Image source: Wynn Resorts.

What: Shares of gaming operator Wynn Resorts, Limited (NASDAQ:WYNN) have jumped 33% so far in 2016, according to data provided by S&P Global Market Intelligence, as investors anticipate its biggest growth project in years.

So what: Wynn Palace, the company's newest property in Macau within the Cotai region, will be a $4.1 billion expansion in the world's largest gaming market. It could also be Wynn's biggest cash generator from the day it opens in August.

Generally, there's also been more optimism about Macau's gaming market so far this year. Gaming revenue has appeared to stabilize and is down just 11.4% this year, which compares to a 37% decline at this time last year.

Now what: Cotai resorts have been the most profitable in Macau, with some generating over $1 billion in EBITDA -- a proxy for cash flow -- annually. If the past is any indication, Wynn will likely move to the top of that chart when Wynn Palace opens and that's what has investors so excited. I don't think shares look as undervalued today as they did when the year began, but if Wynn Palace performs as expected the stock still has lots of upside and a nice 2.2% dividend yield.