NEW YORK (TheStreet) -- Shares of Wynn Resorts Ltd. (WYNN) are lower by 2.80% to $179.33 in late morning trading on Monday, after the state of Nevada announced on Friday that gaming revenue for August fell 3.7% to $920.3 million from the year ago period, MarketWatch reports.
The state's $35 million drop in gaming revenue was due to trouble at the baccarat tables, a game that "can have some big swings," an analyst from the Nevada Gaming Control Board told Fox Business.
In August 2013 record baccarat winnings led to an 11.2% increase in the state's gambling revenue, Fox Business said.
Other casino stocks retreating today include: Las Vega Sands Corp. (LVS) , down by 2.78% to $60.21, Monarch Casino & Resort Inc. (MCRI) , lower by 1.48% to $12.64, and Boyd Gaming Corp. (BYD) , down by 2.08% to $10.35.
Separately, TheStreet Ratings team rates WYNN RESORTS LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate WYNN RESORTS LTD (WYNN) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, revenue growth, increase in stock price during the past year, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."