CompanyCompany PresentationPresentation Forward Looking Statements

These materials contain forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act. Such statements include statements regarding the Company's expectations, hopes or intentions regarding the future, including but not limited to statements regarding the Company's strategy, competition (including the expansion of gaming into additional markets), expenses, indebtedness, development plans (including anticipated costs, timing and eventual acceptance of new facilities), financing, revenue, EBITDA, operations, earnings, regulations and compliance with applicable laws. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Among the factors that could cause actual results to differ materially are the following: competition, our current level of indebtedness, uncertainties relating to new developments and expansion, the need for additional financing and regulation. In particular, there can be no assurance that our construction of Wynn Las Vegas will be completed on time or within budget. Wynn Las Vegas is subject to the many risks inherent in the development and operation of a new business enterprise, including potential unanticipated design, construction, regulatory, environmental and operating problems, increased project costs, timing delays, lack of adequate financing and the significant risks commonly associated with implementing a new marketing strategy. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Prospectus. All forward-looking statements in these materials are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement. Wynn Resorts Overview

` Established in June 2000 after Steve Wynn sold Mirage Resorts for US$6.4 billion and purchased The Desert Inn

` Awarded one of three concessions in Macau in June 2002

` Completed IPO in October 2002 ƒ 2nd largest gaming IPO ever in US ƒ Largest construction loan ever made in the US ƒ Largest initial capitalization of a gaming entertainment company

` Focused on Global Growth Strategy – developing resorts in Las Vegas and Macau Global Growth Strategy

`` DevelopDevelop andand operateoperate thethe bestbest globalglobal gaminggaming companycompany inin thethe worldworld (Las(Las Vegas,Vegas, Macau,Macau, andand otherother locations)locations)

Innovative Designs

Superb The Winning Customer Locations Experience Focus

Efficient Operations What Happens Next?

`` OpenOpen WynnWynn LasLas VegasVegas andand WynnWynn MacauMacau

`` DevelopDevelop 20-acre20-acre parcelparcel nextnext toto WynnWynn LasLas VegasVegas

`` MacauMacau concessionconcession allowsallows forfor subconcessionsubconcession opportunitiesopportunities

`` LookLook opportunisticallyopportunistically atat otherother potentiallypotentially lucrativelucrative gaminggaming marketsmarkets

217217 AcresAcres StrategicallyStrategically PositionedPositioned onon thethe LasLas VegasVegas StripStrip

Treasure Island Fashion Flamingo Show Mall Veneti an La s Ve ga Frontier s Bl v d

Sands Expo WynnWynn LasLas Stardust Center Vegas Circus- Vegas 2020 AcresAcres Circus Desert Inn Road Inn Desert Sands Ave. Ave. Sands Sands

Hughes Center Chamber of Commerce

Las Vegas Paradise Road LV Hilton Convention Center Land Value

`` SteveSteve WynnWynn hashas consistentlyconsistently identifiedidentified profitableprofitable investmentinvestment opportunitiesopportunities Cost ($ in millions) Year Land Number per Location Acre Site Purchased Cost(1 ) of Acres Properties Developed

Strand Motel Atlantic City 1980 $9 3 (2) $2.8 Golden Nugget AC

Castaways Las Vegas Strip 1986 $85 110 $0.8 The Mirage and Treasure Island

The Dunes Las Vegas Strip 1993 $70 164 $0.4 Bellagio, Monte Carlo

Holiday Inn Boardwalk Las Vegas Strip 1997-1998 $258 55 $4.7 Future development site between and Surrounding Land Bellagio and Monte Carlo

H-Tract Marina District, 1998 $148 Atlantic City (3) 120 $1.2 The Borgata plus land for two additional casinos

Desert Inn Las Vegas Strip 2000 $353(4) 233 $1.5 Wynn Las Vegas, plus land for future developments

(1) Includes previously operating properties on land (2) Now the AC Hilton (3) Mirage deeded approximately 180 acres (including undevelopable wetlands of approximately 60 acres) in exchange for contracting to develop a hotel casino and payment of $110 million for a portion of the cost to construct the Brigantine Connector (4) Includes purchase of houses surrounding the golf course property and Koval Land. Wynn Las Vegas Opening April 2005

`` BrokeBroke groundground inin OctoberOctober 20022002 openingopening inin AprilApril 20052005 ƒƒ OnOn timetime andand OnOn BudgetBudget `` Arc-shapedArc-shaped 50-story50-story hotelhotel towertower withwith 2,7162,716 roomsrooms `` On-siteOn-site 1818 holehole championshipchampionship golfgolf coursecourse `` 1919 foodfood andand bbeverageeverage establishmentsestablishments `` 2,087-seat2,087-seat showshow roomroom `` 74,70074,700 squaresquare feetfeet ofof retailretail spacespace cconnectedonnected toto 2.02.0 millionmillion sq.sq. ft.ft. FashionFashion ShowShow MallMall `` 223,000223,000 grossgross sq.sq. ft.ft. ofof meetingmeeting spacespace `` On-siteOn-site FerrariFerrari andand MaseratiMaserati dealershipdealership Why is Wynn Las Vegas Different?

` Property built from inside out

` An intimate hotel with 2,716 rooms

` First property to open in 5 years

` A true resort in the middle of Las Vegas Leveraging Off the Wynn Brand

Steve Wynn has consistently raised the bar in Las Vegas

1989 1990 Caesars The M i ra ge 1989 EBITDA -US$100 million 1990 EBITDA -US$188 million

1998 1999

The M i ra ge The Bellagio 1998 EBITDA -US$176 million 1999 EBITDA -US$260 million

Q1 2004 2005

The Bellagio LTM 2Q04 EBITDA – US$281 million Wynn Las Vegas

Geography of Southeast Asia

China

Hong Kong Beijing Seoul Japan Proposed Hong Kong China Tokyo China Disneyland Site South Kowloon Korea 4 Shanghai miles 19 Lantau Hong Kong Island

Taiwan Macau 37 miles Macau Hong Taipa Kong Coloane Manila South China Sea Philippines Malaysia Kuala Lumpur Singapore 025South China Sea Gaming Concession Award

`` SignificantSignificant built-Inbuilt-In growthgrowth inin opportunitiesopportunities embeddedembedded inin 20-year20-year concessionconcession `` WynnWynn ResortsResorts finishedfinished firstfirst overover 1818 otherother internationalinternational companiescompanies ƒƒ WynnWynn finishedfinished aheadahead ofof Galaxy/Venetian,Galaxy/Venetian, SJM,SJM, MGMMGM andand CaesarsCaesars World/MandalayWorld/Mandalay ResortsResorts amongamong othersothers

`` CreditCredit legislationlegislation passedpassed inin JuneJune 20042004 `` ConcessionairesConcessionaires havehave thethe rightright toto grantgrant subconcessionssubconcessions Wynn Macau Development Site

Hotel Lisboa

Wynn Macau Future Bus Terminal Macau Gaming Market

1. Wynn Resorts Macau 2. Lisboa 3. Kam Pek 4. Diamante 5. Legend 6. Pharoah’s Palace 7. Kingsway 8. Oriental 9. Las Vegas Sands 11 3 10. Macau Palace 5 2 4 7 10 12 6 FerryFerry 11. Jai Alai 1 8 9 TerminalTerminal 12. Galaxy Waldo

MacauMacau Tower Tower Macau – A Very Deep Market

`` MacauMacau hashas beenbeen anan establishedestablished gaminggaming marketmarket forfor overover 4040 yearsyears  MarketMarket winwin ofof US$3.5US$3.5 billionbillion withwith approximatelyapproximately 450450 tablestables inin 20032003  GamingGaming RevenuesRevenues expectedexpected toto reachreach $5.2$5.2 billionbillion inin 20042004 `` OverOver 100100 millionmillion peoplepeople withinwithin aa 33 hourhour drivedrive `` OverOver 11 billionbillion peoplepeople withinwithin aa 33 hourhour flightflight Estimated Macau Gaming Revenues Number of Visitors to Macau 14.0 5.5 5.2 11.5 5% 5.0 12.0 R = 11.1 CAG 10.3 4.5 5% = 1 10.0 9.2 GR 8.2 4.0 CA 8.0 7.0 7.4 3.5 6.9 3.5 2.7 6.0

3.0 (millions) 4.0 (US$ billions) 2.3 2.5 2.0 2.1 1.8 2.0 2.0 2.0 1.6 1.5 0.0 1996 1998 2000 2002 2004E 1996 1997 1998 1999 2000 2001 2002 2003

Sources: Macau Statistics and Census Service Growing Gaming Demand from China

`` RelaxedRelaxed traveltravel restrictionsrestrictions areare leadingleading toto recordrecord tourismtourism inin MacauMacau  3131 mainlandmainland ChinaChina citiescities sincesince 22 JulyJuly 20032003 Mainland China is now Macau’s biggest source of visitors 90%

80%

70%

60%

50%

40%

30%

20%

10%

0% 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 % of Visitors From Mainland China % Visitors From Hong Kong

Source: Macau Statistics and Census Services Gaming Market Revenue

`` MacauMacau isis aa toptop globalglobal gaminggaming marketmarket thatthat isis capacitycapacity constrainedconstrained

2003 Gaming Market Revenue

5.0 4.8 4.5 4.5 4.0 3.5 3.5

3.0 2.5 2.0 (US$ billions) (US$ 1.7 1.5 0.9 0.9 1.0 0.6 0.5 0.3 0.0 Las Vegas Atlantic City Macau Australia South Cambodia Malaysia Philippines Strip Korea

Source: Industry Research FinancingFinancing OverviewOverview Post IPO Equity Ownership

Cash Sponsor Shares Owned Ownership % Contribution Public 657.0 37.3 41.3% Stephen A. Wynn 244.7 24.5 27.0%

Aruze USA 452.5 24.5 27.0% SBM 45.0 3.0 3.3% Macau Min. Prtns. 0.0 1.3 1.4% Total 1,399.2 90.6 100.0%

$1.4$1.4 billionbillion inin cashcash equityequity SummarySummary BalanceBalance SheetSheet –– Average Average CostCost ofof DebtDebt ofof 7.2%7.2%

Source of Funds Amount 2005 Interest rate

Revolver 800.0 6.5% Delay Draw Term 250.0 8.0% FF&E Loan 198.5 6.5% 2nd Mortgage Notes 244.7 12.0% Convertible Notes 250.0 6.0% Other Debt 158.0 7.8% Wynn Macau Term Loan 352.0 6.0% Wynn Macau Sub Debt 122.0 7.5% Total 2.393.2 7.2%

$3.8B$3.8B RaisedRaised toto BuildBuild WynnWynn LasLas VegasVegas andand MacauMacau Superior Value Creation for Shareholders and Bondholders

At Mirage… … and Now Wynn Resorts ƒ $10,000 in June 1973 would have ƒ Wynn Re sorts stock appre ciated returned $4 million in May 2000 300% since the IPO versus 24% for the S&P 500, 53% for MGM, 22% for ƒ ƒ CAGR of 24.9% from June 1973 through Harrah’s, 131% for Mandalay and May 2000 versus 12.9% for the S&P 500 115% for Caesars Indexed share price Indexed share price 60,000

50,000

40,000 400% % 390% 0 380% 370% 0 360% % 350% 3 9 340% 30,000 . 330% 4 320% 2 310% 300% = 290% 280% R 270% 260% G 250% 20,000 240% A 230% C 220% 210% 200% 190% 180% 170% 10,000 160% 150% 140% 130% 120% 110% 100% 90% 0 80%

/ / / 3 / / 3 3 3 /3 / / 4 / / 4 / /4 4 4 4 5 3 1 03 0 0 0 1 30 0 0 0 0 0 02020202 036/03 0303 0 0 0303 030303030303 0 0404 04 0404 0404 0/04 7/04 /3/ /5/ /2/ 2 2 1/9/ /13/7//26/145 /22//10//29//18/8/6/25/ 1 /24/123 /214/9/28//17/6/5//24//13/8/1/ 9/8/ -80 -82 -84 -87 -89 -91 -96 -98 12 / 2 / 1/28/2 3 4 5 6 6 7 8 9/13/10 / 2 / 11 / 9 / 1 2 3 4 5 6 7 8/ 9/ y- 7 7 y y y 10/211/1 12/2 10/2 11/28/12/17 Feb-72Nov-73Aug-75Ma Feb-79Nov Aug Ma Feb-86Nov Aug Ma Feb-93Nov-94Aug Ma Feb-00 Debt Ratings were raised Wynn Bonds are up 31 several times from B in 1978 points since the offering in to BBB+ in 1996 October 2002

(1) Stock Chart as of September 28, 2004 Investment Highlights

` Strong balance sheet

` Experienced and proven management team

` Unparalleled track record for creating value

` Significant built-in growth opportunities