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W y n n R e s o r t s , L i m i t e d

permitted, subject to approval of the government of , to each grant one subconcession to other gaming operators. There is no limit to the number of each concessionaire is permitted to operate, but each facility is subject to government approval. Currently, there are 33 operating casinos in Macau. In 2002, the other two concessions were granted to Sociedade de Jogos de Macau (“SJM”) and Galaxy Entertainment Group Limited (“Galaxy”). SJM, which is controlled by the family of , operates 20 of the 33 existing casinos, including the Lisboa and The Grand Lisboa. SJM is a Stock Exchange listed . In 2009, SJM opened L’ Arc Macau /Hotel which is adjacent to . In 2009, SJM opened the Casino Oceanus which is adjacent to the Macau terminal. In addition, an affiliate of SJM owns one of three water ferry services and the helicopter shuttle service that links Macau to Hong Kong. Galaxy, a listed company, was also awarded a casino concession in 2002. Galaxy opened the Waldo Hotel/Casino on the in 2004, the Grand Waldo in the summer of 2006, and Galaxy Star hotel casino immediately adjacent to Wynn Macau in October 2006. In addition, Galaxy is currently constructing a on Cotai, which is expected to open in 2011. Sands Corp., the owner and operator of The Venetian and in Las Vegas and a former partner of Galaxy, entered into a subconcession agreement with Galaxy in 2002 which allows it to independently develop and operate casinos in Macau. The opened in 2004. Resort Hotel, the largest casino resort in Macau, opened in 2007. In August 2008, an affiliate of Corp. opened the Four Seasons Hotel Macau, which includes serviced apartment units, adjacent to the Venetian Macao. In addition, an affiliate of Las Vegas Sands Corp. has also proposed a mas- terplan for other large developments in Cotai, some of which are scheduled to open in 2011, that would include additional hotel properties as well as serviced apartment units and additional and related space. In late 2009, Las Vegas Sands Corp. completed the initial public offering of Sands , Ltd. on the Hong Kong Stock Exchange. A joint venture consisting of Melco, a Hong Kong Stock Exchange listed company, and , Ltd., an Australian company, is currently operating the Altira, which opened in May 2007, and the of Dreams, a large resort in Cotai, which opened in June 2009. This joint venture operates its properties under a subconcession purchased from us in 2006. In December 2007, a joint venture of MGM MIRAGE and Chiu-king (Stanley Ho’s daughter) opened the MGM Grand Macau, a resort on the Macau peninsula adjacent to Wynn Macau. The MGM Grand Macau is operated pursuant to a subconcession granted to the joint venture by SJM. Our casino concession agreement allows the government to grant additional concessions for the operation of casinos commencing April 1, 2009. If the awards additional concessions or permits additional subconcessionaires, Wynn Macau will face increased competition from casino operators in Macau. Wynn Macau also faces competition from casinos located in other areas of , such as Genting Highlands Resort, a gaming and resort destination located outside of , , and casinos in and the . Wynn Macau also encounters competition from other major gaming centers located around the world, including and Las Vegas, cruise ships in Asia that offer gaming and other casinos throughout Asia.

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