S&P: Expansion Won't Affect Wynn Ratings

4 May 2004

NEW YORK – (PRESS RELEASE) -- Standard & Poor's Ratings Services said today that the ratings and outlooks for Wynn Resorts Ltd. and its wholly owned subsidiary, Wynn Las Vegas LLC, are not affected by Wynn Resorts' announcement of the first steps of its plan to expand its Wynn Las Vegas property.

The total cost of the improvements is about $198 million, including interest and financing fees, and the majority of them are expected to be completed by the April 2005 opening of Wynn Las Vegas. Wynn Resorts created a new subsidiary that on May 3 borrowed $143 million to help fund the improvements.

The new debt is secured by the 20-acre site on which the Desert Inn buildings currently stand. The site was released from the collateral securing the Wynn Las Vegas credit facility and its 12% mortgage notes. Consolidated debt for Wynn Resorts increases by the $143 million. However, this is relatively small considering the size of the overall Wynn Las Vegas project.

The company also said that in the future, it expects to develop an additional casino, hotel tower and related amenities on the current site of the Desert Inn buildings. The scope and timing of this project is currently uncertain, and thus, have not been factored into the ratings.

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	S&P: Expansion Won't Affect Wynn Ratings 4 May 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> NEW YORK – (PRESS RELEASE) -- Standard & Poor's Ratings Services said today that the ratings and outlooks for Wynn Resorts Ltd. and its wholly owned subsidiary, Wynn Las Vegas LLC, are not affected by Wynn Resorts' announcement of the first steps of its plan to expand its Wynn Las Vegas property. The total cost of the improvements is about $198 million, including interest and financing fees, and the majority of them are expected to be completed by the April 2005 opening of Wynn Las Vegas. Wynn Resorts created a new subsidiary that on May 3 borrowed $143 million to help fund the improvements. The new debt is secured by the 20-acre site on which the Desert Inn buildings currently stand. The site was released from the collateral securing the Wynn Las Vegas credit facility and its 12% mortgage notes. Consolidated debt for Wynn Resorts increases by the $143 million. However, this is relatively small considering the size of the overall Wynn Las Vegas project. The company also said that in the future, it expects to develop an additional casino, hotel tower and related amenities on the current site of the Desert Inn buildings. The scope and timing of this project is currently uncertain, and thus, have not been factored into the ratings.