NEW YORK ( TheStreet) -- Macau continues to be the big winner in gaming, leaving behemoths Wynn Resorts ( WYNN) and Las Vegas Sands ( LVS) battling it out for market share control over the region.

In December, the Chinese gambling enclave posted a 66% surge in revenue to $2.36 billion.

During the month, SJM held a 30.6% market share in the region, Wynn Resorts ( WYNN) grew to 16.9%, Las Vegas Sands ( LVS) had a 16.4% share, Melco Crown Entertainment ( MPEL) captured 14.2%, MGM Resorts ( MGM) 11.6% and Galaxy held a 10.3% share.

Wynn was among the standouts of the month, leading analysts to believe forecasts for the casino company are too conservative. "We believe the strength in market share here should put to rest any investor concern on the potential negative impact of increased VIP commission competition," J.P. Morgan analyst Joseph Greff, wrote in a note.

As for Las Vegas Sands' slightly disappointing share, Greff says the casino operator's hold was below normal, but its higher margin mass market business was very robust, which should bode well for the fourth quarter.

Sands held a 14.8% share in November and an 18.6% shares in October.

For the full year, Macau gaming revenue jumped 55% to $23.51 billion.

Looking to the New Year, January could hit a new record, according to Sterne Agee analyst David Bain. If not, February could be another record, receiving a boost from the Chinese New Year.

Greff predicts 20% or more year-over-year growth is highly achievable in 2011.

--Written by Jeanine Poggi in New York.

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