What seemed like a positive sign — a 6.39 percent increase in Strip gaming revenues during May — was downplayed by Wall Street Thursday.

After delving deep into the results, several analysts termed the month a disappointment.

“This is a decent headline number for the Strip, in our view, but driven by a mostly favorable table game hold results versus a year ago, and not volumes,” JP Morgan gaming analyst Joe Greff told investors.

Nevada gaming revenues grew 1.37 percent in May, to $897.2 million, the Gaming Control Board said Thursday. The increase followed a flat revenue month in April and two straight monthly increases in February and March.

On the Strip, gaming revenues hit $505.4 million.

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Nevada recorded its second $1 billion gaming revenue month of 2012 during July – the first time in four years the state has seen multiple billion-dollar months – due in large part to a near-record performance in baccarat play.

Nevada casinos collected $1.005 billion from customers during July, according to figures released Monday by the Gaming Control Board.

Revenues increased almost 17 percent from the $860.1 million collected in July 2011.

On the Strip, gaming revenues jumped 27.5 percent to almost $597.5 million, compared to $468.5 million in July 2011.

Baccarat was the driving force behind the revenue increase. Casinos collected $189.9 million gamblers, a jump of 111.8 percent from a year ago. Gamblers wagered $1.2 billion on baccarat during the month, a 28.9 percent increase from a year ago.

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