By Robert Anglen
The Cincinnati Enquirer

For the first time since opening two years ago, the Belterra Casino in Florence, Ind., made more money in a single month than its primary competitor, the Grand Victoria Casino in Rising Sun.

Numbers released Friday by the Indiana Gaming Commission show that Belterra won $51,000 more than the Grand Victoria in November, taking in $10,492,318.

But Belterra general manager Alain Uboldi said he is not taking anything for granted.

"We have been gaining on them every month. The fact is that we are progressing faster than they are," he said. "But I think now it will be one up, one down."

The casinos' "win" is the amount customers lost and accounts for gross gaming revenue - the money a casino takes in before it pays salaries, taxes and other expenses.

Belterra's revenues have risen steadily despite a prostitution scandal that caused state officials to fine the boat and shut it down for two days in October.

Profits at the Grand Victoria have ebbed and flowed. In October the boat took in $100,000 less than it did in October 2001. And it is the only boat not to generate more taxes in the last two months than it did in those same months in 2001.

Grand Victoria General Manager Larry Buck could not be reached for comment Friday.

Mr. Uboldi said Belterra's win is a direct result of the state's new "dockside" rules that allow customers to come and go from the boats as they please instead of waiting for cruises. Argosy is the state's most financially successful gambling boat. It won $31.1 million in November compared with $29.4 million in November 2001. It generated $10.2 million in taxes last month.

But on Thursday, Argosy Gaming Co.told shareholders that fourth-quarter profits would fall short of estimates.

Analysts said that was primarily because the Lawrenceburg casino generated less revenue than anticipated. Although the boat has reported higher revenues with dockside gaming, it has not been enough to offset new taxes

E-mail ranglen@enquirer.com