1180638--3/31/2006--WYNN_LAS_VEGAS

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{cost, contract, operation}

{debt, indebtedness, cash}

{property, intellectual, protect}

{condition, economic, financial}

{competitive, industry, competition}

{stock, price, operating}

{product, candidate, development}

{cost, operation, labor}

{customer, product, revenue}

{loss, insurance, financial}

{cost, regulation, environmental}

{regulation, change, law}

{control, financial, internal}

{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 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 Relating to our Business A downturn in general economic conditions may adversely affect our results of operations. We have a limited operating history. We are entirely dependent on one property 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. 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. Simultaneous construction of Wynn Macau and Encore may stretch management time and resources and may impact Wynn Las Vegas. 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. Risks Associated with the Development of Encore There are conditions precedent to the funding of the remaining components of the financing for Encore. There are significant risks associated with major construction projects that may prevent completion of Encore on schedule and within budget. We intend to fund a substantial portion of the development costs of Encore and our substantial debt service and other obligations with cash flows generated at Wynn Las Vegas, which may not be sufficient to fund such development costs and debt service obligations.

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1180638--3/31/2006--WYNN_LAS_VEGAS_LLC