We've become so accustomed to seeing incredible gaming numbers in Macau and Singapore that when Wynn Resorts (Nasdaq: WYNN) only met expectations for the third quarter, it felt like a letdown.

In the third quarter, revenue was up 29.3% to $1.0 billion, and adjusted property EBITDA increased from $198.2 million to $274.5 million. Some of this gain can be attributed to Encore at Wynn Macau, which opened in April of this year and added 400 suites, 61 table games, and 95 slot machines to Wynn's property. As usual, Macau drove results, growing revenue at 49.7% and increasing property EBITDA to $198 million.

Overall, Wynn lost $33.5 million, or $0.27 per share, because of a $64.2 million loss on extinguishment of debt.

Wynn Las Vegas improved marginally increasing revenue 3.1% to $334.5 million and property EBITDA 9.3% to $76.5 million. CEO Steve Wynn said we've seen the bottom in Las Vegas but doesn't know how quickly conditions will improve.

At the tables
In Macau, Steve Wynn still says the company is taking share but win per table per day increased only 19% to $17,940 from $15,077 last year. At Las Vegas Sands (NYSE: LVS) Venetian Macau, another established casino, table win per day increased 30% to $10,708 from $8,244 last year. Melco Crown (Nasdaq: MPEL) saw gains similar to Wynn at its Altria Macau casino, up 20.7%, but City of Dreams win per table jumped nearly 100%. The trend is definitely toward the Cotai Strip in Macau, which will hurt Wynn relative to rivals.

In positive news for the fourth quarter, Wynn said October was the company's best month ever in Macau, and new gaming numbers for October in Macau support that, showing 50% revenue growth to a new record of $2.36 billion.

It's tough to knock a company growing as fast as Wynn, but until the company builds its casino on the Cotai Strip, it is being outperformed in Macau by Las Vegas Sands and Melco Crown. I might be more excited if Wynn were cheaper than rivals, but that's just not the case right now.

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