LAS VEGAS (AP) - Wynn Resorts Ltd., the casino company run by billionaire Steve Wynn, reported third-quarter net profit Tuesday that narrowly beat Wall Street expectations, but its stock fell after a recent run-up.

Net income was $44.7 million (euro31.03 million), and revenue more than doubled to $653.4 million (euro453.53 million) as Chinese gamblers flocked to a new Wynn casino in Macau and visitors continued to frequent the company's upscale property in Las Vegas.

The profit of 41 cents per share was below the $6.43 per share during the same quarter a year ago, when the company booked a $779 million (euro540.71 million) one-time gain from the sale of rights to develop casinos in Macau to Melco PBL Entertainment Ltd.

Adjusted net profit, excluding one-time items, was $73.4 million (euro50.95 million), or 67 cents per share, compared with an adjusted net loss of $1.3 million (euro900,000), or a penny a share, from a year ago.

Analysts polled by Thomson Financial, on average, expected earnings on that basis of 63 cents per share and revenue of $637 million (euro442.15 million).

Wynn shares, which were down $5, or 2.9 percent, at $167.90 when stock markets closed Tuesday, fell another $6.90, or 4.1 percent, to $161 in after-hours trading after the earnings release.

Since the beginning of July, however, Wynn shares are still up 79 percent.

The Wynn Macau casino-hotel, open since early September of last year, had net revenue of $347.7 million (euro241.34 million).

Casino revenue at Wynn Las Vegas rose 14 percent to $149.9 million (euro104.05 million), while other revenue rose 8 percent to $193.1 million (euro134.03 million).

Company chief executive Steve Wynn told analysts on a conference call that concerns about a housing slump affecting gambling in the U.S. and the opening of Las Vegas Corp.'s huge Venetian Macao in late August had no effect on the company's operations.

"We tend to be deliciously insulated from some of these macro market trends," he said. "It seems like quality, wherever it is, is its own reward. Bigger ain't better. Better is better. That's what we're learning in China. That's what we're learning in Macau.

Just like Las Vegas.

Occupancy in Las Vegas rose to 96.6 percent from 94.9 percent a year earlier, while the daily revenue per available room rose to $272 (euro188.80) from $257 (euro178.39). Macau occupancy was 91.9 percent with revenue per available room at $225 (euro156.17).

The company is moving ahead with plans to finish the $2.2 billion (euro1.53 billion) Encore property, set to open beside Wynn Las Vegas, in early 2009. It is also building an expansion tower in Macau called Wynn Diamond Suites, costing as much as $600 million (euro416.46 million), to open in 2010.