WATERLOO -- In the midst of economic trouble, the chips aren't down at the gaming tables in Waterloo.

While housing prices are sill dropping and the stock market remains erratic, revenue at the Isle Casino Hotel Waterloo rose in October.

During the first week of the month, the casino posted its highest weekly earnings since December 2007, said Don Hoth, president of the Black Hawk County Gaming Association.

"We've been very fortunate so far," Hoth said. "Whether that remains, I don't know."

Hoth and Jack Ketterer, Iowa Racing and Gaming Commission administrator, said although casinos have a reputation for being recession proof, other U.S. gaming areas aren't faring well in these tough times. In Las Vegas on the Strip, gaming revenues through July dropped 6.5 percent from 2007, according to the American Gaming Association.

"We're not expecting to come out unscathed," Ketterer said. "It hasn't occurred here. ? That doesn't mean it won't."

Revenues at most Iowa gaming facilities were slightly down in September. Ketterer said the industry typically slows down after Labor Day.

At the Isle, September adjusted gross revenue was down by more than $500,000 from August. Kelly Heth, public relations and marketing manager of the Isle said that the decline in revenue for September was in line with the seasonal decline and is "not noteworthy."

Heth declined to release preliminary numbers for October or estimate if gaming revenue and casino traffic is up or down.

Until casinos release final numbers for October, Ketterer said it's difficult to tell if the credit crisis will hurt statewide gaming revenue. So far any drop-off in gaming revenue doesn't look like it will be as sharp as the stock market's plunge, he said.

"The stock market was down about 20 percent from earlier in the year going into October, but we have not seen declines of that magnitude," he said.

Ketterer added that property values in Iowa have not fluctuated as dramatically as in Nevada and other areas of the country. That probably led to more stability in Iowa casino revenue.

He added people might also be staying closer to home for vacation and spending more money in the state.

Heth said that is one of the key marketing points at the Isle.

"Local casinos offer guests a trip on a tankful," she said. "Guests can visit local or regional casinos and fit an affordable trip into their budget easier than an extensive trip to larger destinations."

The Isle contributes 5.75 percent of the casino's adjusted gross revenue to the BHCGA. The association board distributes that money to area causes and organizations.

"We want them to do well," Hoth said.

Contact John Molseed

at (319) 291-1418 or

john.molseed@wcfcourier.com.