LAS VEGAS: Casino operator Wynn Resorts Ltd. said its fourth-quarter loss widened, but its new Macau casino helped drive its adjusted results above Wall Street’s expectations.

The loss widened to $55.4 million (EUR41.87 million), or 55 cents per share, because of a December special distribution to convertible debenture holders, from a prior-year loss of $9.9 million, or 10 cents per share.

Excluding special items, Las Vegas-based Wynn Resorts said its adjusted earnings per share were 53 cents in the recent quarter, compared with analysts’ expectations of 47 cents, according to a Thomson Financial survey.

Net revenue grew to $563.6 million (EUR426 million) from $269.4 million in the prior-year quarter, versus analysts’ expectations of $500.2 million (EUR378.08 million).

Helping fuel the growth was the opening of Wynn Macau in September, with 220 tables, 80 slot machines and 600 hotel rooms. It generated $248.7 million (EUR187.98 million) in net revenue during the quarter.

Billionaire company owner Steve Wynn was effusive about the growth of gambling in Macau and Las Vegas during conference call Tuesday with investors and analysts.

“As much attention as the investment community has paid to Macau, it’s hard to verbalize it without sounding hyperbolic,” he said.

A company statement pointed to construction continuing on a second phase of Wynn Macau, which is expected to open in the third quarter of 2007, and the company’s announcement that it plans to build Wynn Diamond Suites in Macau.

In Las Vegas, Wynn noted that work was progressing past the 16th floor of a new tower, dubbed Encore, next to the Wynn Las Vegas resort. It is expected to open 2,034 suites in early 2009.

“There hasn’t been a single moment since 2000 that we haven’t been in major construction in two cities,” Wynn added.

Overall casino revenue jumped to $388.5 million (EUR293.65 million) from $131.9 million in the prior-year period, and food and beverage revenue leaped to $85.4 million (EUR64.55 million) from $64.4 million.

Wynn Resorts said it swung to a full-year profit of $628.7 million (EUR475.21 million), or $6.24 per share, from a prior-year loss of $90.8 million, or 92 cents per share. Annual net revenue jumped to $1.43 billion (EUR1.08 billion) from $722 million.

Wynn Resorts fell $4.48, or 4.5 percent, to close at $95.90 on the Nasdaq Stock Market before the earnings announcement during a broad market sell-off. Shares fell another 65 cents, or 0.7 percent, to $95.25 in after-hours trading.

Shares have ranged between $60.82 and $114.60 in the last year.

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