Management's Discussion and Analysis of Financial Condition And

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2 0 0 9 A n n u A l R e p o R t Management’s Discussion and Analysis of Financial Condition and Results of Operations Capital Resources We require a certain amount of cash on hand for operations. At December 31, 2009, we had approximately $1.99 billion of cash and cash equivalents available for operations, debt service and retirement, development activities, general corporate purposes, enhancements to our resorts, and to support the development and construction costs of Encore at Wynn Macau. Approximately $85.6 million of our cash balance is held by Wynn Resorts, Limited, which is not a guarantor of the debt of its subsidiaries, including Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp. and Wynn Macau, S.A. In addition, as of December 31, 2009, we had approximately $185 million of availability under our Wynn Las Vegas Revolving Credit Facility and approximately $500 million of availability under our Wynn Macau Senior Revolving Credit Facility. Except for scheduled quarterly payments totaling $2.7 million, we have no debt maturities in 2010. Debt maturities in 2011 are scheduled to be $77.9 million. We believe that cash flow from operations, availability under our bank credit facili- ties, and our existing cash balances will be adequate to satisfy our anticipated uses of capital during 2010. If any additional financing became necessary, we cannot provide assurance that future borrowings will be available. Cash and cash equivalents include investments in U.S. Treasury Bills and bank time deposits, all with maturities of less than 90 days. Investing Activities Capital expenditures were approximately $540.9 million, $1.3 billion and $1 billion for the years ended December 31, 2009, 2008 and 2007. Our capital expenditures relate primarily to the construction cost associated with Encore at Wynn Las Vegas, which opened in December 2008, expansions at Wynn Macau and the continued construction of Encore at Wynn Macau. Encore at Wynn Macau. In June 2007, we commenced construction on Encore at Wynn Macau, a further expansion of Wynn Macau. Encore at Wynn Macau is a second hotel tower for Wynn Macau situated on top of a new low-rise podium. Encore at Wynn Macau will add a fully-integrated resort hotel to Wynn Macau, planned to include approximately 410 luxury suites and four villas along with restaurants, additional retail space and additional gaming space. We expect Encore at Wynn Macau to open in April 2010. We have executed a guaranteed maximum price contract with Leighton Contractors (Asia) Limited, China State Construction Engineering (Hong Kong) Limited and China Construction Engineering (Macau) Company Limited, acting together as the general contractor for the construction of Encore at Wynn Macau. The current guaranteed maximum price, including change orders as of December 31, 2009, is $417.4 million. We expect total development and construction costs to be approximately $600 million. The project budget is being funded from our cash flow from operations at Wynn Macau and existing cash balances. As of December 31, 2009, we had incurred approximately $454.9 million of project costs related to the development and construction of Encore at Wynn Macau. 2 2.

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