Wynn Macau fourth-quarter profit tops estimates as mass premium grows

    Wynn Macau fourth-quarter EBITDA gained 32 percent to $374.2 million, beating the Street’s view for $348 million. Net revenue jumped 25 percent to $1.12 billion. VIP volumes jumped 24 percent to $34.4 billion, but mass table revenues gained 35 percent. Chairman and Chief Executive Steve Wynn said on a conference call that the company is on track to open its new resort on Cotai two year’s from now, but also said the company has no intention to allow its Peninsula property to become a “stepchild,” losing share to its new property and other rivals. “We have drawings in and we’re waiting final approval to start the construction on a very dramatic reinvention of the west side of the casino, which is towards MGM in Macau,” he said.