contributed to this report. Contact reporter Howard Stutz at hstutz@reviewjournal.com or (702) 477-3871.