1180638--3/2/2009--WYNN_LAS_VEGAS

related topics

{debt, indebtedness, cash}

{condition, economic, financial}

{regulation, change, law}

{property, intellectual, protect}

{competitive, industry, competition}

{customer, product, revenue}

{loss, insurance, financial}

{stock, price, operating}

{cost, regulation, environmental}

{cost, operation, labor}

{cost, contract, operation}

{investment, property, distribution}

Risks Related to our Substantial Indebtedness We are highly leveraged and future cash flow may not be sufficient for us to meet our obligations, and we might have difficulty obtaining more financing. The agreements governing our debt facilities contain certain financial covenants and other covenants that restrict our ability to engage in certain transactions and may impair our ability to respond to changing business and economic conditions. Our indebtedness is secured by a substantial portion of our assets. Risks Related to our Business Continued weakness and further weakening in global economic conditions may adversely affect consumer and corporate spending and tourism trends, resulting in additional deterioration in our business. The current conditions in the world s financial and credit markets adversely affects prospects of debt refinancing, availability of credit to us and to our customers and the profitability of our business. There have been and will continue to be large additions to the room supply in Las Vegas. We are entirely dependent on two properties for all of our cash flow, which subjects us to greater risks than a gaming company with more operating properties. Our casino, hotel, convention and other facilities face intense competition. Our business relies on high-end, international customers to whom we often extend credit, and we may not be able to collect gaming receivables from our credit players or credit play may decrease. Our business is particularly sensitive to reductions in discretionary consumer spending as a result of downturns in the economy. We are subject to extensive state and local regulation, and licensing and gaming authorities have significant control over our operations, which could have a negative effect on our business. We are subject to taxation by various governments and agencies. The rate of taxation could change. Terrorism and the uncertainty of military conflicts, as well as other factors affecting discretionary consumer spending, may harm our operating results. Our insurance coverage may not be adequate to cover all possible losses that we could suffer, and our insurance costs may increase. If a third party successfully challenges Holdings ownership of, or right to use, the Wynn-related service marks, our business or results of operations could be harmed. If a third party asserts other forms of intellectual property claims against us, our business or results of operations could be adversely affected. The loss of Stephen A. Wynn could significantly harm our business. Wynn Resorts officers, directors and substantial stockholders are able to exert significant control over our operations and future direction. Because we own real property, we are subject to extensive environmental regulation, which creates uncertainty regarding future environmental expenditures and liabilities. Any violation of the Foreign Corrupt Practices Act or applicable Anti-Money Laundering Regulation could have a negative impact on us.

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1180638--3/2/2009--WYNN_LAS_VEGAS_LLC