<SUBMISSION>
<ACCESSION-NUMBER>0000912057-02-039499
<TYPE>S-1/A
<PUBLIC-DOCUMENT-COUNT>9
<FILING-DATE>20021023
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WYNN RESORTS LTD
<CIK>0001174922
<ASSIGNED-SIC>7011
<IRS-NUMBER>460484987
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-1/A
<ACT>33
<FILE-NUMBER>333-90600
<FILM-NUMBER>02796289
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3145 LAS VEGAS BLVD S.
<CITY>LAS VEGAS
<STATE>NV
<ZIP>89109
<PHONE>7027334444
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3145 LAS VEGAS BLVD S.
<CITY>LAS VEGAS
<STATE>NV
<ZIP>89109
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>a2085104zs-1a.htm
<DESCRIPTION>FORM S-1/A
<TEXT>
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<FONT SIZE=1><B>As filed with the Securities and Exchange Commission on October&nbsp;23, 2002

 </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=1><B> Registration No.&nbsp;333-90600  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington, D.C. 20549  </B></FONT></P>

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<FONT SIZE=4><B>AMENDMENT NO.&nbsp;7<BR>  </B></FONT><FONT SIZE=3><B>to<BR>  </B></FONT><FONT SIZE=4><B>FORM S-1<BR>
REGISTRATION STATEMENT<BR>  </B></FONT><FONT SIZE=3><B>Under<BR>  </B></FONT><FONT SIZE=4><B>THE SECURITIES ACT OF 1933

  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B> Wynn Resorts, Limited<BR>  </B></FONT><FONT SIZE=1>(Exact name of Registrant as specified in its charter) </FONT></P>

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<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1><B>Nevada</B></FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>7990</B></FONT></TD>
<TD WIDTH="20%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1><B>46-0484987</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1>(State or other jurisdiction<BR>
of incorporation or organization)</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1>(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1>(I.R.S. Employer<BR>
Identification Number)<BR></FONT>
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<P ALIGN="CENTER"><FONT SIZE=1><B>3145 Las Vegas Boulevard South<BR>
Las Vegas, Nevada 89109<BR>
(702)&nbsp;733-4444<BR>  </B></FONT><FONT SIZE=1>(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1><B>Ronald J. Kramer<BR>
President<BR>
3145 Las Vegas Boulevard South<BR>
Las Vegas, Nevada 89109<BR>
(702)&nbsp;733-4444<BR>  </B></FONT><FONT SIZE=1>(Name, address, including zip code, and telephone number, including area code, of agent for service) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=1><B><I>Copies to:  </I></B></FONT></P>

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<TD WIDTH="46%" ALIGN="CENTER"><FONT SIZE=1><B>C. Kevin McGeehan, Esq.<BR>
Ashok W. Mukhey, Esq.<BR>
Irell &amp; Manella LLP<BR>
1800 Avenue of the Stars, Suite 900<BR>
Los Angeles, CA 90067-4276<BR>
(310) 277-1010</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="46%" ALIGN="CENTER"><FONT SIZE=1><B>Pamela B. Kelly, Esq.<BR>
Latham &amp; Watkins<BR>
633 West Fifth Street, Suite 4000<BR>
Los Angeles, CA 90071-2007<BR>
(213) 485-1234<BR> </B></FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=1><B>Approximate date of commencement of proposed sale to the public:<BR>
As soon as practicable after this registration statement becomes effective.  </B></FONT></P>

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<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933, check the following box.&nbsp;</FONT><FONT SIZE=1><B><FONT FACE="WINGDINGS">&#111;</FONT>  </B></FONT></P>


<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;</FONT><FONT SIZE=1><B><FONT FACE="WINGDINGS">&#111;</FONT>  </B></FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;</FONT><FONT SIZE=1><B> <FONT
FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
  </B></FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;</FONT><FONT SIZE=1><B> <FONT
FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>  </B></FONT></P>


<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If delivery of the prospectus is expected to be made pursuant to Rule&nbsp;434 under the Securities Act, check the following box.&nbsp;</FONT><FONT SIZE=1><B> <FONT
FACE="WINGDINGS">&#111;</FONT>  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=1><B> CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="62%" ALIGN="CENTER"><FONT SIZE=1><B>Title of Each Class of<BR>
Securities to be Registered</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate<BR>
Offering Price(1)(2)</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of<BR>
Registration Fee(3)</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
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<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=1>Common stock, par value $0.01 per share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1>$517,517,250</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1>$47,612</FONT></TD>
</TR>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Includes
$67,502,250 of aggregate offering price of shares of common stock that may be sold pursuant to the underwriters' over-allotment options. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Estimated
solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Previously
paid. </FONT></DD></DL>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant
shall file&nbsp;a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act or until
the Registration Statement shall become effective on such date as the Commission, acting pursuant to such Section&nbsp;8(a), may determine.  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_ja1426_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART II    <BR>    <BR>    INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>Item 13.&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the costs and expenses, other than underwriting discounts and commissions, payable by the Registrant in connection with the sale
and distribution of the common stock being registered. All amounts shown are estimates except for the Securities and Exchange Commission registration fee, the National Securities Dealers,&nbsp;Inc.
filing fee and The Nasdaq National Market quotation fee. </FONT></P>

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<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Registration fee&#151;Securities and Exchange Commission</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>47,612</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Filing fee&#151;National Association of Securities Dealers, Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>30,500</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Quotation fee&#151;The Nasdaq National Market</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>100,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Printing and engraving expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>379,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Legal fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>2,700,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Accounting fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>250,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Blue sky fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>8,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Transfer agent and registrar fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>10,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Miscellaneous</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>250,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="75%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>3,775,112</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>To
be filed by amendment. </FONT></DD></DL>

<P><FONT SIZE=2><B>Item 14.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nevada Revised Statutes provide that a corporation may indemnify its officers and directors against expenses actually and reasonably incurred in the event an
officer or director is made a party or threatened to be made a party to an action (other than an action brought by or on behalf of the corporation as discussed below) by reason of his or her official
position with the corporation provided the director or officer (1)&nbsp;is not liable for the breach of any fiduciary duties as a director or officer involving intentional misconduct, fraud or a
knowing violation of the law or (2)&nbsp;acted in good faith and in a manner he or she reasonably believed to be in the best interests of the corporation and, with respect to any criminal actions,
had no reasonable cause to believe his or her conduct was unlawful. A corporation may indemnify its officers and directors against expenses, including amounts paid in settlement, actually and
reasonably incurred in the event an officer or director is made a party or threatened to be made a party to an action by or on behalf of the corporation by reason of his or her official position with
the corporation provided the director or officer (1)&nbsp;is not liable for the breach of any fiduciary duties as a director or officer involving intentional misconduct, fraud or a knowing violation
of the laws or (2)&nbsp;acted in good faith and in a manner he or she reasonably believed to be in the best interests of the corporation. The Nevada Revised Statutes further provides that a
corporation generally may not indemnify an officer or director if it is determined by a court that such officer or director is liable to the corporation or responsible for any amounts paid to the
corporation as a settlement, unless a court also determines that the officer or director is entitled to indemnification in light of all of the relevant facts and circumstances. The Nevada Revised
Statutes require a corporation to indemnify an officer or director to the extent he or she is successful on the merits or otherwise successfully defends the action. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-1</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn
Resorts' bylaws provide that it will indemnify its directors and officers to the maximum extent permitted by Nevada law, including in circumstances in which indemnification is
otherwise discretionary under Nevada law. In addition, Wynn Resorts intends to enter into separate indemnification agreements, attached as Exhibit&nbsp;10.14 hereto, with its directors and officers
which would require Wynn Resorts, among other things, to indemnify them against certain liabilities which may arise by reason of their status or service other than liabilities arising from willful
misconduct of a culpable nature. Wynn Resorts also intends to maintain director and officer liability insurance, if available on reasonable terms. These indemnification provisions and the
indemnification agreements may be sufficiently broad to permit indemnification of Wynn Resorts' officers and directors for liabilities, including reimbursement of expenses incurred, arising under the
Securities Act of 1933, as amended, which we refer to as the Securities Act. We have been advised that, in the opinion of the Securities and Exchange Commission, indemnification of directors or
officers for liabilities arising under the Securities Act of 1933, as amended, is against public policy and, therefore, such indemnification provisions may be unenforceable. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriting Agreement, attached as Exhibit&nbsp;1.1 hereto, provides for indemnification by the Underwriters of Wynn Resorts and its officers and directors for certain
liabilities, including matters arising under the Securities Act. </FONT></P>

<P><FONT SIZE=2><B>Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Recent Sales of Unregistered Securities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the transactions by the Registrant during the past three years involving sales of the Registrant's securities that were not
registered under the Securities Act: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;In
April&nbsp;2000, Stephen A. Wynn formed Valvino Lamore, LLC, known as Valvino, as its single member. Between April and September 2000, Mr.&nbsp;Wynn made equity
contributions in an aggregate amount of $220.7&nbsp;million. Until immediately prior to the consummation of this offering, our assets and operations were held and conducted by Valvino and its
subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;In
October&nbsp;2000, Aruze USA, Inc., a Nevada corporation, contributed $260&nbsp;million in cash to Valvino in exchange for 100,000 common shares, which
represented a 50% interest in the profits and losses of Valvino, and was admitted as a member of Valvino. In connection with such contribution by Aruze USA, Valvino also issued 100,000&nbsp;common
shares, representing a 50% interest in Valvino's profits and losses, to Mr.&nbsp;Wynn to evidence his ownership interest in the limited liability company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;In
April&nbsp;2001, Baron Asset Fund, a Massachusetts business trust, contributed $20.8&nbsp;million in cash to Valvino in exchange for 7,692.31 common shares, which
represented approximately a 3.70% interest in the profits and losses of Valvino, and was admitted as a member of Valvino. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;In
April&nbsp;2002, (1)&nbsp;Baron Asset Fund contributed an additional approximately $20.3&nbsp;million in cash to Valvino, (2)&nbsp;Aruze USA contributed an
additional $120&nbsp;million in cash to Valvino, (3)&nbsp;Mr.&nbsp;Wynn contributed an additional approximately $32&nbsp;million in cash to Valvino and (4)&nbsp;Mr.&nbsp;Wynn contributed
his interest in Wynn Resorts (Macau) S.A., which was valued at approximately $56&nbsp;million by the parties in the negotiation of Mr.&nbsp;Wynn's contribution of his interest, to Valvino. As a
result of these capital contributions, Baron Asset Fund was issued an additional 2,834.01 common shares and its interest in Valvino's profits and losses increased to 5%. Aruze USA and Mr.&nbsp;Wynn
received no additional shares as a result of the April&nbsp;2002 capital contributions. Immediately following these </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>II-2</FONT></P>

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<P><FONT SIZE=2>
capital contributions, each of Mr.&nbsp;Wynn and Aruze USA held a 47.5% interest in Valvino's profits and losses. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;In
June&nbsp;2002, the Kenneth R. Wynn Family Trust contributed $1.2&nbsp;million in cash to Valvino in exchange for 307.38 common shares, which represented
approximately a 0.146% interest in the profits and losses of Valvino, and was admitted as a member of Valvino. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;In
September 2002, in exchange for the contribution of all of their respective membership interests in Valvino, the Registrant issued shares of its common stock to each
of Mr.&nbsp;Wynn, Aruze USA, Baron Asset Fund and the Kenneth&nbsp;R. Wynn Family Trust. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering, and the Registrant believes that each transaction was exempt
from the registration requirements of the Securities Act by virtue of Section&nbsp;4(2) thereof and, or Regulation&nbsp;D promulgated thereunder or Rule&nbsp;701 pursuant to compensatory benefit
plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P><FONT SIZE=2><B>Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules  </B></FONT></P>

<P><FONT SIZE=2><B>(a)&nbsp;&nbsp;Exhibits  </B></FONT></P>



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<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit No.</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="89%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Underwriting Agreement.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Second Amended and Restated Articles of the Registrant.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Third Amended and Restated Bylaws of the Registrant.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Specimen certificate for shares of Common Stock, $0.01 par value per share, of the Registrant.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Opinion of Schreck Brignone.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Asset and Land Purchase Agreement, dated as of April&nbsp;28, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton Desert Inn Corporation, Valvino Lamore, LLC and
Stephen&nbsp;A.&nbsp;Wynn.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to Asset and Land Purchase Agreement, dated as of May&nbsp;26, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton Desert Inn Corporation, Valvino Lamore,
 LLC and Stephen&nbsp;A.&nbsp;Wynn.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Second Amendment to Asset and Land Purchase Agreement, dated as of June&nbsp;16, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton Desert Inn Corporation, Valvino
Lamore, LLC, Stephen&nbsp;A.&nbsp;Wynn, Rambas Marketing Co., LLC, and Desert Inn Water Company, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Third Amendment to Asset and Land Purchase Agreement, dated as of June&nbsp;22, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton Desert Inn Corporation, Valvino
Lamore, LLC, Stephen&nbsp;A.&nbsp;Wynn, Rambas Marketing Co., LLC, and Desert Inn Water Company, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Fourth Amendment to Asset and Land Purchase Agreement, dated as of October&nbsp;27, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton SGC Sub Corporation, Valvino
Lamore, LLC, Stephen&nbsp;A.&nbsp;Wynn, Rambas Marketing Co., LLC, and Desert Inn Water Company, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Fifth Amendment to Asset and Land Purchase Agreement, dated as of November&nbsp;3, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton SGC Sub Corporation, Valvino
Lamore, LLC, Stephen&nbsp;A.&nbsp;Wynn, Rambas Marketing Co., LLC, and Desert Inn Water Company, LLC.(1)</FONT></TD>
</TR>
</TABLE>

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<P ALIGN="CENTER"><FONT SIZE=2>II-3</FONT></P>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement, dated January&nbsp;25, 2001, by and between Wynn Resorts Holdings, LLC and Calitri Services and Licensing Limited Liability Company.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Lease Agreement, dated November&nbsp;1, 2001, by and between Valvino Lamore, LLC and Wynn Resorts Holdings, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Art Rental and Licensing Agreement, dated November&nbsp;1, 2001, by and between Stephen&nbsp;A.&nbsp;Wynn and Wynn Resorts Holdings, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholders Agreement, dated as of April&nbsp;11, 2002, by and among Stephen&nbsp;A.&nbsp;Wynn, Baron Asset Fund and Aruze USA, Inc.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement for Guaranteed Maximum Price Construction Services between Wynn Las Vegas, LLC and Marnell Corrao Associates,&nbsp;Inc. for Le R&ecirc;ve.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Continuing Guaranty, dated June 4, 2002, by Austi, Inc. in favor of Wynn Las Vegas, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Design/Build Agreement, dated June&nbsp;6, 2002, by and between Wynn Las Vegas,&nbsp;LLC and Bomel Construction Company,&nbsp;Inc.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.14</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>2002 Stock Incentive Plan.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.15</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Indemnity Agreement.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.16</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated April&nbsp;1, 2002, by and between Wynn Resorts Holdings, LLC and Ronald&nbsp;J. Kramer.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.17</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Contribution Agreement, dated as of June&nbsp;11, 2002 by and among Stephen&nbsp;A. Wynn, Aruze&nbsp;USA,&nbsp;Inc., Baron Asset Fund, the Kenneth&nbsp;R. Wynn Family Trust dated February 1985 and Wynn Resorts,
Limited.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.18</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Business Loan Agreement, dated as of May&nbsp;30, 2002, between Bank of America,&nbsp;N.A. and World Travel,&nbsp;LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.19</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Continuing Guaranty, dated May&nbsp;30, 2002, by Valvino Lamore,&nbsp;LLC in favor of Bank of America,&nbsp;N.A.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.20</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement, dated as of June&nbsp;13, 2002, by and between Stephen&nbsp;A. Wynn and Wynn Resorts, Limited.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.21</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Purchase Agreement, dated May&nbsp;30, 2002, between Stephen A. Wynn and Valvino Lamore, LLC.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.22</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement, dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, between Wynn Design and Development,&nbsp;LLC and Butler/Ashworth Architects,&nbsp;Inc.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.23</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of May&nbsp;31, 2002, by and between Valvino Lamore, LLC and Matt Maddox.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Concession Contract for the Operation of Games of Chance or Other Games in Casinos in the Macau Special Administrative Region, dated June&nbsp;24, 2002, between the Macau Special Administrative Region and Wynn Resorts
(Macau), S.A. (English translation of Portuguese version of Concession Agreement).(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.25</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Commitment Letter Agreement, dated June&nbsp;14, 2002, among Deutsche Bank Trust Company Americas, Deutsche Bank Securities Inc., Bank of America, N.A., Banc of America Securities&nbsp;LLC, Bear
Stearns Corporate Lending, Inc., Bear Stearns &amp; Co. Inc., Wynn Resorts Holdings, LLC and Wynn Las Vegas, LLC.&nbsp;(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.26</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement for Guarantee Maximum Price Construction Services Change Order, dated as of August&nbsp;12, 2002, between Marnell Corrao Associates, Inc. and Wynn Las Vegas,&nbsp;LLC.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.27</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Concession Contract for Operating Casino Gaming or Other Forms of Gaming in the Macao Special Administrative Region, dated June&nbsp;24, 2002, between the Macau Special Administrative Region and Wynn Resorts (Macau) S.A.
(English translation of Chinese version of Concession Agreement).(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.28</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Art Rental and Licensing Agreement, dated August&nbsp;19, 2002, by and between Stephen A. Wynn and Wynn Resorts Holdings,&nbsp;LLC.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.29</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Professional Design Services Agreement, effective as of October&nbsp;5, 2001, between Wynn Design Development,&nbsp;LLC and A.A. Marnell&nbsp;II, Chtd.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.30</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>General Conditions to the Professional Design Services Agreement.(4)</FONT></TD>
</TR>
</TABLE>

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<P ALIGN="CENTER"><FONT SIZE=2>II-4</FONT></P>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.31</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Trademark/Service Mark Purchase Agreement, dated June&nbsp;7, 2001, between Wynn Resorts and The STAD Trust.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.32</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Purchase Agreement, dated as of April&nbsp;1, 2001, between Stephen A. Wynn and Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.33</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.34</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.35</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Second Amendment to Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.36</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Third Amendment to Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.37</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Fourth Amendment to Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.38</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of July&nbsp;7, 2000, by and between Wynn Design &amp; Development,&nbsp;LLC and William Todd Nisbet.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.39</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of September&nbsp;6, 2002, by and between Wynn Resorts, Limited and Marc H. Rubinstein.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.40</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of September&nbsp;9, 2002, by and between Wynn Resorts, Limited and John Strzemp.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.41</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Indenture, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, governing
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Second Mortgage Notes due 2010 by and among Wynn Las Vegas,&nbsp;LLC, Wynn Las Vegas Capital Corp., Desert Inn Water Company,&nbsp;LLC, Wynn Design&nbsp;&amp; Development,&nbsp;LLC, Wynn Resorts Holdings,
&nbsp;LLC, Las Vegas Jet,&nbsp;LLC, World Travel,&nbsp;LLC, Palo,&nbsp;LLC, Valvino Lamore,&nbsp;LLC and Wells Fargo Bank, National Association, as trustee.(6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.42</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Second Amended and Restated Art Rental and Licensing Agreement, dated September&nbsp;18, 2002, by and between Stephen A. Wynn and Wynn Resorts Holdings, LLC.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.43</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of September&nbsp;18, 2002, by and between Wynn Design&nbsp;&amp; Development, LLC and Kenneth R. Wynn.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.44</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Tax Indemnification Agreement, effective as of September&nbsp;24, 2002, by and among Stephen A. Wynn, Aruze USA, Inc., Baron Asset Fund on behalf of the Baron Asset Fund Series, Baron Asset Fund on behalf of the Baron
Growth Fund Series, Kenneth&nbsp;R. Wynn Family Trust dated February 20, 1985, Valvino Lamore, LLC and Wynn Resorts, Limited.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.45</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of September&nbsp;26, 2002, by and between Wynn Design&nbsp;&amp; Development, LLC and DeRuyter O. Butler.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.46</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of October&nbsp;4, 2002, by and between Wynn Resorts, Limited and Stephen&nbsp;A. Wynn.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.47</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Letter of Intent, dated May&nbsp;24, 2002, by and between Valvino Lamore, LLC and Ferrari North America, Inc.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.48</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to Letter of Intent, dated as of October&nbsp;4, 2002, by and between Valvino Lamore, LLC and Ferrari North America, Inc.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.49</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Letter of Intent, dated May&nbsp;24, 2002, by and between Valvino Lamore, LLC and Maserati North America, Inc.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.50</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to Letter of Intent, dated as of October&nbsp;4, 2002, by and between Valvino Lamore, LLC and Maserati North America, Inc.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.51</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of October&nbsp;4, 2002, by and between Wynn Resorts, Limited and Marc D. Schorr.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.52</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Restricted Stock Agreement.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.53</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Distribution Agreement and Assignment, effective as of October&nbsp;17, 2002, by and between Wynn Resorts, Limited and Valvino Lamore, LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.54</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Master Disbursement Agreement by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., Wynn Design&nbsp;&amp; Development, LLC, Deutsche Bank Trust Company Americas and Wells Fargo Bank, National
Association.(6)</FONT></TD>
</TR>
</TABLE>

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<P ALIGN="CENTER"><FONT SIZE=2>II-5</FONT></P>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.55</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filing in favor of Wells Fargo Bank, National Association, as trustee under the Indenture.(6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.56</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Lease Agreement by and between Valvino Lamore, LLC and Wynn Las Vegas, LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.57</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Golf Course Lease by and between Wynn Resorts Holdings, LLC and Wynn Las Vegas, LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.58</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Driving Range Lease by and between Valvino Lamore, LLC and Wynn Las Vegas, LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.59</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Parking Facility Lease by and between Valvino Lamore, LLC and Wynn Las Vegas, LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.60</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Share Subscription and Shareholders' Agreement, made and entered into as of October&nbsp;15, 2002, by and among S.H.W.&nbsp;&amp; Co. Limited, SKKG Limited, L'Arc de Triomphe Limited, Classic Wave Limited, Yany Kwan Yan
Chi, Li Tai Foon, Kwan Yan Ming, Wong Chi Seng, Wynn Resorts International,&nbsp;Ltd., and Wynn Resorts (Macau) Holdings,&nbsp;Ltd.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.61</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Shareholders' Agreement, made and entered into as of October&nbsp;15, 2002, by and among Wong Chi Seng, Wynn Resorts International,&nbsp;Ltd., Wynn Resorts (Macau), Limited and Wynn Resorts (Macau), S.A.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.62</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Mortgage, Security Agreement and Assignment, dated as of February&nbsp;28, 2002, between World Travel, LLC and Bank of America, N.A.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.63</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Registration Rights Agreement dated, October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by and between Wynn Resorts, Limited and Stephen A. Wynn.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.64</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Management Agreement, made as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by and among Wynn Las Vegas, LLC and the subsidiaries and affiliates listed on Exhibit&nbsp;A thereto
and Wynn Resorts, Limited.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.65</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Credit Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, among Wynn Las Vegas, LLC and the several lenders from time to time parties thereto.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.66</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Loan Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by and among Wynn Las Vegas, LLC, Wells Fargo Bank Nevada, N.A. and the lenders listed therein.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.67</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated October&nbsp;3, 2002, from Deutsche Bank Trust Company Americas, Bank of America, N.A. and Bear Stearns Corporate Lending, Inc. to Bank of America, National Association.(10)
</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.68</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated September&nbsp;16, 2002, from Bank of America, N.A. to Bank of America, National Association.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.69</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated August&nbsp;22, 2002, from The CIT Group/Equipment Financing, Inc. to Bank of America, National Association.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.70</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated October&nbsp;18, 2002, from General Electric Capital Corporation to Bank of America, National Association.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.71</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated September&nbsp;13, 2002, from SG Cowen Securities and Societe Generale to Deutsche Bank Securities Inc.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.72</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated October&nbsp;22, 2002, from GMAC Commercial Mortgage Corporation to Bank of America, National Association.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.73</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Underwriting Agreement by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp. and the several Underwriters listed in Schedule&nbsp;I thereto.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.74</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Wynn Resorts Agreement, dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.75</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Borrower Security Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by Wynn Las Vegas, LLC, in favor of Wells Fargo Bank Nevada, National Association. (included in Exhibit&nbsp;10.66)(9)
</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.76</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Promissory Note made by Wynn Las Vegas, LLC. (included in Exhibit&nbsp;10.66)(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.77</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Aircraft Security Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by Wells Fargo Bank Northwest, National Association. (included in Exhibit&nbsp;10.66)(9)</FONT></TD>
</TR>
</TABLE>

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<P ALIGN="CENTER"><FONT SIZE=2>II-6</FONT></P>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.78</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Assignment and Assumption Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, between Wynn Las Vegas, LLC and Wells Fargo Bank Nevada, National Association. (included in Exhibit&nbsp;10.66)(9)
</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.79</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Completion Guaranty, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by Wynn Completion Guarantor, LLC in favor of Deutsche Bank Trust Company Americas, as the Bank Agent, and Wells Fargo Bank, National
Association, as Trustee.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.80</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Intentionally deleted.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.81</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Project Lenders Intercreditor Agreement by and among Deutsche Bank Trust Company Americas and Wells Fargo Bank, National Association.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.82</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of FF&amp;E Intercreditor Agreement by and among Deutsche Bank Trust Company Americas, Wells Fargo Bank, National Association and Wells Fargo Bank Nevada, National Association.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.83</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Guarantee and Collateral Agreement, dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, among Valvino
Lamore, LLC, Wynn Las Vegas Capital Corp., Palo, LLC, Wynn Resorts Holdings, LLC, Desert Inn Water Company, LLC, World Travel LLC, Las Vegas Jet, LLC, Wynn Las Vegas, LLC and the other Grantors from time to time party thereto in favor of Wells Fargo
Bank, National Association, as trustee.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.84</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Guarantee and Collateral Agreement, dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002 among Valvino
Lamore, LLC, Wynn Las Vegas Capital Corp., Palo, LLC, Wynn Resorts Holdings, LLC, Desert Inn Water Company, LLC, World Travel LLC, Las Vegas Jet, LLC, Wynn Las Vegas, LLC and the Grantors from time to time party thereto in favor of Deutsche Bank
Trust Company Americas, as administrative agent.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>16.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Letter from Arthur Andersen, LLP.(3)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>21.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Subsidiaries of the Registrant.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of Schreck Brignone (included in Exhibit 5.1).(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of Deloitte &amp; Touche LLP.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Power of Attorney.(1)</FONT></TD>
</TR>
</TABLE>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>* To be filed by amendment. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Previously
filed with the Form&nbsp;S-1 filed by the Registrant on June&nbsp;17, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;1 to the Form&nbsp;S-1 filed by the Registrant on August&nbsp;20, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;2 to the Form&nbsp;S-1 filed by the Registrant on August&nbsp;26, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;3 to the Form S-1 filed by the Registrant on September&nbsp;18, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;4 to the Form&nbsp;S-1 filed by the Registrant on October&nbsp;7, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;4 to the Registration Statement on Form&nbsp;S-1 of Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp. and the Other Registrants listed
therein on October&nbsp;21, 2002 (Registration No.&nbsp;333-98369).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;5 to the Form S-1 filed by the Registrant on October&nbsp;21, 2002.

<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No. 6 to the Form&nbsp;S-1 filed by the Registrant on October&nbsp;22, 2002.



<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to Amendment No.&nbsp;6 to the Registration Statement on Form&nbsp;S-1 of Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp. and the Other Registrants
listed therein on October&nbsp;23, 2002 (Registration No.&nbsp;333-98369).



<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(10)</FONT></DT><DD><FONT SIZE=1>Filed
herewith.

</FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>II-7</FONT></P>

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<P><FONT SIZE=2><B>(b)&nbsp;&nbsp;Financial Statement Schedules:  </B></FONT></P>



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<TH WIDTH="92%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Schedule II&#151;Valuation and Qualifying Accounts</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;6 to the Form&nbsp;S-1 filed by the Registrant on October&nbsp;22, 2002.

 </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the
financial statements or notes thereto. </FONT></P>


<P><FONT SIZE=2><B>Item 17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes to provide to the Underwriters at the closing specified in the Underwriting Agreement certificates in such
denominations and registered in such names as required by the Underwriters to permit prompt delivery to each purchaser. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification by the Registrant for liabilities arising under the Securities Act, may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the provisions referenced in Item 14 of this Registration Statement or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act, and is, therefore, unenforceable. If a claim for indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer, or controlling person of
the Registrant in the successful defense of any action, suit or proceeding) is asserted by a director, officer or controlling person in connection with the securities being registered hereunder, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Securities Act, and will be governed by the final adjudication of such issue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;For
purposes of determining any liability under the Securities Act, the information omitted from the form of Prospectus filed as part of this Registration Statement in
reliance upon Rule&nbsp;430A and contained in a form of Prospectus filed by the Registrant pursuant to Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed to be
part of this Registration Statement as of the time it was declared effective. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;For
the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of Prospectus shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>II-8</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc1426_signatures"> </A>
<A NAME="toc_jc1426_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P>

<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Amendment No.&nbsp;7 to the Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in Las Vegas, Nevada, on the 22nd&nbsp;day of October, 2002.

 </FONT></P>

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<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>WYNN RESORTS, LIMITED</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="38%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>By:</FONT></TD>
<TD COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEPHEN A. WYNN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="38%"><FONT SIZE=2>Stephen A. Wynn</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="38%"><FONT SIZE=2>Chairman of the Board &amp;&nbsp;Chief Executive Officer (Principal Executive Officer)</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated below. </FONT></P>



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<TH WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="41%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="33%" VALIGN="CENTER"><FONT SIZE=1><B><BR>
<BR>
<BR> </B></FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEPHEN A. WYNN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Stephen A. Wynn</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2>Chief Executive Officer (Principal Executive Officer) and Chairman of the Board</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>October&nbsp;22, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOHN STRZEMP</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> John Strzemp</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2><BR>
Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
October&nbsp;22, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>KAZUO OKADA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Kazuo Okada</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Vice Chairman of the Board</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
October&nbsp;22, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RONALD J. KRAMER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Ronald J. Kramer</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
October&nbsp;22, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT J. MILLER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Robert J. Miller</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
October&nbsp;22, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOHN A. MORAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> John A. Moran</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
October&nbsp;22, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ELAINE P. WYNN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Elaine P. Wynn</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
October&nbsp;22, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STANLEY R. ZAX</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Stanley R. Zax</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
October&nbsp;22, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALLAN ZEMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Allan Zeman</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
October&nbsp;22, 2002</FONT></TD>
</TR>
</TABLE>

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<P ALIGN="CENTER"><FONT SIZE=2>S-1</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka1426_exhibit_index"> </A>
<A NAME="toc_ka1426_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>  </B></FONT></P>



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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
No.<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="89%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Underwriting Agreement.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Second Amended and Restated Articles of the Registrant.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Third Amended and Restated Bylaws of the Registrant.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Specimen certificate for shares of Common Stock, $0.01 par value per share, of the Registrant.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Opinion of Schreck Brignone.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Asset and Land Purchase Agreement, dated as of April&nbsp;28, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton Desert Inn Corporation, Valvino Lamore, LLC and
Stephen&nbsp;A.&nbsp;Wynn.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to Asset and Land Purchase Agreement, dated as of May&nbsp;26, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton Desert Inn Corporation, Valvino Lamore,
 LLC and Stephen&nbsp;A.&nbsp;Wynn.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Second Amendment to Asset and Land Purchase Agreement, dated as of June&nbsp;16, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton Desert Inn Corporation, Valvino
Lamore, LLC, Stephen&nbsp;A.&nbsp;Wynn, Rambas Marketing Co., LLC, and Desert Inn Water Company, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Third Amendment to Asset and Land Purchase Agreement, dated as of June&nbsp;22, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton Desert Inn Corporation, Valvino
Lamore, LLC, Stephen&nbsp;A.&nbsp;Wynn, Rambas Marketing Co., LLC, and Desert Inn Water Company, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Fourth Amendment to Asset and Land Purchase Agreement, dated as of October&nbsp;27, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton SGC Sub Corporation, Valvino
Lamore, LLC, Stephen&nbsp;A.&nbsp;Wynn, Rambas Marketing Co., LLC, and Desert Inn Water Company, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Fifth Amendment to Asset and Land Purchase Agreement, dated as of November&nbsp;3, 2000, by and among Starwood Hotels &amp; Resorts Worldwide, Inc., Sheraton Gaming Corporation, Sheraton SGC Sub Corporation, Valvino
Lamore, LLC, Stephen&nbsp;A.&nbsp;Wynn, Rambas Marketing Co., LLC, and Desert Inn Water Company, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement, dated January&nbsp;25, 2001, by and between Wynn Resorts Holdings, LLC and Calitri Services and Licensing Limited Liability Company.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Lease Agreement, dated November&nbsp;1, 2001, by and between Valvino Lamore, LLC and Wynn Resorts Holdings, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Art Rental and Licensing Agreement, dated November&nbsp;1, 2001, by and between Stephen&nbsp;A.&nbsp;Wynn and Wynn Resorts Holdings, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholders Agreement, dated as of April&nbsp;11, 2002, by and among Stephen&nbsp;A.&nbsp;Wynn, Baron Asset Fund and Aruze USA, Inc.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement for Guaranteed Maximum Price Construction Services between Wynn Las Vegas, LLC and Marnell Corrao Associates,&nbsp;Inc. for Le R&ecirc;ve.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Continuing Guaranty, dated June 4, 2002, by Austi, Inc. in favor of Wynn Las Vegas, LLC.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Design/Build Agreement, dated June&nbsp;6, 2002, by and between Wynn Las Vegas,&nbsp;LLC and Bomel Construction Company,&nbsp;Inc.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.14</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>2002 Stock Incentive Plan.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.15</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Indemnity Agreement.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.16</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated April&nbsp;1, 2002, by and between Wynn Resorts Holdings, LLC and Ronald&nbsp;J. Kramer.(2)</FONT></TD>
</TR>
</TABLE>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.17</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Contribution Agreement, dated as of June&nbsp;11, 2002 by and among Stephen&nbsp;A. Wynn, Aruze&nbsp;USA,&nbsp;Inc., Baron Asset Fund, the Kenneth&nbsp;R. Wynn Family Trust dated February 1985 and Wynn Resorts,
Limited.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.18</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Business Loan Agreement, dated as of May&nbsp;30, 2002, between Bank of America,&nbsp;N.A. and World Travel,&nbsp;LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.19</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Continuing Guaranty, dated May&nbsp;30, 2002, by Valvino Lamore,&nbsp;LLC in favor of Bank of America,&nbsp;N.A.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.20</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement, dated as of June&nbsp;13, 2002, by and between Stephen&nbsp;A. Wynn and Wynn Resorts, Limited.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.21</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Purchase Agreement, dated May&nbsp;30, 2002, between Stephen A. Wynn and Valvino Lamore, LLC.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.22</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement, dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, between Wynn Design and Development,&nbsp;LLC and Butler/Ashworth Architects,&nbsp;Inc.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.23</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of May&nbsp;31, 2002, by and between Valvino Lamore, LLC and Matt Maddox.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Concession Contract for the Operation of Games of Chance or Other Games in Casinos in the Macau Special Administrative Region, dated June&nbsp;24, 2002, between the Macau Special Administrative Region and Wynn Resorts
(Macau), S.A. (English translation of Portuguese version of Concession Agreement).(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.25</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Commitment Letter Agreement, dated June&nbsp;14, 2002, among Deutsche Bank Trust Company Americas, Deutsche Bank Securities Inc., Bank of America, N.A., Banc of America Securities&nbsp;LLC, Bear
Stearns Corporate Lending, Inc., Bear Stearns &amp; Co. Inc., Wynn Resorts Holdings, LLC and Wynn Las Vegas, LLC.&nbsp;(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.26</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement for Guarantee Maximum Price Construction Services Change Order, dated as of August&nbsp;12, 2002, between Marnell Corrao Associates, Inc. and Wynn Las Vegas,&nbsp;LLC.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.27</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Concession Contract for Operating Casino Gaming or Other Forms of Gaming in the Macao Special Administrative Region, dated June&nbsp;24, 2002, between the Macau Special Administrative Region and Wynn Resorts (Macau) S.A.
(English translation of Chinese version of Concession Agreement).(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.28</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Art Rental and Licensing Agreement, dated August&nbsp;19, 2002, by and between Stephen A. Wynn and Wynn Resorts Holdings,&nbsp;LLC.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.29</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Professional Design Services Agreement, effective as of October&nbsp;5, 2001, between Wynn Design Development,&nbsp;LLC and A.A. Marnell&nbsp;II, Chtd.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.30</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>General Conditions to the Professional Design Services Agreement.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.31</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Trademark/Service Mark Purchase Agreement, dated June&nbsp;7, 2001, between Wynn Resorts and The STAD Trust.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.32</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Purchase Agreement, dated as of April&nbsp;1, 2001, between Stephen A. Wynn and Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.33</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.34</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.35</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Second Amendment to Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.36</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Third Amendment to Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.37</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Fourth Amendment to Amended and Restated Operating Agreement of Valvino Lamore,&nbsp;LLC.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.38</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of July&nbsp;7, 2000, by and between Wynn Design &amp; Development,&nbsp;LLC and William Todd Nisbet.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.39</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of September&nbsp;6, 2002, by and between Wynn Resorts, Limited and Marc H. Rubinstein.(4)</FONT></TD>
</TR>
</TABLE>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.40</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of September&nbsp;9, 2002, by and between Wynn Resorts, Limited and John Strzemp.(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.41</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Indenture, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, governing
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Second Mortgage Notes due 2010 by and among Wynn Las Vegas,&nbsp;LLC, Wynn Las Vegas Capital Corp., Desert Inn Water Company,&nbsp;LLC, Wynn Design&nbsp;&amp; Development,&nbsp;LLC, Wynn Resorts Holdings,
&nbsp;LLC, Las Vegas Jet,&nbsp;LLC, World Travel,&nbsp;LLC, Palo,&nbsp;LLC, Valvino Lamore,&nbsp;LLC and Wells Fargo Bank, National Association, as trustee.(6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.42</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Second Amended and Restated Art Rental and Licensing Agreement, dated September&nbsp;18, 2002, by and between Stephen A. Wynn and Wynn Resorts Holdings, LLC.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.43</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of September&nbsp;18, 2002, by and between Wynn Design&nbsp;&amp; Development, LLC and Kenneth R. Wynn.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.44</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Tax Indemnification Agreement, effective as of September&nbsp;24, 2002, by and among Stephen A. Wynn, Aruze USA, Inc., Baron Asset Fund on behalf of the Baron Asset Fund Series, Baron Asset Fund on behalf of the Baron
Growth Fund Series, Kenneth&nbsp;R. Wynn Family Trust dated February 20, 1985, Valvino Lamore, LLC and Wynn Resorts, Limited.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.45</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of September&nbsp;26, 2002, by and between Wynn Design&nbsp;&amp; Development, LLC and DeRuyter O. Butler.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.46</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of October&nbsp;4, 2002, by and between Wynn Resorts, Limited and Stephen&nbsp;A. Wynn.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.47</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Letter of Intent, dated May&nbsp;24, 2002, by and between Valvino Lamore, LLC and Ferrari North America, Inc.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.48</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to Letter of Intent, dated as of October&nbsp;4, 2002, by and between Valvino Lamore, LLC and Ferrari North America, Inc.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.49</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Letter of Intent, dated May&nbsp;24, 2002, by and between Valvino Lamore, LLC and Maserati North America, Inc.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.50</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to Letter of Intent, dated as of October&nbsp;4, 2002, by and between Valvino Lamore, LLC and Maserati North America, Inc.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.51</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of October&nbsp;4, 2002, by and between Wynn Resorts, Limited and Marc D. Schorr.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.52</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Restricted Stock Agreement.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.53</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Distribution Agreement and Assignment, effective as of October&nbsp;17, 2002, by and between Wynn Resorts, Limited and Valvino Lamore, LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.54</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Master Disbursement Agreement by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., Wynn Design&nbsp;&amp; Development, LLC, Deutsche Bank Trust Company Americas and Wells Fargo Bank, National
Association.(6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.55</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filing in favor of Wells Fargo Bank, National Association, as trustee under the Indenture.(6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.56</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Lease Agreement by and between Valvino Lamore, LLC and Wynn Las Vegas, LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.57</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Golf Course Lease by and between Wynn Resorts Holdings, LLC and Wynn Las Vegas, LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.58</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Driving Range Lease by and between Valvino Lamore, LLC and Wynn Las Vegas, LLC.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.59</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Parking Facility Lease by and between Valvino Lamore, LLC and Wynn Las Vegas, LLC.(7)</FONT></TD>
</TR>
</TABLE>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.60</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Share Subscription and Shareholders' Agreement, made and entered into as of October&nbsp;15, 2002, by and among S.H.W.&nbsp;&amp; Co. Limited, SKKG Limited, L'Arc de Triomphe Limited, Classic Wave Limited, Yany Kwan Yan
Chi, Li Tai Foon, Kwan Yan Ming, Wong Chi Seng, Wynn Resorts International,&nbsp;Ltd., and Wynn Resorts (Macau) Holdings,&nbsp;Ltd.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.61</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Shareholders' Agreement, made and entered into as of October&nbsp;15, 2002, by and among Wong Chi Seng, Wynn Resorts International,&nbsp;Ltd., Wynn Resorts (Macau), Limited and Wynn Resorts (Macau), S.A.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.62</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Mortgage, Security Agreement and Assignment, dated as of February&nbsp;28, 2002, between World Travel, LLC and Bank of America, N.A.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.63</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Registration Rights Agreement, dated October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by and between Wynn Resorts, Limited and Stephen A. Wynn.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.64</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Management Agreement, made as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by and among Wynn Las Vegas, LLC and the subsidiaries and affiliates listed on Exhibit&nbsp;A thereto
and Wynn Resorts, Limited.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.65</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Credit Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, among Wynn Las Vegas, LLC and the several lenders from time to time parties thereto.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.66</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Loan Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by and among Wynn Las Vegas, LLC, Wells Fargo Bank Nevada, N.A. and the lenders listed therein.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.67</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated October&nbsp;3, 2002, from Deutsche Bank Trust Company Americas, Bank of America, N.A. and Bear Stearns Corporate Lending, Inc. to Bank of America, National Association.(10)
</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.68</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated September&nbsp;16, 2002, from Bank of America, N.A. to Bank of America, National Association.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.69</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated August&nbsp;22, 2002, from The CIT Group/Equipment Financing, Inc. to Bank of America, National Association.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.70</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated October&nbsp;18, 2002, from General Electric Capital Corporation to Bank of America, National Association.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.71</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated September&nbsp;13, 2002, from SG Cowen Securities and Societe Generale to Deutsche Bank Securities Inc.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.72</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>FF&amp;E Facility Commitment Letter, dated October&nbsp;22, 2002, from GMAC Commercial Mortgage Corporation to Bank of America, National Association.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.73</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Underwriting Agreement by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp. and the several Underwriters listed in Schedule&nbsp;I thereto.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.74</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Wynn Resorts Agreement dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002.(10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.75</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Borrower Security Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by Wynn Las Vegas, LLC, in favor of Wells Fargo Bank Nevada, National Association. (included in Exhibit&nbsp;10.66)(9)
</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.76</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Promissory Note made by Wynn Las Vegas, LLC. (included in Exhibit&nbsp;10.66)(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.77</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Aircraft Security Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by Wells Fargo Bank Northwest, National Association. (included in Exhibit&nbsp;10.66)(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.78</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Assignment and Assumption Agreement, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, between Wynn Las Vegas, LLC and Wells Fargo Bank Nevada, National Association. (included in Exhibit&nbsp;10.66)(9)
</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.79</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Completion Guaranty, dated as of October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by Wynn Completion Guarantor, LLC in favor of Deutsche Bank Trust Company Americas, as the Bank Agent, and Wells Fargo Bank, National
Association, as Trustee.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.80</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Intentionally deleted.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.81</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Project Lenders Intercreditor Agreement by and among Deutsche Bank Trust Company Americas and Wells Fargo Bank, National Association.(9)</FONT></TD>
</TR>
</TABLE>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.82</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of FF&amp;E Intercreditor Agreement by and among Deutsche Bank Trust Company Americas, Wells Fargo Bank, National Association and Wells Fargo Bank Nevada, National Association.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.83</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Guarantee and Collateral Agreement, dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, among Valvino
Lamore, LLC, Wynn Las Vegas Capital Corp., Palo, LLC, Wynn Resorts Holdings, LLC, Desert Inn Water Company, LLC, World Travel LLC, Las Vegas Jet, LLC, Wynn Las Vegas, LLC and the other Grantors from time to time party thereto in favor of Wells Fargo
Bank, National Association, as trustee.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10.84</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Guarantee and Collateral Agreement, dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002 among Valvino
Lamore, LLC, Wynn Las Vegas Capital Corp., Palo, LLC, Wynn Resorts Holdings, LLC, Desert Inn Water Company, LLC, World Travel LLC, Las Vegas Jet, LLC, Wynn Las Vegas, LLC and the Grantors from time to time party thereto in favor of Deutsche Bank
Trust Company Americas, as administrative agent.(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>16.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Letter from Arthur Andersen, LLP.(3)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>21.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Subsidiaries of the Registrant.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of Schreck Brignone (included in Exhibit 5.1).(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of Deloitte &amp; Touche LLP.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Power of Attorney.(1)</FONT></TD>
</TR>
</TABLE>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Previously
filed with the Form&nbsp;S-1 filed by the Registrant on June&nbsp;17, 2002.

 </FONT></DD></DL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;1 to the Form&nbsp;S-1 filed by the Registrant on August&nbsp;20, 2002. </FONT></DD></DL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;2 to the Form&nbsp;S-1 filed by the Registrant on August&nbsp;26, 2002. </FONT></DD></DL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;3 to the Form S-1 filed by the Registrant on September&nbsp;18, 2002. </FONT></DD></DL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;4 to the Form&nbsp;S-1 filed by the Registrant on October&nbsp;7, 2002. </FONT></DD></DL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;4 to the Registration Statement on Form&nbsp;S-1 of Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp. and the Other Registrants listed
therein on October&nbsp;21, 2002 (Registration No.&nbsp;333-98369). </FONT></DD></DL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;5 to the Form S-1 filed by the Registrant on October&nbsp;21, 2002. </FONT></DD></DL>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Previously
filed with Amendment No.&nbsp;6 to the Form&nbsp;S-1 filed by the Registrant on October&nbsp;22, 2002.

 </FONT></DD></DL>


<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to Amendment No.&nbsp;6 to the Registration Statement on Form&nbsp;S-1 of Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp. and the Other Registrants
listed therein on October&nbsp;23, 2002 (Registration No.&nbsp;333-98369).

 </FONT></DD></DL>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(10)</FONT></DT><DD><FONT SIZE=1>Filed
herewith.

 </FONT></DD></DL>
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<FONT SIZE=2><A HREF="#toc_ja1426_1">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</A></FONT><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>3
<FILENAME>a2091732zex-1_1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<FONT SIZE=3 ><A HREF="#02WLA1426_2">QuickLinks</A></FONT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 1.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ba1712_shares_wynn_resorts,_li__ba102012"> </A>
<A NAME="toc_ba1712_1"> </A>
<BR></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares<BR>  <BR>    </B></FONT><FONT SIZE=3><B>WYNN RESORTS, LIMITED<BR>  <BR>    </B></FONT><FONT SIZE=2>Common Stock<BR>  <BR>    ($0.01 Par Value)
 <BR></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B><U>FORM OF EQUITY UNDERWRITING AGREEMENT</U>    <BR>  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>October&nbsp;&nbsp;&nbsp;&nbsp;, 2002 </FONT></P>

<P><FONT SIZE=2>Deutsche
Bank Securities&nbsp;Inc.<BR>
Bear, Stearns&nbsp;&amp; Co.&nbsp;Inc.<BR>
Banc of America Securities LLC<BR>
As Representatives of the<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Several Underwriters </FONT></P>

<P><FONT SIZE=2>c/o
Deutsche Bank Securities&nbsp;Inc.<BR>
31 West 52<SUP>nd</SUP> Streete<BR>
New York, New York 10019 </FONT></P>

<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn
Resorts, Limited, a Nevada corporation (the "Company"), proposes to sell to the several underwriters (the "Underwriters") named in
<U>Schedule&nbsp;I</U>hereto for whom you are acting as representatives (the "Representatives") an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares (the "Firm
Shares") of the Company's
Common Stock, par value $0.01 per share (the "Common Stock"). The respective amounts of the Firm Shares to be so purchased by the several Underwriters are set forth opposite their names in
<U>Schedule&nbsp;I</U> hereto. The Company also proposes to sell at the Underwriters' option an aggregate of up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
shares of the Company's Common
Stock (the "Option Shares") as set forth below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
the Representatives, you have advised the Company (a)&nbsp;that you are authorized to enter into this Agreement on behalf of the several Underwriters, and (b)&nbsp;that the
several Underwriters are willing, acting severally and not jointly, to purchase the numbers of Firm Shares set forth opposite their respective names in <U>Schedule&nbsp;I</U>,
plus their pro rata portion of the Option Shares if you elect to exercise the over-allotment option in whole or in part for the accounts of the several Underwriters. The Firm Shares and
the Option Shares (to the extent the Underwriters' option is exercised) are herein collectively called the "Shares." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche
Bank Securities&nbsp;Inc. ("Deutsche Bank") has agreed to reserve up to 300,000 of the Shares to be purchased by it under this Agreement for sale to the Company's vendors,
employees, family members of employees, customers and other parties related to the Company (collectively, "Participants"), as set forth in the Prospectus (as defined below) under the heading
"Underwriting" (the "Directed Share Program"). The Shares to be sold by Deutsche Bank and its affiliates pursuant to the Directed Share Program are referred to hereinafter as the "Directed Shares."
Any Directed Shares not orally confirmed for purchase by any Participants by the end of the business day on which this Agreement is executed will be offered to the public by the Underwriters as set
forth in the Prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term "Executed Transaction Documents" shall mean the documents set forth on <U>Schedule&nbsp;II</U> hereto. The term "Closing Transaction Documents" shall
mean the documents set forth on <U>Schedule&nbsp;III</U> hereto, each of which shall be executed and dated as of the Closing Date (as defined in Section&nbsp;2(b) herein). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the mutual agreements contained herein and of the interests of the parties in the transactions contemplated hereby, the parties hereto agree as follows: </FONT></P>

<P><FONT SIZE=2>1. <U>Representations and Warranties of the Company.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company represents and warrants to each of the Underwriters as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
A registration statement on Form&nbsp;S-1 (File No.&nbsp;333-90600) with respect to the Shares has been prepared by the Company in conformity in all
material respects with the requirements of the Securities Act of 1933, as amended (the "Act"), and the rules and regulations (the "Rules and Regulations") of the Securities and Exchange Commission
(the "Commission") thereunder and has been filed with the Commission. Copies of such registration statement, including any amendments thereto, the preliminary prospectuses contained therein and the
exhibits, financial statements and schedules, as finally amended and revised, have heretofore been delivered by the Company to you. Such registration statement, as amended when it was declared
effective by the Commission under the Act and the Rules and Regulations, including the financial statements and schedules thereto and any information omitted therefrom in reliance upon
Rule&nbsp;430A and contained in the Prospectus referred to below and together with any registration statement filed by the Company that is effective upon filing with the Commission pursuant to
Rule&nbsp;462(b) of the Act, is referred to herein as the "Registration Statement." The Registration Statement has become effective under the Act and no post-effective amendment to the
Registration Statement has been filed as of the date of this Agreement. "Prospectus" means the form of prospectus first filed with the Commission pursuant to Rule&nbsp;424(b). Each preliminary
prospectus included in the Registration Statement prior to the time it becomes effective is herein referred to as a "Preliminary Prospectus." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the state of Nevada, with corporate power and authority to own or
lease and operate its properties and conduct its business as described in the Registration Statement and to enter into and to perform its obligations under this Agreement. Each of the subsidiaries of
the Company as listed in Exhibit&nbsp;21.1 to the Registration Statement (collectively, the "Subsidiaries") has been duly organized and is validly existing as a corporation or limited liability
company in good standing under the laws of the jurisdiction of its organization, with corporate or limited liability company power and authority to own or lease and operate its properties and conduct
its business as described in the Registration Statement. The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the Subsidiaries listed on
Exhibit&nbsp;21.1 to the Registration Statement. The Company and each of the Subsidiaries are duly qualified to transact business in all jurisdictions in which the conduct of their business requires
such qualification, except for such jurisdictions where the failure to so qualify would not, individually or in the aggregate, reasonably be expected to result in any material adverse change in the
business, properties, assets, operations, condition (financial or otherwise) or prospects of the Company and its Subsidiaries taken as a whole, whether or not occurring in the ordinary course of
business (any such change, a "Material Adverse Change"). The outstanding membership interests and shares of capital stock of each of the Subsidiaries have been duly authorized and validly issued, the
shares of capital stock of such Subsidiaries are fully paid and non-assessable and,
except as set forth on <U>Schedule&nbsp;1(b)</U>, all such interests and shares are owned by the Company or another Subsidiary free and clear of all liens, encumbrances and
equities and claims, except for any lien, encumbrance, equity or claim granted or agreed to be granted pursuant to an Executed Transaction Document or a Closing Transaction Document; and, except as
accurately described in all </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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material respects in the Registration Statement or the Prospectus or as set forth on <U>Schedule&nbsp;1(b)</U>, there are no authorized or outstanding options, warrants,
preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of
the Company or any of its Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
As of the date hereof, the authorized capital stock of the Company consists only of 400,000,000 shares of Common Stock and 40,000,000 shares of Preferred Stock, par value $0.01 per
share. As of the date hereof, there are 40,000,000 shares of Common Stock and no shares of Preferred Stock outstanding. The outstanding shares of Common Stock of the Company have been duly authorized
and validly issued and are fully paid and non-assessable and have been issued in compliance with federal and state securities laws. None of the outstanding shares of Common Stock were
issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. The description of the Company's stock option,
stock incentive and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Registration Statement or the Prospectus fairly presents and accurately
presents, in all material respects, the information required to be shown with respect to such plans, arrangements, options and rights. The Shares to be issued and sold by the Company have been duly
authorized and when issued and paid for as contemplated herein will be validly issued, fully paid and non-assessable; and, except as set forth in the Registration Statement or the
Prospectus, no preemptive rights, rights of first refusal or other similar rights of stockholders or others exist with respect to any of the Shares or the issue and sale thereof by the Company.
Neither the filing of the Registration Statement nor the offering or sale of the Shares as contemplated by this Agreement gives rise to any rights for or relating to the registration of any shares of
Common Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
The table relating to the capitalization of the Company under the heading "Capitalization" in the Prospectus, including the footnotes thereto, (i)&nbsp;with respect to the actual
capitalization of Valvino as of June&nbsp;30, 2002 presents fairly the information contained therein and (ii)&nbsp;with respect to the expected capitalization of the Company as of June&nbsp;30,
2002 on a pro forma basis giving effect to the sale of the Firm Shares and the expected concurrent sale of second mortgage notes by Wynn Las Vegas, LLC ("Wynn Las Vegas") and Wynn Las Vegas Capital
Corp. ("Capital Corp.") and with respect to the expected capitalization of the Company as of June&nbsp;30, 2002 on a pro forma, as adjusted basis giving effect to the sale of the Firm Shares, the
expected concurrent sale of second mortgage notes by Wynn Las Vegas and Capital Corp. and borrowings expected to be necessary to construct the Le R&ecirc;ve Casino Resort, was prepared in
good faith by the Company, and represents the best estimates and assumptions of the Company with respect to the information contained therein. All of the Shares conform to the description thereof
contained in the Prospectus. The form of certificate for the Shares conforms to the corporate law of the state of Nevada. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
The Commission has not issued an order preventing or suspending the use of any Prospectus relating to the proposed offering of the Shares nor, to the knowledge of the Company or its
Subsidiaries, instituted proceedings for that purpose. The Registration Statement, at the time that it
became effective and at all subsequent times up to and including the time of closing on the Closing Date (the "Closing Time"), complied, and the Prospectus and any amendments or supplements thereto,
as of their respective dates and at all subsequent times up to and including the Closing Time, will comply, in all material respects with the requirements of the Act and the Rules and Regulations. At
the time it became effective and at all subsequent times up to and including the Closing Time, the Registration Statement did not contain, and will not contain, any untrue statement of a material fact
and did not omit, and will not omit, to state any material fact required to be stated therein or necessary to make the statements therein not misleading. As of its date and at all subsequent times up
to and including the Closing Time, the Prospectus, as amended or supplemented by any amendments and supplements thereto (including any Prospectus wrapper for use with offers in Canada) does not
contain, and will not contain, any untrue statement of material fact and does not omit, and will not </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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omit, to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>,
</FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the Company makes no representations or warranties as to information contained
in or omitted from the Registration Statement or the Prospectus, or any such amendment or supplement, in reliance upon, and in conformity with, written information furnished to the Company by or on
behalf of any Underwriter through the Representatives, specifically for use in the preparation thereof. There are no contracts or other documents required to be described in the Prospectus or to be
filed as exhibits to the Registration Statement which have not been described or filed as required. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
The consolidated financial statements of Valvino Lamore, LLC ("Valvino") and its subsidiaries (together, "Valvino Lamore"), together with related notes and schedules as set forth in
the Registration Statement and included in the Prospectus, present fairly the consolidated financial position and the results of operations and cash flows of Valvino Lamore, at the indicated dates and
for the indicated periods. Such financial statements and related schedules have been prepared in accordance with generally accepted principles of accounting as applied in the United States,
consistently applied throughout the periods involved, except as disclosed therein, and all adjustments necessary for a fair presentation of results for such periods have been made. The financial and
statistical data included in the Registration Statement and the Prospectus, including such data set forth under the captions "Capitalization" and "Selected Consolidated Financial Data," presents
fairly the information shown therein and such data has been compiled on a basis consistent with the financial statements presented therein and the books and records of Valvino Lamore. The pro forma
financial information included in the Registration Statement and the Prospectus present fairly the information shown therein, have been properly compiled on the pro forma bases described therein, and,
in the opinion of the Company, the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions or circumstances
referred to therein. No other financial statements or supporting schedules are required to be included in the Registration Statement, and there are no pro forma or as adjusted financial statements
which are required to be included in the Registration Statement or Prospectus in accordance with Regulation&nbsp;S-X which have not been included as so required. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
Deloitte&nbsp;&amp; Touche LLP, which has certified certain of the financial statements (which term as used in this Agreement includes the related notes thereto) filed with the
Commission as part of the Registration Statement and included in the Prospectus, is an independent public accountant as required by the Act and the Rules and Regulations. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
There is no action, suit, claim or proceeding pending or, to the knowledge of the Company, threatened (i)&nbsp;against the Company or any of the Subsidiaries or (ii)&nbsp;which
has as the subject thereof any officer or director of, or property owned or leased by or to, the Company or any of its Subsidiaries, in each case, before any court or administrative agency or
otherwise where, in any such case, (A)&nbsp;there is a reasonable possibility of such action, suit or proceeding being determined adversely to the Company or its Subsidiaries and (B)&nbsp;any such
action, suit, claim or proceeding, if so determined adversely, would reasonably be expected to result in a Material Adverse Change, or prevent, adversely affect, hinder or delay (1)&nbsp;the
consummation of the transactions contemplated by this Agreement or the performance by the Company or any of its Subsidiaries of their obligations hereunder or (2)&nbsp;the performance by the Company
or any of its Subsidiaries of their obligations under any of the Executed Transaction Documents or the Closing Transaction Documents, except, in each case, as otherwise disclosed in the Registration
Statement or the Prospectus or, in the case of (2)&nbsp;above, as would not reasonably be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Registration Statement
or the Prospectus, neither the Company nor any of its Subsidiaries is involved in any material labor dispute with the employees of the Company or any of its Subsidiaries or predecessors, or with the
employees of any principal supplier, contractor or sub-contractor of the Company, and, to the best of the Company's knowledge, no such dispute is threatened or imminent. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Except as disclosed in the Registration Statement or the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to all real property and good title
to all personal property owned by them or reflected as owned by them in the Registration Statement or the Prospectus, subject to no lien, mortgage, pledge, charge or encumbrance of any kind except
those reflected in the consolidated financial statements described in Section&nbsp;1(f) above or which do not, individually or in the aggregate, materially and adversely affect the value of such
property and do not, individually or in the aggregate, materially interfere with the use made or proposed to be made of such property by the Company and its Subsidiaries. Except as disclosed in the
Registration Statement or the Prospectus, the real property, improvements, equipment and personal property held under lease by the Company or any Subsidiary are held under valid and enforceable
leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such leased real property, improvements, equipment or personal property by
the Company or such Subsidiary. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)
The Company and its Subsidiaries have timely filed all federal, state, local and foreign tax returns which have been required to be filed, all of which tax returns are true, correct
and complete in all material respects, and have timely paid all taxes due and payable, except (i)&nbsp;as may be being contested in good faith and by appropriate proceedings and for which the
Company and its Subsidiaries have established reserves that are adequate for the payment thereof and are in conformity with generally accepted accounting principles as applied in the United States or
(ii)&nbsp;to the extent that the failure to timely file any such tax returns or to timely pay such taxes has not resulted in, and would not reasonably be expected to result in, a Material Adverse
Change. All taxes of the Company and its Subsidiaries not yet due and payable have been adequately provided for in the consolidated financial statements described in Section&nbsp;1(f) above, and the
Company does not know of any actual or proposed additional material tax assessment against the Company or any of its Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)
Except as disclosed in the Registration Statement or the Prospectus, since the respective dates as of which information is given in the Registration Statement or the Prospectus, as
it may be amended or supplemented, (i)&nbsp;there has not been any Material Adverse Change or any development that would reasonably be expected to result in a Material Adverse Change,
(ii)&nbsp;the Company and its Subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business
nor entered into any material transaction or agreement not in the ordinary course of business and (iii)&nbsp;there has been no dividend or distribution of any kind declared, paid or made by the
Company or, except for dividends paid to the Company or other Subsidiaries, any of its Subsidiaries on any class of capital stock or repurchase or redemption by the Company or any of its Subsidiaries
or any call of capital stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)
Neither the Company nor any of its Subsidiaries is or with the giving of notice or lapse of time or both, will be, in violation of or in default under (i)&nbsp;its charter,
by-laws, operating agreement or other organizational document or shareholders' agreement or (ii)&nbsp;the terms of any Executed Transaction Document to which the Company or any of its
Subsidiaries is a party or any other security issued by it or them or any agreement, lease, loan, mortgage, contract, indenture or other instrument or obligation to which it or them is a party or by
which it or them, or any of its or their properties, is bound (collectively, including the Executed Transaction Documents, the "Agreements and Instruments") and, solely with respect to this
clause&nbsp;(ii), which violation or default would reasonably be expected to result in a Material Adverse Change. The execution, delivery and performance of this Agreement, the Executed Transaction
Documents to which the Company or any of its Subsidiaries is a party, the Closing Transaction Documents to which the Company or any of its Subsidiaries will be a party and any other material agreement
or instrument entered into or issued or to be entered into or issued by the Company or any of its Subsidiaries in connection with the transactions contemplated hereby or thereby and compliance by the
Company and its Subsidiaries with their obligations hereunder or thereunder have been duly authorized by all necessary action. The execution, delivery and performance of this Agreement, the Closing
Transaction Documents to which the Company or any of its Subsidiaries will be </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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a party and any other material agreement or instrument entered into or issued or to be entered into or issued by the Company or any of its Subsidiaries in connection with the transactions
contemplated hereby or thereby and compliance by the Company and its Subsidiaries with their obligations hereunder or thereunder do not and will not, whether with or without the giving of notice or
passage of time or both, conflict with or constitute a breach of, or default or a Repayment Event (as defined below) under, or, except with respect to the transactions contemplated by the Registration
Statement, result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its Subsidiaries pursuant to, or require the consent of any
other party to, the Agreements and Instruments except for such conflicts, breaches or defaults or liens, charges or encumbrances that, singly or in the aggregate, would not reasonably be expected to
result in a Material Adverse Change, nor will such execution, delivery, performance or compliance result in any violation of (i)&nbsp;the provisions of the charter, by-laws or any other
organizational document of the Company or any of its Subsidiaries, as applicable, or (ii)&nbsp;any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government,
government instrumentality or court, domestic or foreign, having jurisdiction over it or any of its assets or properties and, solely with respect to this clause&nbsp;(ii), which violation would
reasonably be expected to result in a Material Adverse Change. As used herein, a "Repayment Event" means any event or condition which gives the holder of any note, debenture or other evidence of
indebtedness (or any person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its
Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)
The execution and delivery of, and the performance by the Company of its obligations under, this Agreement has been duly and validly authorized by all necessary corporate action on
the part of the Company, and this Agreement has been duly executed and delivered by the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)
Each of the Executed Transaction Documents to which the Company or any of its Subsidiaries is a party has been duly authorized, executed and delivered by each of the Company and its
Subsidiaries that is a party thereto and (except for the Debt Underwriting Agreement, as defined in <U>Schedule&nbsp;II</U>) constitutes a valid and binding agreement of each
such party, enforceable against each such party in accordance with its terms except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting creditors' rights generally or by general equitable principles. At the Closing Date, each of the Executed Transaction Documents that is described in the Registration
Statement will conform in all material respects to the description thereof contained in the Registration Statement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)
Each of the Closing Transaction Documents to which the Company or any of its Subsidiaries is a party has been duly authorized by each of the Company and its Subsidiaries that is a
party thereto and, at the Closing Date, will have been duly executed and delivered by each such party and will constitute a valid and binding agreement of each such party, enforceable against each
such party in accordance with its terms except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors'
rights generally or by general equitable principles. At the Closing Date, each of the Closing Transaction Documents that is described in the Registration Statement will conform in all material
respects to the description thereof contained in the Registration Statement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;Each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other governmental body (including, without
limitation, the Nevada Gaming Commission, the Nevada State Gaming Control Board, the Clark County Liquor and Gaming Licensing Board, the Public Utilities Commission of Nevada, the Nevada State
Engineer's Office and the Macau Special Administrative Region of the People's Republic of China) (together, the "Consents") necessary in connection with the execution and delivery by the Company of
this Agreement and the consummation of the proposed offering of the Shares (except such additional steps as may be required by the Commission or the National Association of Securities
Dealers,&nbsp;Inc. (the "NASD") or such additional steps as may be necessary to qualify the Shares for public offering by the Underwriters under state securities or Blue Sky laws) has been obtained
or made and is in full force and effect. Except as disclosed in the Registration Statement or Prospectus or as would not, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Change, each Consent necessary in connection with the consummation of the transactions described in the Registration Statement and Prospectus (except such additional steps as may be
required by the Commission or the National Association of Securities Dealers,&nbsp;Inc. (the "NASD") or such additional steps as may be necessary to qualify the Shares for public offering by the
Underwriters under state securities or Blue Sky laws) (i)&nbsp;has been obtained or made and is in full force and effect or (ii)&nbsp;to the extent any such Consent has not yet been obtained or
made, the Company has no reason to believe that such Consent will not be timely obtained or made in accordance with the plans for the Le R&ecirc;ve Casino Resort that have been prepared to
date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;Except
as disclosed in the Registration Statement or Prospectus or as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Change, (i)&nbsp;the Company and each of its Subsidiaries has obtained and holds all franchises, licenses, leases, permits, approvals, notifications, certifications, registrations, authorizations,
exemptions, variances, qualifications, easements, rights of way, liens and other rights, privileges and approvals (including with respect to environmental laws) required under any federal, state,
local or foreign law or governmental authority ("Permits") for the ownership, operation or intended use as described in the Registration Statement or the Prospectus of all real property owned or
leased by the Company or such Subsidiary and for any other property otherwise operated by or on behalf of, or for the benefit of, such entity and for the operation of each of its businesses as
presently conducted, (ii)&nbsp;all such Permits are in full force and effect, and the Company and each of its Subsidiaries has performed and observed all requirements of such Permits,
(iii)&nbsp;no event has occurred which allows or results in, or after notice or lapse of time would allow or result in, revocation or termination by the issuer thereof or in any other impairment of
the rights of the holder of any such Permit, (iv)&nbsp;no such Permits contain any restrictions, either individually or in the aggregate, that interfere with the ownership, operation or intended use
by the Company or any of its Subsidiaries of any property owned, leased or otherwise operated by such entity, (v)&nbsp;the Company and each of its Subsidiaries reasonably believes that each of its
Permits will be timely renewed and complied with, without material expense, and that any additional Permits that may be required of such entity in order to conduct its business as proposed to be
conducted will be timely obtained and complied with, without material expense, and (vi)&nbsp;the Company has no knowledge or any reason to believe that any governmental authority is considering
limiting, suspending, revoking or
renewing any such Permits or terms materially more burdensome than the terms of such Permit as in effect as the date hereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;Except
as otherwise disclosed in the Registration Statement or the Prospectus or as would not reasonably be expected to result in a Material Adverse Change,
(i)&nbsp;neither the Company nor any of its Subsidiaries is or has in the past been in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or
rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human
health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2>
without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum
products (collectively, "Hazardous Materials") or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
"Environmental Laws"); (ii)&nbsp;neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any third party, has used, released, discharged, generated, manufactured,
produced, stored, or disposed of in, on, under, or about the real property owned or leased by the Company or any of its Subsidiaries or any improvements thereon (the "Sites") or transported thereto or
therefrom, any Hazardous Materials that would reasonably be expected to subject the Company or any of its Subsidiaries to any liability under any Environmental Law; (iii)&nbsp;there are no
underground tanks and no Hazardous Materials used, stored or present at, on or near the Sites; (iv)&nbsp;to the knowledge of the Company after due inquiry, there is or has been no condition,
circumstance, action, activity or event that could reasonably form the basis of any violation of, or any liability to the Company or any of its Subsidiaries under, any Environmental Law;
(v)&nbsp;there is no pending or, to the knowledge of the Company, threatened, action, proceeding, investigation or inquiry by any regulatory or governmental body or any non-governmental
third party with respect to the presence or release of Hazardous Materials, on, from or to the Sites; (vi)&nbsp;the Company has no knowledge of any past or existing violations of any Environmental
Laws by any person relating in any way to the Sites; and (vii)&nbsp;neither the Company nor any of its Subsidiaries has received any complaint, order, directive, citation or notice from any
governmental body with respect to any Environmental Law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;Except
as otherwise disclosed in the Registration Statement or the Prospectus, (i)&nbsp;the Company and its Subsidiaries each own or possess the valid right to use all
patents, patent rights, trademarks, trade names, service marks, domain names and copyrights (together with the applications for registrations and registrations therefor), license rights,
know-how (including trade secrets and other unpatented and unpatentable proprietary or confidential information, materials, systems or procedures), technologies, inventions, and other
intellectual property or proprietary rights (collectively, "Intellectual Property") material to their businesses or necessary to carry on their businesses as presently intended; (ii)&nbsp;neither
the Intellectual Property owned or used by, nor the conduct or operation of the businesses (as presently and proposed to be conducted or operated) of, the Company or any of its Subsidiaries has
infringed upon, misappropriated or violated, or, if the businesses are conducted or operated as presently intended, will infringe upon, misappropriate or violate, any Intellectual Property or other
right of any other person or entity; (iii)&nbsp;none of the Intellectual Property employed by the Company or any of its Subsidiaries has been obtained or is being used by the Company or any such
Subsidiary in violation of any contractual obligation binding on the Company, such Subsidiary or any of their respective officers, directors or employees or otherwise in violation of the rights of any
persons, except as would not reasonably be expected to result in a Material Adverse Change; (iv)&nbsp;neither the Company nor any
of its Subsidiaries has received any written communications, nor is any action or proceeding pending, alleging that the Company or any such Subsidiary has violated, infringed upon or misappropriated,
or, by conducting its business as set forth in the Registration Statement and the Prospectus, would violate, infringe upon or misappropriate, any of the Intellectual Property of any other person or
entity; and (v)&nbsp;the Company knows of no infringement by others of Intellectual Property owned by or licensed to the Company or any of its Subsidiaries. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its Subsidiaries have taken all reasonable steps necessary to secure their interests in, and protect the secrecy, confidentiality and value of, such Intellectual
Property, including without limitation entering into written confidentiality agreements with their employees and contractors. There are no outstanding options, licenses or agreements of any kind
relating to the Intellectual Property of the Company or its Subsidiaries that are required to be described in the Prospectus and are not described therein in all material respects. Neither the Company
nor any of its Subsidiaries is a party to or bound by any options, licenses or agreements with respect to the Intellectual Property of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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any other person or entity that are required to be set forth in the Prospectus and are not described therein in all material respects. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its Subsidiaries, nor to the Company's knowledge, any of its or their affiliates, has taken or may take, directly or indirectly, any
action designed to cause or result in, or which has constituted or which could reasonably be expected to constitute, the stabilization or manipulation of the price of the shares of Common Stock to
facilitate the sale or resale of the Shares. The Company acknowledges that the Underwriters may engage in passive market making transactions in the Shares on the Nasdaq National Market in accordance
with Regulation&nbsp;M under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;Neither
the Company nor any of its Subsidiaries, nor to the Company's knowledge, any of its or their affiliates, has distributed or will distribute, prior to the later
of any Option Closing Date and the completion of the Underwriters' distribution of the Shares, any offering material in connection with the offering and sale of the Shares other than a Preliminary
Prospectus, the Prospectus or the Registration Statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;Neither
the Company nor any of its Subsidiaries is (i)&nbsp;or (after giving effect to the offering and sale of the Shares contemplated hereunder and the application
of the net proceeds from such sale as described in the Prospectus) will be an "investment company" within the meaning of such term under the Investment Company Act of 1940, as amended (the "1940
Act"), and the rules and regulations of the Commission thereunder or (ii)&nbsp;a "holding company," a "subsidiary company" of a "holding company," or an "affiliate" of a "holding company" or of a
"subsidiary company" of a "holding company," as such terms are defined in the Public Utilities Holding Company Act of 1935, as amended (the "Public Utilities Act"), or is a "public utility," as such
term is defined in the Federal Power Act, as amended (the "Federal Power Act"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;The
Company and each of its Subsidiaries maintains a system of internal accounting controls sufficient to provide reasonable assurances that (i)&nbsp;transactions are
executed in accordance with management's general or specific authorization, (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles as applied in the United States and to maintain accountability for assets, (iii)&nbsp;access to assets is permitted only in accordance with management's
general or specific authorization and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any
differences. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;The
Company and each of its Subsidiaries carry, or are covered by, insurance with insurers of recognized financial responsibility in such amounts, with such deductibles
and covering such risks as is commercially reasonable and as the Company and its Subsidiaries deem adequate and prudent for the conduct of their respective businesses (including the construction of
the Le R&ecirc;ve Casino Resort) and the value of their respective properties and as is customary for companies engaged in similar businesses including, but not limited to, policies covering
real and personal property owned or leased by the Company and its Subsidiaries against theft, damage, destruction, acts of vandalism and earthquakes. Such insurance coverage (including deductibles,
retentions and self-insurance amounts) complies with the insurance coverage required at the Closing Date under the Master Disbursement Agreement by and among Wynn Las Vegas, Capital Corp.,
Wynn Design&nbsp;&amp; Development, LLC, Deutsche Bank Trust Company Americas and Wells Fargo Bank Northwest, National Association (the "Master Disbursement Agreement"). The Company has no reason to
believe that such insurance coverage cannot be renewed as and when such coverage expires or that similar coverage could not be obtained from similar insurers at a cost that would not reasonably be
expected to cause a Material Adverse Change (other than as a result of general market conditions). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;Except
for matters which would not reasonably be expected to result in a Material Adverse Change, the Company and each of its Subsidiaries is in compliance with all
presently applicable </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<P><FONT SIZE=2>
provisions of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder ("ERISA"). No "reportable event" (as defined in
ERISA) has occurred with respect to any "pension plan" (as defined in ERISA) for which the Company or any of its Subsidiaries would have any liability. Neither the Company nor any of its Subsidiaries
has incurred or expects to incur liability under (i)&nbsp;Title IV of ERISA with respect to termination of, or withdrawal from, any "pension plan" or (ii)&nbsp;Section&nbsp;412 or 4971 of the
Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the "Code"). Except for matters which would not reasonably be expected to result in a
Material Adverse Change, each "pension plan" for which the Company or any Subsidiary would have any liability that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified
and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;The
Underwriters or Inspection&nbsp;&amp; Valuation International,&nbsp;Inc., in their capacity as a consultant of the Underwriters, have been furnished with a copy of
the plans and specifications for the construction of the Le R&ecirc;ve Casino Resort that have been prepared to date, which plans and specifications are consistent in all material respects
with the description thereof contained in the Registration Statement or the Prospectus. The anticipated cost as of the Closing Date and any Option Closing Date, if any, of such construction (including
interest, legal, architectural, engineering, planning, zoning, pre-opening and
other similar costs) does not exceed the amounts allocated for such costs as set forth under the caption "Use of Proceeds" in the Prospectus. In addition, the other amounts set forth under the caption
"Use of Proceeds" in the Prospectus are based upon reasonable assumptions as to all matters material to the estimates set forth therein and are not expected by the Company to exceed the amounts set
forth for such items. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;The
Project Budget (as defined in the Master Disbursement Agreement), as of the Closing Date and any Option Closing Date, if any, (i)&nbsp;is, to the Company's
knowledge, based on reasonable assumptions as to all legal and factual matters material to the estimates set forth therein, (ii)&nbsp;is consistent with the provisions of the Operative Documents (as
defined in the Master Disbursement Agreement) in all material respects, (iii)&nbsp;has been and will be prepared in good faith and with due care, (iv)&nbsp;sets forth, for each Line Item Category
(as defined in the Master Disbursement Agreement), the total costs anticipated to be incurred through Final Completion (as defined in the Master Disbursement Agreement), (v)&nbsp;fairly represents
the Company's expectation as to the maters covered thereby as of its date and (vi)&nbsp;sets forth a total amount of costs incurred or expected to be incurred in connection with the development,
design, engineering, procurement, installation, construction and opening of the Le R&ecirc;ve Casino Resort (as described in the Prospectus), including contingencies, which is equal to the
Available Funds (as defined in the Master Disbursement Agreement). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;To
the Company's knowledge and except as set forth on Schedule&nbsp;1(bb) hereto, there are no affiliations or associations between any member of the NASD and any of
the Company's officers, directors or securityholders. There are no business relationships or related-party transactions involving the Company or any of its Subsidiaries or any other person required to
be described in the Prospectus which have not been described as required. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;Neither
the Company nor any of its Subsidiaries nor, to the best of the Company's knowledge, any director, officer, agent, employee or other person associated with or
acting on behalf of the Company or any of its Subsidiaries or any beneficial owner of 10&nbsp;percent or more of the capital stock of the Company has, with respect to the Company or any of its
Subsidiaries, (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity, (ii)&nbsp;made any unlawful payment to
any foreign or domestic government official or employee from corporate funds, (iii)&nbsp;violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or
(iv)&nbsp;made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;The
Shares have been approved for inclusion on the Nasdaq National Market, subject only to official notice of issuance. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;No
consent, approval, authorization or order of, or qualification or filing with, any court or governmental body or agency (including, without limitation, the Nevada
State Gaming Commission, the
Nevada State Gaming Control Board, the Clark County Liquor and Gaming Licensing Board, the Public Utilities Commission of Nevada, the Macau Special Administrative Region of the People's Republic of
China and any jurisdictions in which Directed Shares are offered), other than those obtained, is required in connection with the offering of the Directed Shares in any jurisdiction where the Directed
Shares are being offered. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;The
Company has not offered, or caused Deutsche Bank or its affiliates to offer, Shares to any person pursuant to the Directed Share Program with the specific intent to
unlawfully influence (i)&nbsp;a customer or supplier of the Company to alter the customer's or supplier's level or type of business with the Company, or (ii)&nbsp;a trade journalist or publication
to write or publish favorable information about the Company or its business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
certificate signed by an officer of the Company and delivered to the Representatives, Deutsche Bank or to counsel for the Underwriters shall be deemed to be a representation and
warranty by the Company to each Underwriter as to the matters set forth therein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to Section&nbsp;6 hereof, counsel to the Company and counsel to the
Underwriters, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><U>Purchase, Sale and Delivery of the Firm Shares.</U> </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;On
the basis of the representations, warranties and covenants herein contained, and subject to the conditions herein set forth, the Company agrees to sell to the
Underwriters and each Underwriter agrees, severally and not jointly, to purchase, at a price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, the number of Firm Shares set forth opposite the name of each
Underwriter in
Schedule&nbsp;I hereof, subject to adjustments in accordance with Section&nbsp;8 hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Payment
for the Firm Shares to be sold hereunder is to be made by wire transfer of immediately available funds against delivery of certificates therefor to the
Representatives for the several accounts of the Underwriters. Such payment and delivery are to be made through the facilities of The Depository Trust Company, New York, New York at 10:00&nbsp;a.m.,
New York time, on the fifth business day after the date of this Agreement or at such other time and date not later than five business days thereafter as you and the Company shall agree upon, such time
and date being herein referred to as the "Closing Date." (As used herein, "business day" means a day on which the New York Stock Exchange is open for trading and on which banks in New York, New York
are open for business and are not permitted by law or executive order to be closed.) Time shall be of the essence, and delivery at the time and place specified in this Agreement is a further condition
to the obligations of the Underwriters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;In
addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company hereby grants an
option to the several Underwriters to purchase the Option Shares at the price per share as set forth in the first paragraph of this Section&nbsp;2. The option granted hereby may be exercised in
whole or in part by giving written notice (i)&nbsp;at any time before the Closing Date and (ii)&nbsp;only once thereafter within 30&nbsp;days after the date of this Agreement, by you, as
Representatives of the several Underwriters, to the Company setting forth the number of Option Shares as to which the several Underwriters are exercising the option and the time and date at which such
certificates are to be delivered. The time and date at which certificates for Option Shares are to be delivered shall be determined by the Representatives but shall not be earlier than three nor later
than 10 full business days after the exercise of such option, nor in any event prior to the Closing Date (such time and date being herein referred to as the "Option Closing Date"). If the date of
exercise of the option is three or more days before the Closing Date, the notice of exercise shall set the Closing Date as the Option Closing Date. The number of Option Shares to be purchased by each
Underwriter shall be in the same proportion to the total number of Option Shares being purchased as the number of Firm Shares being purchased by such Underwriter bears to the total number of Firm
Shares, adjusted by you in such manner as to avoid fractional shares. The option with respect to the Option Shares granted hereunder may be exercised only to cover over-allotments in the
sale of the Firm Shares by the Underwriters. You, as Representatives of the several Underwriters, may cancel such option at any time prior to its expiration by giving joint written notice of such
cancellation to the Company. To the extent, if any, that the option is exercised, payment for the Option Shares shall be made on the Option Closing Date by wire transfer of immediately available funds
through the facilities of The Depository Trust Company in New York, New York drawn to the order of the Company. </FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><U>Offering by the Underwriters.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is understood that the several Underwriters are to make a public offering of the Firm Shares as soon after this Agreement has been executed as the Representatives, in their sole
judgment, deem it advisable to do so. The Firm Shares are to be initially offered to the public at the initial public offering price set forth in the Prospectus. The Representatives may from time to
time thereafter change the public offering price and other selling terms; provided, however, that nothing in this Section&nbsp;3 shall affect the Underwriters' obligations pursuant to
Section&nbsp;2 hereof. To the extent, if at all, that any </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<P><FONT SIZE=2>
Option Shares are purchased pursuant to Section&nbsp;2 hereof, the Underwriters will offer them to the public on the foregoing terms. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is further understood that you will act as the Representatives for the Underwriters in the offering and sale of the Shares in accordance with a Master Agreement Among Underwriters
entered into by you and the several other Underwriters. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><U>Covenants of the Company.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants and agrees with the several Underwriters that: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
Company shall (i)&nbsp;use its best efforts to cause the Registration Statement to become effective or, if the procedure in Rule&nbsp;430A of the Rules and
Regulations is followed, to prepare and timely file with the Commission under Rule&nbsp;424(b) of the Rules and Regulations a Prospectus in a form approved by the Representatives containing
information previously omitted at the time of effectiveness of the Registration Statement in reliance on Rule&nbsp;430A of the Rules and Regulations and (ii)&nbsp;not file any amendment to the
Registration Statement or supplement to the Prospectus of which the Representatives shall not previously have been advised and furnished with a copy or to which the Representatives shall have
reasonably objected in writing or which is not in compliance with the Rules and Regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;The
Company shall advise the Representatives promptly (i)&nbsp;when the Registration Statement or any post-effective amendment thereto shall have become
effective, (ii)&nbsp;of receipt of any comments from the Commission, (iii)&nbsp;of any request of the Commission for amendment of the Registration Statement or for supplement to the Prospectus or
for any additional information, and (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective
amendment thereto or of any order preventing or suspending the use of any preliminary prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the
Common Stock from any securities exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes.
The Company shall make every reasonable effort to prevent the issuance of any such stop order preventing or suspending the use of the Prospectus and to obtain as soon as possible the lifting thereof,
if issued. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;The
Company shall cooperate with the Representatives and counsel for the Underwriters to qualify the Shares for sale under (or obtain exemptions from the application of
the qualification requirements of) the securities laws of such jurisdictions as the Representatives may reasonably have designated and shall make such applications, file such documents, and furnish
such information as may be reasonably required for that purpose, provided the Company shall not be required to qualify as a foreign corporation or to file&nbsp;a general consent to service of
process in any jurisdiction where it is not now so qualified or required to file such a consent. The Company shall, from time to time, prepare and file such statements, reports, and other documents,
as are or may be required to continue such qualifications in effect for so long a period as the Representatives may reasonably request for distribution of the Shares. The Company shall advise the
Representatives promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Shares for offering, sale or trading in any jurisdiction or any initiation of
threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its best efforts to obtain
the withdrawal thereof at the earliest possible moment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;The
Company shall deliver to, or upon the order of, the Representatives, from time to time, as many copies of any Preliminary Prospectus as the Representatives may
reasonably request. The Company shall deliver to, or upon the order of, the Representatives during the period when delivery of a Prospectus is required under the Act, as many copies of the Prospectus
in final form, or as thereafter amended or supplemented, as the Representatives may reasonably request. The Company shall deliver </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<P><FONT SIZE=2>
to the Representatives at or before the Closing Date, three signed copies of the Registration Statement and all amendments thereto including all exhibits filed therewith, and shall deliver to the
Representatives such number of copies of the Registration Statement (including such number of copies of the exhibits filed therewith that may reasonably be requested) and of all amendments thereto, as
the Representatives may reasonably request. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;The
Company shall comply with the Act and the Rules and Regulations, and the Exchange Act, and the rules and regulations of the Commission thereunder, so as to permit
the completion of the distribution of the Shares as contemplated in this Agreement and the Prospectus. If during the period in which a prospectus is required by law to be delivered by an Underwriter
or dealer, any event shall occur as a result of which, in the judgment of the Company or in the reasonable opinion of the Underwriters, it becomes necessary to amend or supplement the Prospectus in
order to make the statements therein, in the light of the circumstances existing at the time the Prospectus is delivered to a purchaser, not misleading, or, if it is necessary at any time to amend or
supplement the Prospectus to comply with any law, the Company promptly shall prepare and file with the Commission an appropriate amendment to the Registration Statement or supplement to the Prospectus
so that the Prospectus as so amended or supplemented shall not, in the light of the circumstances when it is so delivered, be misleading, or so that the Prospectus shall comply with the law. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_bd1712_1_15"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall make generally available to its security holders and to the Representatives, as soon as it is practicable to do so, but in any event not later than
15&nbsp;months after the effective date of the Registration Statement, an earnings statement (which need not be audited) in reasonable detail, covering a period of at least 12 consecutive months
beginning after the effective date of the Registration Statement, which earnings statement shall satisfy the requirements of Section&nbsp;11(a) of the Act and Rule&nbsp;158 of the Rules and
Regulations and shall advise you in writing when such statement has been so made available. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;Prior
to the Closing Date, the Company shall furnish to the Underwriters, as soon as they have been prepared by or are available to the Company, a copy of any unaudited
interim financial statements of the Company or any of its Subsidiaries for any period subsequent to the period covered by the most recent financial statements appearing in the Registration Statement
and the Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;During
the period commencing on the date hereof and ending on the 180<SUP>th</SUP> day following the date of this Agreement, the Company shall not, without the prior
written consent of the Representatives (which consent may be withheld at the sole discretion of the Representatives), directly or indirectly, sell, offer, contract or grant any option to sell, pledge,
transfer or establish an open "put equivalent position" within the meaning of Rule&nbsp;16a-1(h) under the Exchange Act, or otherwise dispose of or transfer, or announce the offering of,
or file any registration statement under the Securities Act in respect of, any shares of Common Stock, options or warrants to acquire shares of the Common Stock or securities exchangeable or
exercisable for or convertible into shares of Common Stock (other than as contemplated by this Agreement with respect to the Shares); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>,
that the Company may issue shares of its Common Stock or options to purchase its Common Stock, or Common Stock upon exercise of options,
pursuant to any stock option, stock incentive or other stock plan or arrangement described in the Registration Statement or the Prospectus and may file&nbsp;a registration statement in respect
thereof, but only if the holders of such shares, options, or shares issued upon exercise of such options, agree in writing not to sell, offer, dispose of or otherwise transfer any such shares or
options during such 180&nbsp;day period without the prior written consent of the Representatives (which consent may be withheld at the sole discretion of the Representatives). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall use its best efforts to include the Shares on the Nasdaq National Market. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The
Company has caused each of its officers, directors and stockholders (excluding Baron Asset Fund), and Aruze Corp. to furnish to you, on or prior to the date of this
Agreement, a letter or letters, in substantially the form of <U>Exhibit&nbsp;A</U> hereto ("Lockup Agreements"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;The
Company shall apply the net proceeds of its sale of the Shares as set forth in the Prospectus under the caption "Use of Proceeds" and shall file such reports with
the Commission with respect to the sale of the Shares and the application of the proceeds therefrom as may be required in accordance with Rule&nbsp;463 under the Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Shares in such a manner as would require the Company or any of
the Subsidiaries to register as an investment company under the 1940 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;The
Company shall maintain a transfer agent and a registrar for the Common Stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;The
Company shall not take, directly or indirectly, any action designed to cause or result in, or that has constituted or could reasonably be expected to constitute, the
stabilization or manipulation of the price of any securities of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;The
Company shall comply with all applicable securities laws and, except where the failure to comply would not reasonably be expected to result in a Material Adverse
Change, all other applicable laws, rules and regulations, in each case, in each jurisdiction in which the Directed Shares are offered in connection with the Directed Share Program. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2>5. <U>Costs and Expenses.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay all costs, expenses and fees incident to the performance of the obligations of the Company under this Agreement, including, without limiting the generality of the
foregoing, the following: accounting fees of the Company; the fees and disbursements of counsel for the Company; the cost of printing and delivering to, or as requested by, the Underwriters copies of
the Registration Statement, Preliminary Prospectuses, the Prospectus, the Underwriters' Selling Memorandum, the Underwriters' Invitation Letter, the Listing Application, the Blue Sky Survey and any
supplements or amendments thereto; the filing fees of the Commission; the filing fees and expenses (including reasonable legal fees and disbursements) incident to securing any required review by the
NASD of the terms of the sale of the Shares; the fees and expenses associated with including the shares on the Nasdaq National Market; and expenses, including the reasonable fees and disbursements of
counsel for the Underwriters, to the extent incurred in connection with the qualification of the Shares under state securities or Blue Sky laws or the provincial securities laws of Canada. The Company
agrees to pay all costs and expenses of the Underwriters incident to the offer and sale of Directed Shares by the Underwriters to employees and persons having business and other relationships with the
Company and
its Subsidiaries. The Company shall not, however, be required to pay for any of the Underwriters other expenses including (a)&nbsp;the fees and expenses of their counsel (other than those related to
qualification under NASD regulation, state securities or Blue Sky laws and the Directed Share Program), (b)&nbsp;other professional fees (excluding the fees and expenses of Inspection&nbsp;&amp;
Valuation International,&nbsp;Inc.), (c)&nbsp;the customary costs and expenses of the roadshow and any other meetings with prospective investors, (d)&nbsp;the costs and expenses of travel of the
Representatives and the other Underwriters (e)&nbsp;the costs and expenses of any other consultants and experts specifically retained by the Representatives (other than Inspection&nbsp;&amp; Valuation
International,&nbsp;Inc.) and (f)&nbsp;all arrangements relating to the preparation, issuance and delivery of any certificates evidencing the Shares, including the fees of any transfer agent or
similar entity, except in all cases that, if the sale of the Shares pursuant to Section&nbsp;2 hereof shall not be consummated because the conditions in Section&nbsp;6 hereof are not satisfied,
because this Agreement is terminated by the Representatives pursuant to Section&nbsp;10 hereof, or by reason of any failure, refusal or inability on the part of the Company to perform any
undertaking or satisfy any condition of this Agreement or to comply with any of the terms hereof on its part to be performed, unless such failure, refusal or inability is due primarily to any default
or omission of any Underwriter, the Company shall reimburse the several Underwriters for reasonable out-of-pocket expenses, including fees and disbursements of counsel,
reasonably incurred in connection with investigating, marketing and proposing to market the Shares or in contemplation of performing their obligations hereunder; provided, however, that the Company
shall not in any event be liable to any of the several Underwriters for damages on account of loss of anticipated profits from the sale by them of the Shares. </FONT></P>

<P><FONT SIZE=2>6. <U>Conditions of Obligations of the Underwriters.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
several obligations of the Underwriters to purchase the Firm Shares on the Closing Date and the Option Shares, if any, on an Option Closing Date are subject to the accuracy, as of
the Closing Date or such Option Closing Date, as the case may be, of the representations and warranties of the Company contained herein, and to the performance by the Company of its covenants and
obligations hereunder and to the following additional conditions: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
Registration Statement and all post-effective amendments thereto shall have become effective and any and all filings required by Rule&nbsp;424 and
Rule&nbsp;430A of the Act shall have been made within the applicable time period prescribed by, and in compliance with, the Rules and Regulations, and any request of the Commission for additional
information (to be included in the Registration Statement or otherwise) shall have been disclosed to the Representatives and complied with. No stop order suspending the effectiveness of the
Registration Statement shall have been issued and no </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<P><FONT SIZE=2>
proceedings for that purpose shall have been taken or, to the knowledge of the Company, shall be contemplated or threatened by the Commission and no injunction, restraining order or order of any
nature by a federal, state or foreign court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance of the Shares. The NASD shall have raised no
objections to the fairness and reasonableness of the underwriting terms and arrangements. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;The
Representatives shall have received on the Closing Date or an Option Closing Date, as the case may be, the opinion of Irell&nbsp;&amp; Manella LLP, counsel for the
Company, dated the Closing Date or the
Option Closing Date, as the case may be, addressed to the Underwriters in form and substance satisfactory to counsel to the Underwriters, substantially in the form of
<U>Exhibit&nbsp;B</U> hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;The
Representatives shall have received on the Closing Date or an Option Closing Date, as the case may be, the opinion of Schreck Brignone, special Nevada counsel for
the Company, dated the Closing Date or the Option Closing Date, as the case may be, addressed to the Underwriters in form and substance satisfactory to counsel to the Underwriters, substantially in
the form of <U>Exhibit&nbsp;C</U> hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;The
Representatives shall have received on the Closing Date or an Option Closing Date, as the case may be, the opinion of Manuel Alexandre de Oliveira Correia da Silva,
special Macau counsel for Wynn Resorts (Macau) S.A., dated the Closing Date or the Option Closing Date, as the case may be, addressed to the Underwriters in form and substance satisfactory to counsel
to the Underwriters, substantially in the form of <U>Exhibit&nbsp;D</U> hereto. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;The
Representatives shall have received on the Closing Date or an Option Closing Date, as the case may be, the opinion of Fulbright&nbsp;&amp; Jaworski, special regional
counsel for Wynn Resorts (Macau) S.A., dated the Closing Date or the Option Closing Date, as the case may be, addressed to the Underwriters in form and substance satisfactory to counsel to the
Underwriters, substantially in the form of <U>Exhibit&nbsp;E</U> hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall have received on the Closing Date or an Option Closing Date, as the case may be, the opinion of special Isle of Man counsel for certain
Subsidiaries of the Company reasonably acceptable to the Representatives, dated the Closing Date or the Option Closing Date, as the case may be, addressed to the Underwriters in form and substance
satisfactory to counsel to the Underwriters, substantially in the form of <U>Exhibit&nbsp;F</U> hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;The
Representatives shall have received on the Closing Date or an Option Closing Date, as the case may be, the opinion of Hoosenally and Neo, special Hong Kong counsel
for Wynn Resorts (Macau) Limited, dated the Closing Date or the Option Closing Date, as the case may be, addressed to the Underwriters in form and substance satisfactory to counsel to the
Underwriters, substantially in the form of <U>Exhibit&nbsp;G</U> hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;The
Representatives shall have received on the Closing Date or an Option Closing Date, as the case may be, the opinion of Lionel Sawyer&nbsp;&amp; Collins, counsel for
Aruze USA,&nbsp;Inc. ("Aruze USA"), dated the Closing Date or the Option Closing Date, as the case may be, addressed to the Underwriters in form and substance satisfactory to counsel to the
Underwriters, substantially in the form of <U>Exhibit&nbsp;H</U> hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall have received on the Closing Date or an Option Closing Date, as the case may be, the opinion of Nagashima Ohno&nbsp;&amp; Tsunematsu, counsel for
Aruze Corp. and Mr.&nbsp;Kazuo Okada, dated the Closing Date or the Option Closing Date, as the case may be, addressed to the Underwriters
in form and substance satisfactory to counsel to the Underwriters, substantially in the form of <U>Exhibit&nbsp;I</U> hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall have received on the Closing Date or an Option Closing Date, as the case may be, the opinion of Hale Lane, Nevada public utilities counsel for
the Company, dated the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<P><FONT SIZE=2>
Closing Date or the Option Closing Date, as the case may be, addressed to the Underwriters in form and substance satisfactory to counsel to the Underwriters, substantially in the form of
<U>Exhibit&nbsp;J</U> hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;The
Representatives shall have received from Latham&nbsp;&amp; Watkins, counsel for the Underwriters, an opinion dated the Closing Date or an Option Closing Date, as the
case may be, in form and substance reasonably satisfactory to the Representatives. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall have received at or prior to the Closing Date from Latham&nbsp;&amp; Watkins a memorandum or summary, in form and substance satisfactory to the
Representatives, with respect to the qualification for offering and sale by the Underwriters of the Shares under the state securities or Blue Sky laws of such jurisdictions as the Representatives may
reasonably have designated to the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;You
shall have received, on each of the date hereof, the Closing Date and, if applicable, any Option Closing Date, a letter dated the date hereof, the Closing Date or
the Option Closing Date, as the case may be, in form and substance satisfactory to you, of Deloitte&nbsp;&amp; Touche LLP confirming that they are independent public accountants within the meaning of
the Act and the applicable published Rules and Regulations thereunder and stating that in their opinion the financial statements and schedules examined by them and included in the Registration
Statement and the Prospectus comply in form in all material respects with the applicable accounting requirements of the Act and the related published Rules and Regulations; and containing such other
statements and information as is ordinarily included in accountants' "comfort letters" to Underwriters, delivered pursuant to Statement of Accounting Standards No.&nbsp;72 (or any successor
bulletin), with respect to the financial statements and certain financial and statistical information contained in the Registration Statement and Prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;The
Representatives shall have received on the Closing Date and, if applicable, an Option Closing Date, as the case may be, a certificate or certificates of the Chief
Executive Officer or President and the Chief Financial Officer of the Company to the effect that, as of the Closing Date or the Option Closing Date, as the case may be, each of them severally
represents as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement has become effective under the Act and no stop order suspending the effectiveness of the Registration Statement has been issued, and no
proceedings for such purpose have been taken or are, to his or her knowledge, contemplated or threatened by the Commission; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
representations and warranties of the Company contained in Section&nbsp;1 hereof are true and correct as of the Closing Date or the Option Closing Date, as the
case may be; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;he
or she has carefully examined the Registration Statement and the Prospectus and, in his or her opinion, as of the effective date of the Registration Statement, the
information contained in the Registration Statement, including the financial statements and other financial information included therein, was true, complete and correct, and such Registration
Statement and Prospectus did not omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the
Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to such
Closing Date; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;since
the respective dates as of which information is given in the Registration Statement and Prospectus and prior to the Closing Date and, with respect to the Option
Shares, the applicable Option Closing Date, there has not occurred any Material Adverse Change or any development that would reasonably be expected to result in a Material Adverse Change. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;The
Company shall have furnished to the Representatives such further certificates and documents confirming the representations and warranties, covenants and conditions
contained herein and related matters as the Representatives may reasonably have requested. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;For
the period from and after the date of this Agreement and prior to the Closing Date and, with respect to the Option Shares, any Option Closing Date, in the judgment
of the Representatives there shall not have occurred any Material Adverse Change. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;The
Firm Shares and Option Shares, if any, have been approved for designation upon notice of issuance on the Nasdaq National Market. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;The
Lockup Agreements described in Section&nbsp;4(j) are in full force and effect and on or before the date of this Agreement the Company shall have delivered fully
executed copies of the Lockup Agreements to the Representatives. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;All
fees and expenses which the Company or any of its Subsidiaries has agreed to pay pursuant to the Amended and Restated Engagement Letter dated as of June&nbsp;14,
2002 between Valvino, Wynn Resorts Holdings, LLC, Wynn Las Vegas and the Representatives and which, pursuant to such engagement letter, are required to be paid at or prior to Closing, shall have been
paid. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;[The
purchase of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Common Stock from the Company in accordance with the terms of the Purchase Agreement, dated as of
October&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, between&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and the Company, shall be consummated concurrently
with the Closing hereunder.] </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;All
of the Executed Transaction Documents and Closing Transaction Documents shall have been executed and shall be in full force and effect and the Representatives shall
have received fully executed copies thereof, and neither the Company nor any of its Subsidiaries shall be in default in the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained in any of the Executed Transaction Documents and the Closing Transaction Documents, and no condition shall exist that, with the giving of notice or the lapse of time, or both,
would constitute such a default, except in each case where the consequences of such default or defaults, if any, would not reasonably be expected to result in a Material Adverse Change. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;On
the Closing Date, Wynn Las Vegas and Capital Corp. shall have consummated the issuance and sale of an aggregate amount of $340&nbsp;million of Second Mortgage Notes
due 2010 and shall have received the proceeds therefrom of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million after deducting underwriting discounts and commissions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;The
Company shall not have knowledge that any party shall have failed at or prior to the Closing Date to perform or comply with any of the agreements contained in any of
the Executed Transaction Documents or Closing Transaction Documents and required to be performed or complied with by such party at or prior to the Closing Date and, if applicable, any Option Closing
Date unless such failure would not reasonably be expected to result in a material Adverse Change. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
opinions and certificates mentioned in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in all material respects satisfactory to the
Representatives and to Latham&nbsp;&amp; Watkins, counsel for the Underwriters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the conditions hereinabove provided for in this Section&nbsp;6 shall not have been fulfilled when and as required by this Agreement to be fulfilled, the obligations of the
Underwriters hereunder may be terminated by the Representatives by notifying the Company of such termination in writing at or prior to the Closing Date or Option Closing Date, as the case may be. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
such event, the Company and the Underwriters shall not be under any obligation to each other (except to the extent provided in Sections 5 and 8 hereof). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<P><FONT SIZE=2>7. <U>Indemnification.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
Company agrees: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to
indemnify and hold harmless each Underwriter and its affiliates, and each person, if any, who controls any Underwriter within the meaning of either Section&nbsp;15
of the Act or Section&nbsp;20 of the Exchange Act, against any losses, claims, damages or liabilities to which such Underwriter, affiliate or any such controlling person may become subject under the
Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon (A)&nbsp;any untrue statement or alleged untrue
statement of any material fact contained in the Registration Statement or any amendment or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, (B)&nbsp;any untrue statement or alleged untrue statement of any material fact contained in any Preliminary Prospectus or the
Prospectus or any amendment or supplement thereto (including any Prospectus wrapper for use with offers in Canada) or the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading or (C)&nbsp;any act or failure to act, or any alleged act or failure
to act by any Underwriter in connection with, or relating in any manner to, the Shares or the offering contemplated hereby, and which is included as part of or referred to in any loss, claim, damage,
liability or action arising out of or based upon matters covered by clause&nbsp;(A) or (B)&nbsp;above (provided, that the Company shall not be liable under this clause&nbsp;(C) to the extent
that it is determined in a final judgment by a court of competent jurisdiction that such loss, claim, damage, liability or action resulted directly from any such acts or failures to act undertaken or
omitted to be taken by such Underwriter through its gross negligence or willful misconduct); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the Company will not be liable in any
such case to the extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement, or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Prospectus, or such amendment or supplement,
in reliance upon and in conformity with written information furnished to the Company by or through the Representatives specifically for use in the preparation thereof; and </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>further</I></FONT><FONT SIZE=2>, that the Company will not be liable to any Underwriter with respect to any such
untrue statement or alleged untrue statement or omission or alleged omission made in any Preliminary Prospectus to the extent that (1)&nbsp;such loss, claim, damage, or liability results from an
untrue statement of a material fact or an omission of a material fact contained in the Preliminary Prospectus, which untrue statement or omission was corrected in the final Prospectus, (2)&nbsp;the
Company had previously furnished sufficient quantities of the final Prospectus to such Underwriter within a reasonable amount of time prior to such sale, and (3)&nbsp;such Underwriter failed to
deliver the final Prospectus, if required by law to have so delivered it, and such delivery would have been a complete defense against the person asserting such loss, claim, liability, expense or
damage; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;to
reimburse each Underwriter and each such affiliate or controlling person upon demand for any legal or other out-of-pocket expenses reasonably
incurred by such Underwriter, affiliate or such controlling person in connection with investigating or defending any such loss, claim, damage or liability, action or proceeding or in responding to a
subpoena or governmental inquiry related to the offering of the Shares, whether or not such Underwriter, affiliate or controlling person is a party to any action or proceeding. In the event that it is
finally judicially determined that the Underwriters were not entitled to receive payments for legal and other expenses pursuant to this subparagraph, the Underwriters will promptly return all sums
that had been advanced pursuant hereto. The indemnity obligations under this Section&nbsp;7(a) will be in addition to any liability which such Company may otherwise have. </FONT></P>

</UL>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Each
Underwriter severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the
Registration Statement, and each person, if any, who controls the Company within the meaning of the Act, against any losses, claims, damages or liabilities to which the Company or any such director,
officer or controlling person may become subject under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are
based upon (i)&nbsp;any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or any amendment or supplement thereto or the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii)&nbsp;any untrue statement or alleged untrue statement of
any material fact contained in any Preliminary Prospectus or the Prospectus or any amendment or supplement thereto or the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and will reimburse any legal or other expenses reasonably incurred by
the Company or any such director, officer or controlling person in connection with investigating, defending against or appearing as a third party witness in connection with any such loss, claim,
damage, liability, action or proceeding or in responding to a subpoena or governmental inquiry related to the offering of the Shares, whether or not the Company or such director, officer or
controlling person is a party to any action or proceeding; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that each Underwriter will
be liable in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission has been made in the Registration Statement, any
Preliminary Prospectus, the Prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or through the Representatives
specifically for use in the preparation thereof. This indemnity agreement will be in addition to any liability which such Underwriter may otherwise have. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to this
Section&nbsp;7, such person (the "indemnified party") shall promptly notify the person against whom such indemnity may be sought (the "indemnifying party") in writing. No indemnification provided
for in Section&nbsp;7(a), (b)&nbsp;or (d)&nbsp;shall be available to any party who shall fail to give notice as provided in this Section&nbsp;7(c) if the party to whom notice was not given was
unaware of the proceeding to which such notice would have related and was materially prejudiced by the failure to give such notice, and the failure to give such notice shall not relieve the
indemnifying party or parties from any liability which it or they may have to the indemnified party for contribution or otherwise than on account of the provisions of Section&nbsp;7(a),
(b)&nbsp;or (d). In case any such proceeding shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory
to such indemnified party and shall pay as incurred the reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right
to retain its own counsel at its own expense. Notwithstanding the foregoing, the indemnifying party shall pay as incurred (or within 30&nbsp;days of presentation) the reasonable fees and expenses of
the counsel retained by the indemnified party in the event (i)&nbsp;the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii)&nbsp;the
named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party, and the indemnified party shall have reasonably concluded that a
conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such proceeding or that there may be legal defenses available to it and/or
other indemnified parties which are different from or additional to those available to the indemnifying party or (iii)&nbsp;the indemnifying party shall have failed to assume the defense and employ
counsel reasonably acceptable to the indemnified party within a reasonable period of time after notice of commencement of the action. It is understood that the indemnifying party shall not, in
connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm for all such indemnified parties. Such
firm shall be designated in writing by you in the case of parties indemnified pursuant to Section&nbsp;7(a) or (d)&nbsp;and by the Company in the case of parties indemnified pursuant to
Section&nbsp;7(b). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there be a final
judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, the
indemnifying party will not, without the prior written consent of the indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or
proceeding of which indemnification may be sought hereunder (whether or not any indemnified party is an actual or potential party to such claim, action or proceeding) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action or proceeding. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;The
Company and each of its Subsidiaries, whether direct or indirect, jointly and severally, agree to indemnify and hold harmless Deutsche Bank and each person, if any,
who controls Deutsche Bank
within the meaning of either Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation,
any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) (i)&nbsp;caused by any untrue statement or alleged untrue statement of a
material fact contained in any material prepared by or with the consent of the Company for distribution to Participants in connection with the Directed Share Program, or caused by any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii)&nbsp;caused by the failure of any Participant to pay
for and accept delivery of Directed Shares that the Participant has agreed to purchase; or (iii)&nbsp;related to, arising out of, or in connection </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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<P><FONT SIZE=2>
with the Directed Share Program other than losses, claims, damages or liabilities (or expenses relating thereto) that are finally judicially determined to have resulted from the gross negligence or
willful misconduct of Deutsche Bank; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that in the case of clause&nbsp;(i) above, the
Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement, or omission or
alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or through the Representatives specifically for inclusion therein. The indemnity
agreement set forth in this paragraph shall be in addition to any liabilities that the Company and each of its Subsidiaries may otherwise have. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;To
the extent the indemnification provided for in this Section&nbsp;7 is unavailable to or insufficient to hold harmless an indemnified party under
Section&nbsp;7(a), (b)&nbsp;or (d)&nbsp;above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the Shares. If, however, the allocation
provided by the immediately preceding sentence is not permitted by applicable law then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof), as well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received
by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Company on the one hand or the Underwriters on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section&nbsp;7(e) were determined by pro rata allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this
Section&nbsp;7(e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to above in
this Section&nbsp;7(e) shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (e),
(i)&nbsp;no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and commissions applicable to the Shares purchased by such Underwriter and (ii)&nbsp;no
person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Underwriters' obligations in this Section&nbsp;7(e) to contribute are several in proportion to their respective underwriting obligations and not joint. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Any
losses, claims, damages, liabilities or expenses for which an indemnified party is entitled to indemnification or contribution under this Section&nbsp;7 shall be
paid by the indemnifying party to the indemnified party as such losses, claims, damages, liabilities or expenses are incurred. The indemnity and contribution agreements contained in this
Section&nbsp;7 and the representations and warranties of the Company set forth in this Agreement shall remain operative and in full force and effect, regardless of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

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<P><FONT SIZE=2>
(i)&nbsp;any investigation made by or on behalf of any Underwriter or any person controlling any Underwriter, the Company, its directors or officers or any persons controlling the Company,
(ii)&nbsp;acceptance of any Shares and payment therefore hereunder and (iii)&nbsp;any termination of this Agreement. A successor to any Underwriter, or any person controlling any Underwriter, or
to the Company, its directors or officers, or any person controlling the Company, shall be entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in this
Section&nbsp;7. </FONT></P>

<P><FONT SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Default by Underwriters.</U> </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
on the Closing Date or any Option Closing Date, as the case may be, any Underwriter shall fail to purchase and pay for the portion of the Shares which such Underwriter has agreed to
purchase and pay for on such date (otherwise than by reason of any default on the part of the Company), you, as Representatives of the Underwriters, shall use your reasonable efforts to procure within
36&nbsp;hours thereafter one or more of the other Underwriters, or any others, to purchase from the Company such amounts as may be agreed upon and upon the terms set forth herein, the Shares which
the defaulting Underwriter or Underwriters failed to purchase. If during such 36&nbsp;hours you, as such Representatives, shall not have procured such other Underwriters, or any others, to purchase
the Shares agreed to be purchased by the defaulting Underwriter or Underwriters, then (a)&nbsp;if the aggregate number of shares with respect to which such default shall occur does not exceed 10% of
the Shares to be purchased on the Closing Date or any Option Closing date, as the case may be, the other Underwriters shall be obligated, severally, in proportion to the respective numbers of Shares
which they are obligated to purchase hereunder, to purchase the Shares which such defaulting Underwriter or Underwriters failed to purchase, or (b)&nbsp;if the aggregate number of shares of Shares
with respect to which such default shall occur exceeds 10% of the Shares to be purchased on the Closing Date or any Option Closing Date, as the case may be, the Company or you as the Representatives
of the Underwriters shall have the right, by written notice given within the next 36-hour period to the parties to this Agreement, to terminate this Agreement without liability on the part
of the non-defaulting Underwriters or of the Company except to the extent provided in Sections 5 and 8 hereof (provided that if such default occurs solely with respect to Option Shares
after the Closing Date, this Agreement will not terminate as to the Firm Shares or any Option Shares purchased prior to such termination). In the event of a default by any Underwriter or Underwriters,
as set forth in this Section&nbsp;8, the Closing Date or Option Closing Date, as
the case may be, may be postponed for such period, not exceeding seven days, as you, as Representatives, may determine in order that the required changes in the Registration Statement or in the
Prospectus or in any other documents or arrangements may be effected. As used in the Agreement, the term "Underwriter" includes any person substituted for a defaulting Underwriter. Any action taken
under this Section&nbsp;8 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. </FONT></P>

<P><FONT SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
communications hereunder shall be in writing and, except as otherwise provided herein, shall be mailed, delivered, telecopied or telegraphed and confirmed as follows: if to the
Underwriters, to Deutsche Bank Securities&nbsp;Inc., 31 West 52<SUP>nd</SUP> Street New York, New York 10019; Attention: Syndicate Manager and General Counsel; if to the Company, to Wynn Resorts,
Limited, 3145 Las Vegas Boulevard South, Las Vegas, Nevada 89109; Attention: General Counsel. </FONT></P>

<P><FONT SIZE=2>10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination.</U> This Agreement may be terminated by you: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;by
notice to the Company at any time prior to the Closing Date or any Option Closing Date (if different from the Closing Date and then only as to Option Shares) if any
of the following has occurred: (i)&nbsp;since the respective dates as of which information is given in the Registration Statement and the Prospectus, in the judgment of the Representatives, any
Material Adverse Change or any </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

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<P><FONT SIZE=2>
development that would reasonably be expected to result in a Material Adverse Change, (ii)&nbsp;any attack on, or any outbreak or escalation of hostilities or acts of terrorism involving, the
United States or declaration of war or national emergency or other national or international calamity or crisis or change in economic or political conditions if the effect of such attack, outbreak,
escalation, acts, declaration, emergency, calamity, crisis or change would, in the Representatives' judgment, make it impracticable or inadvisable to market the Shares in the manner and on the terms
described in the Prospectus or to enforce contracts for the sale of the Shares, (iii)&nbsp;the suspension or material limitation of trading in securities generally or other instruments on the New
York Stock Exchange, the American Stock Exchange or the Nasdaq National Market or other exchange or limitation on prices for securities or other instruments on the New York Stock Exchange, the
American Stock Exchange or the Nasdaq National Market, (iv)&nbsp;the enactment, publication, decree or other promulgation of any statute, regulation, rule or order of any court or other governmental
authority which in your opinion materially and adversely affects or may materially and adversely affect the business or operations of the Company, (v)&nbsp;the declaration of a banking moratorium by
United States or New York or Nevada state authorities, (vi)&nbsp;any downgrading, or placement on any watch list for possible downgrading, in the rating of any of the Company's debt securities by
any "nationally recognized statistical rating organization" (as defined for purposes of Rule&nbsp;436(g) under the Exchange Act), (vii)&nbsp;the suspension of trading of any securities of
the Company by any exchange, the Nasdaq National Market, the Commission, or any other governmental authority (viii)&nbsp;the enactment, publication, decree or other promulgation of any statute,
regulation, rule or order of any court or other governmental authority which in your opinion materially and adversely affects, or will materially and adversely affect, the business, prospects,
financial condition or results of operations of the Company and its Subsidiaries, taken as a whole or (ix)&nbsp;the Company shall have sustained a loss by strike, fire, flood, earthquake, accident
or other calamity of such character as in the judgment of the Representatives may interfere materially with the conduct of the business and operations of the Company regardless of whether or not such
loss shall have been insured; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;as
provided in Sections 6 and 8 of this Agreement. </FONT></P>

<P><FONT SIZE=2>11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement has been and is made solely for the benefit of the Underwriters and the Company and their respective successors, executors, administrators, heirs and assigns, and the
officers, directors, employees and controlling persons referred to herein, and no other person will have any right or obligation hereunder. No purchaser of any of the Shares from any Underwriter shall
be deemed a successor or assign merely because of such purchase. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

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<P><FONT SIZE=2>12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Information Provided by Underwriters.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Underwriters acknowledge and agree
that the only information furnished or to be furnished by any Underwriter to the Company for inclusion in any Prospectus or the Registration Statement consists of the information set forth in the
third, ninth through fourteenth and sixteenth paragraphs under the caption "Underwriting" in the Prospectus. </FONT></P>

<P><FONT SIZE=2>13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Partial Enforceability.</U>&nbsp;&nbsp;&nbsp;&nbsp;The invalidity or unenforceability of any Section, paragraph or
provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any
reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable and to effect the
original intent of the parties hereto. </FONT></P>

<P><FONT SIZE=2>14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Choice of Law; Consent to Jurisdiction.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. To the fullest extent permitted by applicable
law, you hereby irrevocably submit to the nonexclusive jurisdiction of the courts of the State of New York located in the Borough of Manhattan and the United States District Court for the Southern
District of New York in respect of any suit, action or proceeding arising out of or relating to the provisions of this Agreement and irrevocably agree that all claims in respect of any such suit,
action or proceeding may be heard and determined in any such court. The parties hereto hereby waive, to the fullest extent permitted by applicable law, any objection that they may now or hereafter
have to the laying of venue of any such suit, action or proceeding brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. </FONT></P>

<P><FONT SIZE=2>15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reimbursement, indemnification and contribution agreements contained in this Agreement and the representations, warranties and covenants in this Agreement shall remain in full force
and effect regardless of (a)&nbsp;any termination of this Agreement, (b)&nbsp;any investigation made by or on behalf of any Underwriter or controlling person thereof, or by or on behalf of the
Company or its directors or officers and (c)&nbsp;delivery of and payment for the Shares under this Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in two or more counterparts (including by facsimile), each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the foregoing letter is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicates hereof, whereupon it will become a binding
agreement among the Company and the several Underwriters in accordance with its terms. </FONT></P>

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<BR></FONT><FONT SIZE=2><I>(Signature page to follow)    <BR>  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2>Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP"><BR><FONT SIZE=2>WYNN RESORTS, LIMITED</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><BR><HR NOSHADE><FONT SIZE=2> Name: Stephen A. Wynn<BR>
Title: Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=2><BR>
The foregoing Underwriting Agreement<BR>
is hereby confirmed and accepted as<BR>
of the date first above written.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=2><BR>
DEUTSCHE BANK SECURITIES&nbsp;INC.<BR>
Bear, Stearns&nbsp;&amp; Co.&nbsp;Inc.<BR>
Banc of America Securities LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=2><BR>
As Representatives of the several<BR>
Underwriters listed on <U>Schedule&nbsp;I</U></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=2><BR>
By: DEUTSCHE BANK SECURITIES&nbsp;INC.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%"><BR><HR NOSHADE><FONT SIZE=2> Authorized Officer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>S-1</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea1712_schedule_i"> </A>
<A NAME="toc_ea1712_1"> </A>
<BR></FONT><FONT SIZE=2><B><U>SCHEDULE I</U>    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea1712_schedule_of_underwriters"> </A>
<A NAME="toc_ea1712_2"> </A>
<BR></FONT><FONT SIZE=2><B>SCHEDULE OF UNDERWRITERS    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2>Underwriter</FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=2>Number&nbsp;of&nbsp;Firm&nbsp;Shares<BR>
to&nbsp;be&nbsp;Purchased</FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Deutsche Bank Securities&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Bear, Stearns&nbsp;&amp; Co.&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Banc of America Securities LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>J.P. Morgan Securities&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Dresdner Kleinwort Wasserstein Securities LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Jefferies&nbsp;&amp; Company,&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Lazard Fr&egrave;res&nbsp;&amp; Co. LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>SG Cowen Securities Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Thomas Weisel Partners LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="70%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="BOTTOM"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>
Schedule I </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ha1712_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ha1712_schedule_ii_executed_transaction_documents"> </A>
<A NAME="toc_ha1712_1"> </A>
<BR></FONT><FONT SIZE=2><B>SCHEDULE II    <BR>    <BR>    EXECUTED TRANSACTION DOCUMENTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B><I>Construction and Other Third Party Project Agreements  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Agreement
for Guaranteed Maximum Price Construction Services, dated as of June&nbsp;4, 2002, between Wynn Las Vegas, LLC ("Wynn Las Vegas") and Marnell Corrao
Associates,&nbsp;Inc. for Le R&ecirc;ve (the "Marnell Agreement"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Continuing
Guaranty, dated as of June&nbsp;4, 2002, by Austi,&nbsp;Inc. in favor of Wynn Las Vegas, as amended; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Design
Build Agreement, effective as of June&nbsp;6, 2002, by and between Wynn Las Vegas and Bomel Construction Company,&nbsp;Inc.; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;[Standard
Form of Agreement between Owner and Architect with Addendum between Wynn Las Vegas and Butler:
Ashworth&#151;Architects&nbsp;LTD]; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;Professional
Design Services Agreement, effective as of October&nbsp;5, 2001, between Wynn Design&nbsp;&amp; Development ("Wynn Design") as "Contractor" and Marnell
Architect (fka A.A. Marnell II,&nbsp;Ltd.); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Professional
Design Services Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, between Wynn Design and Lochsa Engineering; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;Professional
Design Services Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, between Wynn Design and Carter&nbsp;&amp; Burgess (Civil Engineer);
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;Professional
Design Services Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, between Wynn Design and Martin&nbsp;&amp; Peltyn,&nbsp;Inc.; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Professional
Design Services Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, between Wynn Design and Fazio Golf Course Designs (Golf Course
Architect); </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Professional
Design Services Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, between Wynn Design and TJF Golf,&nbsp;Inc.; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;Professional
Design Services Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, between Wynn Design and JBA Consulting Engineers; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Agreement,
dated January&nbsp;25, 2001, between Wynn Resorts Holdings, LLC ("Holdings") and Calitri Services and Licensing Limited Liability Company; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;Amendment
to the Water Show Entertainment and Production Agreement [depending on when amended, may be moved to closing docs]; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;Trademark/Service
Mark Purchase Agreement, dated June&nbsp;7, 2001, between the Company and The STAD Trust; </FONT></P>

<P><FONT SIZE=2><B><I>Affiliate Project Agreements  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;Second
Amended and Restated Art Rental and Licensing Agreement, dated September&nbsp;18, 2002, by and between Mr.&nbsp;Stephen A. Wynn and Holdings
[update if amended again; may be moved to Closing Documents]; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;Art
Gallery Lease Agreement, dated November&nbsp;1, 2001, by and between Valvino Lamore, LLC ("Valvino") and Holdings; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule II-1</FONT></P>

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<A NAME="page_ha1712_1_2"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;Employment
Agreement, dated as of October&nbsp;4, 2002, by and between Stephen A. Wynn and the Company; </FONT></P>

<P><FONT SIZE=2><B><I>Equity Agreements  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;Stockholders
Agreement, dated as of April&nbsp;11, 2002, among Mr.&nbsp;Stephen A. Wynn, Baron Asset Fund ("Baron") and Aruze USA,&nbsp;Inc. ("Aruze USA") (the
"Stockholders Agreement"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;Share
Purchase Agreement, dated as of April&nbsp;16, 2001, by and between Valvino and Baron; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;Contribution
Agreement and Assignment of Membership Interest, dated April&nbsp;1, 2001, between Mr.&nbsp;Stephen A. Wynn and Valvino; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;Purchase
Agreement, made as of May&nbsp;30, 2002, between Mr.&nbsp;Stephen A. Wynn and Valvino; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;Purchase
Agreement, made as of April&nbsp;1, 2001, between Mr.&nbsp;Stephen A. Wynn and Valvino; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;Share
Purchase Agreement, dated as of June&nbsp;10, 2002, by and between Valvino and Kenneth R. Wynn Family Trust dated February&nbsp;20, 1985 (the "Kenneth R. Wynn
Family Trust"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;Contribution
Agreement, made as of June&nbsp;10, 2002, by and among Mr.&nbsp;Stephen A. Wynn, Aruze USA, Baron (on behalf of each of the Baron Asset Fund Series and
the Baron Growth Fund Series), the Kenneth R. Wynn Family Trust and the Company; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;Buy-Sell
Agreement, dated as of June&nbsp;13, 2002, by and among Mr.&nbsp;Stephen A. Wynn, Mr.&nbsp;Kazuo Okada, Aruze USA and Aruze Corp. (the
"Buy-Sell Agreement"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;Agreement,
dated as of June&nbsp;13, 2002, by and between Mr.&nbsp;Stephen A. Wynn and the Company (the "Wynn Put Agreement"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;[Purchase
Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002, by and among the Company and the purchasers named therein (the "Purchase
Agreement");] </FONT></P>


<P><FONT SIZE=2><B><I>Debt Agreements  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;Underwriting
Agreement, dated as of the date hereof, by and among the Representatives (as defined therein), Wynn Las Vegas and Wynn Las Vegas Capital Corp. ("Capital
Corp.") with respect to the&nbsp;&nbsp;&nbsp;&nbsp;% second mortgage notes (the "Notes") of Wynn Las Vegas and Capital Corp. (the "Debt Underwriting Agreement"); </FONT></P>

<P><FONT SIZE=2><B><I>Governing Documents  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;Second
Amended and Restated Articles of Incorporation of the Company, as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;Articles
of Organization of Wynn Las Vegas, as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;Articles
of Organization of Holdings, as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;Articles
of Organization of Valvino Lamore, LLC, as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;Articles
of Organization of Wynn Design, as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;Articles
of Organization of World Travel, LLC, as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule II-2</FONT></P>

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<A NAME="page_ha1712_1_3"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Articles
of Organization of Las Vegas Jet, LLC, as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;Articles
of Incorporation of Desert Inn Improvement Co. ("DI Improvement Co."), as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;Articles
of Organization of Desert Inn Water Company, LLC, as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;Articles
of Organization of Palo, LLC ("Palo"), as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;Articles
of Incorporation of Capital Corp., as amended through the date of this Agreement or the Closing Date, as applicable; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;Articles
of Organization of Wynn Completion Guarantor, LLC (the "Completion Guarantor"), as amended through the date of this Agreement or the Closing Date, as
applicable; and </FONT></P>

<P><FONT SIZE=2><B><I>Macau Agreements  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;Concession
Contract for the Operation of Games of Chance or Other games in Casinos in the Macau Special Administrative Region, dated June&nbsp;24, 2002, between the
Macau Special Administrative Region and Wynn Resorts (Macau), S.A. (the "Concession Contract"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule II-3</FONT></P>

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NAME="page_hc1712_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hc1712_schedule_iii"> </A>
<A NAME="toc_hc1712_1"> </A>
<BR></FONT><FONT SIZE=2><B><U>SCHEDULE III</U>    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hc1712_closing_transaction_documents"> </A>
<A NAME="toc_hc1712_2"> </A>
<BR></FONT><FONT SIZE=2><B>CLOSING TRANSACTION DOCUMENTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B><I>Credit Agreement Documents  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Credit
Agreement among Wynn Las Vegas, the several banks and other financial institutions or entities from time to time parties thereto, Deutsche Bank
Securities&nbsp;Inc., as lead arranger and joint book running manager, Deutsche Bank Trust Company Americas, as administrative agent (the "Administrative Agent") and swing line lender, Banc of
America Securities LLC, as lead arranger, joint book running manager and syndication agent, Bear, Stearns&nbsp;&amp; Co.&nbsp;Inc., as arranger and joint book running manager, Bear Stearns Corporate
Lending&nbsp;Inc., as joint documentation agent, and Dresdner Bank AG, New York Branch, as arranger and joint documentation agent (the "Credit Agreement"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Guarantee
and Collateral Agreement by and between Wynn Las Vegas and each other Loan Party (as defined in the Master Disbursement Agreement) in favor of the
Administrative Agent on behalf of the lenders under the Credit Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Local
Bank Collateral Account Agreement by and between Wynn Las Vegas, Capital Corp., Wynn Design, the Administrative Agent and
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as custodian and securities intermediary; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;Bank
Company Collateral Agreement by and between Wynn Las Vegas, Capital Corp., Wynn Design, the Administrative Agent and Deutsche Bank Trust Company Americas, as
custodian and securities intermediary ("Securities Intermediary"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;Bank
Completion Guaranty Collateral Account Agreement by and between Wynn Completion Guarantor, LLC, the Administrative Agent and the Securities Intermediary; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Collateral
Agency Agreement by and between the Administrative Agent, the Indenture Trustee and Bank of America, N.A. as Collateral Agent for the benefit of the
Administrative Agent and the Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;[Intellectual
Property Security Agreement] </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;Amended
and Restated Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filings by Palo in favor of the Administrative Agent on behalf of the
lenders under the Credit Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Amended
and Restated Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filings by Wynn Las Vegas in favor of the Administrative Agent on
behalf of the lenders under the Credit Agreement; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Amended
and Restated Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filings by Holdings in favor of the Administrative Agent on behalf of
the lenders under the Credit Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;Amended
and Restated Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filings by Valvino in favor of the Administrative Agent on behalf of
the lenders under the Credit Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;[Bank
Water Company Deed of Trust and Environmental Indemnity Agreement] </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;Indemnity
Agreement executed by Palo in favor of the Administrative Agent on behalf of the lenders under the Credit Agreement regarding environmental indemnity; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;Indemnity
Agreement executed by Wynn Las Vegas in favor of the Administrative Agent on behalf of the lenders under the Credit Agreement regarding environmental
indemnity; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule III-1</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;Indemnity
Agreement executed by Holdings in favor of the Administrative Agent on behalf of the lenders under the Credit Agreement regarding environmental indemnity; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;Indemnity
Agreement executed by Valvino in favor of the Administrative Agent on behalf of the lenders under the Credit Agreement regarding environmental indemnity; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;Wynn
Resorts Agreement by the Company in favor of the Administrative Agent; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;Notes
issued to the lenders under the Credit Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;UCC
Financing Statement of Wynn Las Vegas, LLC, in favor of Administrative Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;UCC
Financing Statement of Valvino Lamore, LLC, in favor of Administrative Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;UCC
Financing Statement of Capital Corp, in favor of Administrative Agent; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;UCC
Financing Statement of Palo, LLC, in favor of Administrative Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;UCC
Financing Statement of Wynn Holdings in favor of Administrative Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;UCC
Financing Statement of Desert Inn Water Company, LLC, in favor of Administrative Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;UCC
Financing Statement of Wynn Design LLC, in favor of Administrative Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;UCC
Financing Statement of World Travel, LLC, in favor of Administrative Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;UCC
Financing Statement of Las Vegas Jet, LLC, in favor of Administrative Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;UCC
Financing Statement of Wynn Completion Guarantor, LLC in favor of Administrative Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;UCC-1
Fixture Filing of Valvino in favor of Administration Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;UCC-1
Fixture Filing of the Wynn Las Vegas in favor of Administration Agent; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;UCC-1
Fixture Filing of Palo, LLC in favor of Administration Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;UCC-1
Fixture Filing of Holdings in favor of Administration Agent; </FONT></P>

<P><FONT SIZE=2><B><I>Second Mortgage Note Documents  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;Indenture
among Wynn Las Vegas, Capital Corp., the Restricted Entities (as defined therein) and Wells Fargo Bank, National Association, as trustee (the "Indenture
Trustee"), with respect to the Notes (the "Indenture"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;Guarantees
of the Notes by the Guarantors (as defined in the Indenture); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Second
Mortgage Notes due 2010 issued pursuant to the Indenture; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;Guarantee
and Collateral Agreement by and between [Wynn Las Vegas and each other Loan Party (as defined in the Master Disbursement Agreement) in favor of
the Indenture Trustee on behalf of the second mortgage noteholders under the Indenture]; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;Local
Second Mortgage Notes Collateral Account Agreement by and between Wynn Las Vegas, Capital Corp., Wynn Design, the Indenture Trustee and
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as custodian and securities intermediary; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;Second
Mortgage Notes Company Collateral Account Agreement by and between Wynn Las Vegas, Capital Corp., Wynn Design, the Indenture Trustee and the Securities
Intermediary; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule III-2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)Second
Mortgage Notes Completion Guaranty Collateral Account Agreement by and between Wynn Completion Guarantor, LLC, the Indenture Trustee and the Securities
Intermediary; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;Deed
of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filings by Palo in favor of the Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;Deed
of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filings by Wynn Las Vegas in favor of the Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;Deed
of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filings by Holdings in favor of the Indenture Trustee; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;Deed
of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filings by Valvino in favor of the Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;[Bond
Water Company Deed of Trust and Environmental Indemnity Agreement] </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;&nbsp;Indemnity
Agreement executed by Palo in favor of the Indenture Trustee regarding environmental indemnity; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;&nbsp;Indemnity
Agreement executed by Wynn Las Vegas in favor of the Indenture Trustee regarding environmental indemnity; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)&nbsp;Indemnity
Agreement executed by Holdings in favor of the Indenture Trustee regarding environmental indemnity; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)&nbsp;Indemnity
Agreement executed by Valvino in favor of the Indenture Trustee regarding environmental indemnity; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)Wynn
Resorts Agreement by the Company in favor of the Indenture Trustee; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;UCC
Financing Statement of Wynn Las Vegas, LLC, in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)&nbsp;UCC
Financing Statement of Valvino in favor of Indenture Trustee </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)&nbsp;UCC
Financing Statement of Capital Corp in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa)&nbsp;&nbsp;&nbsp;&nbsp;UCC
Financing Statement of Palo in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)&nbsp;&nbsp;&nbsp;&nbsp;UCC
Financing Statement of Holdings in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)&nbsp;&nbsp;&nbsp;&nbsp;UCC
Financing Statement of Desert Inn Water Company, LLC, in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd)&nbsp;&nbsp;&nbsp;&nbsp;UCC
Financing Statement of Wynn Design in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee)&nbsp;&nbsp;&nbsp;&nbsp;UCC
Financing Statement of World Travel, LLC, in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)&nbsp;&nbsp;&nbsp;&nbsp;UCC
Financing Statement of Las Vegas Jet, LLC, in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg)&nbsp;&nbsp;&nbsp;&nbsp;UCC
Financing Statement of Wynn Completion Guarantor, LLC in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh)&nbsp;&nbsp;&nbsp;&nbsp;UCC-1
Fixture Filing of Valvino in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;UCC-1
Fixture Filing of the Wynn Las Vegas in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj)&nbsp;&nbsp;&nbsp;&nbsp;UCC-1
Fixture Filing of Palo, LLC in favor of Indenture Trustee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk)&nbsp;&nbsp;&nbsp;&nbsp;UCC-1
Fixture Filing of Holdings in favor of Indenture Trustee; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule III-3</FONT></P>

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<P><FONT SIZE=2><B><I>FF&amp;E Facility Documents  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll)&nbsp;&nbsp;&nbsp;&nbsp;FF&amp;E
Loan Agreement (the "Loan Agreement") by and among Wynn Las Vegas, Wells Fargo Bank Nevada, as collateral agent ("Collateral Agent") and the FF&amp;E lenders party
thereto (the "FF&amp;E Facility"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm)&nbsp;&nbsp;&nbsp;&nbsp;Borrower
Security Agreement by and among Wynn Las Vegas and the Collateral Agent for the lenders under the Loan Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn)&nbsp;&nbsp;&nbsp;&nbsp;Notes
issued to the lenders under the FF&amp;E Facility; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo)&nbsp;&nbsp;&nbsp;&nbsp;Guaranty
Agreement by and among Valvino, Capital Corp., Palo, LLC, Wynn Resorts, Desert Inn Water Company, LLC, Wynn Design, World Travel LLC, Las Vegas Jet, LLC and
the other guarantors from time to time party thereto; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp)&nbsp;&nbsp;&nbsp;&nbsp;Aircraft
Security Agreement by and among [Wells Fargo Northwest, National Association] as Trustee of that certain Trust created under the Trust
Agreement ("Aircraft Trustee"), in favor of Wynn Las Vegas; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq)&nbsp;&nbsp;&nbsp;&nbsp;Assignment
and Assumption Agreement by and among Wynn Las Vegas and the Collateral Agent; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr)&nbsp;&nbsp;&nbsp;&nbsp;Amended
and Restated Operating Agreement by and among the Aircraft Trustee and World Travel, LLC; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss)&nbsp;&nbsp;&nbsp;&nbsp;[UCC's
to be added]; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt)&nbsp;&nbsp;&nbsp;&nbsp;[FF&amp;E
Collateral Account Agreement]; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu)&nbsp;&nbsp;&nbsp;&nbsp;[Lien
Release of Existing Aircraft]; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv)&nbsp;&nbsp;&nbsp;&nbsp;[other
FF&amp;E Collateral Documents&#151;to come]; </FONT></P>

<P><FONT SIZE=2><B><I>Multi-Creditor Documents  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www)&nbsp;&nbsp;&nbsp;&nbsp;Intercreditor
Agreement by and among the Trustee under the Indenture and the Administrative Agent on behalf of the lenders under the Credit Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;Intercreditor
Agreement by and among the Trustee under the Indenture, the Administrative Agent on behalf of the lenders under the Credit Agreement, and the Collateral
Agent acting on behalf of the FF&amp;E lenders pursuant to the FF&amp;E Facility; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy)&nbsp;&nbsp;&nbsp;&nbsp;Master
Disbursement Agreement by and among Wynn Las Vegas, Capital Corp., Wynn Design, the Administrative Agent, Deutsche Bank Trust Company Americas, as the
Disbursement Agent, the Indenture Trustee and the Collateral Agent (the "Master Disbursement Agreement"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz)&nbsp;&nbsp;&nbsp;&nbsp;Completion
Guaranty by Wynn Completion Guarantor, LLC for the benefit of the Administrative Agent and the Indenture Trustee; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa)&nbsp;&nbsp;&nbsp;&nbsp;Management
Fees Subordination Agreement by and among Wynn Las Vegas, Capital Corp. and Wynn Resorts, Limited, in favor of the Trustee under the Indenture, the
Administrative Agent on behalf of the lenders under the Credit Agreement and the agent on behalf of the lenders under the FF&amp;E Facility; </FONT></P>

<P><FONT SIZE=2><B><I>Project Agreements  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb)&nbsp;&nbsp;&nbsp;&nbsp;Lease
Agreement by and between Valvino and Wynn Las Vegas, with respect to the lease of the parking lot structure for use by Wynn Las Vegas employees; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule III-4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc)&nbsp;&nbsp;&nbsp;&nbsp;Lease
Agreement by and between Holdings and Wynn Las Vegas, with respect to the lease of the land on which the golf course is to be located; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd)&nbsp;&nbsp;&nbsp;&nbsp;Lease
Agreement by and between Valvino and Wynn Las Vegas, with respect to the lease of the land on which the driving range for the golf course is to be located; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee)&nbsp;&nbsp;&nbsp;&nbsp;Lease
Agreement by and between Valvino and Wynn Las Vegas, with respect to the lease of space in the building on the 20-acre parcel located next to the Le
R&ecirc;ve Site; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff)&nbsp;&nbsp;&nbsp;&nbsp;Easement
Agreement by and among Holdings, Valvino and Wynn Las Vegas; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg)&nbsp;&nbsp;&nbsp;&nbsp;License
Agreement between Desert Inn Improvement Co., Wynn Las Vegas and the Company with respect to the use of the golf course land; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh)&nbsp;&nbsp;&nbsp;&nbsp;Management
Agreement by and between Wynn Las Vegas and the Company; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii)&nbsp;&nbsp;&nbsp;&nbsp;Dealership
Lease Agreement by and between Wynn Las Vegas and Kevyn, LLC; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj)&nbsp;&nbsp;&nbsp;&nbsp;Water
Supply Agreement between DI Improvement Co. and Wynn Las Vegas. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule III-5</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="he1712_schedule_1(b)_subsidiary_ownership_and_certain_rights"> </A>
<A NAME="toc_he1712_1"> </A>
<BR></FONT><FONT SIZE=2><B><U>SCHEDULE 1(b)</U><BR>  <BR>  SUBSIDIARY OWNERSHIP AND CERTAIN RIGHTS    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule
1(b) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hf1712_schedule_1(bb)"> </A>
<A NAME="toc_hf1712_1"> </A>
<BR></FONT><FONT SIZE=2><B><U>SCHEDULE 1(bb)</U>    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hf1712_nasd_affiliations"> </A>
<A NAME="toc_hf1712_2"> </A>
<BR></FONT><FONT SIZE=2><B>NASD AFFILIATIONS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;From
July&nbsp;1999 to October&nbsp;2001, Ronald Kramer served as a managing director at Dresdner Kleinwort Wasserstein,&nbsp;Inc. and its predecessor ("Dresdner").
In November&nbsp;2001, shortly after Mr.&nbsp;Kramer's departure from Dresdner, Dresdner and Mr.&nbsp;Kramer entered into an arrangement providing that if a certain investment banking client
with whom Mr.&nbsp;Kramer had developed a relationship while at Dresdner (the "Unrelated Client") consummated a financing, Mr.&nbsp;Kramer would receive a percentage of any net fees the Unrelated
Client paid to Dresdner. In exchange, Mr.&nbsp;Kramer agreed to provide certain financial consulting and advisory services to the Unrelated Client. Dresdner also agreed to reimburse
Mr.&nbsp;Kramer for any out-of-pocket expenses incurred in the provision of such services. Approximately six months after leaving Dresdner, Mr.&nbsp;Kramer became Director
and President of the Company. Neither the Company nor the offering of the Shares has any relation to or connection with the Unrelated Client or the arrangement between Dresdner and Mr.&nbsp;Kramer.
On September&nbsp;23, 2002, the Unrelated Client, with Dresdner acting as initial purchaser, priced a $153&nbsp;million private placement of 14.5% senior notes due 2009. The private placement
closed on October&nbsp;8, 2002. Mr.&nbsp;Kramer will receive no more than $375,000 pursuant to the consulting arrangement, to be paid by January&nbsp;8, 2003 (approximately 90&nbsp;days after
closing). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Baron
Asset Fund, which owned a 4.992% interest in the Company as of June&nbsp;30, 2002, is an affiliate of Baron Capital,&nbsp;Inc., an NASD Member. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Schedule
1(bb) </FONT></P>

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<BR>
<P><br><A NAME="02WLA1426_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ba1712_1">Shares WYNN RESORTS, LIMITED Common Stock ($0.01 Par Value)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ba1712_2">FORM OF EQUITY UNDERWRITING AGREEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_be1712_1">(Signature page to follow)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ea1712_1">SCHEDULE I</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ea1712_2">SCHEDULE OF UNDERWRITERS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ha1712_1">SCHEDULE II EXECUTED TRANSACTION DOCUMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_hc1712_1">SCHEDULE III</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_hc1712_2">CLOSING TRANSACTION DOCUMENTS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_he1712_1">SCHEDULE 1(b) SUBSIDIARY OWNERSHIP AND CERTAIN RIGHTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_hf1712_1">SCHEDULE 1(bb)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_hf1712_2">NASD AFFILIATIONS</A></FONT><BR>
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</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.67
<SEQUENCE>4
<FILENAME>a2091732zex-10_67.htm
<DESCRIPTION>EXHIBIT 10.67
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02WLA1426_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="yw1427_exhibit_10.67"> </A>
<A NAME="toc_yw1427_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 10.67    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEUTSCHE BANK TRUST COMPANY AMERICAS<BR>
BANK OF AMERICA, N.A.<BR>
BEAR STEARNS CORPORATE LENDING, INC. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>October
3, 2002 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>FF&amp;E
FACILITY COMMITMENT LETTER </FONT></P>

<P><FONT SIZE=2>Bank
of America, National Association<BR>
555 California Street, 4<SUP>th</SUP> Floor<BR>
Mail Code CA5-705-04-01<BR>
San Francisco, CA 94194 </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2><BR>
Attention:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2><BR>
Dave Buccolo</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2>Fax:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>(415) 646-8127</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Re: $178.5 million FF&amp;E Facility for Wynn Las Vegas, LLC </FONT></P>

<P><FONT SIZE=2>Mr.
Buccalo: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of Deutsche Bank Trust Company Americas ("DB"), Bank of America, N.A. ("BofA") and Bear Stearns Corporate Lending, Inc. ("BSCL" and, together with DB and BofA, the "Banks"),
severally and not jointly, is pleased to confirm its individual commitment of $20,000,000.00 to participate as a "Lender" in the FF&amp;E Facility, subject to (i)&nbsp;the terms and conditions of this
letter, (ii)&nbsp;the negotiation and execution of satisfactory documentation, (iii)&nbsp;the terms and conditions outlined in the Summary of Terms included in the Confidential Offering Memorandum
dated July 2002 and (iv)&nbsp;the terms and conditions of the side letter from the Banks to you, dated as of the date hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Bank's commitment remains valid for 90 days from the date hereof; provided however that each Bank reserves the right to terminate its FF&amp;E commitment if there is a material adverse
change (financial or otherwise) to or involving the Le Reve project or the condition of Wynn Las Vegas, LLC or any Guarantor (as defined in the Summary) after the date hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Bank shall be responsible for the actions or inactions of any other Bank hereunder. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>[Signature page follows]  </I></FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
DEUTSCHE BANK TRUST COMPANY AMERICAS</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
/s/ Alexander Johnson</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Alexander Johnson</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
BANK OF AMERICA, N.A.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
/s/ Scott L. Faber</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Scott L. Faber</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
BEAR STEARNS CORPORATE LENDING INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
/s/ Keith C. Barnish</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Keith C. Barnish</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Executive Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><HR NOSHADE></TD>
</TR>
</TABLE>
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<HR NOSHADE>
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<BR>
<P><br><A NAME="02WLA1426_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_yw1427_1">Exhibit 10.67</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-10.68
<SEQUENCE>5
<FILENAME>a2091732zex-10_68.htm
<DESCRIPTION>EXHIBIT 10.68
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02WLA1426_4">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="yy1427_exhibit_10.68"> </A>
<A NAME="toc_yy1427_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 10.68    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>[BANK
OF AMERICA LETTERHEAD] </FONT></P>

<P><FONT SIZE=2>VIA
Fax: (415) 646-8127 </FONT></P>

<P><FONT SIZE=2>September
16, 2002 </FONT></P>

<P><FONT SIZE=2>Bank
of America, National Association<BR>
555 California Street, 4<SUP>th</SUP> Floor<BR>
Mail Code CA5-705-04-01<BR>
San Francisco, CA 94104 </FONT></P>

<P><FONT SIZE=2>Attention:
Dave Buccolo </FONT></P>

<P><FONT SIZE=2>Re:&nbsp;&nbsp;&nbsp;&nbsp;$188.5&nbsp;Million
FF&amp;E Facility For Wynn Las Vegas, LLC </FONT></P>

<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank
of America, N.A.'s Commercial Banking Division South&#151;Las Vegas (the "Bank") is pleased to confirm its commitment to Bank of America, its subsidiaries and affiliates, and
Deutsche Bank Securities Inc. ("Deustche Bank") to participate as a "</FONT><FONT SIZE=2><I>Lender</I></FONT><FONT SIZE=2>" in the FF&amp;E Facility, subject to the terms and conditions outlined in the
Summary of Terms included in the Confidential Offering Memorandum dated July&nbsp;2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of our commitment is $28,500,000. This commitment remains valid for 90&nbsp;days from the date hereof. Our commitment is subject only to the negotiation and execution of
documentation
satisfactory to Wynn Las Vegas, LLC and the Lenders (as defined in the Summary of Terms), including ourselves. The Bank acknowledges that Bank of America and Deustche Bank in conjunction with Wynn Las
Vegas, LLC may, in the event the FF&amp;E Facility is over-subscribed, allocate to and accept from the Bank a reduced commitment amount. The Financial Institution also acknowledges that Bank of America,
Duetsche Bank and Wynn Las Vegas, LLC reserve the right to reject any and all commitments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank hereby confirms that its decision to issue this commitment has been based upon its independent investigation of the operations, businesses, financial and other conditions and
prospects of Wynn Las Vegas, LLC without reliance upon Bank of America, Deutsche Bank, or any of their affiliates. To the extent any materials or information have been furnished to the Bank by such
persons, the Bank hereby acknowledges that they have been provided for informational purposes only, without any representation or warranty by Wynn Las Vegas, LLC, Bank of America, or Deutsche Bank, or
any of their affiliates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also,
our commitment is predicated upon: 1) our receiving an upfront fee, at closing, of amount described in the Bank of America Participant Fee Letter and 2) that all material financial
and negative covenants shall be materially identical to those covenants to be set forth in the $1&nbsp;Billion syndicated credit facility. </FONT></P>


<P><FONT SIZE=2>Bank
of America, N.A. </FONT></P>

<P><FONT SIZE=2>/s/
Alan F. Gordon </FONT></P>

<HR NOSHADE>
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<BR>
<P><br><A NAME="02WLA1426_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_yy1427_1">Exhibit 10.68</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-10.69
<SEQUENCE>6
<FILENAME>a2091732zex-10_69.htm
<DESCRIPTION>EXHIBIT 10.69
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02WLA1426_5">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="za1427_exhibit_10.69"> </A>
<A NAME="toc_za1427_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 10.69    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CIT Letterhead] </FONT></P>

<P><FONT SIZE=2>August
22, 2002 </FONT></P>

<P><FONT SIZE=2>Bank
of America, National Association<BR>
555 California Street, 4th Floor<BR>
Mail Code CA-705-04-01<BR>
San Francisco, CA 94104 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2>Attention:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Dave Buccolo</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2>Fax:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>(415) 646-8127</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2><BR>
Re:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
$178.5&nbsp;Million FF &amp; E Facility<BR>
For Wynn Las Vegas, LLC</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
CIT Group/Equipment Financing, Inc. (the Financial Institution) is pleased to confirm its commitment to Bank of America, its subsidiaries and affiliates, and Deutsche Bank
Securities, Inc. ("Deutsche Bank") to participate as a "Lender" in the FF &amp; E Facility, subject to the terms and conditions outlined in the Summary of Terms included in the Confidential Offering
Memorandum dated July 2002 and the conditions incorporated in this letter as outlined below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of our commitment is $20,000,000.00. This commitment remains valid for 90&nbsp;days from the date hereof. </FONT><FONT SIZE=2><B>Our commitment is subject to a pro rata
position in two pools of collateral consisting of
(1) the aircraft ($5,000,000) and (2) gaming and gaming related equipment ($15,000,000), and to the negotiation and execution of documentation satisfactory to Wynn Las Vegas, LLC and the Lenders (as
defined in the Summary of Terms), including ourselves.</B></FONT><FONT SIZE=2> The Financial Institution acknowledges that Bank of America and Deutsche Bank in conjunction with Wynn Las Vegas, LLC
may, in the event the FF&nbsp;&amp; E Facility is over-subscribed, allocate to and accept from the Financial Institution a reduced commitment amount. The Financial Institution also acknowledged that
Bank of America, Deutsche Bank and Wynn Las Vegas LLC reserve the right to reject any and all commitments. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Financial Institution hereby confirms that its decision to issue this commitment has been based upon its independent investigation of the operations, businesses, financial and other
conditions and prospects of winless Vegas, LLC without reliance upon Bank of America, Deutsche Bank, or any of their affiliates. To the extent any materials or information have been furnished to the
Financial Institution by such persons, the Financial Institution hereby acknowledges that they have been provided for informational purposes only, without representation or warranty by Wynn Las Vegas,
LLC, Bank of America, or Deutsche Bank or any of its affiliates. </FONT></P>

<P><FONT SIZE=2><B>The CIT Group/Equipment Financing, Inc.  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEPHEN J. TURPIN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Stephen J. Turpin, Vice President</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="02WLA1426_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_za1427_1">Exhibit 10.69</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-10.70
<SEQUENCE>7
<FILENAME>a2091732zex-10_70.htm
<DESCRIPTION>EXHIBIT 10.70
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02WLA1426_6">QuickLinks</A></FONT>
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<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="zc1427_exhibit_10.70"> </A>
<A NAME="toc_zc1427_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 10.70    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>[GE
Capital Letterhead] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="zc1427_commitment_letter"> </A>
<A NAME="toc_zc1427_2"> </A>
<BR></FONT><FONT SIZE=2><B>Commitment Letter    <BR>  </B></FONT></P>

<P><FONT SIZE=2>October&nbsp;18,
2002 </FONT></P>

<P><FONT SIZE=2>Bank
of America, National Association<BR>
555 California Street, 4th Floor<BR>
Mail Code CA5-705-04-01<BR>
San Francisco, CA 94104 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2>Attention:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Dave Buccolo</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Fax: (415) 646-8127</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2><BR>
Re:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
$188.5&nbsp;Million FF&amp;E Facility<BR>
For Wynn Las Vegas, LLC</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
letter is an amendment and restatement of that certain letter, dated August&nbsp;19, 2002 (the "</FONT><FONT SIZE=2><I>Original Commitment Letter</I></FONT><FONT SIZE=2>") from
General Electric Capital Corporation ("</FONT><FONT SIZE=2><I>GE Capital</I></FONT><FONT SIZE=2>") to Bank of America, National Association ("</FONT><FONT SIZE=2><I>Bank of
America</I></FONT><FONT SIZE=2>"). The terms of this letter supersede the Original Commitment Letter in its entirety which shall no longer have any force or effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE
Capital is pleased to confirm its commitment to Bank of America, its subsidiaries and affiliates, and Deutsche Bank Securities Inc. ("</FONT><FONT SIZE=2><I>Deutsche Bank
Securities</I></FONT><FONT SIZE=2>") to participate as a "</FONT><FONT SIZE=2><I>Lender</I></FONT><FONT SIZE=2>" in the FF&amp;E Facility, subject to (i)&nbsp;the terms and conditions of this letter,
(ii)&nbsp;the negotiation and execution of satisfactory documentation, (iii)&nbsp;GE Capital's receipt (at the time of funding) of a particpation fee as described in the GE Participant Fee Letter,
(iv)&nbsp;the terms and conditions outlined in the Summary of Terms included in the Confidential Offering Memorandum, dated July 2002 (the "</FONT><FONT SIZE=2><I>Summary</I></FONT><FONT SIZE=2>"),
as modified hereby, and (v)&nbsp;GE Capital's approval of its lien position in the Aircraft relative to other Lenders in the FF&amp;E Facility, its rights to various payments arising from or related to
the Aircraft, and its other rights and remedies, including voting rights with respect to the Aircraft. If there is a conflict between the terms of this letter and the terms of the Summary, the terms
of this letter shall control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of the GE commitment is $25&nbsp;million which shall be used by the Borrower, along with certain other loan Advances under the FF&amp;E Facility, to make an intercompany loan to
World Travel in the amount of approximately $38&nbsp;million to refinance the Aircraft which is currently owned by Wells Fargo Northwest, National Association, as Aircraft Trustee, on behalf of
World Travel, as trustor. The total of the entire FF&amp;E Facility is approximately $188.5&nbsp;million. GE also acknowledges that Bank of America, Deutsche Bank and Wynn Las Vegas, LLC reserve the
right to reject any and all commitments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE
Capital's commitment remains valid for 90&nbsp;days from the date hereof, provided however, that GE Capital reserves the right to terminate its commitment if (i)&nbsp;there is a
material adverse change (financial or otherwise) with respect to Wynn Las Vegas, LLC or any Guarantors (as such term is defined in the Summary) after the date hereof, or (ii)&nbsp;GE Capital's
allocation is less than $25&nbsp;Million. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
letter is provided to you with the knowledge and understanding that Bank of America and Deutsche Bank Securities (collectively, the
"</FONT><FONT SIZE=2><I>Arrangers</I></FONT><FONT SIZE=2>"), but no other persons, may rely thereon and is solely for the benefit of the Arrangers. The undersigned consents to the filing of this
letter with the </FONT></P>

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<BR>

<P><FONT SIZE=2>
Securities and Exchange Commission; provided, however, this opinion may not be relied upon by any person other than the Arrangers. </FONT></P>

<P><FONT SIZE=2>Very
truly yours, </FONT></P>

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<TD WIDTH="32%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALLAN J. PAGNOTTA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Allan J. Pagnotta<BR>
Senior Vice President&#151;Risk<BR>
Capital Funding, Inc.<BR>
General Electric Capital Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="65%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<BR>
<P><br><A NAME="02WLA1426_6">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_zc1427_1">Exhibit 10.70</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_zc1427_2">Commitment Letter</A></FONT><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.71
<SEQUENCE>8
<FILENAME>a2091732zex-10_71.htm
<DESCRIPTION>EXHIBIT 10.71
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02WLA1426_7">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 10.71  </B></FONT></P>

<P><FONT SIZE=2><B>THIS LETTER BETWEEN DEUTSCHE BANK SECURITIES&nbsp;INC., SOCIETE GENERALE, AND SG&nbsp;COWEN SECURITIES CORPORATION SUPERCEDES IN ITS ENTIRETY THE COMMITMENT LETTER DATED AS
OF EVEN DATE HEREWITH BETWEEN SUCH PARTIES. THIS LETTER HAS BEEN ENTERED INTO SOLELY FOR THE BENEFIT OF THE PARTIES HERETO AND MAY NOT BE RELIED UPON OR ENFORCED BY ANY OTHER PERSON. DEUTSCHE BANK
SECURITIES&nbsp;INC. MAY DISCLOSE THIS LETTER TO VALVINO LAMORE,&nbsp;LLC, WYNN RESORTS HOLDINGS,&nbsp;LLC AND WYNN LAS VEGAS,&nbsp;LLC (COLLECTIVELY, THE "SPONSORS"). THE SPONSORS MAY
DISCLOSE THIS LETTER TO APPLICABLE GOVERNMENT AGENCIES, AUTHORITIES AND REGULATORS INCLUDING WITHOUT LIMITATION THE SECURITIES AND EXCHANGE COMMISSION AND MAY FILE THIS LETTER AS AN EXHIBIT IN ITS
REGISTRATION STATEMENTS; PROVIDED THAT ANY SUCH DISCLOSURE SHALL BE DEEMED AN AGREEMENT BY THE SPONSORS TO PROVIDE TO SOCIETE GENERALE AND SG&nbsp;COWEN THE INDEMNIFICATIONS PROVIDED THE
PARTICIPATING INSTITUTIONS IN THE $1&nbsp;BILLION FACILITY COMMITMENT LETTER DESCRIBED BELOW. ANY DISCLOSURE OF THIS LETTER SHALL BE SUBJECT TO THE PROVISIONS IN THE $1&nbsp;BILLION FACILITY
COMMITMENT LETTER DESCRIBED BELOW PERTAINING TO SURVIVAL, CHOICE OF LAW, JURISDICTION AND WAIVERS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>SG&nbsp;COWEN SECURITIES CORPORATION<BR>
1221 Avenue of the Americas<BR>
New York, New York&nbsp;10020 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>SOCIETE GENERALE<BR>
1221 Avenue of the Americas<BR>
New York, New York&nbsp;10020 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>September&nbsp;13, 2002 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Commitment Letter  </B></FONT></P>

<P><FONT SIZE=2>Detusche
Bank Securities&nbsp;Inc.<BR>
31&nbsp;West 52nd Street&nbsp;&nbsp;&nbsp;&nbsp;2nd Floor<BR>
New York, NY&nbsp;10019<BR>
Fax Number: (212) 469-3517<BR>
Attention: Kevin Sullivan<BR></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>RE:</B></FONT></DT><DD><FONT SIZE=2>$1,000,000,000 Senior Secured Credit Facilities consisting of: (1)&nbsp;a $750,000,000 Senior Revolving Credit Facility (the
"</FONT><FONT SIZE=2><I>Revolving Credit Facility</I></FONT><FONT SIZE=2>") and (2)&nbsp;a $250,000,000 Delay Draw Senior Term Loan Facility (the "</FONT><FONT SIZE=2><I>Term Loan
Facility</I></FONT><FONT SIZE=2>", and together with the Revolving Credit Facility, the "</FONT><FONT SIZE=2><I>$1&nbsp;Billion Facility</I></FONT><FONT SIZE=2>") for the development of the
Le&nbsp;Reve casino/resort planned to include more than 2,500 hotel rooms, more than 100,000 square feet of gaming space, an approximately 130&nbsp;acre newly designed golf course and various
other amenities (the "</FONT><FONT SIZE=2><I>Project</I></FONT><FONT SIZE=2>") for $2.45&nbsp;billion as defined in the Amended and Restated Commitment Letter (the
"</FONT><FONT SIZE=2><I>$1&nbsp;Billion Facility Commitment Letter</I></FONT><FONT SIZE=2>") dated June&nbsp;14, 2002, by and between you and the other arrangers and Wynn Las Vegas,&nbsp;LLC
(the "</FONT><FONT SIZE=2><I>Company</I></FONT><FONT SIZE=2>") and other project sponsors. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>A
$178,500,000&nbsp;million FF&amp;E Facility (the "</FONT><FONT SIZE=2><I>FF&amp;E&nbsp;Facility</I></FONT><FONT SIZE=2>", and together with the $1&nbsp;Billion Facility, the
"</FONT><FONT SIZE=2><I>Facilities</I></FONT><FONT SIZE=2>") to finance an aircraft and certain other furniture, fixtures and equipment related to the Project to be identified. </FONT></P>

</UL>
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<P><FONT SIZE=2>SG&nbsp;Cowen
Securities Corporation ("</FONT><FONT SIZE=2><I>SG&nbsp;Cowen</I></FONT><FONT SIZE=2>") is pleased to advise you of its agreement to act as Syndication Agent for the
FF&amp;E&nbsp;Facility and Soci&eacute;t&eacute; G&eacute;n&eacute;rale ("</FONT><FONT SIZE=2><I>SG</I></FONT><FONT SIZE=2>") is pleased to advise you of its agreement
to act as a lender for the FF&amp;E Facility consistent with the terms below. Accordingly, SG hereby issues its commitment in the FF&amp;E Facility in a principal amount of US&nbsp;$35,000,000 based on the
terms and conditions contained in the "Summary of terms and conditions&#151;FF&amp;E facility" (the "</FONT><FONT SIZE=2><I>FF&amp;E Facility Term Sheet</I></FONT><FONT SIZE=2>") attached as
Appendix&nbsp;I to the Confidential Information Memorandum dated July&nbsp;2002, a copy of which is attached to this letter as Exhibit&nbsp;A-1; provided that SG's commitment to the
FF&amp;E Facility shall be allocated to such collateral for the FF&amp;E Facility as is customary for this type of facility and in a manner satisfactory to SG. The amount of SG's commitment for the FF&amp;E
Facility shall be referred to herein as the "</FONT><FONT SIZE=2><I>Commitment Amount</I></FONT><FONT SIZE=2>." </FONT></P>

<P><FONT SIZE=2>Our
commitment to the FF&amp;E Facility is subject to the execution of documentation for the Facilities consistent with the terms and conditions contained in the "Summary of Terms and Conditions" (the
"</FONT><FONT SIZE=2><I>$1&nbsp;Billion Facility Term Sheet</I></FONT><FONT SIZE=2>") in the Confidential Information dated July 2002, a copy of which is attached to this letter as
Exhibit&nbsp;A-2; and the other terms and conditions in the $1&nbsp;Billion Facility Commitment Letter; and the FF&amp;E Facility Term Sheet, as applicable, and satisfactory to us in all
respects including with respect to the matters set forth below. In addition, our commitment is subject to: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
payment of the fees as and when required under that certain Side Letter (the "Side Letter") between the parties hereto dated as of even date herewith;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>SG's
satisfaction with the financial covenants, leverage grid, amortization schedule, ratings, and collateral of the Facilities, and </FONT> <FONT SIZE=2><I>final</I></FONT><FONT SIZE=2> terms and conditions of the Second Mortgage Notes and other key
agreements, including but not limited to, the Intercreditor Agreement(s), and
Disbursement Agreements, as well as any other terms not expressly set forth in the Term Sheet;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>SG's
satisfaction with all due diligence, including, without limitation, (i)&nbsp;for Steve Wynn and Aruze Corp audited financials (or statements of net worth) and other background
information as may be requested by SG, (ii)&nbsp;compliance with Nevada Gaming Control Board licensing requirements and good standing therewith, (iii)&nbsp;updated financial models and detailed
operating projections for the Company and the Project showing adequate projected available liquidity at Project completion, (iv)&nbsp;final construction budget, draw schedule and other key
construction supports, (v)&nbsp;environmental report, and (vi)&nbsp;updated Opinion Letter to be provided by Inspection&nbsp;&amp; Valuation International,&nbsp;Inc.;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>SG's
satisfaction with other matters as set forth in the "Conditions to Closing" set forth in Exhibit&nbsp;B-1 of the $1&nbsp;Billion Facility Commitment Letter, the
"Conditions to All Extensions of Credit" set forth in Exhibit&nbsp;B-2 of the $1&nbsp;Billion Facility Commitment Letter, and the "Conditions Precedent to Closing" section of the FF&amp;E
Facility Term Sheet, as applicable;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>SG's
satisfaction that the Company has successfully raised and closed on at least $350,000,000 of Second Mortgage Notes through a public offering or other transaction satisfactory to
SG; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>SG's
satisfaction that the Company has successfully raised or contributed the other sources of funds set forth in the $1&nbsp;Billion Facility Commitment Letter, including without
limitation, that the Company has successfully raised and closed on equity of at least $355,000,000 through an initial public offering or other equity transaction satisfactory to&nbsp;SG. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Letter and the Side Letter set forth the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior communications, understandings and
agreements with respect thereto. This Letter and the Side Letter may not be waived, amended, modified or assigned in any way, in whole or in part, including by operation of law, without the prior
written consent of both parties hereto. The provisions of this Letter and the Side Letter shall inure to the benefit of and be binding upon the successors, assigns and personal representatives of you,
SG&nbsp;and SG&nbsp;Cowen. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
final documentation for the Facilities has not closed by October&nbsp;31, 2002 (the "</FONT><FONT SIZE=2><I>Expiration Date</I></FONT><FONT SIZE=2>"), SG's commitment hereunder
will expire, unless, in our sole discretion, we agree to extend the Expiration Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the terms of this Letter are acceptable to you, please indicate your acceptance of these terms by returning three (3)&nbsp;copies of executed counterparts of this letter and the
Side Letter to: David&nbsp;W. Locascio, Bracewell&nbsp;&amp; Patterson,&nbsp;L.L.P., 711&nbsp;Louisiana Street, Suite&nbsp;2900, Houston, Texas&nbsp;77002, Facsimile
No.&nbsp;(713)&nbsp;221-2134 by no later than 5:00&nbsp;pm&nbsp;E.T. on September&nbsp;16, 2002. We look forward to the opportunity to work with you and the Company. </FONT></P>

<P><FONT SIZE=2>This
Letter and the Side Letter shall be governed by the laws of New York and may be signed in counterpart. No third party may rely on its contents or be the beneficiary hereof. </FONT></P>

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<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>SOCIETE GENERALE</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>THOMAS K. DAY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Thomas K. Day<BR>
Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
SG COWEN SECURITIES CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MICHAEL S. KIM</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Michael S. Kim<BR>
Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
Agreed and accepted by:<BR>
<BR>
DEUTSCHE BANK SECURITIES INC.</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ANDREW GOLDMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>Andrew Goldman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>Director</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1427_exhibit_a-1"> </A>
<A NAME="toc_de1427_1"> </A></FONT> <FONT SIZE=2><B>EXHIBIT A-1    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>Summary of terms and conditions  </B></FONT></P>

<P><FONT SIZE=2>Terms
defined in this Appendix&nbsp;1 "Summary of terms and conditions&#151;FF&amp;E Facility" are defined for purposes of this Appendix&nbsp;1 "Summary of terms and conditions&#151;FF&amp;E
Facility" only and meanings attributable to such defined terms should not be applied to capitalized terms used elsewhere in this Memorandum </FONT></P>

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<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><B>Parties and summary of FF&amp;E facility</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Joint Lead Arrangers and Joint Book-Running Managers</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Banc of America Leasing &amp; Capital LLC and Deutsche Bank Securities Inc. (each, in such capacity, an "</FONT><FONT SIZE=2><I>Arranger</I></FONT><FONT SIZE=2>" and collectively the "</FONT><FONT SIZE=2><I>Arrangers</I></FONT><FONT
SIZE=2>").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Borrower</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Wynn Las Vegas, LLC, a Nevada limited liability company (the "</FONT><FONT SIZE=2><I>Borrower</I></FONT><FONT SIZE=2>").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Guarantors</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Valvino Lamore, LLC ("</FONT><FONT SIZE=2><I>Valvino</I></FONT><FONT SIZE=2>"), Wynn Resorts Holdings, LLC ("</FONT><FONT SIZE=2><I>Wynn, LLC</I></FONT><FONT SIZE=2>") and all of the Borrower's restricted subsidiaries, and all existing and future
affiliates of the Borrower as shall be necessary for the successful construction, completion and operation of the Project (the "</FONT><FONT SIZE=2><I>Guarantors</I></FONT><FONT SIZE=2>"; the Borrower and the Guarantors (other than Valvino Lamore,
LLC) being, collectively referred to as the "</FONT><FONT SIZE=2><I>Credit Parties</I></FONT><FONT SIZE=2>"). Pursuant to a guaranty agreement (the "</FONT><FONT SIZE=2><I>Guaranty</I></FONT><FONT SIZE=2>") the Guarantors shall fully and
unconditionally guarantee the payment of all indebtedness and other obligations of the Borrower under the Loan Documents (as hereinafter defined). Wynn Resorts shall not be required to guarantee the Loan Documents, but shall enter into a commitment
not to incur any debt or guarantee any indebtedness or other payment obligations of any of its affiliates (with certain specified exceptions) unless Wynn Resorts concurrently enters into a guaranty of the Loan Documents; provided, however, that Wynn
Resorts shall not become a Credit Party, and shall not be subject to the restrictive covenants and other provisions of the Loan Documents by reason of entering into any such guaranty or such commitment to provide such a guaranty, and provided further,
 that such commitment shall expire, and any such guaranty shall be released, at such time as (i) the Borrower achieves a total debt to EBITDA ratio of 3.0 to 1.0 or less and (ii) the Borrower is rated BB+ or higher by S&amp;P and Bal or higher by
Moody's immediately after giving effect to the expiration of such commitment and release of any such guaranty.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Lenders</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Financial institutions designated by the Arrangers and approved by the Borrower (the "</FONT><FONT SIZE=2><I>Lenders</I></FONT><FONT SIZE=2>").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Collateral Agent for the Lenders</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
A financial institution to be designated by the Arrangers as collateral agent for the Lenders (the "</FONT><FONT SIZE=2><I>Collateral Agent</I></FONT><FONT SIZE=2>").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Summary of Financing</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Pursuant to a term loan agreement among the Borrower, the Lenders and the Collateral Agent (the "</FONT><FONT SIZE=2><I>Loan Agreement</I></FONT><FONT SIZE=2>") the Lenders will make loans to the Borrower (the "</FONT><FONT
SIZE=2><I>Loans</I></FONT><FONT SIZE=2>") in an aggregate amount not to exceed 75% of the Equipment's appraised fair market value (the "</FONT><FONT SIZE=2><I>Loan Amount</I></FONT><FONT SIZE=2>") for the financing of the Equipment. The Borrower's
obligations under the Loan Agreement will be secured by, inter alia, a security agreement (the "</FONT><FONT SIZE=2><I>Security Agreement</I></FONT><FONT SIZE=2>") on the Equipment by the Borrower in favor of the Collateral Agent, for the benefit of
the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Loan Documents</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Loan Agreement, the Security Agreement, the notes to be issued by the Borrower to the Lenders (the "</FONT><FONT SIZE=2><I>Notes</I></FONT><FONT SIZE=2>"), the Guaranty, an intercreditor agreement, a disbursement agreement among the disbursement
agent (the "</FONT><FONT SIZE=2><I>Disbursement Agent</I></FONT><FONT SIZE=2>"), the lenders under the Credit Facilities and the Lenders and any other certificate or agreement related thereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Document Closing Date</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
On or around September 16,2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>Aircraft financing</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Borrower will use a portion of the proceeds from the issuance of the Notes to make an intercompany loan to its sister subsidiary, World Travel LLC ("</FONT><FONT SIZE=2><I>WTLLC</I></FONT><FONT SIZE=2>"), so that WTLLC may refinance a certain
Aircraft owned by WTLLC. WTLLC will issue a Note and grant a lien on such Aircraft to the Borrower in consideration for the intercompany loan from the Borrower to WTLLC. The Borrower will pledge such Note and assign the lien on such Aircraft to the
Collateral Agent as security for the Notes.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" VALIGN="TOP"><BR><FONT SIZE=2><B>Terms and conditions of the loan</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Loan Amount</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The maximum to be advanced will be equal to 75% of the invoiced price or required contract payment for the Equipment, which aggregate amount shall not exceed $178,500,000 (the "</FONT><FONT SIZE=2><I>Total Commitment</I></FONT><FONT
SIZE=2>").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Advance Dates &amp; Commitment Period</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Pursuant to Loan Documents, the Lenders will provide funds from time to time to or for the benefit of the Borrower for the purpose of acquiring/financing the Equipment. Each such advance shall be made pursuant to a written request (an "</FONT><FONT
SIZE=2><I>Advance Request</I></FONT><FONT SIZE=2>") submitted by Borrower to Collateral Agent (with a copy to the Disbursement Agent) at least five business days prior to such Advance Date (as defined below) describing the items of Equipment to be
delivered/financed on such Advance Date, the purchase price (including installation cost where applicable) for such items of Equipment and the proposed Advance Date. Each Lender's commitment to advance funds to Borrower is referred to herein as such
Lender's "</FONT><FONT SIZE=2><I>Commitment</I></FONT><FONT SIZE=2>."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
All fundings (each, an "</FONT><FONT SIZE=2><I>Advance Date</I></FONT><FONT SIZE=2>") shall take place on or before the last day of the "</FONT><FONT SIZE=2><I>Commitment Period</I></FONT><FONT SIZE=2>," which shall be the earliest of (i) the date
upon which the Le Reve Resort/Casino begins operating (the "</FONT><FONT SIZE=2><I>Completion Date</I></FONT><FONT SIZE=2>"), (ii) August 31, 2005 (the "</FONT><FONT SIZE=2><I>Outside Date</I></FONT><FONT SIZE=2>"), (iii) the Final Advance Date (i.e.,
 the Advance Date specified by Borrower in writing to be the final Advance Date under the Loan Agreement,) and (iv) the date on which the Commitments of the Lenders shall have been fully utilized. Lenders shall have no obligation to make such
advances if (i) there exists a default or event of default under the Loan Agreement, or (ii) the aggregate amount of funds to be advanced, together with the aggregate amount of the then outstanding Loans, exceeds 75% of the sum of (A) the invoiced
price or required contract payment (including installation costs where applicable) for the Equipment to be purchased or reimbursed on such Advance Date </FONT><FONT SIZE=2><I>plus </I></FONT><FONT SIZE=2>(B) the aggregate purchase price of all
Equipment previously delivered to the Borrower. Advances shall not be made more frequently than monthly and shall be for amounts of not less than $1,000,000.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Term</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Notes will mature 7 years from the Document Closing Date (the "</FONT><FONT SIZE=2><I>Maturity Date</I></FONT><FONT SIZE=2>").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<A NAME="page_de1427_1_4"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Interest Rate</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
At the Borrower's option, Loans may be maintained from time to time as (x) Base Rate Loans, which shall bear interest at the Base Rate (as defined below) in effect from time to time plus the Applicable Margin (as defined below) or (y) Eurodollar
(Reserve Adjusted) Loans, which shall bear interest at the Eurodollar Rate (as determined by the Collateral Agent, and adjusted for maximum reserves) for the respective interest period plus the Applicable Margin.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
"</FONT><FONT SIZE=2><I>Base Rate</I></FONT><FONT SIZE=2>" shall mean a rate per annum equal to the higher of (x) the rate that Deutsche Bank Trust Company Americas announces from time to time as its prime lending rate and (y) 50 bps in excess of the
overnight federal funds rate.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
"</FONT><FONT SIZE=2><I>Applicable Margin</I></FONT><FONT SIZE=2>" shall mean, (1) in the case of Eurodollar (Reserve Adjusted) Loans, 400 bps or, (2) in the case of Base Rate Loans, amounts to be determined.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Interest periods of 1, 2, 3 and 6 months shall be available in the case of Eurodollar (Reserve Adjusted) Loans.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Interest in respect of Base Rate Loans shall be payable quarterly in arrears on the last business day of each quarter. Interest in respect of Eurodollar (Reserve Adjusted) Loans shall be payable in arrears at the end of the applicable interest period
and every three months in the case of interest periods in excess of three months. Interest will also be payable at the time of repayment or prepayment of Loans and at maturity. All interest, unused commitment fees and other fee calculations shall be
based on a 360-day year and actual days elapsed; </FONT><FONT SIZE=2><I>provided </I></FONT><FONT SIZE=2>that interest on Base Rate Loans calculated by reference to the prime lending rate shall be based on a 365/366-day year and actual days
elapsed</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Default Interest</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
During any event of default under the Loan Agreement, the interest rate per annum otherwise payable under the Loan Agreement shall be increased to a rate per annum equal to the greater of (i) the rate which is 2% in excess of the rate otherwise
applicable to the Base Rate Loans from time to time and (ii) the rate which is 2% in excess of the rate then borne by outstanding borrowings. Such interest shall be payable on demand.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Prepayment</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Following the one-year anniversary of the earlier of (i) the Completion Date and (ii) the Outside Date (the "</FONT><FONT SIZE=2><I>Initial Amortization Date</I></FONT><FONT SIZE=2>"), Borrower may, at its option, by giving at least 30 days advance
written notice to the Collateral Agent, prepay all or a portion (subject to a minimum amount to be mutually agreed) of the Loan Amount for an amount equal to the total outstanding Loan Amount being prepaid </FONT><FONT SIZE=2><I>plus </I></FONT><FONT
SIZE=2>all accrued and unpaid interest therein </FONT><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2> any other amounts owed to the Collateral Agent or the Lenders; </FONT><FONT SIZE=2><I>provided </I></FONT><FONT SIZE=2>that Eurodollar (Reserve
Adjusted) Loans that are prepaid on any day other than the last day of an interest period applicable thereto shall be accompanied by customary breakage costs.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<A NAME="page_de1427_1_5"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Following an event of loss to the Equipment or an item or items thereof with a minimum value to be mutually agreed, Borrower shall, unless Borrower has substituted such Equipment with other equipment pursuant to Section II.O. below, prepay all, or
less than all, as the case may be, of the Loan Amount for an amount equal to the total outstanding Loan Amount relating to the Equipment suffering an event of loss </FONT><FONT SIZE=2><I>plus </I></FONT><FONT SIZE=2>all accrued and unpaid interest
thereon </FONT><FONT SIZE=2><I>plus </I></FONT><FONT SIZE=2>any other amounts owed to the Collateral Agent or the Lenders; </FONT><FONT SIZE=2><I>provided </I></FONT><FONT SIZE=2>that Eurodollar (Reserve Adjusted) Loans that are prepaid on any day
other than the last day of an interest period applicable thereto shall be accompanied by customary breakage costs.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Unused Fee</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
With respect to each Lender's respective outstanding Commitment hereunder, each Lender will receive a fee based on the unfunded portion of its Commitment equal to 2.50% per annum and increase to 3.00% per annum on January 1, 2003, and to 4.00% per
annum on July 1, 2003 based on the unutilized commitments under the Loan Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Amortization</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Please see </FONT><FONT SIZE=2><I>Schedule II </I></FONT><FONT SIZE=2>for an indicative amortization schedule. The principal component of each installment payment, beginning with the first payment after the Initial Amortization Date, will be in an
amount sufficient, when aggregated with all other scheduled installments of principal, to fully amortize the outstanding Loan Amount by the Maturity Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Take Down Schedule</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Loans will be drawn upon on any Advance Date (as hereinafter defined) pro rata on the basis of the relative maximum Commitments.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Representations</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Borrower shall make customary representations (subject to customary exceptions) for a financing of this type, including without limitation, representations with respect to: financial statements (including pro forma financial statements); absence
of undisclosed liabilities; no material adverse change; maintenance of existence; compliance with law; corporate or organizational power and authority; enforceability of Loan Documents; no conflict with law or contractual obligations; no material
litigation; no default; ownership of property; indebtedness; liens; intellectual property; taxes; Federal Reserve regulations; ERISA; Investment Company Act; licenses; permits; franchises and regulatory approvals (including without limitation, FAA
and Nevada gaming approvals); subsidiaries; environmental matters; solvency; labor matters; accuracy of disclosure; creation, perfection and priority of security interests; and status of the Loan Agreement as senior debt.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
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<A NAME="page_de1427_1_6"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Affirmative Covenants</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Borrower shall make customary covenants for a financing of this type, including without limitation, covenants with respect to: delivery of financial statements, reports, accountants' letters, projections, officers' certificates and other
information reasonably requested by the Lenders; payment of other obligations; continuation of business and maintenance of existence and material rights and privileges; compliance with laws and material contractual obligations; maintenance of
property and insurance; maintenance of books and records; right of the Lenders to inspect property and books and records; notices of defaults, litigation and other material events; compliance with environmental laws; and further
assurances.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Post-Opening Financial Covenants</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Borrower shall make customary financial covenants for a financing of this type, including, without limitation, covenants with respect to: maximum total leverage, minimum fixed charge coverage, minimum EBITDA and minimum net worth.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Negative Covenants</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Borrower shall make customary covenants (subject to customary exceptions) for a financing of this type, including without limitation, limitations on: indebtedness (including preferred stock); liens; guarantee obligations; mergers, consolidations,
liquidations and dissolutions; sales of assets; dividends and other payments in respect of capital stock; capital expenditures; investments, joint ventures, partnerships, loans and advances; optional payments and modifications of subordinated and
other debt instruments; transactions with affiliates; sale and lease backs; changes in fiscal year; negative pledge clauses; and changes in lines of business.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Events Of Default</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Events of Default shall include customary defaults for a financing of this type, including without limitation, defaults with respect to: nonpayment of principal, interest, fees or other amounts when due; material inaccuracy of representations and
warranties; violation of covenants (subject, in the case of certain affirmative covenants, to a grace period to be agreed upon); cross-default; bankruptcy events; certain ERISA events; material judgments; actual or asserted invalidity of any Guaranty
or project credit support or security documents or security interest; a change of control (the definition of which is to be agreed); failure to hold required gaming licenses; and failure to complete the Project by the Outside Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Insurance</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Wynn Resorts or the Borrower and its subsidiaries shall have obtained insurance in amounts and coverages on terms and conditions (including any reinsurance requirements) and from insurance companies, in each case reasonably acceptable to the Lenders,
including delay in opening insurance and 120 days of delay liquidated damages insurance. Borrower will be required to furnish physical damage and liability insurance in amounts with respect to the financed Equipment, with deductibles and from
insurance companies each acceptable to the Collateral Agent and consistent with industry practice, specifying Collateral Agent and the Lenders as additional insureds or loss payees, as appropriate, and with such other endorsements specified by
Collateral Agent and the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
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<A NAME="page_de1427_1_7"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Equipment Maintenance</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Borrower, at its own expense, will cause the Equipment to be maintained, managed and monitored substantially in accordance with customary industry standards and substantially in accordance with the terms of all contracts (including, without
limitation, service contracts and insurance contracts) and obligations at the time applicable thereto, and in material compliance with all applicable requirements of law and of any governmental authority, in as good an operating condition as when
delivered (ordinary wear and tear excepted). Borrower will maintain or cause to be maintained and shall permit Collateral Agent and the Lenders to inspect any and all of the Equipment and the records, logs and other materials maintained by
Borrower.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Substitution</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
So long as no Event of Default has occurred and is continuing, Borrower may substitute an item or items of Equipment with another item or items of Equipment meeting certain suitability standards and appraisal requirements. To the extent necessary to
ensure the perfection or priority of the Collateral Agent's security interest in the Equipment, Borrower shall cause a Security Agreement supplement to be executed and delivered to Collateral Agent and shall provide evidence of insurance of such item
or items and, to the extent appropriate, an opinion of counsel with respect to the filing and effectiveness of the Security Agreement supplement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Collateral</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Collateral will include a first perfected security interest in the Equipment and all proceeds thereof (including insurance proceeds relating thereto) which will be held by Collateral Agent on behalf of the Lenders as security for Borrower's
obligations under the Loan Documents.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Lease to Affiliate</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Borrower may not lease any of the Equipment without the prior written consent of the Lenders; </FONT><FONT SIZE=2><I>provided </I></FONT><FONT SIZE=2>that Borrower may, without the prior written consent of the Lenders, lease an item or items (subject
to a minimum amount to be mutually agreed) of the Equipment to an Affiliate so long as certain conditions are satisfied. The Loan Documents will provide that any lease shall be subject and subordinate to the Lenders' interests as secured
parties</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Appraisal/Additional Equipment</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
An appraisal satisfactory to the Lenders by an independent appraiser shall be provided, at Borrower's expense, on or before the Initial Amortization Date (the "</FONT><FONT SIZE=2><I>Appraisal</I></FONT><FONT SIZE=2>"). The Appraisal shall establish
an aggregate fair market value of the Equipment financed pursuant to the Loan Documents as of such date and as of the Maturity Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=10,EFW="2091732",CP="WYNN RESORTS, LIMITED",DN="7",CHK=366180,FOLIO='7',FILE='DISK044:[02WLA7.02WLA1427]DE1427A.;12',USER='AOSBORN',CD='22-OCT-2002;10:53' -->
<A NAME="page_de1427_1_8"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
In the event the aggregate amount of the then outstanding Loans exceeds 75% of the aggregate fair market value of such Equipment, as established in the Appraisal, the Borrower shall add such other item or items of Equipment meeting suitability
standards and appraisal requirements to the Security Agreement until the aggregate amount of the then outstanding Loans no longer exceeds 75% of the aggregate fair market value of the Equipment, as established in a second appraisal. Borrower shall
cause a Security Agreement Supplement to be executed and delivered to Collateral Agent and shall provide evidence of insurance of such item or items and an opinion of counsel with respect to the filing and effectiveness of the Security Agreement
Supplement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Indemnities</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Collateral Agent, the Arrangers and the Lenders (and their affiliates and their respective officers, directors, employees, advisors and agents) will have no liability for, and will be indemnified and held harmless against, any loss, liability,
cost or expense incurred in respect of the financing contemplated hereby or the use or the proposed use of proceeds thereof (except to the extent found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted solely
from the gross negligence or willful misconduct of the indemnified party).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Conditions Precedent to Closing</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
(i)</FONT></TD>
<TD COLSPAN=2><BR><FONT SIZE=2><I>To Document Closing Date </I></FONT><FONT SIZE=2>Customary conditions precedent to the closing of a financing transaction of this nature, including, without limitation:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(a)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Each party shall have executed and delivered satisfactory Loan Documents, including an intercreditor and disbursement agreements.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(b)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
There shall not exist (pro forma for the financing contemplated hereby) any default or event of default under the Loan Agreement, or under any other material indebtedness or agreement of any Credit Party.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(c)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Borrower shall have received (i) the net proceeds from the issuance of its Second Mortgage Notes in principal amount of $350 million, or other financing acceptable to the Lenders of the same face amount in principal, each on terms satisfactory to
the Lenders, and (ii) the net proceeds from the $355 million initial public offering of the common stock of its indirect parent company, Wynn Resorts. The capital structure of each Credit Party and provider of credit support shall be satisfactory to
the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(d)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Credit Facilities among the Borrower and the lenders party thereto shall have closed.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>

<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=11,EFW="2091732",CP="WYNN RESORTS, LIMITED",DN="7",CHK=32992,FOLIO='8',FILE='DISK044:[02WLA7.02WLA1427]DE1427A.;12',USER='AOSBORN',CD='22-OCT-2002;10:53' -->
<A NAME="page_de1427_1_9"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(e)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
There shall not have occurred or become known to the Lenders any event, development or circumstance that has caused or could reasonably be expected to cause or result in a material adverse condition or material adverse change in or affecting (i) the
Project, (ii) the condition (financial or otherwise), business results of operations, assets, liabilities, property, management, prospects or value of Wynn Resorts, Valvino, the Borrower and its subsidiaries, taken as a whole, or the Credit Parties,
taken as a whole, or of any person or entity providing project credit support, or that calls into question in any material respect the projections previously supplied to the Lenders or any of the material assumptions on which the projections were
prepared or (iii) the validity or enforceability of any of the Loan Documents (including any project credit support documentation), the security interests in the Equipment encumbered by the Loan Documents, or the rights and remedies of the Collateral
Agent and the Lenders thereunder (a "</FONT><FONT SIZE=2><I>Material Adverse Effect</I></FONT><FONT SIZE=2>").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(f)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
There shall be sufficient liquid funds available to the Borrower to pay all costs (including interest carry through the anticipated completion date) to complete the Project plus an agreed upon contingency amount, as set forth in the Budget approved
by the Lenders and updated from time to time in accordance with the Loan Documents (the "</FONT><FONT SIZE=2><I>In Balance Requirement</I></FONT><FONT SIZE=2>").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(g)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Each of the Lenders shall have completed its due diligence review of Wynn Resorts, the Borrower and, to the extent the Borrower can authorize it, each provider of project credit support and their respective affiliates and their operations, and shall
be reasonably satisfied with the results thereof. Such review will include, without limitation, an examination of (i) accounting, legal, regulatory, tax, labor, insurance, pension and environmental liabilities, actual or contingent, (ii) material
contracts, leases and debt agreements and (iii) the general business, operations, financial condition, results of operations, assets, liabilities, management, prospects and value of Wynn Resorts, the Borrower and the Project.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(h)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall not have become aware after the date hereof of any information or other matter affecting Wynn Resorts, the Borrower, any provider of Project credit support, the Project or the transactions contemplated hereby that is inconsistent in
a material and adverse manner with the information or other matter disclosed to the Lenders, considered together with all other relevant information, prior to the date hereof.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(i)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received from the Borrower a schedule (the "</FONT><FONT SIZE=2><I>Construction Schedule</I></FONT><FONT SIZE=2>") establishing a timetable for completion of the Project with projected monthly progress and other terms
acceptable to the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=9,SEQ=12,EFW="2091732",CP="WYNN RESORTS, LIMITED",DN="7",CHK=939092,FOLIO='9',FILE='DISK044:[02WLA7.02WLA1427]DE1427A.;12',USER='AOSBORN',CD='22-OCT-2002;10:53' -->
<A NAME="page_de1427_1_10"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(j)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received a reasonably detailed (such detail to depend on the then state of completion of the all plans and specifications (the "</FONT><FONT SIZE=2><I>Plans</I></FONT><FONT SIZE=2>") for the Project) budget (the "</FONT><FONT
SIZE=2><I>Budget</I></FONT><FONT SIZE=2>") for the Project that is satisfactory to the Lenders, together with all supporting data reasonably requested by the Lenders, it being acknowledged that upon completion of Plans, the part of the Budget
referable thereto will be updated to the level of detail required for the parts of the Project with completed Plans and approved by Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(k)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received a report satisfactory to the Lenders prepared by a consulting engineer acceptable to the Lenders (the "</FONT><FONT SIZE=2><I>Lenders' Consultant</I></FONT><FONT SIZE=2>") which, among other things, shall contain an
analysis of the Plans, the Budget, the schedule establishing a timetable for completion of the Project, the construction contracts and all other reports submitted to the Lenders. Following the closing, the Lenders' Consultant shall serve as the
construction monitor during the construction of the Project.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(l)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Borrower shall have certified and the Lenders' Consultant shall have confirmed in writing that the Project can be completed by the Outside Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(m)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
All governmental and third party approvals (including landlords' and other consents) and consents including regulatory approvals (i) then required or, in the discretion of the Arrangers, then advisable or (ii) of a type that is not routinely granted
by the applicable authority or is subject to material discretion by the applicable authority (other than the gaming license) and that will be necessary or, in the discretion of the Lenders advisable in connection with the Project (including, without
limitation, water rights and entitlements satisfactory to the Lenders), the financing contemplated hereby and the continuing operations of Wynn Resorts, the Borrower and their respective subsidiaries shall have been obtained and be in full force and
effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the Project or the financing contemplated
hereby.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(n)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received satisfactory audited and unaudited (which have been reviewed by the independent accountants for the Borrower as provided in Statement on Auditing Standards No. 71) financial statements of the Credit Parties and other
applicable entities and all other completed or probable acquisitions (including pro forma financial statements) meeting the requirements of Regulation S-X for a Form S-1 registration statement under the Securities Act of 1933, as amended, and all
such financial statements shall be satisfactory in form to the Lenders in their sole discretion.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=10,SEQ=13,EFW="2091732",CP="WYNN RESORTS, LIMITED",DN="7",CHK=293362,FOLIO='10',FILE='DISK044:[02WLA7.02WLA1427]DE1427A.;12',USER='AOSBORN',CD='22-OCT-2002;10:53' -->
<A NAME="page_de1427_1_11"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(o)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received a business plan for the five fiscal years of the Borrower following the Completion Date and a satisfactory written analysis of the business and prospects of Wynn Resorts, the Borrower and their respective subsidiaries
for the period from the Document Closing Date through the final maturity of the Loan Agreement, all in form and substance satisfactory to the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(p)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received the results of a recent lien, tax lien, judgment and litigation search in each relevant jurisdiction with respect to Wynn Resorts, Valvino, Wynn, LLC, the Borrower and their respective subsidiaries, any other Credit
Parties, and the Project, and such search shall reveal no liens on any of the Equipment except for liens permitted by the Loan Documents or liens to be discharged on or prior to the Document Closing Date pursuant to documentation satisfactory to the
Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(q)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have obtained a perfected, first priority security interest in the Equipment, subject only to certain customary permitted liens to be agreed upon.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(r)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received a solvency certificate from the chief financial officer of the Borrower which shall document the solvency of each of the Borrower and each of its subsidiaries after giving pro forma effect to the transactions
contemplated hereby, all in form and substance satisfactory to the Lenders</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(s)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Lenders shall be satisfied that senior managers acceptable to them shall be available to manage the Borrower and its subsidiaries, and the Borrower shall have obtained key man life insurance on Stephen A. Wynn in an amount and on terms satisfactory
to the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(t)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received legal opinions or copies of opinions addressed to others (i) from counsel to Wynn Resorts, the Borrower, its subsidiaries and the other major project participants, (ii) from such special and local counsel as may he
required by the Lenders (including, without limitation, FAA counsel and Nevada gaming counsel) and (iii) delivered in respect of the Second Mortgage Notes, the initial public offering of common stock by Wynn Resorts and the Credit Facilities,
accompanied by reliance letters in favor of the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(u)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received such documents and other instruments as are customary for transactions of this type or as they may reasonably request.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=11,SEQ=14,EFW="2091732",CP="WYNN RESORTS, LIMITED",DN="7",CHK=673736,FOLIO='11',FILE='DISK044:[02WLA7.02WLA1427]DE1427A.;12',USER='AOSBORN',CD='22-OCT-2002;10:53' -->
<A NAME="page_de1427_1_12"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(v)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
On or before the Document Closing Date, the Borrower shall have obtained and maintained a rating accorded the Borrower's senior secured debt securities by any "nationally recognized statistical rating organization" (as such term is defined by the
Securities and Exchange Commission for purposes of Rule 436(g)(2) under the Securities Act) that is satisfactory to the Lenders</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(w)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Arrangements reasonably satisfactory to the Lenders have been entered into and are in full force and effect to ensure that a gaming license for the Project will be obtainable in the event that one of the major (direct or indirect) shareholders in the
Borrower is unable to qualify for such license (it being understood that such arrangements may not involve any cash payments (other than pursuant to a subordinated promissory note approved by the Lenders) to any such shareholder).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(x)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
All representations and warranties of the Borrower and Guarantors in the Loan Documents will be true and correct in all material respects.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(y)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Receipt of fees and transaction costs then due and payable, which may be paid for with a portion of the Loan Amount funded by the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(z)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Certified organizational documents and Good Standing Certificate of the Borrower and the Guarantors.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(aa)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Secretary's Certificate of the Borrower and the Guarantors with certified board (or corresponding body) authorizing resolutions, by-laws and incumbency certificate.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(bb)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Such other conditions precedent as the Lenders may reasonably require and which are customary in similar financings.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
(ii)</FONT></TD>
<TD COLSPAN=2><BR><FONT SIZE=2><I>To each Advance Date </I></FONT><FONT SIZE=2>Customary conditions to fundings under a financing facility of this nature, including, without limitation:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(a)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The representations and warranties in the Loan Documents (including, without limitation, the material adverse change and litigation representations and the representations relating to the other material agreements relating to the Project) shall be
true and correct, except to the extent expressly relating to a prior date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(b)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
No default or event of default shall be in existence at the time of, or after giving effect to the making of, any advance.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(c)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The In Balance Requirement shall be satisfied, as confirmed by the Lenders' Consultant.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=12,SEQ=15,EFW="2091732",CP="WYNN RESORTS, LIMITED",DN="7",CHK=57998,FOLIO='12',FILE='DISK044:[02WLA7.02WLA1427]DE1427A.;12',USER='AOSBORN',CD='22-OCT-2002;10:53' -->
<A NAME="page_de1427_1_13"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(d)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Borrower shall have delivered to the Disbursement Agent a disbursement request and to the Collateral Agent an Advance Request, each confirmed by the Lenders' Consultant, certifying as to various matters including, without limitation, (i) funding
sequence, (ii) accuracy of the Budget, (iii) budget line item allocations and (iv) application of proceeds.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(e)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Disbursement Agent shall have received approvals from, among others, the Borrower, the Lenders' Consultant and the architect and engineers, as applicable, as to the substantial conformity of construction undertaken to date with the Plans for the
Project.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(f)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
All of the Loan Documents and each other material agreement applicable to the Project shall be in full force and effect, and the Lenders shall continue to have a perfected, first-priority security interest, subject only to certain customary permitted
liens to be agreed upon, in the collateral.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(g)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Borrower shall have certified and the Lenders' Consultant shall have confirmed in writing that the Project can be completed by the Outside Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(h)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
All governmental and third party approvals (including landlords' and other consents) and consents including regulatory approvals (i) then required or, in the discretion of the Collateral Agent (ii) of a type that is not routinely granted by the
applicable authority or is subject to material discretion by the applicable authority (other than the gaming license) and that will be necessary or, in the discretion of the Collateral Agent, advisable in connection with the Project (including,
without limitation, water rights and entitlements satisfactory to the Lenders), the financing contemplated hereby and the continuing operations of the Borrower, its subsidiaries and each of the Credit Parties shall have been obtained and be in full
force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the Project or the financing
contemplated hereby.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(i)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
There shall not have occurred or become known to any Lender any event, development or circumstance that has caused or resulted in or could reasonably be expected to cause or result in a Material Adverse Effect.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(j)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Borrower shall have delivered to the Disbursement Agent, in the forms required under the Disbursement Agreement, acknowledgments of payment and lien releases.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(k)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
All conditions set forth in the Disbursement Agreement for the disbursement of funds shall have been satisfied.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=13,SEQ=16,EFW="2091732",CP="WYNN RESORTS, LIMITED",DN="7",CHK=222663,FOLIO='13',FILE='DISK044:[02WLA7.02WLA1427]DE1427A.;12',USER='AOSBORN',CD='22-OCT-2002;10:53' -->
<A NAME="page_de1427_1_14"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(l)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
There is no default under the Credit Facilities and the Second Mortgage Notes and commitments to extend credit shall remain in full force and effect.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(m)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Borrower shall have complied with all of its obligations under and agreements in the Loan Documents (to the extent then due and required to be complied with).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(n)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Lenders shall have received such documents and other instruments as are customary for transactions of this type or as they may reasonably request.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(o)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Arrangements reasonably satisfactory to the Lenders have been entered into and are in full force and effect to ensure that a gaming license for the Project will be obtainable in the event that one of the major (direct or indirect) shareholders in the
Borrower is unable to qualify for such license (it being understood that such arrangements may not involve any cash payments (other than pursuant to a subordinated promissory note approved by the Lenders) to any such shareholder).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(p)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
The Borrower shall have procured, if available on commercially reasonable terms in the reasonable determination of the Lenders' insurance consultant (taking into account the state of the insurance market at such time and the then current practices of
comparable projects), terrorism insurance in size and substance satisfactory to the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(q)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Receipt of fees and transaction costs then due and payable, which may be paid for with a portion of the Loan Amount funded by the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(r)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Perfection of liens and security interests, including the filing of all UCC financing statements and fixture filings and FAA filings required by the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(s)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Evidence that all required insurance is in place.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(t)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Evidence that the Equipment is free of liens other than those approved by the Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(u)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
All UCC, FAA and other tax/lien searches as are requested by the Lenders shall have been conducted.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
(v)</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
Such other conditions precedent as the Lenders may reasonably require and which are customary in similar financings.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Governing Law</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Loan Agreement and the other agreements will be governed by and interpreted under the laws of the State of New York.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=14,SEQ=17,EFW="2091732",CP="WYNN RESORTS, LIMITED",DN="7",CHK=627834,FOLIO='14',FILE='DISK044:[02WLA7.02WLA1427]DE1427A.;12',USER='AOSBORN',CD='22-OCT-2002;10:53' -->
<A NAME="page_de1427_1_15"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Required Lenders</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Any rights or remedies exercisable by the Collateral Agent upon any event of default under the Loan Agreement or the Security Agreement and any modification or amendment of, or waiver under, any of the Loan Documents (except as provided in the next
sentence) will require the consent of Lenders holding at least a majority of the principal amount of the outstanding Loans. Notwithstanding the foregoing, none of the following actions will be taken unless consented to by all of the Lenders: (i)
reductions in the amount or changes in the timing of the scheduled payment of principal or interest payable on the Loans, (ii) modifications of any yield protection or indemnity provision in the Loan Documents which inures to the benefit of the
Lenders, or (iii) releases of any liens on the Equipment (except with respect to substitutions or transfers not requiring consent).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Assignability</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Each Lender's interest will be fully assignable, in minimum amounts of not less than $2,000,000 or such Lender's remaining interest, provided that the assignee is an accredited investor, assignor complies with all applicable securities laws with
respect to such transfer and such assignment will not result in a violation of, or prohibited transaction under, ERISA or involve the use of assets of a separate account or plan, and so long as no default has occurred and is continuing, subject to
the Borrower's consent, not to be unreasonably withheld. A Lender's interest in the Loans may be assigned to an affiliate or participated to a financial institution without the consent of the Borrower.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Intercreditor Agreement</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
A term sheet discussing the intercreditor issues will be provided shortly.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Miscellaneous</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Increased Costs/Change of Circumstances</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
The Loan Documents shall contain customary provisions (i) protecting the Lenders against increased costs or loss of yield resulting from changes after the effective date in reserve, tax, capital adequacy and other requirements of law and from the
imposition of or changes in withholding or other taxes and (ii) indemnifying the Lenders for "breakage costs" incurred in connection with, among other things, any prepayment of a Eurodollar (Reserve Adjusted) Loan on a day other than the last day of
an interest period with respect thereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Participation Fee</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Each Lender will receive an upfront fee upon consummation of the transactions contemplated herein on the Document Closing Date in an amount equal to the product of the participation fee set forth on </FONT><FONT SIZE=2><I>Schedule III
</I></FONT><FONT SIZE=2>and the final Commitment allocated to such Lender.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><BR><FONT SIZE=2><B>Transaction Costs</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Whether or not the transactions contemplated herein are consummated, Borrower will be responsible for all transaction costs.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" VALIGN="TOP"><BR><FONT SIZE=2><B>Special Counsel to the Lenders</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
Chapman and Cutler.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=15,SEQ=18,EFW="2091732",CP="WYNN RESORTS, LIMITED",DN="7",CHK=807908,FOLIO='15',FILE='DISK044:[02WLA7.02WLA1427]DE1427A.;12',USER='AOSBORN',CD='22-OCT-2002;10:53' -->
<A NAME="page_de1427_1_16"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>Schedule&nbsp;I to summary of principal terms and conditions  </B></FONT></P>

<P><FONT SIZE=2><B>List of equipment  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Aircraft
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Communication
equipment
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Elevators
and escalators
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Electrical
generators and power supplies
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Furniture
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Fixtures
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Gaming
equipment
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>House
keeping equipment
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>HVAC
equipment
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Laundry
equipment
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Maintenance
equipment
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Restaurant
equipment
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Security
and surveillance equipment
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Signage
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Theater
equipment
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Vaults
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Water
systems </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
</UL>
</UL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg1427_1_17"> </A> </FONT> <FONT SIZE=2><B>Summary of terms and conditions  </B></FONT></P>

<P><FONT SIZE=2><I>Terms defined in this Section&nbsp;3 "Summary of terms and conditions" are defined for purposes of this Section&nbsp;3 "Summary of terms and conditions" only and meanings
attributable to such defined terms should not be applied to capitalized terms used elsewhere in this Memorandum</I></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Project</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>The development and construction of a casino/resort planned to include more than 2,500 hotel rooms, more than 100,000 square feet of gaming space, an approximately 130 acre newly designed golf course and various other
amenities for approximately $2.45 billion on the site of the old Desert Inn Resort &amp; Casino located in Las Vegas, Nevada (the "Project").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Construction Arrangements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Borrower will enter into a construction contract with Marnell Corrao Associates, Inc. (the "General Contractor") to construct predominantly all of the improvements involved in the Project (excluding furniture, fixtures and equipment, the parking
structure and the golf course). The construction contract shall commit the General Contractor to complete such construction by the Completion Date described below for a guaranteed maximum price no greater than $902 million, and will include an
unallocated contingency of at least $45.0 million (such contract being hereafter referred to as the "Construction Contract"). The Borrower also will enter into separate construction contracts with other contractors for the parking structure and the
golf course, each of which also shall call for completion by the Completion Date for a guaranteed maximum price no greater than a specified sum (which, in the case of the parking structure, shall not exceed $11.5 million and in the case of the golf
course shall not exceed $22.5 million).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Commencement Date</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Construction of the Project is expected to begin concurrently with the Closing Date, which is expected to be on or around September 30, 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Completion Date</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The date on which completion and the "Opening" (to be mutually agreed upon and defined in the Disbursement Agreement) of the Project has occurred shall be hereafter referred to as the "Completion Date".</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Anticipated Completion Date</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The anticipated Completion Date is expected to be on or around March, 2005.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Completion Guarantee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The completion guarantee (the "Completion Guarantee") will be provided by a special purpose entity (the "Completion Guarantor"). The Completion Guarantee shall assure completion of the Project, which shall include completion in full of the
construction of the Project (including all furniture, fixtures and equipment, the parking structure and the golf course), availability of the initial working capital contemplated in the budget, receipt of all permits and licenses necessary to open
and operate the Project and the presence of trained staff to achieve the Completion Date (collectively, the "Completion Obligations").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Completion Guarantee will be capped at $50.0 million and will be (i) cash collateralized by a first priority security interest in an interest-bearing account holding at least $50.0 million in cash or other permitted investments, or (ii) secured
by a letter of credit with a face amount of at least $50.0 million or other collateral of equivalent quality and liquidity acceptable to the Senior Lenders. On the Completion Date, the completion guarantee will be released and any remaining amount of
the collateral security therefore shall be released to or as directed by the Borrower.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Scope Changes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Borrower shall agree that, as a condition to the approval of any change orders that will increase the anticipated costs of the Project, the Borrower shall fund the proceeds of equity contributions made to the Borrower into an account pledged to
the Senior Lenders in an amount equal to the anticipated cost of such change orders, which amounts so funded shall be applied toward such anticipated increased costs.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Project Liquidity Reserve</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Borrower or a special purpose affiliate thereof (the "Liquidity Reserve Provider") will establish a securities account subject to a first priority perfected security interest in favor of the Senior Lenders. The account will be funded with cash or
permitted investments in an amount equal to $30.0 million and will secure Borrower's performance of the Completion Obligations and, after the Completion Date, will be available to meet the Borrower's working capital needs. None of the Borrower's
direct or indirect shareholders shall be required to commit to replenish such account after disbursement of funds therefrom. Amounts remaining in the liquidity account will be released at such time as the Borrower shall have met the EBITDA targets
set forth in the Closing Date projections for a full fiscal year after the Completion Date of the Project.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Payment and Performance Bond</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The General Contractor will obtain and maintain a payment and performance bond from an issuer with a size and credit rating reasonably acceptable to the Senior Lenders (the "Payment and Performance Bond") in respect of its obligations under the
Construction Contract in an amount of not less than $150.0 million. Unless otherwise agreed by the Senior Lenders, the Borrower shall require the General Contractor to cause each subcontractor (with more than the lesser of 5% of the total
construction price and $25.0 million in aggregate fees) to, upon execution of its subcontract, provide a payment and performance bond from an issuer with a size and credit rating reasonably acceptable to the Senior Lenders to secure its obligations
under its respective subcontract.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Construction Contract Guarantee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The obligations of the General Contractor under the Construction Contract will be guaranteed by Austi, Inc. (the "Construction Contract Guarantee" and, together with the Completion Guarantee, the Project Liquidity Reserve and the Payment and
Performance Bond, the "Project Credit Support").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Construction Contract Guarantee will guarantee all of the General Contractor's obligations under and in accordance with the Construction Contract but will be unsecured.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Disbursement Agreement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Agent, the agent on the FF&amp;E Facility, the indenture trustee for the Second Mortgage Notes, the Borrower and the Disbursement Agent will enter into a disbursement agreement which will establish the sequence of funding and will include, among
other things, the conditions to every advance of funds.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<A NAME="page_dg1427_1_19"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><B>Parties and Key Dates</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Borrower</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Wynn Las Vegas, LLC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Guarantors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Valvino Lamore, LLC, Wynn Resorts Holdings, LLC and all of the Borrower's restricted subsidiaries, and all existing and future affiliates of the Borrower as shall be necessary for the successful construction, completion and operation of the Project
(the "Guarantors"; the Borrower and the Guarantors (other than Valvino Lamore, LLC) being, collectively referred to as the "Credit Parties"). The Guarantors shall fully and unconditionally guarantee the payment of all indebtedness and other
obligations under the Credit Facilities. Wynn Resorts shall not be required to guarantee the Credit Facilities, but shall enter into a commitment not to incur any debt or guarantee any indebtedness of any of its affiliates unless Wynn Resorts
concurrently enters into a guarantee of the Credit Facilities; provided, however, that Wynn Resorts shall not become a Credit Party, and shall not be subject to the restrictive covenants and other provisions of the Credit Facilities by reason of
entering into any such guarantee or such commitment to provide such a guarantee, and provided further, that such commitment shall expire, and any such guarantee shall be released, at such time as (i) the Borrower achieves a total debt to EBITDA ratio
of 3.0 to 1.0 or less and (ii) the Credit Facilities are and will continue to be rated BB+ or higher by S&amp;P and Ba1 or higher by Moody's immediately after giving effect to the expiration of such commitment and release of any such
guarantee.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Advisors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Deutsche Bank Securities Inc., Banc of America Securities LLC and Bear, Stearns &amp; Co. Inc. (in such capacity, the "Advisors").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Joint Lead Arrangers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Deutsche Bank Securities Inc. and Banc of America Securities LLC (each, in such capacity, a "Lead Arranger").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Arrangers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Lead Arrangers and Bear, Stearns &amp; Co. Inc. (in such capacity, the "Initial Arrangers").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Joint Book-Running Managers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Deutsche Bank Securities Inc., Banc of America Securities LLC and Bear, Stearns &amp; Co. Inc. (each, in such capacity, a "Book Running Managers").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Administrative Agent</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Deutsche Bank Trust Company Americas (in such capacity, the "Administrative Agent").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Syndication Agent</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Banc of America Securities LLC (in such capacity, the "Syndication Agent").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Joint Documentation Agents</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Bear Stearns Corporate Lending Inc. and Dresdner Kleinwort Wasserstein (in such capacity, the "Documentation Agents").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Disbursement Agent</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
An affiliate of the Administrative Agent (the "Disbursement Agent").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Senior Lenders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
A syndicate of banks, financial institutions and other entities arranged by the Arrangers (collectively, the "Senior Lenders").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Closing Date</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Concurrent with equity and second mortgage notes offerings, on or around September 30, 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>Types and Amounts of Credit Facilities</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%" VALIGN="TOP"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Senior Term Loan Facility</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
A seven-year term loan facility (the "Term Loan Facility") in an aggregate principal amount equal to $250.0 million (the loans thereunder, the "Term Loans"). Prior to the Completion Date, there will be no amortization of the Term Loans. From and
after the Completion Date, the Term Loans shall be repayable in quarterly installments in amounts to be agreed upon until the date that is seven years after the Closing Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Availability</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Term Loans shall be made in one or more drawings between the Closing Date and the second anniversary of the Closing Date (the "Term Loan Commitment Termination Date"). No more than one draw shall be permitted in any calendar month. No Term Loan
once repaid may be reborrowed. The Term Loan commitment will expire on the Term Loan Commitment Termination Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Maturity</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Seven years after the closing date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Purpose</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The proceeds of the Term Loans shall be used to finance the development and construction of the Project, including pre-opening costs and expenses, and to pay related fees and expenses.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Revolving Credit Facility</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
A six year revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Credit Facilities") in an aggregate principal amount equal to $750.0 million (the loans thereunder, the "Revolving Credit
Loans").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Availability</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Revolving Credit Facility shall be available on a revolving basis during the period commencing on the Closing Date and ending on the sixth anniversary thereof (the "Revolving Credit Termination Date"); provided the Term Loan Facility shall be
fully drawn prior to the making of any Revolving Credit Loans.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Letters of Credit</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
A portion of the Revolving Credit Facility not in excess of $25.0 million shall be available for the issuance of standby letters of credit (the "Letters of Credit") by one or more Senior Lenders to be selected in the syndication process (each such
Senior Lender in such capacity, an "Issuing Lender"). The face amount of any outstanding Letters of Credit will reduce availability under the Revolving Credit Facility on a dollar-for-dollar basis. No Letter of Credit shall have an expiration date
after the earlier of (i) one year after the date of issuance and (ii) five business days prior to the Revolving Credit Termination Date; provided that any Letter of Credit with a one-year tenor may provide for the renewal thereof for additional
one-year periods (which shall in no event extend beyond the date referred to in clause (ii) above).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Drawings under any Letter of Credit shall be reimbursed by the Borrower (whether with its own funds or with the proceeds of Revolving Credit Loans) on the same business day. To the extent that the Borrower does not so reimburse the Issuing Lender,
the Senior Lenders under the Revolving Credit Facility shall be irrevocably and unconditionally obligated to reimburse the Issuing Lender on a pro rata basis.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Swing Line Loans</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
From and after substantial completion of the Project, a portion of the Revolving Credit Facility not in excess of $10.0 million shall be available for swing line loans (the "Swing Line Loans") from the Administrative Agent (in such capacity, the
"Swing Line Lender") on same-day notice. Any such Swing Line Loans will reduce availability under the Revolving Credit Facility on a dollar-for-dollar basis. Each Senior Lender under the Revolving Credit Facility shall acquire, under certain
circumstances, an irrevocable and unconditional pro rata participation in each Swing Line Loan.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Optional Conversion to Term Loans</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
At such time as the total extensions of credit under the Revolving Credit Facility equal or exceed $100.0 million, the Initial Arrangers (by majority decision) shall have the right, but not the obligation, to convert between $100.0 million and $400.0
million of the outstanding Revolving Loans to Term Loans under the Term Loan Facility, on the same terms and conditions as the existing Term Loans. The amount so converted on the first such conversion shall be a minimum of $100.0 million and $25.0
million increments in excess thereof, and the amount so converted on the second and each subsequent conversion shall be a minimum of $50.0 million and $25.0 million increments in excess thereof. The commitments under the Revolving Credit Facility
will be permanently reduced by the amount of the Revolving Credit Loans converted into Term Loans in accordance with the foregoing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Maturity</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Six years after the closing date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Purpose</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The proceeds of the Revolving Credit Loans shall be used to finance the development and construction of the Project, to pay related fees and expenses (including pre-opening costs and expenses) and, following the Completion Date, for general corporate
purposes of the Borrower and its restricted subsidiaries.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><BR><FONT SIZE=2><B>Certain Payment Provisions</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Fees and Interest Rates</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
As set forth on Annex A-I.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Voluntary Prepayments and Commitment Reductions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Loans may be prepaid in whole or in part (in minimum amounts and upon notice periods to be agreed upon), without premium or penalty; provided that Reserve Adjusted Eurodollar Loans that are prepaid on any day other than the last day of an interest
period applicable thereto shall be accompanied by customary breakage costs. Voluntary prepayments of the Term Loans shall be applied ratably in inverse order of maturity and may not be reborrowed. To the extent any such payments or commitment
reductions would be made prior to the Completion Date, the Project must satisfy the In Balance Requirement (as defined below).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Mandatory Prepayments and Commitment Reductions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The following amounts shall be applied to prepay the Term Loans and reduce the Revolving Credit Facility:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(i)</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
100% of the net cash proceeds of any sale or issuance or incurrence of indebtedness by any Credit Party after the Closing Date, other than the incurrence of indebtedness under the FF&amp;E Facility, the Second Mortgage Notes and certain customary
exceptions to be agreed upon;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(ii)</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
100% of the net cash proceeds from asset sales by the Credit Parties (or sale of the Phase II Land (as defined below) prior to release thereof from the collateral), subject to permitted releases of collateral, reinvestment rights and customary
exceptions to be agreed upon;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(iii)</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
certain equity proceeds in a percentage to be determined from an issuance of equity by the Credit Parties, subject to certain customary exceptions to be agreed upon;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(iv)</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
100% of insurance recovery of condemnation proceeds, net of expenses incurred to obtain such recovery or proceeds and subject to the senior rights of the FF&amp;E facility with respect to the specific collateral financed with proceeds of the FF&amp;E
facility, subject to reinvestment rights and certain customary exceptions to be agreed upon; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(v)</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
75% of excess cash flow (to be defined in a mutually satisfactory manner) for each fiscal year of the Borrower (commencing with the fiscal year in which the Completion Date occurs), which percentage shall be reduced to 50% for each fiscal year during
which the Borrower achieves a total debt to EBITDA ratio of 3.5 to 1.0 or lower. Such prepayment shall be eliminated from and after such time as the Borrower achieves total debt to EBITDA ratio of 2.5 to 1.00 for a given fiscal year.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
All such amounts shall be applied, first, to the prepayment of the Term Loans and, second, to the permanent reduction of the Revolving Credit Facility. Each such prepayment of the Term Loans shall be applied ratably in accordance with the then
outstanding amounts thereof and may not be reborrowed.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Collateral</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The obligations of the Credit Parties in respect of the Credit Facilities shall be secured by:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(i)</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
subject to compliance with applicable gaming laws, a first priority pledge of (i) all of the capital stock of the Borrower and Wynn Resorts Holdings, LLC, (ii) all of the capital stock owned by the Borrower and Wynn Resorts Holdings, LLC and (iii)
subject to obtaining any necessary governmental approvals, all of the capital stock in Desert Inn Water Company and Desert Inn Improvement Company (collectively, the "Water Companies") (it being understood that to the extent any of the foregoing
pledges are prohibited by applicable laws, the relevant interests shall be subject to a negative pledge agreement);</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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<A NAME="page_dg1427_1_23"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(ii)</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
mortgages or deeds of trust on all real property constituting the Project (including the adjacent parcel of land owned by Valvino Lamore, LLC ("Phase II Land") and the land underlying the golf course) and the appurtenant rights necessary for the
development, construction and operation of the Project including, without limitation, the water rights associated therewith and all the real property owned by the Water Companies (subject to regulatory approvals). The Credit Documents will permit
release of (i) the golf course parcels from the collateral from and after the third anniversary of the Completion Date of the Project so long as at the time of such release (a) the Company has (both in actuality and on a pro forma basis without the
golf course) a total debt to EBITDA ratio of 3.0 to 1.0 or less and (b) the Credit Facilities are and will continue to be (immediately after giving effect to the release) rated BB+ or higher by S&amp;P and Ba1 or higher by Moody's, (ii) portions of
the golf course parcels in order to build residential or other non-gaming related developments thereon so long as (a) the Borrower shall have met the EBITDA targets set forth in the Closing Date projections for a full year after the Completion Date
of the Project and (b) such development will not interfere with the use of the golf course or otherwise reasonably could be expected to impair the overall value of the Project, (iii) approximately 2 acres from the golf course to permit the
construction of a home for Stephen A. Wynn so long as (a) Wynn Resorts Holdings, LLC receives (and contributes such funds to the Borrower) fair market value for such property and (b) such construction will not interfere with the use of the golf
course or otherwise reasonably could be expected to impair the overall value of the Project and (iv) the Phase II Land from the collateral at such time as either (A) the Borrower shall have met the EBITDA targets set forth in the Closing Date
projections for two consecutive calendar quarters after the Completion Date of the Project and a majority of the Senior Lenders agree to the release or (B) the Borrower shall have met the EBITDA targets set forth in the Closing Date projections for
four consecutive calendar quarters after the Completion Date of the Project;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(iii)</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
a perfected first priority security interest in substantially all tangible and intangible assets of the Credit Parties, including, without limitation, all rights of the Credit Parties under all of the construction documents, but excluding (i) capital
stock, except as provided in clause (i) above, (ii) the furniture, fixtures and equipment financed with the FF&amp;E Facility, (iii) certain licenses to the extent security interests therein are not permitted by applicable law from time to time
(which licenses shall be subject to a negative pledge agreement), and (iv) those assets as to which the Administrative Agent and the Syndication Agent shall determine in their sole discretion that the costs of obtaining such a security interest are
excessive in relation to the value of the security to be afforded thereby; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(iv)</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
a perfected second priority security interest on all furniture, fixtures and equipment financed with the FF&amp;E Facility, other than those assets as to which the Administrative Agent and the Syndication Agent shall determine in their sole
discretion that the costs of obtaining such a security interest are excessive in relation to the value of the security to be afforded thereby.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2><B>Certain Conditions</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Conditions to Closing</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The closing of the Credit Facilities is subject to the conditions set forth on Exhibit B-I to the Commitment Letter.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Conditions to All Extensions of Credit</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The making of each extension of credit shall be subject to the conditions set forth on Exhibit B-II to the Commitment Letter.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><BR><FONT SIZE=2><B>Certain Documentation Matters</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The definitive financing documentation (including any Project Credit Support documentation) with respect to the Credit Facilities (the "Credit Documentation") shall contain representations, warranties, covenants and events of default customary for
financings of this type and other terms deemed appropriate by the Senior Lenders, including, without limitation:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Representations and Warranties</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Financial statements (including pro forma financial statements); absence of undisclosed liabilities; no material adverse change; corporate existence; compliance with law; corporate or organizational power and authority; enforceability of Credit
Documentation; no conflict with law or contractual obligations; no material litigation; no default; ownership of property; indebtedness; liens; intellectual property; taxes; Federal Reserve regulations; ERISA; Investment Company Act; licenses;
permits; franchises and regulatory approvals; subsidiaries; environmental matters; solvency; labor matters; accuracy of disclosure; creation, perfection and priority of security interests; and status of the Credit Facilities as senior
debt.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Affirmative Covenants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Delivery of financial statements, reports, accountants' letters, projections, officers' certificates and other information reasonably requested by the Senior Lenders; payment of other obligations; continuation of business and maintenance of existence
and material rights and privileges; compliance with laws and material contractual obligations; maintenance of property and insurance; maintenance of books and records; right of the Senior Lenders to inspect property and books and records; notices of
defaults, litigation and other material events; compliance with environmental laws; further assurances (including, without limitation, with respect to security interests in after-acquired property); and maintenance of interest rate and currency
hedging agreements.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Post-Opening Financial Covenants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Financial covenants typical of these types of facilities (including, without limitation, maximum total leverage, minimum fixed charge coverage, minimum EBITDA and minimum net worth).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Negative Covenants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Limitations on: indebtedness (including preferred stock); liens; guarantee obligations; mergers, consolidations, liquidations and dissolutions; purchases and sales of assets; leases; dividends and other payments in respect of capital stock; capital
expenditures; investments, joint ventures, partnerships, loans and advances; optional payments and modifications of subordinated and other debt instruments; transactions with affiliates; sale and leasebacks; changes in fiscal year; negative pledge
clauses; and changes in lines of business; and restrictions on development of Phase II of the Project on the Phase II Land.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Events of Default</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Nonpayment of principal, interest, fees or other amounts when due; material inaccuracy of representations and warranties; violation of covenants (subject, in the case of certain affirmative covenants, to a grace period to be agreed upon);
cross-default; bankruptcy events; certain ERISA events; material judgments; actual or asserted invalidity of any guarantee or Project Credit Support or security document or security interest; a change of control (the definition of which is to be
agreed); failure to hold required gaming licenses; and failure to complete the Project by August 31, 2005 (the "Outside Date").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Assignments and Participations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Senior Lenders shall be permitted to assign and sell participations in their Loans and commitments, subject, in the case of assignments (other than assignments by a Senior Lender to another Senior Lender or to an affiliate of any Senior Lender
(provided that if any funding obligations are assigned to an affiliate, such affiliate shall have demonstrable resources to comply with such obligations), of funded Term Loans, to the consent of the Administrative Agent, the Issuing Lender, the Swing
Line Lender and so long as no Default or Event of Default has occurred and is continuing, the Borrower (which consent in each case shall not be unreasonably withheld). Non-pro rata assignments shall be permitted. In the case of partial assignments
(other than to another Senior Lender or to an affiliate of a Senior Lender), the minimum assignment amount shall be $5.0 million (in the case of the Revolving Credit Facility) or $1.0 million (in the case of the Term Loan Facility) unless otherwise
agreed by the Borrower and the Administrative Agent. Participants shall have the same benefits as the Senior Lenders with respect to yield protection and increased cost provisions. Voting rights of participants shall be limited to those matters with
respect to which the affirmative vote of the Senior Lender from which it purchased its participation would be required as described under "Voting" above. Pledges of Loans to federal governmental agencies in accordance with applicable law shall be
permitted without restriction. Promissory notes shall be issued under the Credit Facilities only upon request.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Credit Facilities will provide for a mechanism which will allow each assignee to become a direct signatory to the Credit Facilities and will relieve the assigning Senior Lender of its obligations with respect to the assigned portion of its Loans
and/or commitments.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Yield Protection</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
The Credit Documentation shall contain customary provisions (i) protecting the Senior Lenders against increased costs or loss of yield resulting from changes after the effective date in reserve, tax, capital adequacy and other requirements of law and
from the imposition of or changes in withholding or other taxes and (ii) indemnifying the Senior Lenders for "breakage costs" incurred in connection with, among other things, any prepayment of a Reserve Adjusted Eurodollar Loan (as defined in Annex
A-I) on a day other than the last day of an interest period with respect thereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="62%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

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<TD WIDTH="31%"><FONT SIZE=2><BR>
Governing Law and Forum</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
State of New York, or such other laws as shall be mandatorily required in connection with the creation, perfection or enforcement of any security interest granted or purported to be granted in respect of the Credit Facilities or in connection with
gaming and regulatory matters germane to the Project.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
Counsel to the Administrative Agent, the Syndication Agent, the Arrangers, the Book Running Managers, the Documentation Agents and the Advisors</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2><BR>
Latham &amp; Watkins.</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

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<P><br><A NAME="02WLA1426_7">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de1427_1">EXHIBIT A-1</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-10.72
<SEQUENCE>9
<FILENAME>a2091732zex-10_72.htm
<DESCRIPTION>EXHIBIT 10.72
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 10.72  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[GMAC COMMERCIAL MORTGAGE LETTERHEAD] </FONT></P>

<P><FONT SIZE=2>October&nbsp;22,
2002 </FONT></P>

<P><FONT SIZE=2>Bank
of America, National Association<BR>
555 California Street, 4th Floor<BR>
Mail Code CA5-705-04-01<BR>
San Francisco, CA 94104 </FONT></P>

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<TD WIDTH="11%"><FONT SIZE=2>Attention:</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Dave Buccolo<BR>
Fax: (415) 646-8127</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%"><FONT SIZE=2>Re:</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>$188.5&nbsp;Million FF&amp;E Facility<BR>
For Wynn Las Vegas, LLC</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>GMAC
Commercial Mortgage Corporation (the "</FONT><FONT SIZE=2><I>Financial Institution</I></FONT><FONT SIZE=2>") is pleased to confirm its commitment to Bank of America, its subsidiaries and
affiliates, and Deutsche Bank Securities Inc. ("Deutsche Bank") to participate as a "</FONT><FONT SIZE=2><I>Lender</I></FONT><FONT SIZE=2>" in the FF&amp;E Facility, subject to the terms and conditions
outlined in the Summary of Terms included in the Confidential Offering Memorandum dated July 2002 with the following exceptions: (1) Financial Institution to be satisfied with its specific collateral;
(2) Financial Institution to review and concur with structure and documentation of the FF&amp;E Facility; (3) Financial Institution to earn and be paid a Participation Fee in the amount described in the
GMAC Participant Fee Letter upon closing to be no later than October&nbsp;31, 2002, (4) All insurance coverage shall be acceptable to Financial Institution and, without limitation, (i) shall be at a
premium consistent with the budget previously presented to Financial Institution and (ii) terrorism or terrorist acts coverage shall be required to the extent available on commercially reasonable
terms, as may be further defined in the final documentation. Notwithstanding, the definition must be acceptable to Financial Institution in its sole discretion. </FONT></P>

<P><FONT SIZE=2>The
amount of our commitment is $20,000,000. This commitment remains valid for 30 days from the date hereof. Notwithstanding, this commitment expires on October&nbsp;31, 2002 if the Participation
Fee is not paid by this date. Our commitment is subject only to the negotiation and execution of documentation satisfactory to Wynn Las Vegas, LLC and the Lenders (as defined in the Summary of Terms),
including ourselves. The Financial Institution acknowledges that Bank of America and Deutsche Bank in conjunction with Wynn Las Vegas, LLC may, in the event the FF&amp;E Facility is over-subscribed,
allocate to and accept from the Financial Institution a reduced commitment amount. The Financial Institution also acknowledges that Bank of America, Deutsche Bank and Wynn Las Vegas, LLC reserve the
right to reject any and all commitments. </FONT></P>

<P><FONT SIZE=2>The
Financial Institution hereby confirms that its decision to issue this commitment has been based upon its independent investigation of the operations, businesses, financial and other conditions and
prospects of Wynn Las Vegas, LLC without reliance upon Bank of America, Deutsche Bank, or any of their affiliates. To the extent any materials or information have been furnished to the Financial
Institution by such persons, the Financial Institution hereby acknowledges that they have been provided for informational purposes only, without any representation or warranty by Wynn Las Vegas, LLC,
Bank of America, or Deutsche Bank, or any of their affiliates. </FONT></P>

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<P><FONT SIZE=2>
Other than as required for public disclosure to state and federal securities agencies, Bank of America, its subsidiaries, Deutsche Bank, Wynn Las Vegas, LLC, or any of their affiliates, will not
publicly disclose via advertising or any other means the involvement of Financial Institution in this transaction or in this project at any time. </FONT></P>

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GMAC COMMERCIAL MORTGAGE CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="34%" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOHN F. GUTOWSKI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name:&nbsp;&nbsp;John F. Gutowski<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-10.74
<SEQUENCE>10
<FILENAME>a2091732zex-10_74.htm
<DESCRIPTION>EXHIBIT 10.74
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 10.74  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="xm1712_form_of_wynn_resorts_agreement_dated_as_of_,_2002"> </A>
<A NAME="toc_xm1712_1"> </A>
<BR></FONT><FONT SIZE=2><B>FORM OF    <BR>    <BR>    WYNN RESORTS AGREEMENT<BR>  Dated as
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2002    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This </FONT><FONT SIZE=2><B>WYNN RESORTS AGREEMENT</B></FONT><FONT SIZE=2> (this "</FONT><FONT SIZE=2><I>Agreement</I></FONT><FONT SIZE=2>") is made by Wynn
Resorts, Limited, a Nevada corporation ("</FONT><FONT SIZE=2><I>Wynn Resorts</I></FONT><FONT SIZE=2>"), </FONT><FONT SIZE=2><B>in favor of Wells Fargo Bank, National
Association</B></FONT><FONT SIZE=2>, as trustee (in such capacity, the "</FONT><FONT SIZE=2><I>Trustee</I></FONT><FONT SIZE=2>") for the benefit of the holders of the second mortgage notes (the
"</FONT><FONT SIZE=2><I>Notes</I></FONT><FONT SIZE=2>") issued pursuant to the Indenture (as defined below). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PRELIMINARY STATEMENTS:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Wynn
Las Vegas, LLC, a Nevada limited liability company and a wholly-owned subsidiary of Wynn Resorts ("</FONT><FONT SIZE=2><I>Wynn Las Vegas</I></FONT><FONT SIZE=2>"),
proposes to develop and own the Le R&ecirc;ve Casino Resort, a large scale luxury hotel and destination casino resort, with related parking structure and golf course facilities to be
developed on the Project site, all as more particularly described in the applicable exhibit to the Disbursement Agreement (the "</FONT><FONT SIZE=2><I>Project</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Wynn
Resorts and Wynn Las Vegas desire to finance the development and construction of the Project with, among other things, the proceeds of the issuance by Wynn Las Vegas
and Wynn Las Vegas Capital Corp. of Notes issued under the Indenture. In connection with such financing, Wynn Las Vegas and Wynn Las Vegas Capital Corp., as joint and several obligors, Desert Inn
Water Company, LLC, Wynn Design&nbsp;&amp; Development, LLC, Wynn Resorts Holdings, LLC, Las Vegas Jet, LLC, World Travel, LLC, Palo, LLC and Valvino Lamore, LLC, as guarantors, and the Trustee have
entered into an indenture, dated as of the date of this Agreement (the "</FONT><FONT SIZE=2><I>Indenture</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;It
is a condition to the issuance of the Notes under the Indenture that Wynn Resorts shall have executed and delivered this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Wynn
Resorts acknowledges that it will receive direct and indirect benefits from the issuance of the Notes under the Indenture and the use of the proceeds thereof in
connection with the development, construction and operation of the Project. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;All
terms capitalized but not otherwise defined in this Agreement shall have the meanings ascribed to them in the Indenture, as in effect from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>NOW, THEREFORE</B></FONT><FONT SIZE=2>, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 1.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Restrictions on Incurrence of Indebtedness and Guarantees by Wynn
Resorts.&nbsp;&nbsp;&nbsp;&nbsp;</I></B></FONT><FONT SIZE=2>Wynn Resorts hereby agrees that it shall not: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>incur
Indebtedness in excess of $10.0&nbsp;million in the aggregate (other than Project Related Indebtedness, Gaming Redemption Indebtedness or Replacement Aircraft Indebtedness) or
guarantee the Indebtedness of any of its Affiliates (other than a guarantee of the Floor Plan Financing or Replacement Aircraft Indebtedness), unless:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Wynn
Resorts concurrently becomes the Parent Guarantor of the Notes by executing and delivering the Parent Guarantee in substantially the form of the guarantee of such other
Indebtedness, if any, or if none, in substantially the form attached as </FONT><FONT SIZE=2><I>Exhibit&nbsp;A</I></FONT><FONT SIZE=2>, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Wynn
Resorts' Parent Guarantee of the Notes ranks senior to or is </FONT><FONT SIZE=2><I>pari passu</I></FONT><FONT SIZE=2> with the obligations of Wynn Resorts under the
Indebtedness or the guarantee by Wynn Resorts of the Affiliate's Indebtedness, or </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>grant
any security interests in any of its assets or properties (other than a security interest in favor of the Trustee for the benefit of the holders of the Notes and security
interests granted in </FONT></DD></DL>
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<P><FONT SIZE=2>Excluded
Project Assets or assets or properties that individually and in the aggregate have a fair market value of less than $10.0&nbsp;million) in favor of any Person to secure (i)&nbsp;any
Indebtedness of any of its Affiliates, (ii)&nbsp;any Guarantee by Wynn Resorts of Indebtedness of any of its Affiliates, or (iii)&nbsp;any Indebtedness incurred by Wynn Resorts, unless: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Wynn
Resorts concurrently executes and delivers the Parent Security Agreement in substantially the form of such other security agreement and thereby grants a security interest in
those assets or properties in favor of the Trustee for the benefit of the holders of the Notes to secure the guarantee given by Wynn Resorts under clause&nbsp;(1) above or, if no such guarantee has
been given, to secure the payment and performance by Wynn Las Vegas of its obligations under the Indenture and the Collateral Documents to which it is a party, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>the
security interest described in clause&nbsp;(2)(a) above ranks senior to or is </FONT><FONT SIZE=2><I>pari passu</I></FONT><FONT SIZE=2> with the security interest granted by
Wynn Resorts in respect of its Indebtedness, the Affiliate's Indebtedness or its guarantee of the Affiliate's Indebtedness, as the case may be. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, "</FONT><FONT SIZE=2><I>Floor Plan Financing</I></FONT><FONT SIZE=2>" means the floor plan financing to be obtained by Kevyn, LLC in respect of the
Ferrari and Maserati automobile dealership forming part of the Project and located on the Project Site in an aggregate principal amount at any time outstanding not to exceed $5.0&nbsp;million; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>
that neither Issuer, no Restricted Entity nor any Restricted Subsidiary of Wynn Las Vegas or any Restricted Entity: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>provides
credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) as to such Indebtedness,
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>is
directly or indirectly liable as a guarantor or otherwise as to such Indebtedness, or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>constitutes
the lender of such Indebtedness. </FONT></DD></DL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 2.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Automatic Release Provisions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in Section&nbsp;1 above, the restrictions contained in Section&nbsp;1 shall automatically cease to apply to Wynn Resorts, and any Parent Guarantee or Parent Security
Agreement will be automatically released and Wynn Resorts shall have no further liability thereunder, from and after such time as either: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Completion Date has occurred, </FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>no
Default or Event of Default exists or is continuing immediately prior to or after giving effect to such release,
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>both
immediately prior to such release and after giving pro forma effect to such release (as if, for purposes of calculating the Consolidated Leverage Ratio, such release had been
made at the beginning of the applicable four-quarter period):
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Consolidated Leverage Ratio of the Issuers and their Restricted Subsidiaries for the period of four consecutive fiscal quarters of Wynn Las Vegas ending immediately prior to the
release date is 3.0 to 1.0 or less, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
senior secured long-term Indebtedness under the Credit Agreement is rated BB+ or higher by S&amp;P and Ba1 or higher by Moody's, </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>the
lenders under the Credit Agreement concurrently release the Guarantee and/or security interests granted by Wynn Resorts in their favor, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>Wynn
Resorts delivers an Officers' Certificate (including supporting calculations in reasonable detail) to the Trustee confirming that the conditions in (a), (b), (c)&nbsp;and
(d)&nbsp;of this clause&nbsp;(1) have been satisfied, or </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Default or Event of Default exists or is continuing immediately prior to or after giving effect to that release,
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>both
the lenders under the Credit Agreement and the Person whose Indebtedness Wynn Resorts guaranteed or granted security interest to secure (thereby triggering Wynn Resorts'
obligations to enter
into the Parent Guarantee or the Parent Security Agreement, as applicable, pursuant to this Agreement) concurrently release the guarantee or security interests, as applicable, granted by Wynn Resorts
in their favor, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Wynn
Resorts delivers an Officers' Certificate to the Trustee confirming that the conditions in (a)&nbsp;and (b)&nbsp;of this clause&nbsp;(2) have been satisfied. </FONT></DD></DL>
</DD></DL>

<P><FONT SIZE=2>The
Trustee shall take such actions as Wynn Resorts may request, at the expense of Wynn Resorts, to evidence the forgoing release, including without limitation the return of assets pledged as
collateral and the execution and delivery of related instruments of transfer, lien releases, reconveyances, termination statements and any similar documents and instruments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 3.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Amendments to Wynn Put Agreement.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts hereby
agrees that it shall not amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, or otherwise fail to enforce, or terminate or abandon,
any of the provisions of the Wynn Put Agreement, if such amendment, modification, waiver or other change, failure to enforce, termination or abandonment (individually or collectively with all such
amendments, modifications, waivers and other changes, failures to enforce, terminations or abandonments taken as a whole) would: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>have
a material adverse affect on the ability of Wynn Las Vegas, any Restricted Entity or any of their respective Restricted Subsidiaries to develop, construct or operate the Project,
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>cause
the Completion Date to occur or result in that date occurring after the Outside Completion Deadline,
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>materially
impair the rights or remedies of the holders of the Notes under the Indenture or the Collateral Documents, or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>materially
impair the development, use or operation of the Project. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of this Agreement, in no event shall Wynn Resorts be required, by reason of granting the Parent Guarantee or any security interest pursuant to this
Agreement, to become a Restricted Entity or otherwise to become subject to the restrictive covenants or other terms of the Indenture. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 4.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Separateness from Issuers, Restricted Entities, their Restricted Subsidiaries and the
Completion Guarantor</I></B></FONT><FONT SIZE=2>. Wynn Resorts hereby agrees that, for so long as there continue to be any outstanding Obligations under the Credit Agreement and the Loan Documents (as
defined in the Credit Agreement) (the "</FONT><FONT SIZE=2><I>Bank Documents</I></FONT><FONT SIZE=2>") or under the Indenture or any Collateral Document (the "</FONT><FONT SIZE=2><I>Indenture
Documents</I></FONT><FONT SIZE=2>"), it shall comply with each of the following: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Wynn
Resorts shall not conduct business in the name of any of Wynn Las Vegas, the Restricted Entities, any of their respective Restricted Subsidiaries or the Completion Guarantor
(collectively, the "</FONT><FONT SIZE=2><I>Wynn Group Members</I></FONT><FONT SIZE=2>"), nor shall it refer to any of the Wynn Group Members as a division, department or other subdivision of Wynn
Resorts that is not recognized as a separate and distinct legal entity under applicable law. Wynn Resorts shall have separate stationery, invoices and checks in its own name and shall observe all
organizational formalities. Wynn Resorts shall not refer to employees of a Wynn Group Member as employees of Wynn Resorts or of any Affiliate of Wynn Resorts that is not a Wynn Group Member. Wynn
Resorts shall maintain arms'-length relationships with the Wynn Group Members, except for management fees, distributions and other specific transactions, to the extent permitted by the Bank Documents
and the Indenture Documents. Wynn </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>Resorts
shall maintain adequate capital in light of its contemplated business purpose, transactions and liabilities. Wynn Resorts shall not commingle its funds with those of the Wynn Group Entities,
and in all transactions involving the Wynn Group Entities and Wynn Resorts, the separate funds of each of the Wynn Group Members and Wynn Resorts shall be clearly traceable. The assets of Wynn Resorts
shall remain identifiably separate from those of the Wynn Group Members such that there will be no material difficulty in segregating the assets of the Wynn Group Members from those of Wynn Resorts. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Wynn
Resorts shall not hold out the Wynn Group Members to be other than legal entities separate and distinct from Wynn Resorts, and Wynn Resorts shall not hold out that the assets of
the Wynn Group Members are available to satisfy the liabilities of Wynn Resorts. In any communications with creditors of Wynn Resorts that refer in any way directly or indirectly to the assets,
liabilities, operations or results from operations of the Wynn Group Members, Wynn Resorts shall ensure that such communications accurately describe the separate existence of the Wynn Group Members
and the fact that the assets of the Wynn Group Members are not available to satisfy the liabilities of Wynn Resorts.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Wynn
Resorts shall maintain books, records and accounts separate and apart from each of the Wynn Group Members. In any consolidated financial statements of Wynn Resorts that refer to
assets, liabilities, operations or results from operations of the Wynn Group Members, Wynn Resorts shall, in footnotes or otherwise, describe the assets, liabilities, operations and results from
operations of the Wynn Group Members separately from those of Wynn Resorts and further shall note that (i)&nbsp;each Wynn Group Member is organized as a legal entity separate and distinct from Wynn
Resorts, (ii)&nbsp;there is no agreement or other arrangement or relationship under which or pursuant to which the assets of a Wynn Group Member have been pledged or otherwise made available to
satisfy the obligations of Wynn Resorts or any of its Affiliates that are not Wynn Group Members, and (iii)&nbsp;each Wynn Group Member has issued or guaranteed indebtedness that is secured by liens
on substantially all of the assets of said Wynn Group Member (except as otherwise permitted by the terms of the Bank Documents and the Indenture Documents).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>In
addition to the foregoing, Wynn Resorts shall not take any other action that would reasonably be expected to call into question the separate identity of each Wynn Group Member from
Wynn Resorts, or to create or increase any risk that the assets of any Wynn Group Member will be consolidated with those of Wynn Resorts or any other Person (other than another Wynn Group Member)
under applicable federal or state bankruptcy or insolvency law. </FONT></DD></DL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 5.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Representations and Warranties.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts hereby
represents and warrants as follows: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2><B><I>Authority</I></B></FONT><FONT SIZE=2>. Wynn Resorts has the requisite corporate power and authority to execute and deliver this Agreement and to perform its
obligations hereunder and under the Parent Guarantee and Parent Security Agreement, if any, to which it is a party from time to time pursuant to the terms of the Agreement. The execution, delivery and
performance by Wynn Resorts of this Agreement, the Parent Guarantee and the Parent Security Agreement have been duly approved by all necessary corporate action of Wynn Resorts and no other corporate
proceedings on the part of Wynn Resorts are necessary to consummate the transactions contemplated by this Agreement, the Parent Guarantee and the Parent Security Agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2><B><I>Enforceability</I></B></FONT><FONT SIZE=2>. This Agreement has been duly executed and delivered by Wynn Resorts. This Agreement is (and, upon the execution and
delivery thereof by Wynn Resorts, the Parent Guarantee and the Parent Security Agreement will be) the legal, valid and binding obligations of Wynn Resorts, enforceable against Wynn Resorts in
accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>or
similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 6.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Further Assurances.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts shall execute and
deliver such additional instruments, certificates or documents, and take all such actions as may be reasonably required from time to time in order to: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>carry
out more effectively the purposes of this Agreement, the Parent Guarantee and the Parent Security Agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>create,
grant, perfect and maintain the validity, effectiveness, perfection and priority of the Parent Security Agreement and the Liens created, or intended to be created, thereby;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>ensure
that the Parent Guarantee and the Liens created or purported to be created under the Parent Security Agreement have the ranking required under clauses (1)(b) and (2)(b) of
Section&nbsp;1 of this Agreement; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>ensure
that any of the rights granted or intended to be granted to the Trustee under this Agreement, the Parent Guarantee or the Parent Security Agreement or under any other
instrument executed in connection therewith or granted to Wynn Resorts thereunder or under any other instrument executed in connection therewith are protected and enforced. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the exercise by the Trustee or any holder of Notes of any power, right, privilege or remedy under this Agreement, the Parent Guarantee or the Parent Security Agreement which
requires any consent, approval, recording, qualification or authorization of any governmental authority (including the Nevada PUC or any Gaming Authority), Wynn Resorts shall execute and deliver all
applications, certifications, instruments and other documents and papers that may be required from Wynn Resorts for such governmental consent, approval, recording, qualification or authorization. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 7.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Reaffirmation of Obligations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
(i)&nbsp;Section&nbsp;7 of the Amended and Restated Commitment Letter, dated as of June&nbsp;14, 2002 (the "</FONT><FONT SIZE=2><I>Commitment Letter</I></FONT><FONT SIZE=2>"), among Valvino
Lamore, LLC, Wynn Resorts Holdings, LLC, Wynn Las Vegas and the Administrative Agent and the other Participating Institutions (as defined therein), and (ii)&nbsp;Section&nbsp;10 of the Engagement
Letter (as defined therein), Wynn Resorts hereby agrees, effective as of the date of the Commitment Letter and the Engagement Letter, respectively, that it is jointly and severally liable for all of
the liabilities and obligations relating to or arising out of the duties, responsibilities and obligations of Valvino Lamore, LLC, Wynn Resorts Holdings, LLC and Wynn Las Vegas under the Commitment
Letter and the Engagement Letter, respectively, on the terms and subject to the conditions of the Commitment Letter and the Engagement Letter, respectively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 8.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Counterparts.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of
this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 9.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Severability.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SECTION 10.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Choice of Law; Jurisdiction; Waivers.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
shall be governed by and construed in accordance with the laws of the State of New York. To the fullest extent permitted by applicable law,
Wynn Resorts hereby irrevocably submits to the non-exclusive jurisdiction of any New York State court or Federal court sitting in the County of New York in respect of any suit, action or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>
proceeding arising out of or relating to the provisions of this Agreement, the Parent Guarantee or the Parent Security Agreement and irrevocably agrees that all claims in respect of any such suit,
action or proceeding may be heard and determined in any such court. The parties hereto hereby waive, to the fullest extent permitted by applicable law, any objection that they may now or hereafter
have to the laying of venue of any such suit, action or proceeding brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. The parties hereto hereby waive, to the fullest extent permitted by applicable law, any right to trial by jury with respect to any action or proceeding arising out of or relating
to this Agreement, the Parent Guarantee or the Parent Security Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>[</FONT><FONT
SIZE=2><I>Signature Page Follows</I></FONT><FONT SIZE=2>] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, the parties hereto have caused this Wynn Resorts Agreement to be executed by their respective officers or authorized
signatories thereunto duly authorized, as of the date first written above. </FONT></P>

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<TD COLSPAN=2><FONT SIZE=2>WYNN RESORTS, LIMITED</FONT></TD>
</TR>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
By:</FONT></TD>
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&nbsp;</FONT></TD>
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<TD WIDTH="12%"><FONT SIZE=2><BR>
Name:</FONT></TD>
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</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
Title:</FONT></TD>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;A  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>FORM OF PARENT GUARANTEE  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[To be conformed from Guarantee and Collateral Agreement] </FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;B  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>FORM OF PARENT SECURITY AGREEMENT  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[To be conformed from Guarantee and Collateral Agreement] </FONT></P>

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<P><br><A NAME="02WLA1426_9">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_xm1712_1">FORM OF WYNN RESORTS AGREEMENT Dated as of , 2002</A></FONT><BR>
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