LAS VEGAS-Long-sliding figures for the state’s gaming win improved in the latest year-over-year monthly comparison, but the total lags behind the peak years, according to a report from the Nevada State Gaming Control Board. At the same time, an analysis of the monthly figures by CB Richard Ellis gaming analysts Jacob Oberman and Brent Pirosch says, “Keep the champagne on ice for now.”

Nevada’s casinos reported a take of $944.4 million, an 11.5% increase over August 2009, and the Las Vegas Strip increase was even greater, jumping 21% to $544 million. Even with the 11.5% increase, the state total continues to lag behind years like 2006 and 2007, when the August take was more than $1 billion.

Oberman and Pirosch says that the Las Vegas Strip gaming revenue numbers “leads us to conclude that at least a few of the luxury properties on the Strip are off to a strong third quarter.” Nonetheless, the CBRE analysts say that “are not popping the champagne corks quite yet” for a few reasons:

August benefited from an estimated $9 million of slot revenue that was earned in July but counted in August, they say, and the previous year comparable was made easier because of a weak table games hold percentage in August 2009.

In addition, regional gaming markets outside of Nevada did not confirm the strong August Strip revenue number, and still suffered same-store single-digit revenue declines for the most part. The August numbers also benefited from two major conventions held in August this year but September last year.

According to Oberman and Pirosch, “The overwhelming positive for the market in August was baccarat revenue, which blew out a tough prior year comparable ($116.4 million in August 2009), made even more impressive by the casinos having a below-normal baccarat hold percentage.” Excluding baccarat, the CBRE analysts estimate that same-store comparisons are still declining. “We anticipate that September will likely confirm that same-stores revenue decline excluding baccarat,” their report says.