Wynn Resorts, a leading casino operator, has seen its stock price drop significantly following the release of its third-quarter financial results, which fell short of Wall Street's expectations. The company's shares were down as much as 6% in morning trading, reflecting investor disappointment with the earnings report.

The company reported an adjusted profit of 90 cents per share, missing the analysts' estimate of $1.10. Revenue for the quarter was $1.69 billion, also below the expected $1.73 billion. The underperformance was largely attributed to sluggish business in Las Vegas, where casino revenue declined by 13.6% year-over-year, despite a 20% increase in entertainment, retail, and other sales.

Wynn's Macau operations showed some resilience, with operating revenues from Wynn Macau increasing to $352 million, up from $295 million in the same quarter last year. However, this was not enough to offset the declines in Las Vegas.

In response to the disappointing results, Wynn Resorts announced an increase in its share buyback program to $1 billion, a move aimed at boosting shareholder value. The company joins other gaming giants like Caesars Entertainment and Las Vegas Sands in expanding buyback efforts.

Despite the current challenges, analysts remain cautiously optimistic about Wynn's future, noting potential improvements in Macau's gaming revenue. However, the immediate outlook remains clouded by the ongoing struggles in the Las Vegas market, which have also affected other major players like MGM Resorts.

Wynn Resorts' stock performance reflects broader concerns in the gaming industry, particularly in Las Vegas, where operators are grappling with changing customer preferences and timing issues. The company's efforts to diversify its income streams through entertainment and retail have yet to fully compensate for the decline in traditional gaming revenue.