On the strength of a 41.7% revenue increase in Macau, Wynn Resorts posted a big gain in earnings for the third quarter ended September 30, though not enough to satisfy investors, who were expecting more.

Net revenues for the third quarter of 2011 were $1.3 billion, compared to $1.0 billion in the third quarter of 2010. The increase was driven primarily by a Wynn Macau, which saw net revenues grow to $951.4 million from $671.4 million in the third quarter of 2010.

Net income was $127.1 million, compared with a net loss of $33.5 million in the third quarter of 2010, which included a $64.2 million loss on extinguishment of debt. Adjusted net income was $132.6 million compared with $48.7 million, in the third quarter of 2010.

Adjusted earnings of $1.05 per share fell short of Wall Street’s average estimate for $1.18 per share. Share prices were down 5.4% for the day after the earnings announcement.

Wynn Macau’s EBITDA in the third quarter of 2011 was $296.0 million, up 49.5% from $198.0 million in the third quarter of 2010. Table games turnover in the VIP segment was $31.4 billion for the third quarter of 2011, a 45.0% increase from $21.7 billion in the third quarter of 2010. VIP table games win as a percentage of turnover (calculated before discounts and commissions) for the quarter was 2.95%, in-line with the expected range of 2.7% to 3.0% and higher than the 2.88% experienced in the third quarter of 2010.

Table games drop in the mass market category was $704.3 million during the period, a 16.4% increase from $605.1 million in the third quarter of 2010. Mass market table games win percentage (calculated before discounts) was 27.7%, an improvement over the 22.8% generated in the 2010 quarter. Slot machine handle increased 6.9% to $1.1 billion as compared to the prior year quarter. Win per unit per day was 29.3% higher at $696, compared to $538 in the third quarter of 2010.

On the hotel side, Wynn Macau achieved an Average Daily Rate (ADR) of $315 for the third quarter of 2011, 9.7% above the $287 reported in the 2010 quarter. The property’s occupancy was 93.7%, compared to 87.6% during the prior year period, and revenue per available room (REVPAR) was $295 in the 2011 quarter, 17.3% above the $251 reported in the prior year quarter.

Gross non-casino revenues at Wynn Macau increased 32.4% during the quarter to $102.6 million, driven by strong performance from all non-casino segments.

Net revenues for Wynn’s Las Vegas operations were $346.9 million, 3.7% higher than in the third quarter of 2010. Adjusted property EBITDA of $85.1 million (with a 24.5% EBITDA margin on net revenues) was up 11.3% versus the $76.5 million generated in the comparable period in 2010.