Wynn Resorts, Limited ( WYNN ) shares are trading lower on Tuesday after the company reported worse-than-expected third-quarter EPS and revenues.

On Monday, the company reported operating revenues of $1.69 billion, missing the consensus of $1.73 billion.

Adjusted Property EBITDAR declined slightly to $527.7 million from $530.4 million a year ago quarter. Adjusted EPS of $0.90 missed the street view of $1.01.

Wynn Palace: Operating revenues fell to $519.8 million from $524.8 million a year ago, and adjusted Property EBITDAR declined to $162.3 million from $177.0 million last year.

The mass market table games win percentage increased to 23.9% from 23.3%, while the VIP table games win percentage fell to 3.04%, below the expected range and down from 3.42% in the third quarter of 2023.

Wynn Macau: Operating revenues rose to $352.0 million from $295.0 million a year ago and, adjusted Property EBITDAR increased to $100.6 million from $77.9 million year-over-year.

The mass market table games win percentage rose to 18.5%, compared to 16.5% last year, while VIP table games win percentage was 3.61%, exceeding the expected range and higher than 3.52% in the prior year quarter.

Las Vegas Operations: Operating revenues totaled $607.2 million vs. $619.0 million a year ago and, adjusted Property EBITDAR was $202.7 million, compared to $219.7 million a year earlier.

The table games win percentage was 23.3%, within the expected range of 22% to 26%, but below the 26.0% recorded in the third quarter of 2023.

Craig Billings, CEO of Wynn Resorts, Limited ( WYNN ) said, “Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a ‘must see’ tourism destination in the UAE and expect that it will support strong long-term free cash flow growth.”

Buyback: In the third quarter of 2024, Wynn repurchased shares worth $117.7 million.

As of September 30, 2024, the company had $247.7 million remaining in its repurchase authority under the equity repurchase program.

On November 1, 2024, the Board of Directors approved a new share repurchase program, allowing the company to buy back up to $1.00 billion.

This authorization increases the previous repurchase allowance by approximately $766 million. As of September 30, 2024, cash and cash equivalents stood at $2.41 billion.

Investors can gain exposure to the stock via Capitol Series Trust The Nightview Fund NITE and VanEck Gaming ETF ( BJK ) .

Price Action: WYNN shares are down 8.99% at $87.09 at the last check Tuesday.

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