(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) and Boyd Gaming ( BYD) 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.|
Excluding one-time items, Boyd actually earned 9 cents a share, a penny shy of analysts' estimates. Revenue slipped 6.6% to $398.2 million from $426.5 million last year. Privately-held Harrah's Entertainment swung to a third-quarter loss of more than $1 billion and recorded a $1.33 billion drop in the value of its assets. Harrah's is the largest casino operator in the world by revenue. Wynn plunged 11% to close at $56.13 and Boyd plummeted 17.8% to $8.78. The results are also sending shares down in the rest of the sector, as Las Vegas Sands ( LVS) lost 10.9% to end the day at $14.31, Isle of Capri ( ISLE) declined 5.6% to $8.88 and MGM Mirage ( MGM) tanked 12.5% to $9.63. Las Vegas Sands is set to report its quarterly results on Oct. 29. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.