Wynn Resorts, Limited (NASDAQ: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 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 (NYSE:NITE) and VanEck Gaming ETF (NASDAQ:BJK).