Thomas Weisel Conference

September 25, 2006

Ron Kramer ForwardForward LookingLooking StatementsStatements

This presentation contains forward-looking statements regarding operating trends, future results of operations and the completion of new projects, which are subject to change. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by us. Additional information concerning potential factors that could affect the Company's financial results are included in the Company's Form 10-K for the year ended December 31, 2005 and the Company's other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update its forward-looking statements as a result of new information, future events or otherwise.

2 CorporateCorporate StructureStructure

Outlined area shows issuers, borrowers, guarantors and restricted subsidiaries under facilities

„ $250 million Convertible Subordinated Notes WynnWynn Resorts,Resorts, LimitedLimited „ $300 million unrestricted cash

100% 100%

„ $900 million Revolver

„ $225 million Term Loan WynnWynn MacauMacau WynnWynn LasLas VegasVegas „ $1,300 million 1st Mortgage Notes due 2014

„ $764 million Bank Facility

„ $80 million Subordinated Debt from

Financial Flexibility Total Debt on June 30,2006 : $2.3 billion Cash: $833 million Net Debt: $1.5 Billion 3

235 Acres on the

Treasure Island Fashion Show Trump Towers Flamingo Mall Venetian L Palazzo as Montreux Ve ga Maxim s Blv Sands d Stardust Expo Wynn Las (Echelon Place) Center Vegas Encore Circus- 20 Acres Circus Koval Land 55 Acres

18 Acres Road Inn Desert Sands Ave. Ave. Ave. Sands Sands Sands Golf Course 142 Acres Hughes Center Chamber of Commerce Las Vegas Paradise Road LV Hilton Convention Center Projects slated for completion

5 WynnWynn LasLas VegasVegas

„ Follow the non-casino revenues – Hotel: Beautifully appointed rooms coupled with superior service levels – Restaurants: Every prize winning chef is at the property cooking dinner every night – Entertainment: Two showrooms • Water based show • Spamalot to open in 2007 – Retail: Unique names including Ferrari, Manolo Blahnik, Brioni and Jean Paul Gaultier – Golf: Only property with on site course, designed by Tom Fazio „ Casino revenues are a result of the overall experience – Higher number of machines or tables doesn’t mean higher casino revenues – Customers chose Wynn Las Vegas because the property offers the best overall experience – Better amenities result in higher spend per customer

6 Wynn Las Vegas' Immediate Success

WynnWynn LasLas VegasVegas generatedgenerated thethe highesthighest initialinitial EBITDAEBITDA forfor thethe firstfirst fullfull quarterquarter afterafter openingopening

$80.0 $73.2 $65.0 $70.0

$60.0

$50.0

$40.0 $28.6 (US$ Millions) $30.0 $18.3 $20.0

$10.0 Wynn MGM-Grand Venetian Opening Date April 28, 2005 October 15, 1998 December 18, 1993 May 4, 1999

7 Wynn Generated the Highest Room Rate on the Strip

Average Daily Room Rate for Quarter ended June 30, 2006

9.8% 300.0 280 4.7% 5.6% 255 6.0 248 % 237 241 250.0 228 211 199 3.6% 200.0 (in US$) 166 172

150.0

100.0 Wynn Bellagio Venetian Mandalay Mirage

2005 2006

8 LeveragingLeveraging thethe WynnWynn BrandBrand

Steve Wynn has consistently raised the bar in Las Vegas

1989 1990 Caesars 1989 EBITDA 1990 EBITDA US$100 million US$188 million

1998 1999 The Mirage The Bellagio 1998 EBITDA 1999 EBITDA US$176 million US$260 million

LTM Wynn Las Vegas Encore At Wynn $310 million

9 Encore at Wynn Las Vegas

„ 2,042-room hotel tower fully integrated with Wynn Las Vegas, consisting of 132 suites and 1,910 guest rooms

„ Standard rooms and suites will be different from Wynn Las Vegas’ product

„ New layer of product offering to satisfy strong demand for Wynn product

„ Approximately 54,000 square foot casino

„ Additional convention and meeting space

„ Several restaurants and nightclubs

„ Swimming pools, a spa and salon, and retail outlets

„ Budget of $1.74 billion ($77.5 million spent through 1Q 2006)

„ Ground breaking on April 28, 2006 and expected opening in 4Q 2008

10 Opened September 6, 2006

11 WynnWynn MacauMacau

Red 8 Noodles Hotel Lobby

Swimming Pool Café Esplanade 12 WynnWynn MacauMacau

Sky Casino Lift Lobby

Pool Garden Sky Suite 13 WynnWynn MacauMacau

Opened September 6, 2006 Second Phase in 2007

„ Strategic location „ Up to 300 tables

„ Signature building with 600 „ Restaurant rooms „ Entrance feature „ 220 tables / 380 slots

„ 7 Restaurants

„ 26,000 ft of high-end retail

„ Spa and entertainment facility

„ Water feature

14 WynnWynn MacauMacau DevelopmentDevelopment SiteSite

Grand Lisboa Hotel Lisboa

Wynn Macau Wynn Macau Site

MGM Site

15 QualityQuality DrivesDrives DemandDemand

Wynn’s properties have been proven catalysts for growth

Gaming Revenue and Visitor Volume(1)

Revenue November 1989: October 1993: October 1998: April 2005: ($ in billions) Opening of The Opening of Opening of Opening of Wynn Visitor volume Mirage Treasure Island Bellagio Las Vegas (in millions) $7 45

40 $6 35 $5 30

$4 25

$3 20 15 $2 10 $1 5 12% Growth in Gaming Revs Growth Gaming in 12% $0 0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Revenue Visitor Volume

(1) Visitation based on all of Clark County. 16 Segmenting the Chinese Market

„ The population of China is becoming: – Increasingly urban, better educated and more wealthy – Older: by 2023, 60% of the population will be over 40 – The current savings rate is about 24% but growing by estimates of 2% per annum

„ More than 300,000 Chinese have net worth over $1 million (excluding property)

„ Mainland millionaires control around $530 billion in assets

„ 5 years ago, mainland buyers accounted for 1% of global sales of luxury handbags, shoes and like products. Today they generate 12% of luxury goods world sales

„ The Chinese population is expected to peak at approx 1.3 bn

„ The upper middle class is expected to grow from 25 million in 2000 to 180 million over the next 5–8 years

„ Over the next 10 years there will be approximately 180-200 million people in the top income brackets – the “Premium Customer” 17 Macau Market – Changing Dynamics

„ The main floor gaming market in Macau is evolving

„ Main floor gaming revenue grew by approximately 48% while VIP gaming declined 2.4% in 2005

2003 Gaming Mix 2005 Gaming Mix

23%

37%

63%

77%

VIP Main Floor VIP Main Floor

Source: Government of Macau

18 What is driving growth in Macau

„ In 2005, 10.5 million tourists came from China - 56% of total tourist •Beijing volume •Tianjin •Chongqing •Guangzhou •Nanjing •Shanghai „ Over 9 million tourists from •Foshan •Suzhou •Zhongshan •Wuxi mainland under individual visa from •Jiangmen •Dongguan •Shaoguan •Ningbo July 2003 to April 2006 •Shenzhen •Heyuan •Nanchang •Hangzhou •Zhuhai •Taizhou •Huizhou •Changsha „ The FIT scheme (introduced in July •Kunming •Fuzhou 2003) allows travel to Macau without •Guiyang •Quanzhou •Xiamen a group or business visa for up to 7 •Haikou days •Nanning •Shantou •Chaozhou •Guangdong •Zhanjiang •Meizhou „ 44 cities representing 250 million •Qingyuan •Yangjiang •Shanwei •Yunfu •Maoming •Jieyang people are eligible for FIT. More •Heyuan cities will be added over time.

„ Currency limits from Mainland raised to $20,000 per year

19 Strong growth in tourism

„ Macau is projected to nearly double tourism

Historical and Projected Tourism Growth

35.0 ProjectedProjected 30.0

30.0

25.0

20.0 18.7 16.7

(Millions ofTourist) 15.0 11.5 11.9 9.2 10.3 10.0 7.0 7.4

5.0 1998 1999 2000 2001 2002 2003 2004 2005 2010

Source: Government of Macau

20 But Asia is still developing

„ The USA has 295 million people and generates US$46bn+

„ North and SE Asia have 2 billion people and generate approximately US$11.5bn 2004 Casino Revenue Comparison

46.0

50.0

40.0

30.0

(US$ billions) 20.0 11.5

10.0

0.0 USA Asia

Source:Source: Industry Innovation Research Group. Asia includes Macau, Australia, South Korea, Cambodia, Malaysia and the Philippines

21 Macau Market – Visitor Arrivals

Zuhai Boarder Macau Peninsula (55%) Macau Ferry Terminal (35%)

Taipa

Lotus Bridge Cotai Macau International (5%) Airport (5%)

Coloane

22 Infrastructure Development

„ The Pearl River Delta is investing heavily in additional expressways and rail projects

„ Hong Kong – Macau – Zuhai bridge

plans are moving forward Additional Ferry Terminal „ Macau is developing a light rail rapid transit system New Light Rail / Rapid „ Macau is developing a new ferry Transit terminal

„ Macau is expanding the Airport

„ Macau is expanding the road systems, public transport and

utilities Wynn Stop

23 FurtherFurther GrowthGrowth inin MacauMacau

„ Wynn Macau submitted application to the Government of Macau for a land concession for 54 acres on the Cotai Strip

„ Master plan includes:

– Three casino resort hotels

„ Wynn to control development

„ Sale of subconcession to PBL provides significant flexibility

24 Cross-Marketing Opportunity

„ The Company plans to capitalize on cross-marketing opportunities with Wynn Macau

„ Wynn Las Vegas and Wynn Macau target the high-end customer

– Only gaming operator that targets the high-end customer in both Macau and Las Vegas

„ Asia is one of the largest sources of high-end play – Opportunity to cross-market the high-end player database between Wynn Macau and Wynn Las Vegas

„ Wynn Macau’s local presence will be a great advertising tool to promote Wynn Las Vegas – Increase depth and penetration of Wynn brand

„ Steve Wynn and his team have a strong reputation and track record with the high-end Asian customer base

25 InvestmentInvestment ConsiderationsConsiderations

„ Significant financial flexibility and ample liquidity

„ Considerable planning and design before commencing construction on each project

„ Diverse revenue stream with unparalleled features and amenities

„ Capital discipline: Focus on Las Vegas and Macau

„ Favorable Las Vegas and Macau market fundamentals

„ Joint Venture potential in Macau

„ Further growth in the Macau market

„ Cross marketing opportunities with Wynn Macau

26 QuestionsQuestions && AnswersAnswers