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WIll Wynn Resorts Ever Get Earnings Right?

Wynn Resorts Ltd. (NASDAQ: WYNN) released its third quarter earnings after markets closed on Thursday. The company had $0.86 in earnings per share (EPS) on $996 million in revenue compared to consensus estimates from Thomson Reuters that call for $0.88 in EPS on $1.03 billion in revenue. The same period from the previous year had $1.95 in EPS on $1.37 billion in revenue.

In the third quarter of 2015, net revenues from Macau operations were $585.1 million, a 37.9% decrease from the $942.3 million generated in the third quarter of 2014. At the same time, net revenues for Las Vegas operations were $411.2 million, a 3.9% decrease from $427.8 million in the same period from the...