Define a certain gambler's ruin process X j , j ≥ 0, such that the increments ε j := X j − X j−1 take values ±1 and satisfy P (ε j+1 = 1|ε j = 1,The process starts at X 0 = m ∈ (−N, N ) and terminates when |X j | = N . Denote by R N , U N , and L N , respectively, the numbers of runs, long runs, and steps in the meander portion of the gambler's ruin process. DefineWe show lim N →∞ E{e itX N } =φ(t) exists in an explicit form. We obtain a companion theorem for the last visit portion of the gambler's ruin.