NEW YORK ( TheStreet) -- Wynn Resorts' ( WYNN) Macau operation reported a small profit gain in 2009, even as revenue fell.

During the year, Wynn Macau earned HK$2.07 billion, or $267 million, compared with HK$2.04 billion in 2008.

"We have carefully managed our labor force and aggressively negotiated with many of our vendors to secure lower rates on existing contracts, and are continually reviewing the cost and efficiencies at our property to identify further opportunities to reduce costs during these uncertain economic times," the company said in a statement.

Casino revenue dropped 5% to HK$13.19 billion from HK$13.88 billion in 2008, while total revenue slipped 4.3% to HK$14.08 billion from HK$14.71 billion.

Wynn is in the process of expanding its business in Macau, with plans to open an extension on its existing resort on April 24. It is also awaiting approval from the Macau government to lease another property on the Cotai strip to build a new resort-casino.

This could prove a bit more difficult after Macau's Chief Executive Fernando Chui said last week that he is creating a governing body to regulate gambling and may even take back land from casino developers if no proper plans for building are in place.

Macau has been a significant source of revenue for casino operators as gaming in the U.S. severely waned amid the recession. In February, gaming revenue in Macau soared 70% to $1.69 billion.

Las Vegas Sands' ( LVS) Macau units saw its profit soar 22% in 2009, raking in $213.6 million from $175.7 million. Still, this fell short of analysts' forecast of $219.6 million.

Las Vegas Sands revenue jumped 8% to $3.3 billion from $3.05 billion in 2008.

During the year, Las Vegas Sands completed an initial public offering of its Macau assets on the Hong Kong stock exchange, which raised $3.1 billion. Sands currently operates three casinos in Macau.

Like Wynn, Sands Macau is also in the process of a major expansion, which is expected to be completed in 2011.

-- Reported by Jeanine Poggi in New York.

Follow TheStreet.com on Twitter and become a fan on Facebook.