Jefferies Gaming, Lodging, Media & Entertainment Conference. May 9, Ron Kramer

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1 Jefferies Gaming, Lodging, Media & Entertainment Conference May 9, 2006 Ron Kramer

2 Forward Looking Statements 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.

3 Corporate Structure Outlined area shows issuers, borrowers, guarantors and restricted subsidiaries under facilities Wynn Resorts, Limited $250 million Convertible Subordinated Notes $300 million unrestricted cash 100% 100% Wynn Macau Wynn Las Vegas $600 million Revolver $400 million Term Loan $1,300 million 1st Mortgage Notes due 2014 $764 million Bank Facility $80 million Subordinated Debt from Wynn Las Vegas Cash from Subconcession provides significant flexibility Total Debt on March 31,2006 : $2.2 billion Cash: $885 million Net Debt: $1.3 Billion

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5 Wynn Las Vegas Immediate Success Wynn generates best initial EBITDA for a full quarter following opening (US$ Millions) Wynn Bellagio MGM-Grand Venetian Opening Date April 28, 2005 October 15, 1998 December 18, 1993 May 4, 1999

6 Wynn Generates the Highest EBITDA per Room Wynn has 1,300 less rooms but generated 13% more EBITDA per room than Bellagio and 52% more than Venetian EBITDA per room per day EBITDA $350 $300 $323 $286 $400 $411 ($) $250 $200 $212 ($ Millions) $300 $320 $311 $150 $100 Wynn Bellagio Venetian $200 Bellagio Wynn Venetian Rooms 3,933 2,716 4,027

7 Wynn Results EBITDA per Day Revenues per Day ($ 000) $1,200 $1,100 $1,000 $900 $800 $855 $901 $1,001 ($000) $3,400 $3,100 $2,800 $2,911 $3,080 $3,290 $700 4/28 to 12/31/05 1Q06 Apr. 06 $2,500 4/28 to 12/31/05 1Q06 Apr. 06 Occupancy $350 Average Daily Rate % 97.0% 95.0% 95.5% 95.6% ($) $300 $274 $293 $ % 92.1% $ % 4/28 to 12/31/05 1Q06 Apr. 06 $200 4/28 to 12/31/05 1Q06 Apr. 06

8 Just the Beginning Where is the Upside? Replace Avenue Q by Spamalot Continuous evolution of Le Reve Tryst and Corsa fully operational Replace art gallery by two retail shops Wynn Watches selling Rolex Watches Exclusively Men s shoe and accessories shop Other space optimization opportunities

9 Quality Drives Demand Wynn s properties have been proven catalysts for growth Gaming Revenue and Visitor Volume (1) Revenue ($ in billions) November 1989: Opening of The Mirage October 1993: Opening of Treasure Island October 1998: Opening of Bellagio April 2005: Opening of Wynn Las Vegas Visitor volume (in millions) $7 45 $6 $5 $4 $3 $2 $1 $ % Growth in Gaming Revs Revenue Visitor Volume (1) Visitation based on all of Clark County.

10 Wynn Growing the Market, Again Table and Slot Revenues grew 22% and 15% respectively since Wynn Las Vegas Opened 40.0% (% change for the May 05 to Feb 06 period ) 30.0% 20.0% 10.0% 0.0% 22.4% 4.4% Total Tables -1.3% Slots 15.0% Units Change Win Change

11 Strong Growth with Encore and Golf Course Land Treasure Island Flamingo Fashion Show Mall Venetian Las Vegas Blvd Frontier Sands Expo Center Koval Land Wynn Las Vegas 55 Acres Encore 20 Acres Stardust Circus- Circus 18 Acres Sands Ave. Golf Course 142 Acres Desert Inn Road Hughes Center Chamber of Commerce Paradise Road Las Vegas Convention Center LV Hilton

12 Significant Land Value Wynn Resorts owns 235 acres of land on the Las Vegas Strip ($ in millions) Las Vegas Strip land valuations Property Acres Value per acre Land value Aztar implied valuation for Trop LV (1) Barbary Coast - Sept Imperial Palace - August Algiers - March Land adjacent to Jockey Club - April Wynn Las Vegas land Property Acres Phase I Land 55.0 Phase II Land 19.8 Golf course and other Koval Land 18.0 (1) Based on a $51 per share pending acquisition. Assumes an 8.5x TEV/EBITDA multiple on Aztar s non-las Vegas assets. (2) Purchase price included option to buy additional 16.5 acres of adjacent land; acquisition was primarily Las Vegas Strip real estate play

13 Built-in Growth - Encore at Wynn Las Vegas 2,054-room hotel tower fully integrated with Wynn Las Vegas, consisting of 144 suites and 1,910 guest rooms Approximately 54,000 square feet casino Additional convention and meeting space Several restaurants and nightclubs Swimming pools, a spa and salon, and retail outlets. Budget of $1.67 billion Ground breaking on April 28, 2006 and expected opening in 4Q08

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15 Wynn Macau Opening September 5, 2006 Wynn signature rooms 200 tables / 380 slots in first phase 7 F&B outlets Second Phase in 4Q 2007 Up to 300 tables Two restaurants Front Feature 26,000 ft of high-end retail Spa and entertainment facility Water Feature

16 Wynn Macau Development Site Grand Lisboa Hotel Lisboa Wynn Macau Wynn Macau Site MGM Site

17 One of the largest markets Despite a lack of large scale integrated resorts to induce demand, Macau has grown into one of the largest gaming markets in the world Global Gaming Revenue 4.8 (US$ billions) Las Vegas Strip Macau Atlantic City Australia South Korea Malaysia Cambodia Philippines Source: Macau and Las Vegas Strip gaming revenues were $5.8 billion and $6.0 billion respectively in 2005

18 What is driving growth in Macau In 2005, 10.5 million tourists came from China - 56% of total tourist volume Over 9 million tourists from mainland under individual visa from July 2003 to April 2006 The FIT scheme (introduced in July 2003) allows travel to Macau without a group or business visa for up to 7 days 44 cities representing 250 million people are eligible for FIT. More cities will be added over time. Currency limits from Mainland raised to $20,000 per year Guangzhou Foshan Zhongshan Jiangmen Dongguan Shenzhen Zhuhai Huizhou Kunming Zhanjiang Yangjiang Maoming Nanjing Suzhou Wuxi Shaoguan Heyuan Nanchang Changsha Guiyang Nanning Guangdong Qingyuan Yunfu Heyuan Beijing Tianjin Chongqing Shanghai Ningbo Hangzhou Taizhou Fuzhou Quanzhou Xiamen Haikou Shantou Chaozhou Meizhou Shanwei Jieyang

19 Strong growth in tourism Macau is projected to nearly double tourism Historical and Projected Tourism Growth Projected 30.0 (Millions of Tourist) Source: Government of Macau

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$11.5bn 2004 Casino Revenue Comparison (US$ billions) USA Asia Source: Industry Innovation Research Group. Asia includes Macau, Australia, South Korea, Cambodia, Malaysia and the Philippines

21 Macau Market Visitor Arrivals Zuhai Boarder (55%) Macau Peninsula Macau Ferry Terminal (35%) Taipa Lotus Bridge (5%) Cotai Macau International Airport (5%) Coloane

22 Infrastructure Development The Pearl River Delta is investing heavily in additional expressways and rail projects Hong Kong Macau Zuhai bridge plans are moving forward Macau is developing a light rail rapid transit system Macau is developing a new ferry terminal Macau is expanding the Airport New Light Rail / Rapid Transit Additional Ferry Terminal Macau is expanding the road systems, public transport and utilities Wynn Stop

23 Segmenting the Chinese Market The population of China 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) Mainland 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 million people in the top income brackets the Premium Customer

24 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 Gaming Mix 2005 Gaming Mix 23% 37% 63% 77% VIP Main Floor VIP Main Floor Source: Government of Macau

25 Further Growth in Macau Wynn Macau submitted application to the Government of Macau for a land concession for 54 acres on the Cotai Strip Master plan includes: Three casino resort hotels Wynn to control development Sale of subconcession to PBL provides significant flexibility

26 Investment Considerations Significant financial flexibility and ample liquidity 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