Core Viewpoint - Goldman Sachs reports that Wynn Macau (01128) slightly underperformed expectations for Q4 2025 due to rising costs and an unfavorable gaming revenue mix [1] Financial Performance - Property EBITDA for Wynn Macau was $271 million, at the lower end of market consensus expectations [1] - Adjusted VIP room win rate is expected to return to a range of 3.1% to 3.4%, while the actual win rate for Q4 2025 was 2.94% [1] - EBITDA is projected to stabilize around $287 million, compared to $285 million in Q3 2025 [1] Cost and Revenue Dynamics - Increased gaming volume was largely offset by rising costs, with average daily operating expenses rising 4% quarter-over-quarter to $2.85 million [1] - Promotional offers increased by 16% quarter-over-quarter, accounting for 17.9% of total gaming revenue, compared to 17.6% and 15.2% in Q2 and Q3 2025 respectively [1] - The shift in gaming revenue mix towards VIP rooms saw a significant increase in turnover by 43%, while mass gaming revenue declined by 1% due to a lower win rate of 19.6%, compared to the previous quarters' range of 20% to 22% [1]