Shares of Wynn Macau Ltd. (HKSE:01128, Financial), a casino operator in Macau, increased 33.1% in the fourth quarter as the company continued to generate solid revenue and generate strong cash flow, which it has returned to shareholders through dividends. In addition, the company remains on track with its Wynn Palace casino, which is expected to open in early 2016 and which we believe will double the company's earnings. Liquidity remains strong, and the Macau market has continued to grow with infrastructure improvements that have helped boost attendance. (David Baron)
From Baron Funds fourth quarter 2013 shareholder letter.
