Citigroup EMT Conference

January 11, 2007

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

WynnWynn Resorts,Resorts, LimitedLimited „ $250 million Convertible Subordinated Notes

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

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: First hotel in Las Vegas to receive the Mobil Five Star Rating – Restaurants: Every prize winning chef is at the property cooking dinner every night. Alex was awarded the Five Star and Five Diamond ratings. – Entertainment: • 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 because the property offers the best overall experience – Better amenities result in higher spend per customer

6 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 1998 EBITDA 1999 EBITDA US$176 million US$260 million

LTM Wynn Las Vegas Encore At Wynn $312 million

7 Wynn Generated the Highest Room Rate on the Strip

Average Daily Room Rate for Quarter ended September 30, 2006

% 300.0 2.7 271 264 .9% 250.0 5 .9% 235 8 .5% 222 221 1 203 202 205 200.0 .5% (in US$) (in 4 154 161 150.0

100.0 Wynn Bellagio Venetian Mandalay Mirage

2005 2006

8 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 ($200 million spent through 3Q 2006)

„ Ground breaking on April 28, 2006 and expected opening in early 2009

9 Opened September 6, 2006

10 WynnWynn MacauMacau

Red 8 Noodles Hotel Lobby

Swimming Pool Café Esplanade 11 WynnWynn MacauMacau

Sky Casino Lift Lobby

Pool Garden Sky Suite 12 WynnWynn MacauMacau

Opened September 6, 2006 Second Phase in 2007

„ Strategic location „ Additional Gaming

„ Signature building with 600 „ Retail rooms „ Restaurants „ 220 tables / 380 slots „ Entrance feature „ 7 Restaurants

„ 26,000 ft of high-end retail

„ Spa and entertainment facility

„ Water feature

13 WynnWynn MacauMacau DevelopmentDevelopment SiteSite

Grand Lisboa Hotel Lisboa

Wynn Wynn Macau Site

MGM Site

14 WynnWynn MacauMacau EarlyEarly ResultsResults

Wynn Macau generated Revenues Going Forward…. of $45 million in first 25 days

„ US$53 mm of gross gaming revenues Significant Room for Improvement

„ More capacity being added „ Table revenues = 81% of revenues „ Marketing ramp-up „ ADR was $201 „ Understanding the customer

„ Occupancy = 76% „ Property improvements

„ 23,000 restaurant covers „ Property access

„ Average check of $51

„ Win/slot/day = $387

„ Win/table/day = 9,236

15 Wynn Taking Significant Market Share

Wynn has 8.7% of tables and 10.7% Market Share Wynn has 7.3% of total slot machines and 14.6% market share

25.0%

20.0%

14.6% 15.0%

10.7% 11.5% 10.0% 8.7% 7.3%

(%Sept. to 6 Sept.30, 2006) 5.0%

0.0% Total Tables Slots

% of Units Sept. share October Share

16 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. 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 2005 Wynn - September Slots Slots Slots 1% 6% Mass 5% 22%

Mass Mass 34% 34% VIP VIP VIP 61% 60% 77%

SeptemberSeptember 20062006 GamingGaming RevenuesRevenues 37%37% VisitationVisitation 20%20%

Source: Wynn Resorts Estimates. 18 Segmenting the Chinese Market

„ The population of 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)

„ 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” 19 Strong growth in tourism

„ Macau is projected to nearly double tourism Historical and Projected Tourism Growth ProjectedProjected 45.0 41.8 40.0

35.0

30.0

25.0 22.0

20.0 18.7

(Millions of Tourist) 16.7 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 2006 2010

Source: Wall Street Estimates

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 Visitor Arrivals

e dg ri Gaming concessionaires New casinos B au ac M Immigration - ai SJM Fisherman’s Wharf h 4 u h Z Macau Ferry K D7 H Las Vegas Sands 5 StarWorld D6 Terminal Wynn 6 Wynn (35%) MGM 7 MGM Grand Macau Galaxy Grand Lisboa Peninsular 8 Zuhai Boarder Macau St. Paul ’s 23 Ferry Terminal Melco PBL 9 Ponte 16 – Macau Success 9 ruins (55%) 10 Nam Van – Shun Tak 11 22 4 25 27 33 Existing casinos 11 Rio 8 5 11 7 6 28 A-Ma Temple 1 Lisboa Crown 7 12

D1 F

r

i

e

n 13 City of Dreams d 2 Waldo

s Macau

h

i 10 p

B Shangri-la M 14

r

Macau Tower i 3 Sands a International

d c

g a

e u - 15 Sheraton T Airport a Other 14 SJM casinos i S p

a a i Hilton B 16 W r a i (5%) d n g

B e r i 17 TBD d Other non-casino developments g e New Ferry 18 Venetian Terminal D1 Shun Tak – HKL JV Four Seasons 12 D2 Nova Hotel 19 D2 D3 Ó D3 Nova Taipa residential 20 Far East Consortium Macau Lotus Bridge D5 International 21 Galaxy Race Course Taipa Airport D4 TV City – eSun (5%) 26 University D5 Chinese Estates 22 Grand Waldo 13 34 Logistic Oceanus 18 D6 La Cite – Chinese Overseas 23 22 14 33 Center 21 19 35 32 15 Arc of Triumph 30 Polytec Asset 24 20 Sports D7 Polytec Asset 16 Ground Lotus 29 25 Emperor Cotai D4 Macau 31 Bridge 17 Dome 26 Shun Tak Cotai Immigration (to be exchanged for another ( Henqin Island) Golf Course Cotai site) 27 Presidente Coloane 28 Melco PBL Westin Resort 29-35 TBD

22 Infrastructure Development

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

„ – 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

„ Addition of a second Hotel and other non-gaming amenities to Wynn Macau

„ Wynn Macau submitted application to the for a land concession for 52 acres on the

„ Master plan includes:

– Up to three casino resort hotels

„ 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 Superior Value Creation for Shareholders

At Mirage… … and Now Wynn Resorts

„ $10,000 in June 1973 would have „ Wynn Resorts stock has returned 670% since returned $4 million in May 2000 the IPO versus 61% for the S&P 500, 111% „ CAGR of 24.9% from 1973 through for Harrah’s, 209% for Las Vegas Sands, May 2000 versus 12.9% for the S&P 500 282% for MGM and 410% for Station

Indexed share price (1) Indexed share price 900% 60,000 800%

50,000 700% 9% 600% . 40,000 62 = 9% 500% GR 30,000 4. A = 2 400% C R G 300% 20,000 CA 200% 10,000 100%

0 0%

04 06 -72 -75 -82 -86 -89 -93 -94 -96 03 04 / 06 / y-77 y-84 y-91 y-98 3/ a a a a 23/ 23/03 15/ 10/054/8/057/7/05 1/ 4/3/06 28/06 Feb Aug Feb-79 Aug Feb Aug Feb Aug Feb-00 1/ 4/ 7/22/03 1/16/044/ 7/14/04 1/ 10/5/05 6/30/069/ Nov-73 M Nov-80 M Nov-87 M Nov M 10/25/02 10/20/03 10/12 12/27

Total Return since IPO ranks #4 among all IPOs after 9/11/2001

(1) Stock chart as of December 29, 2006 26 InvestmentInvestment ConsiderationsConsiderations

„ Significant financial flexibility

„ 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

27