Shares of casino operator Wynn Resorts Ltd. (WYNN) increased as revenue trends in the company's key Macau market were quite positive in the quarter. The company has commenced construction of a large additional casino in Macau, the $4 billon Wynn Palace, which is scheduled to open in 2016. We believe that this casino ev entually will generate a substantial positive return for Wynn. In addition, there is increased speculation that the Japanese government will legalize casino gaming in advance of the 2020 Summer Olympics, and Wynn is seen by many as a strong contender for a possible gaming license.
From Baron Funds' fourth quarter letter 2013 to shareholders.