Wynn Macau Ltd. announced today a profit of US$239.9 million (MOP1.9 billion) for last quarter of 2011.

Although this represented a 15 percent year-on-year increase, it missed the estimates from analysts surveyed by Bloomberg.

“Wynn’s performance was weak relative to the market,” Macquarie Securities analyst Gary Pinge said in a report.

In the fourth quarter of 2011, net revenues were US$995.5 million, a 9.1 percent year-on-year increase.

Adjusted property EBITDA in the fourth quarter of 2011 was US$313.1 million, up 5.5 percent from US$296.8 million in the fourth quarter of 2010.

Wynn Macau currently has 504 tables, of which 295 are VIP, as well as 930 slot machines.

The company said it continues to work on the final project scope, timeline and budget for its Cotai project but provided no updates expected date of approval from the government.

In a conference call, the gaming operator’s chairman and chief executive officer, Steve Wynn talked about the legal battle between the company’s parent, Wynn Resorts Ltd., and its biggest single shareholder, Kazuo Okada.

Mr Okada last month filed a lawsuit against Wynn Resorts seeking access to the company’s financial records.

Mr Wynn said the action is an attempt by Mr Okada to deflect attention from a dispute between him and the company related to Mr Okada’s wanting to pursue a project in the Philippines, which broke ground in Manila last week.

“We have a sharp disagreement” over Mr Okada’s project in the Phillipines, Mr. Wynn said.

“We have expressed our convictions that it was not an appropriate business opportunity for us for a couple of years now. For reasons that are best known to Mr. Okada, he has not enjoyed that disagreement and it has created a problem for him.”