Wynn Resorts (WYNN) has had a tough time in Macau this year. The company is struggling to collect market share and revenues have been flat versus 2011 figures. While the Street consensus is that WYNN will see EBITDA growth of +3% over the next quarter, we see it falling 4%. Unless Wynn changes its junket commission and/or credit strategy, EBITDA growth is likely to remain flat at best until Wynn Cotai opens in 2016. Right now, the stock is under pressure with slowing market growth and hurdles like smoking restrictions and crackdowns on corruption in Beijing.