Casinos on Losing Streak: Wynn, Boyd

(Updated with Wynn and Harrah's quarterly results and stock prices.)

LAS VEGAS (TheStreet) -- Casino operators are on a losing streak, as both Wynn Resorts(WYNN Quote) and Boyd Gaming(BYD Quote) have today reported yet another quarter of falling profit, sending shares of the companies tumbling.

Wynn saw its third-quarter earnings tank 33% to $34.2 million, or 28 cents a share, compared with $51.2 million, or 49 cents, in the year-ago period.

Casinos are struggling as consumers stay away from the slots.

The company did, however, managed expectations well; excluding property charges and other items, the company earned 33 cents a share, far surpassing analysts' estimates of 15 cents.

Revenue inched up to $773 million from $769 million last year. But this is still Wynn's fourth consecutive quarter of falling profit.

Similarly, Boyd is on a two-year losing streak, as its profit tumbled nearly 26% in the third quarter -- the eighth consecutive quarter in which the casino operator has reported a profit decline.

During the quarter, the company earned $6.3 million, or 7 cents a share, compared with $8.7 million, or 10 cents, in the year-ago period.