Hiya.
It is in the ATC.ini file. MinApproachInt or something like that. But before you go and make changes, let me explain the way the holds work!
The holds are all seen as separate entities. So there is NO coordination between them in LC like in real life. For LL, LAM, BNN, BIG and OCK are all operated separately by the automated controller.
The MinApproachInterval is the minimum time between 2 aircraft leaving the same hold. So if MinAppInt is 60 seconds it works like this: first aircraft leaves the hold fix at time 0. When the flight above it comes up to the fix it will not leave the hold if less than 60 seconds have gone by.
What you have seen happening is probably because the aircraft have left different holds. 2 aircraft can leave BNN and LAM at the same time and then end up on the same track on downwind. Changing the MinAppInt will NOT change this.
Hope this provides some clarity. Cheers, C