Wynn Resorts reported dismal fourth-quarter results and severe declines for the year in its Las Vegas business, but overall numbers weren’t horrible because of gains at Wynn Macau.

The casino operator lost $159.6 million in the fourth quarter, or $1.49 per share, vs. a $65.5 million gain a year earlier during the same period. Net income fell 19 percent for the year, from $258.1 million to $210.2 million.

Net revenue for the year was $3 billion, an 11.2 increase from 2007, mostly due to Wynn Macau. The Las Vegas properties—Wynn Las Vegas and the recently opened Encore—generated adjusted property EBITDA of $252.9 billion for the year, 39.4 percent lower than in 2007, in large part because of decreases in casino gaming volume. For the fourth quarter, the drop was even more dramatic: adjusted Las Vegas property EBITDA fell 66.5 percent to $32.6 million.

Wynn Macau net revenues increased 35.6 percent for the year to $1.9 billion, adjusted EBITDA was up 33.4 percent and the casino resort saw even saw a slight increase in the fourth quarter. Wynn Resorts recently began construction of Encore at Wynn Macau, a fully integrated resort hotel with 400 luxury suites, four villas, restaurants, retail space and additional VIP gaming space. Opening is planned for 2010 and the projected budget is approximately $700 million.

Wynn Resorts earlier this month announced a series of cost-cutting measures at its Las Vegas resorts, including pay cuts, reduced work weeks for full-time hourly employees and a suspension of bonuses and matching 401K contributions. The moves are expected to save between $75 million and $100 million annually.