Wynn Resorts Reports Q1 Results

4 May 2006

LAS VEGAS -- (PRESS RELEASE) -- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the first quarter ended March 31, 2006.

Net Revenues for the quarter were $277.2 million and adjusted net income (excluding $12.6 million in pre-opening expenses, property charges, fees for the termination of "Avenue Q" and increase in swap fair value) was $1.1 million, or $0.01 per diluted share (adjusted EPS) (1). On a US GAAP (Generally Accepted Accounting Principles) basis, net loss was $11.4 million, or a net loss of $0.12 per diluted share.

Wynn Las Vegas First Quarter Results

For the quarter ended March 31, 2006, Wynn Las Vegas generated adjusted EBITDA of $81.1 million, representing a 29.2% margin on first quarter net revenues.

Net gaming revenues in the first quarter of 2006 were $126.5 million. Table games drop was $489.8 million, with win per table per day (before discounts) of $7,395 for the period. Table games win percentage was 19.8%, which is within the property's expected range of 19% to 22% and lower than the 21.0% achieved life to date. Slot machine win per unit per day was $260 on handle (volume) of $911.3 million.

Gross non-gaming revenues for the period were $191.8 million and net non-gaming revenues were $150.7 million. Wynn Las Vegas' room revenues were $68.2 million. Average daily rate (ADR) was $293 and occupancy was 95.5%, generating revenue per available room (REVPAR) of $279 for the period. The food and beverage, retail, entertainment and other operations generated gross revenues of $74.6 million, $17.2 million, $20.3 million and $11.5 million, respectively.

Wynn Macau

In June 2004, the Company broke ground on Wynn Macau, its destination casino resort in Macau, China. The first phase of the project will utilize approximately 11 acres of a total site area of 16 acres of land and includes 600 hotel rooms and suites, approximately 100,000 square feet of casino gaming space, seven restaurants, approximately 26,000 square feet of retail space, a spa, a salon, entertainment lounges and meeting facilities. We expect the first phase to open to the public in the third quarter of 2006. The second phase will include up to an additional 136,000 square feet of casino space, two restaurants, additional retail space, a theater, and a dramatic front feature attraction. The second phase is expected to be fully open to the public in the fourth quarter of 2007.

Design and construction is progressing on schedule and within budget. Many areas in the first phase of the project, including the information technology data center, several floors of guestrooms and suites in the hotel tower, the loading dock and main kitchen storage area, have been handed over to operations. Final finish work is in progress on several restaurants, in the casino and other areas.

As of March 31, 2006, the Company has incurred approximately $554.5 million of a total project budget of approximately $1.2 billion (including the expansion of the second phase), with approximately $622.4 million to be spent to complete Wynn Macau.

Encore at Wynn Las Vegas

As a result of the strong demand for the amenities and services offered by Wynn Las Vegas, the continued strength of the Las Vegas market, and our desire to maximize the potential of our substantial real estate assets, we are constructing Encore at Wynn Las Vegas ("Encore") on approximately 20 acres on the Strip, immediately adjacent to Wynn Las Vegas. On March 31, 2006, our lenders approved the $1.74 billion project budget and the related plans and specifications for Encore. Encore includes a 2,054-room hotel tower fully integrated with Wynn Las Vegas, consisting of 144 suites and 1,910 guest rooms, as well as an approximately 54,000 square foot casino, additional convention and meeting space, as well as restaurants, nightclubs, swimming pools, a spa and salon and retail outlets. We commenced construction of Encore on April 28, 2006 and expect to open it to the public by the end of 2008. The project budget for Encore includes approximately $70.0 million to be incurred for construction of a new employee parking garage on our Koval property, a related pedestrian bridge and costs to be incurred in connection with preparing the Broadway Theater to host "Monty Python's Spamalot."

Other Factors Affecting Earnings

Depreciation and amortization expenses were $41.8 million during the first quarter, including $2.5 million of accelerated Avenue Q production rights and costs. Interest expense, net of $6.4 million in capitalized interest, was $35.9 million for the first quarter of 2006. Pre-opening expenses, primarily related to Wynn Macau, totaled $8.9 million during the quarter. Corporate expenses and other was $10.7 million, including $3.0 million of stock option expenses.

Balance Sheet and Capital Expenditures

Our total cash balances at the end of the quarter were $885.2 million, including unrestricted cash balances of $477.0 million and restricted cash balances of $408.2 million. Total debt outstanding at the end of the quarter was $2.2 billion, including $235.9 million of Convertible Debentures and $193.9 million of Wynn Macau related debt. Capital expenditures during the first quarter of 2006, net of changes in construction payables and retention, totaled $115.4 million, of which $77.4 million was related to Wynn Macau.

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	Wynn Resorts Reports Q1 Results 4 May 2006 LAS VEGAS -- (PRESS RELEASE) -- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the first quarter ended March 31, 2006. Net Revenues for the quarter were $277.2 million and adjusted net income (excluding $12.6 million in pre-opening expenses, property charges, fees for the termination of "Avenue Q" and increase in swap fair value) was $1.1 million, or $0.01 per diluted share (adjusted EPS) (1). On a US GAAP (Generally Accepted Accounting Principles) basis, net loss was $11.4 million, or a net loss of $0.12 per diluted share. Wynn Las Vegas First Quarter Results For the quarter ended March 31, 2006, Wynn Las Vegas generated adjusted EBITDA of $81.1 million, representing a 29.2% margin on first quarter net revenues. Net gaming revenues in the first quarter of 2006 were $126.5 million. Table games drop was $489.8 million, with win per table per day (before discounts) of $7,395 for the period. Table games win percentage was 19.8%, which is within the property's expected range of 19% to 22% and lower than the 21.0% achieved life to date. Slot machine win per unit per day was $260 on handle (volume) of $911.3 million. Gross non-gaming revenues for the period were $191.8 million and net non-gaming revenues were $150.7 million. Wynn Las Vegas' room revenues were $68.2 million. Average daily rate (ADR) was $293 and occupancy was 95.5%, generating revenue per available room (REVPAR) of $279 for the period. The food and beverage, retail, entertainment and other operations generated gross revenues of $74.6 million, $17.2 million, $20.3 million and $11.5 million, respectively. Wynn Macau In June 2004, the Company broke ground on Wynn Macau, its destination casino resort in Macau, China. The first phase of the project will utilize approximately 11 acres of a total site area of 16 acres of land and includes 600 hotel rooms and suites, approximately 100,000 square feet of casino gaming space, seven restaurants, approximately 26,000 square feet of retail space, a spa, a salon, entertainment lounges and meeting facilities. We expect the first phase to open to the public in the third quarter of 2006. The second phase will include up to an additional 136,000 square feet of casino space, two restaurants, additional retail space, a theater, and a dramatic front feature attraction. The second phase is expected to be fully open to the public in the fourth quarter of 2007. Design and construction is progressing on schedule and within budget. Many areas in the first phase of the project, including the information technology data center, several floors of guestrooms and suites in the hotel tower, the loading dock and main kitchen storage area, have been handed over to operations. Final finish work is in progress on several restaurants, in the casino and other areas. As of March 31, 2006, the Company has incurred approximately $554.5 million of a total project budget of approximately $1.2 billion (including the expansion of the second phase), with approximately $622.4 million to be spent to complete Wynn Macau. Encore at Wynn Las Vegas As a result of the strong demand for the amenities and services offered by Wynn Las Vegas, the continued strength of the Las Vegas market, and our desire to maximize the potential of our substantial real estate assets, we are constructing Encore at Wynn Las Vegas ("Encore") on approximately 20 acres on the Strip, immediately adjacent to Wynn Las Vegas. On March 31, 2006, our lenders approved the $1.74 billion project budget and the related plans and specifications for Encore. Encore includes a 2,054-room hotel tower fully integrated with Wynn Las Vegas, consisting of 144 suites and 1,910 guest rooms, as well as an approximately 54,000 square foot casino, additional convention and meeting space, as well as restaurants, nightclubs, swimming pools, a spa and salon and retail outlets. We commenced construction of Encore on April 28, 2006 and expect to open it to the public by the end of 2008. The project budget for Encore includes approximately $70.0 million to be incurred for construction of a new employee parking garage on our Koval property, a related pedestrian bridge and costs to be incurred in connection with preparing the Broadway Theater to host "Monty Python's Spamalot." Other Factors Affecting Earnings Depreciation and amortization expenses were $41.8 million during the first quarter, including $2.5 million of accelerated Avenue Q production rights and costs. Interest expense, net of $6.4 million in capitalized interest, was $35.9 million for the first quarter of 2006. Pre-opening expenses, primarily related to Wynn Macau, totaled $8.9 million during the quarter. Corporate expenses and other was $10.7 million, including $3.0 million of stock option expenses. Balance Sheet and Capital Expenditures Our total cash balances at the end of the quarter were $885.2 million, including unrestricted cash balances of $477.0 million and restricted cash balances of $408.2 million. Total debt outstanding at the end of the quarter was $2.2 billion, including $235.9 million of Convertible Debentures and $193.9 million of Wynn Macau related debt. Capital expenditures during the first quarter of 2006, net of changes in construction payables and retention, totaled $115.4 million, of which $77.4 million was related to Wynn Macau.