Exhibit 12
WYNN RESORTS, LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Period from 2000(1) |
Year Ended December 31, |
Nine Months Ended September 30, |
Period from 2003(1) |
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| 2001(1) |
2002(1) |
2002(1) |
2003(1) |
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| (in thousands, except per share amounts) | ||||||||||||||||||
| Pretax (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees |
(10,616 | ) | (17,726 | ) | (32,579 | ) | (21,385 | ) | (38,834 | ) | (99,755 | ) | ||||||
| Add: Fixed charges |
6,344 | 35 | 15,420 | 787 | 69,821 | 91,620 | ||||||||||||
| Less: Interest capitalized |
6,325 | — | 13,507 | — | 60,775 | 80,607 | ||||||||||||
| Earnings as adjusted |
(10,597 | ) | (17,691 | ) | (30,666 | ) | (20,598 | ) | (29,788 | ) | (88,742 | ) | ||||||
| Interest expensed |
17 | 28 | 1,897 | 781 | 9,031 | 10,973 | ||||||||||||
| Interest capitalized |
6,325 | — | 13,507 | — | 60,775 | 80,607 | ||||||||||||
| Interest in rental expense |
2 | 7 | 16 | 6 | 15 | 40 | ||||||||||||
| Total Fixed Charges |
6,344 | 35 | 15,420 | 787 | 69,821 | 91,620 | ||||||||||||
| Earnings to Fixed Charges |
(1.67 | ) | (505.46 | ) | (1.99 | ) | (26.17 | ) | (0.43 | ) | (0.97 | ) | ||||||
| Deficiency Amount |
(16,941 | ) | (17,726 | ) | (46,086 | ) | (21,385 | ) | (99,609 | ) | (180,362 | ) | ||||||
| (1) | Wynn Resorts, Limited's earnings were insufficient to cover fixed charges by $16.9 million, $17.7 million, $46.1 million, $21.4 million, $99.6 million and $180.4 million for the period from inception to December 31, 2000, the years ended December 31, 2001 and 2002, the nine month periods ended September 30, 2002 and 2003, and the period from inception to September 30, 2003, respectively. |