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$6.4 billion and purchased The Desert Inn ` Awarded one of three concessions in Macau in June 2002 ` Completed IPO in October 2002 2nd largest gaming IPO ever in US Largest construction loan ever made in the US Largest initial capitalization of a gaming entertainment company ` Focused on Global Growth Strategy – developing resorts in Las Vegas and Macau Global Growth Strategy `` DevelopDevelop andand operateoperate thethe bestbest globalglobal gaminggaming companycompany inin thethe worldworld (Las(Las Vegas,Vegas, Macau,Macau, andand otherother locations)locations) Innovative Designs Superb The Winning Customer Locations Experience Focus Efficient Operations What Happens Next? `` OpenOpen WynnWynn LasLas VegasVegas andand WynnWynn MacauMacau `` DevelopDevelop 20-acre20-acre parcelparcel nextnext toto WynnWynn LasLas VegasVegas `` MacauMacau concessionconcession allowsallows forfor subconcessionsubconcession opportunitiesopportunities `` LookLook opportunisticallyopportunistically atat otherother potentiallypotentially lucrativelucrative gaminggaming marketsmarkets 217217 AcresAcres StrategicallyStrategically PositionedPositioned onon thethe LasLas VegasVegas StripStrip Treasure Island Fashion Flamingo Show Mall Veneti an La s Ve ga Frontier s Bl v d Sands Expo WynnWynn LasLas Stardust Center Vegas Circus- Vegas 2020 AcresAcres Circus Desert Inn Road Sands Ave. Ave. Sands Sands Hughes Center Chamber of Commerce Las Vegas Paradise Road LV Hilton Convention Center Land Value `` SteveSteve WynnWynn hashas consistentlyconsistently identifiedidentified profitableprofitable investmentinvestment opportunitiesopportunities Cost ($ in millions) Year Land Number per (1 ) Site Location Purchased Cost of Acres Acre Properties Developed (2) Strand Motel Atlantic City 1980 $9 3 $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 (3) H-Tract Marina District, 1998 $148 120 $1.2 The Borgata plus land for two Atlantic City additional casinos (4) Desert Inn Las Vegas Strip 2000 $353 233 $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 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 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$5.2 billionbillion inin 20042004 `` OverOver 100100 millionmillion peoplepeople withinwithin aa 33 hourhour drivedrive `` OverOver 11 billionbillion peoplepeople withinwithin aa 33 hourhour flightflight Estimated Macau Gaming Revenues Number of Visitors to Macau 5.5 5.2 14.0 11.5 5% 5.0 R = 11.1 12.0 CAG 10.3 4.5 5% = 1 10.0 9.2 GR 8.2 4.0 CA 7.0 7.4 3.5 8.0 6.9 3.5 2.7 6.0 3.0 (millions) (US$ billions) 2.3 4.0 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