


                         -----------------------------

                             EMPLOYMENT AGREEMENT

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         THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as
of the 31ST day of August 2005, by and between WYNN RESORTS, LIMITED
("Employer") and John Strzemp ("Employee").

                             W I T N E S S E T H:
                             --------------------

         WHEREAS, Employer is a corporation duly organized and existing under
the laws of the State of Nevada, maintains its principal place of business at
3131 Las Vegas Blvd. South, Las Vegas, Nevada 89109, and is engaged in the
business of developing, constructing and operating a casino resorts; and,

         WHEREAS, in furtherance of its business, Employer has need of
qualified, experienced executive management; and,

         WHEREAS, Employee currently serves as the Executive Vice President -
Chief Financial Officer of the Employer pursuant to the terms of an Employment
Agreement dated as of September 9, 2002 (the "2002 Agreement") between
Employee and Employer as amended by that certain First Amendment to Employment
Agreement dated December 11, 2002 (the "Amendment") between Employee and
Employer (the 2002 Agreement and the Amendment are collectively referred to
herein as, the "Prior Agreement"); and

         WHEREAS, Employee and Employer desire to terminate the Prior
Agreement and replace it with this Agreement; and

         WHEREAS, Employee has represented and warranted to Employer that
Employee possesses sufficient qualifications and expertise in order to fulfill
the terms of the employment stated in this Agreement; and,

         WHEREAS, Employer is willing to continue to employ Employee, and
Employee is desirous of continuing his employment with the Employer under the
terms and pursuant to the conditions set forth herein;

         NOW, THEREFORE, for and in consideration of the foregoing recitals,
and in consideration of the mutual covenants, agreements, understandings,
undertakings, representations, warranties and promises hereinafter set forth,
and intending to be legally bound thereby, Employer and Employee hereby
covenant and agree as follows:

         1. DEFINITIONS. As used in this Agreement, the words and terms
hereinafter defined have the respective meanings ascribed to them herein,
unless a different meaning clearly appears from the context:

                  (a) "Affiliate" - means with respect to a specified Person,
         any other Person who or which is (i) directly or indirectly
         controlling, controlled by or under common control with the specified
         Person, or (ii) any member, director, officer or manager of the
         specified Person. For purposes of this definition, only, "control",
         "controlling", and "controlled" mean the right to exercise, directly
         or indirectly, more than fifty percent (50%) of the voting power of
         the stockholders, members or owners and, with respect to any
         individual, partnership, trust or other entity or association, the
         possession, directly or indirectly, of the power to direct or cause
         the direction of the management or policies of the controlled entity.

                  (b)      "Cause" - means

                           (i) the willful destruction by Employee of the
                  property of Employer or an Affiliate having a material value
                  to Employer or such Affiliate;

                           (ii) fraud, embezzlement, theft, or comparable
                  dishonest activity committed by Employee (excluding acts
                  involving a de minimis dollar value and not related to
                  Employer or an Affiliate);

                           (iii) Employee's conviction of or entering a plea
                  of guilty or nolo contendere to any crime constituting a
                  felony or any misdemeanor involving fraud, dishonesty or
                  moral turpitude (excluding acts involving a de minimis
                  dollar value and not related to Employer or an Affiliate);

                           (iv) Employee's breach, neglect, refusal, or
                  failure to materially discharge his duties (other than due
                  to physical or mental illness) commensurate with his title
                  and function, or Employee's failure to comply with the
                  lawful directions of Employer's Board of Directors, that is
                  not cured within fifteen (15) days after Employee has
                  received written notice thereof from the Board;

                           (v) a willful and knowing material
                  misrepresentation to Employer's Board of Directors;

                           (vi) a willful violation of a material policy of
                  Employer, which does or could result in material harm to
                  Employer or to Employer's reputation; or

                           (vii) Employee's material violation of a statutory
                  or common law duty of loyalty or fiduciary duty to Employer,

         provided, however, that Employee's disability due to illness or
         accident or any other mental or physical incapacity shall not
         constitute "Cause" as defined herein.

                  (c) "Change of Control" - means the occurrence, after the
         Effective Date, of any of the following events:

                           (i) any "Person" or "Group" (as such terms are
                  defined in Section 13(d) of the Securities Exchange Act of
                  1934 (the "Exchange Act") and the rules and regulations
                  promulgated thereunder), excluding any Excluded Stockholder,
                  is or becomes the "Beneficial Owner" (within the meaning of
                  Rule 13d-3 promulgated under the Exchange Act), directly or
                  indirectly, of securities of Employer, or of any entity
                  resulting from a merger or consolidation involving Employer,
                  representing more than fifty percent (50%) of the combined
                  voting power of the then outstanding securities of Employer
                  or such entity;

                           (ii) the individuals who, as of the Effective Date,
                  are members of Employer's Board of Directors (the "Existing
                  Directors") cease, for any reason, to constitute more than
                  fifty percent (50%) of the number of authorized directors of
                  Employer as determined in the manner prescribed in
                  Employer's Articles of Incorporation and Bylaws; provided,
                  however, that if the election, or nomination for election,
                  by Employer's stockholders of any new director was approved
                  by a vote of at least fifty percent (50%) of the Existing
                  Directors, such new director shall be considered an Existing
                  Director; provided further, however, that no individual
                  shall be considered an Existing Director if such individual
                  initially assumed office as a result of either an actual or
                  threatened "Election Contest" (as described in Rule 14a-11
                  promulgated under the Exchange Act) or other actual or
                  threatened solicitation of proxies by or on behalf of anyone
                  other than the Board (a "Proxy Contest"), including by
                  reason of any agreement intended to avoid or settle any
                  Election Contest or Proxy Contest; or

                           (iii) the consummation of (x) a merger,
                  consolidation or reorganization to which Employer is a
                  party, whether or not Employer is the Person surviving or
                  resulting therefrom, or (y) a sale, assignment, lease,
                  conveyance or other disposition of all or substantially all
                  of the assets of Employer, in one transaction or a series of
                  related transactions, to any Person other than Employer,
                  where any such transaction or series of related transactions
                  as is referred to in clause (x) or clause (y) above in this
                  subparagraph (iii) (singly or collectively, a "Transaction")
                  does not otherwise result in a "Change in Control" pursuant
                  to subparagraph (i) of this definition of "Change in
                  Control"; provided, however, that no such Transaction shall
                  constitute a "Change in Control" under this subparagraph
                  (iii) if the Persons who were the stockholders of Employer
                  immediately before the consummation of such Transaction are
                  the Beneficial Owners, immediately following the
                  consummation of such Transaction, of fifty percent (50%) or
                  more of the combined voting power of the then outstanding
                  voting securities of the Person surviving or resulting from
                  any merger, consolidation or reorganization referred to in
                  clause (x) above in this subparagraph (iii) or the Person to
                  whom the assets of Employer are sold, assigned, leased,
                  conveyed or disposed of in any transaction or series of
                  related transactions referred in clause (y) above in this
                  subparagraph (iii), in substantially the same proportions in
                  which such Beneficial Owners held voting stock in Employer
                  immediately before such Transaction.

         For purposes of the foregoing definition of "Change in Control," the
         term "Excluded Stockholder" means Stephen A. Wynn, the spouse,
         siblings, children, grandchildren or great grandchildren of Stephen
         A. Wynn, any trust primarily for the benefit of the foregoing
         persons, or any Affiliate of any of the foregoing persons.

                  (d) "Complete Disability" - means the inability of Employee,
         due to illness or accident or other mental or physical incapacity, to
         perform his obligations under this Agreement for a period as defined
         by Employer's disability plan or plans.

                  (e) "Confidential Information" - means any information that
         is possessed or developed by or for Employer or its Affiliate and
         which relates to the Employer's or Affiliate's existing or potential
         business or technology, which is not generally known to the public or
         to persons engaged in business similar to that conducted or
         contemplated by Employer or Affiliate, or which Employer or Affiliate
         seeks to protect from disclosure to its existing or potential
         competitors or others, and includes without limitation know how,
         business and technical plans, strategies, existing and proposed bids,
         costs, technical developments, purchasing history, existing and
         proposed research projects, copyrights, inventions, patents,
         intellectual property, data, process, process parameters, methods,
         practices, products, product design information, research and
         development data, financial records, operational manuals, pricing and
         price lists, computer programs and information stored or developed
         for use in or with computers, customer information, customer lists,
         supplier lists, marketing plans, financial information, financial or
         business projections, and all other compilations of information which
         relate to the business of Employer or Affiliate, and any other
         proprietary material of Employer or Affiliate, which have not been
         released to the general public. Confidential Information also
         includes information received by Employer or any of its Affiliates
         from others that the Employer or Affiliate has an obligation to treat
         as confidential.

                  (f) "Effective Date" - means August 1, 2005.

                  (g) "Original Hire Date" - means November 1, 2000.

                  (h) "Good Reason" - means the occurrence, on or after the
         occurrence of a Change in Control, of any of the following (except
         with Employee's written consent or resulting from an isolated,
         insubstantial and inadvertent action not taken in bad faith and which
         is remedied by Employer or its Affiliate promptly after receipt of
         notice thereof from Employee):

                           (i) Employer or an Affiliate reduces Employee's
                  Base Salary (as defined in Subparagraph 8(a) below);

                           (ii) Employer discontinues its bonus plan in which
                  Employee participates as in effect immediately before the
                  Change in Control without immediately replacing such bonus
                  plan with a plan that is the substantial economic equivalent
                  of such bonus plan, or amends such bonus plan so as to
                  materially reduce Employee's potential bonus at any given
                  level of economic performance of Employer or its successor
                  entity;

                           (iii) Employer materially reduces the aggregate
                  benefits and perquisites to Employee from those being
                  provided immediately before the Change in Control;

                           (iv) Employer or any of its Affiliates requires
                  Employee to change the location of Employee's job or office,
                  so that Employee will be based at a location more than 25
                  miles from the location of Employee's job or office
                  immediately before the Change in Control;

                           (v) Employer or any of its Affiliates reduces
                  Employee's responsibilities or directs Employee to report to
                  a person of lower rank or responsibilities than the person
                  to whom Employee reported immediately before the Change in
                  Control; or

                           (vi) the successor to Employer fails or refuses
                  expressly to assume in writing the obligations of Employer
                  under this Agreement.

         For purposes of this Agreement, a determination by Employee that
         Employee has "Good Reason" shall be final and binding on Employer and
         Employee absent a showing of bad faith on Employee's part.

                  (i) "Separation Payment" - means a lump sum equal to (A)
         Employee's Base Salary (as defined in Subparagraph 8(a) of this
         Agreement) for the remainder of the Term, but not less than one (1)
         year of Base Salary, plus (B) the bonus that was paid to Employee
         under Subparagraph 8(b) for the preceding bonus period, projected
         over the remainder of the Term (but not less than the preceding bonus
         that was paid), plus (C) any accrued but unpaid vacation pay, plus
         (D) any Gross-Up Payment required by Exhibit 1 to this Agreement,
         which is incorporated herein by reference.

                  (j) "Trade Secrets" - means unpublished inventions or works
         of authorship, as well as all information possessed by or developed
         by or for Employer or its Affiliate, including without limitation any
         formula, pattern, compilation, program device, method, technique,
         product, system, process, design, prototype, procedure, computer
         programming or code that (i) derives independent economic value,
         actual or potential, from not being generally known to, and not being
         readily ascertainable by proper means by the public or other persons
         who can obtain economic value from its disclosure or use; and (ii) is
         the subject of efforts that are reasonable to maintain its secrecy.

                  (k) "Work of Authorship" - means any computer program, code
         or system as well as any literary, pictorial, sculptural, graphic or
         audio visual work, whether published or unpublished, and whether
         copyrightable or not, in whatever form and jointly with others that
         (i) relates to any of Employer's or its Affiliate's existing or
         potential products, practices, processes, formulations,
         manufacturing, engineering, research, equipment, applications or
         other business or technical activities or investigations; or (ii)
         relates to ideas, work or investigations conceived or carried on by
         Employer or its Affiliate or by Employee in connection with or
         because of performing services for Employer or its Affiliate.

         2. PRIOR EMPLOYMENT. This Agreement supersedes and replaces any and
all prior employment agreements, change in control agreements and severance
plans or agreements, whether written or oral, by and between Employee, on the
one side, and Employer or any of Employer's Affiliates, on the other side, or
under which Employee is a participant, with the exception of any agreement
pertaining to the issuance of stock options or restricted stock to Employee by
Employer or any of its Affiliates. From and after the Effective Date, Employee
and Employer agree that the Prior Agreement shall be terminated and Employee
shall be the employee of Employer under the terms and pursuant to the
conditions set forth in this Agreement.

         3. BASIC EMPLOYMENT AGREEMENT. Subject to the terms and pursuant to
the conditions hereinafter set forth, Employer hereby employs Employee during
the Term hereinafter specified to serve in a managerial or executive capacity,
under a title and with such duties not inconsistent with those set forth in
Paragraph 4 of this Agreement, as the same may be modified and/or assigned to
Employee by Employer from time to time; provided, however, that no change in
Employee's duties shall be permitted if it would result in a material
reduction in the level of Employee's duties as in effect prior to the change.

         4. DUTIES OF EMPLOYEE. Employee shall perform such duties assigned to
Employee by Employer as are generally associated with the duties of Executive
Vice President - Chief Financial Officer of Employer or such similar duties as
may be assigned to Employee by Employer as Employer may determine, including,
but not limited to (a) the efficient and continuous operation of Employer and
Employer's Affiliates, (b) the preparation of relevant budgets and allocation
or relevant funds, (c) conducting a search for an individual qualified to
assume the duties of the chief financial officer of the Company as may be
directed by management or Employer's Board of Director, and to educate such
individual about Employee's duties and Employer's operations (following the
selection of such qualified individual, Employee shall assume such other title
and responsibilities as may be assigned by Employer; provided that such title
and responsibilities shall be commensurate with Employee's professional status
and shall be based in Las Vegas, Nevada), (d) the selection and delegation of
duties and responsibilities of subordinates, (e) the direction, review and
oversight of all programs and projects under Employee's supervision, and (f)
such other and further related duties as specifically assigned by Employer to
Employee. The foregoing notwithstanding, Employee shall devote such time to
Employer's Affiliates as may be required by Employer, provided such duties are
not inconsistent with Employee's primary duties to Employer hereunder.

         5. ACCEPTANCE OF EMPLOYMENT. Employee hereby unconditionally accepts
the employment set forth hereunder, under the terms and pursuant to the
conditions set forth in this Agreement. Employee hereby covenants and agrees
that, during the Term of this Agreement, Employee will devote the whole of
Employee's normal and customary working time and best efforts solely to the
performance of Employee's duties under this Agreement and that, except upon
Employer's prior express written authorization to that effect, Employee shall
not perform any services for any casino, hotel/casino or other similar gaming
or gambling operation not owned by Employer or any of Employer's Affiliates.

         6. TERM. Unless sooner terminated as provided in this Agreement, the
term of this Agreement (the "Term") shall commence on the Effective Date and
terminate at the end of the day on August 1, 2008. Following the Term, unless
the parties enter into a new written contract of employment, (a) any continued
employment of Employee shall be at-will, (b) any or all of the other terms and
conditions of Employee's employment may be changed by Employer at its
discretion, with or without notice, and (c) the employment relationship may be
terminated at any time by either party, with or without cause or notice.

         7. SPECIAL TERMINATION PROVISIONS. Notwithstanding the provisions of
Paragraph 6 of this Agreement, this Agreement shall terminate upon the
occurrence of any of the following events:

                  (a) the death of Employee;

                  (b) the giving of written notice from Employer to Employee
         of the termination of this Agreement upon the Complete Disability of
         Employee;

                  (c) the giving of written notice by Employer to Employee of
         the termination of this Agreement upon the discharge of Employee for
         Cause;

                  (d) the giving of written notice by Employer to Employee of
         the termination of this Agreement following a denial or revocation of
         Employee's License (as defined in Subparagraph 9(b) of this
         Agreement).

                  (e) the giving of written notice by Employer to Employee of
         the termination of this Agreement without Cause, provided, however,
         that, within ten (10) calendar days after such notice, Employer must
         tender the Separation Payment to Employee;

                  (f) the giving of written notice by Employee to Employer
         upon a material breach of this Agreement by Employer, which material
         breach remains uncured for a period of thirty (30) days after the
         giving of such notice, provided, however, that, within ten (10) days
         after the expiration of such cure period without the cure having been
         effected, Employer must tender the Separation Payment to Employee; or

                  (g) at Employee's sole election in writing as provided in
         Paragraph 17 of this Agreement, after both a Change of Control and as
         a result of Good Reason, provided, however, that, within ten (10)
         calendar days after Employer's receipt of Employee's written
         election, Employer must tender the Separation Payment to Employee.

In the event of a termination of this Agreement pursuant to the provisions of
Subparagraph 7(a), (b), (c) or (d), Employer shall not be required to make any
payments to Employee other than payment of Base Salary and vacation pay
accrued but unpaid through the termination date. In the event of a termination
of this Agreement pursuant to the provisions of Subparagraph (e), (f) or (g),
Employee will also be entitled to receive health benefits coverage for
Employee and Employee's dependents under the same plan(s) or arrangement(s)
under which Employee was covered immediately before Employee's termination, or
plan(s) established or arrangement(s) provided by Employer or any of its
Affiliates thereafter. Such health benefits coverage shall be paid for by
Employer to the same extent as if Employee were still employed by Employer,
and Employee will be required to make such payments as Employee would be
required to make if Employee were still employed by Employer. The health
benefits provided under this Paragraph 7 shall continue until the earlier of
(x) the expiration of the period for which the Separation Payment is paid, (y)
the date Employee becomes covered under any other group health plan not
maintained by Employer or any of its Affiliates; provided, however, that if
such other group health plan excludes any pre-existing condition that Employee
or Employee's dependents may have when coverage under such group health plan
would otherwise begin, coverage under this Paragraph 7 shall continue (but not
beyond the period described in clause (x) of this sentence) with respect to
such pre-existing condition until such exclusion under such other group health
plan lapses or expires. In the event Employee is required to make an election
under Sections 601 through 607 of the Employee Retirement Income Security Act
of 1974, as amended (commonly known as COBRA) to qualify for the health
benefits described in this Paragraph 7, the obligations of Employer and its
Affiliates under this Paragraph 7 shall be conditioned upon Employee's timely
making such an election. In the event of a termination of this Agreement
pursuant to any of the provisions of this Paragraph 7, Employee shall not be
entitled to any benefits pursuant to any severance plan in effect by Employer
or any of Employer's Affiliates.

         8. COMPENSATION TO EMPLOYEE. For and in complete consideration of
Employee's full and faithful performance of Employee's duties under this
Agreement, Employer hereby covenants and agrees to pay to Employee, and
Employee hereby covenants and agrees to accept from Employer, the following
items of compensation:

                  (a) BASE SALARY. Employer hereby covenants and agrees to pay
         to Employee, and Employee hereby covenants and agrees to accept from
         Employer, a base salary at the rate of Six Hundred Thousand Dollars
         ($600,000.00) per annum during the Term, payable in such weekly,
         bi-weekly or semi-monthly installments as shall be convenient to
         Employer (the "Base Salary"). Employee's Base Salary shall be
         exclusive of and in addition to any other benefits which Employer, in
         its sole discretion, may make available to Employee, including, but
         not limited to, those benefits described in Subparagraphs 8(b)
         through (e) of this Agreement. Employee's Base Salary shall be
         subject to merit review by Employer's Board of Directors
         periodically, and may be increased, but not decreased, as a result of
         any such review.

                  (b) BONUS COMPENSATION. Employee also will be eligible to
         receive a bonus at such times and in such amounts as Employer's Board
         of Directors, in its sole and exclusive discretion, may determine,
         but in no event shall Employee's bonus for the fiscal year ended
         December 31, 2005 be less than Two Hundred Thousand Dollars
         ($200,000.00). For fiscal year 2006 and thereafter, Employee's bonus
         shall be determined pursuant to the Employer's Section 162
         Performance Based Bonus Plan. Nothing in this Agreement shall limit
         the Board's discretion to adopt, amend or terminate any
         performance-based bonus plan at any time prior to a Change of
         Control.

                  (c) EMPLOYEE BENEFIT PLANS. Employer hereby covenants and
         agrees that it shall include Employee, if otherwise eligible, in any
         profit sharing plan, executive stock option plan, pension plan,
         retirement plan, disability or life insurance plan, medical and/or
         hospitalization plan, and/or any and all other benefit plans which
         may be placed in effect by Employer or any of its Affiliates for the
         benefit of Employer's executives during the Term. Nothing in this
         Agreement shall limit (i) Employer's ability to exercise the
         discretion provided to it under any such benefit plan, or (ii)
         Employer's or its Affiliates' discretion to adopt, amend or terminate
         any such benefit plan, at any time prior to a Change of Control.
         Subject to and effective upon the approval of the Compensation
         Committee of Wynn Resorts, Limited, Employee shall at the earliest
         possible time after the Effective Date be granted 50,000 stock
         options of Wynn Resorts, Limited common stock under the Wynn Resorts,
         Limited 2002 Stock Incentive Plan. Nothing in this Agreement shall
         limit Employer's or any of its Affiliates' ability to exercise the
         discretion provided to it under any employee benefit plan, or to
         adopt, amend or terminate any benefit plan at any time.

                  (d) EXPENSE REIMBURSEMENT. During the Term and provided the
         same are authorized by Employer, Employer shall either pay directly
         or reimburse Employee for Employee's reasonable expenses incurred for
         the benefit of Employer in accordance with Employer's general policy
         regarding expense reimbursement, as the same may be amended, modified
         or changed from time to time. Such reimbursable expenses shall
         include, but are not limited to, (i) reasonable entertainment and
         promotional expenses, (ii) gift and travel expenses, (iii) dues and
         expenses of membership in clubs, professional societies and fraternal
         organizations, and (iv) the like. Prior to reimbursement, Employee
         shall provide Employer with sufficient detailed invoices of such
         expenses as may be required by Employer's expense reimbursement
         policy.

                  (e) VACATIONS AND HOLIDAYS. Commencing as of the Effective
         Date of this Agreement, Employee shall be entitled to (i) annual paid
         vacation leave in accordance with Employer's standard policy, but in
         no event less than four (4) weeks each year of the Term, to be taken
         at such times as selected by Employee and approved by Employer, and
         (ii) paid holidays (or, at Employer's option, an equivalent number of
         paid days off) in accordance with Employer's standard policy.

                  (f) WITHHOLDINGS. All compensation to Employee identified in
         this Paragraph 8 shall be subject to applicable withholdings for
         federal, state or local income or other taxes, Social Security Tax,
         Medicare Tax, State Unemployment Insurance, State Disability
         Insurance, voluntary charitable contributions and the like.

                  (g) Original Hire Date. Employee's Original Hire Date shall
         be used for determining benefits not otherwise set forth in this
         Agreement.

         9.       LICENSING REQUIREMENTS.

                  (a) Employer and Employee hereby covenant and agree that
         this Agreement may be subject to the approval of one or more gaming
         regulatory authorities (the "Gaming Authorities") pursuant to the
         provisions of the applicable gaming regulatory statutes and the
         regulations promulgated thereunder (the "Gaming Laws"). Employer and
         Employee hereby covenant and agree to use their best efforts, at
         Employer's sole cost and expense, to obtain any and all approvals
         required by the Gaming Laws. In the event that (i) an approval of
         this Agreement by the Gaming Authorities is required for Employee to
         carry out his duties and responsibilities set forth in Paragraph 4 of
         this Agreement, (ii) Employer and Employee have used their best
         efforts to obtain such approval, and (iii) this Agreement is not so
         approved by the Gaming Authorities, then this Agreement shall
         immediately terminate and shall be null and void.

                  (b) Employer and Employee hereby covenant and agree that, in
         order for Employee to discharge the duties required under this
         Agreement, Employee may be required to apply for or hold a license,
         registration, permit or other approval as issued by the Gaming
         Authorities pursuant to the terms of the applicable Gaming Laws and
         as otherwise required by this Agreement (the "License"). In the event
         Employee fails to apply for and secure, or the Gaming Authorities
         refuse to issue or renew, or revoke or suspend any required License,
         then Employee, at Employer's sole cost and expense, shall promptly
         defend such action and shall take such reasonable steps as may be
         required to either remove the objections, secure the Gaming
         Authorities' approval, or reinstate the License, respectively. The
         foregoing notwithstanding, if the source of the objections or the
         Gaming Authorities' refusal to renew the License or their imposition
         of disciplinary action against Employee is any of the events
         described in Subparagraph 1(b) of this Agreement, then Employer's
         obligations under this Paragraph 9 shall not be operative and
         Employee shall promptly reimburse Employer upon demand for any
         expenses incurred by Employer pursuant to this Paragraph 9.

                  (c) Employer and Employee hereby covenant and agree that the
         provisions of this Paragraph 9 shall apply in the event Employee's
         duties require that Employee also be licensed by such relevant
         governmental agencies other than the Gaming Authorities.

         10.      CONFIDENTIALITY.

                  (a) Employee hereby warrants, covenants and agrees that
         Employee shall not directly or indirectly use or disclose any
         Confidential Information, Trade Secrets, or Works of Authorship,
         whether in written, verbal, or model form, at any time or in any
         manner, except as required in the conduct of Employer's business or
         as expressly authorized by Employer in writing. Employee shall take
         all necessary and available precautions to protect against the
         unauthorized disclosure of Confidential Information, Trade Secrets,
         or Works of Authorship. Employee acknowledges and agrees that such
         Confidential Information, Trade Secrets, or Works of Authorship are
         the sole and exclusive property of Employer or its Affiliate.

                  (b) Employee shall not remove from Employer's premises any
         Confidential Information, Trade Secrets, Works of Authorship, or any
         other documents pertaining to Employer's or its Affiliate's business,
         unless expressly authorized by Employer in writing. Furthermore,
         Employee specifically covenants and agrees not to make any
         duplicates, copies, or reconstructions of such materials and that, if
         any such duplicates, copies, or reconstructions are made, they shall
         become the property of Employer or its Affiliate upon their creation.

                  (c) Upon termination of Employee's employment with Employer,
         Employee shall turn over to Employer the originals and all copies of
         any and all papers, documents and things, including information
         stored for use in or with computers and software, all files, Rolodex
         cards, phone books, notes, price lists, customer contracts, bids,
         customer lists, notebooks, books, memoranda, drawings, or other
         documents: (i) made, compiled by, or delivered to Employee concerning
         any customer served by Employer or its Affiliate or any product,
         apparatus, or process manufactured, used, developed or investigated
         by Employer; (ii) containing any Confidential Information, Trade
         Secret or Work of Authorship; or (iii) otherwise relating to
         Employee's performance of duties under this Agreement. Employee
         further acknowledges and agrees that all such documents are the sole
         and exclusive property of Employer or its Affiliate.

                  (d) Employee hereby warrants, covenants and agrees that
         Employee shall not disclose to Employer, or any Affiliate, officer,
         director, employee or agent of Employer, any proprietary or
         confidential information or property, including but not limited to
         any trade secret, formula, pattern, compilation, program, device,
         method, technique or process, which Employee is prohibited by
         contract, or otherwise, to disclose to Employer (the "Restricted
         Information"). In the event, Employer requests Restricted Information
         from Employee, Employee shall advise Employer that the information
         requested is Restricted Information and may not be disclosed by
         Employee.

                  (e) The obligations of this Section 10 are continuing and
         shall survive the termination of Employee's employment with Employer.

         11.      RESTRICTIVE COVENANT/NO SOLICITATION.

                  (a) Employee hereby covenants and agrees that, during the
         Term, or for such period as Employee receives cash compensation under
         this Agreement, whichever period is shorter, Employee shall not
         directly or indirectly, either as a principal, agent, employee,
         employer, consultant, partner, member or manager of a limited
         liability company, shareholder of a closely held corporation, or
         shareholder in excess of two percent (2%) of a publicly traded
         corporation, corporate officer or director, or in any other
         individual or representative capacity, engage or otherwise
         participate in any manner or fashion in any gaming business that is
         in competition in any manner whatsoever with the principal business
         activity of Employer or Employer's Affiliates, in or about any market
         in which Employer or Employer's Affiliates have or have publicly
         announced a plan for gaming operations. Employee hereby further
         covenants and agrees that the restrictive covenant contained in this
         Paragraph 11 is reasonable as to duration, terms and geographical
         area and that the same protects the legitimate interests of Employer,
         imposes no undue hardship on Employee, and is not injurious to the
         public.

                  (b) Employee hereby further covenants and agrees that, for
         the period described in Subparagraph 11(a), Employee shall not
         directly or indirectly solicit or attempt to solicit for employment
         any management level employee of Employer or Employer's Affiliates
         with or on behalf of any business that is in competition in any
         manner whatsoever with the principal business activity of Employer or
         Employer's Affiliates, in or about any market in which Employer or
         Employer's Affiliates have or plan gaming or hotel operations.

         12. BEST EVIDENCE. This Agreement shall be executed in original and
"Xerox" or photostatic copies and each copy bearing original signatures in ink
shall be deemed an original.

         13. SUCCESSION. This Agreement shall be binding upon and inure to the
benefit of Employer and Employee and their respective successors and assigns.

         14. ASSIGNMENT. Employee shall not assign this Agreement or delegate
his duties hereunder without the express written prior consent of Employer
thereto. Any purported assignment by Employee in violation of this Paragraph
14 shall be null and void and of no force or effect. Employer shall have the
right to assign this Agreement to any of its Affiliates, provided that this
agreement shall be reassigned to Employer upon a sale of that Affiliate or
substantially all of that Affiliate's assets to an unaffiliated third party,
provided further that, in any event, Employer shall have the right to assign
this Agreement to any successor of Employer that is not an affiliate of
Employer.

         15. AMENDMENT OR MODIFICATION. This Agreement may not be amended,
modified, changed or altered except by a writing signed by both Employer and
Employee.

         16. GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the laws of the jurisdiction where Employer's principal
place of business is located in effect on the Effective Date of this
Agreement.

         17. NOTICES. Any and all notices required under this Agreement shall
be in writing and shall be either hand-delivered or mailed, certified mail,
return receipt requested, addressed to:


         TO EMPLOYER:                       Wynn Resorts, Limited
                                            3131 Las Vegas Boulevard South
                                            Las Vegas, Nevada 89109

         WITH A COPY                        Wynn Resorts, Limited
         THAT SHALL NOT BE                  3131 Las Vegas Boulevard South
         NOTICE TO:                         Las Vegas, Nevada 89109
                                            Attn:  Legal Department

         TO EMPLOYEE:                       John Strzemp
                                            One Hughes Center Drive
                                            #504
                                            Las Vegas, NV  89109

All notices hand-delivered shall be deemed delivered as of the date actually
delivered. All notices mailed shall be deemed delivered as of three (3)
business days after the date postmarked. Any changes in any of the addresses
listed herein shall be made by notice as provided in this Paragraph 17.

         18. INTERPRETATION. The preamble recitals to this Agreement are
incorporated into and made a part of this Agreement; titles of paragraphs are
for convenience only and are not to be considered a part of this Agreement.

         19. SEVERABILITY. In the event any one or more provisions of this
Agreement is declared judicially void or otherwise unenforceable, the
remainder of this Agreement shall survive and such provision(s) shall be
deemed modified or amended so as to fulfill the intent of the parties hereto.

         20. DISPUTE RESOLUTION. Except for equitable actions seeking to
enforce the covenants in Paragraph 10 or 11 of this Agreement, jurisdiction
and venue for which is hereby granted to the court of general trial
jurisdiction in the state and county where Employer's or its applicable
Affiliate's principal place of business is located, any and all claims,
disputes, or controversies arising between the parties regarding any of the
terms of this Agreement or the breach thereof, shall, on the written demand of
either of the parties, be submitted to and be determined by final and binding
arbitration held in the local jurisdiction where Employer's or Employer's
Affiliate's principal place of business is located, in accordance with
Employer's or Employer's Affiliate's arbitration policy governing employment
disputes. This agreement to arbitrate shall be specifically enforceable in any
court of competent jurisdiction.

         21. WAIVER. None of the terms of this Agreement, including this
Paragraph 21, or any term, right or remedy hereunder shall be deemed waived
unless such waiver is in writing and signed by the party to be charged
therewith and in no event by reason of any failure to assert or delay in
asserting any such term, right or remedy or similar term, right or remedy
hereunder.

         22. PAROL. This Agreement constitutes the entire agreement between
Employer and Employee with respect to the subject matter hereto and, except
for any agreement pertaining to the issuance of restricted stock to Employee
by Employer or any of its Affiliates, this Agreement supersedes any prior
understandings, agreements, undertakings or severance policies or plans by and
between Employer or Employer's Affiliates, on the one side, and Employee, on
the other side, with respect to the subject matter hereof or Employee's
employment with Employer or its Affiliates.

         IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND THEREBY, the
parties hereto have executed and delivered this Agreement as of the year and
date first above written.

WYNN RESORTS, LIMITED                               EMPLOYEE


By:      /s/ Marc Schorr                                  /s/ John Strzemp
   -----------------------------------              -------------------------
         Marc Schorr                                      John Strzemp
         Chief Operating Officer


<PAGE>


                 --------------------------------------------

                             EMPLOYMENT AGREEMENT
                                 ("Agreement")

                              - by and between -

                             WYNN RESORTS, LIMITED

                                 ("Employer")

                                    - and -

                                 JOHN STRZEMP
                                 ("Employee")

                 --------------------------------------------

                         DATED: as of August 31, 2005

                 --------------------------------------------
