Wynn Resorts, Limited Reports Third Quarter Results; Wynn Las Vegas Generates EBITDA of $73.2 Million in Its First Full Quarter of Operations

Net Revenues for the quarter were $251.4 million and adjusted netloss (excluding $13.2 million in pre-opening expenses and propertycharges for Wynn Las Vegas, Wynn Macau and Encore) was $1.0 million,or $0.01 per diluted share (adjusted EPS) (1). On a US GAAP (GenerallyAccepted Accounting Principles) basis, net loss was $14.2 million, ora net loss of $0.14 per diluted share.

Wynn Las Vegas

Net gaming revenues in the third quarter of 2005 were $123.0million. Table games drop was $414.6 million, with win per table perday (before discounts) of $7,321 for the period. Table games winpercentage was 21.9%, which is within the property's expected range of18% to 22%. Slot machine win per unit per day was $251 on handle(volume) of $897.1 million.

Gross non-gaming revenues for the period were $164.7 million andnet non-gaming revenues were $128.4 million. Wynn Las Vegas' roomrevenues were $61.4 million. Average daily rate (ADR) was $264 andoccupancy was 93%, generating revenue per available room (REVPAR) of$246 for the period. The food and beverage, retail and entertainmentoperations generated gross revenues of $61.2 million, $16.9 millionand $14.0 respectively.

In the 156 days since its April 28th opening, Wynn Las Vegas hasgenerated property EBITDA of $131.9 million. For the quarter endedSeptember 30, 2005, Wynn Las Vegas generated adjusted EBITDA (2) of$73.2 million during the quarter, representing a 29.1% margin on netrevenues. Operating efficiencies continue to improve as our number offull time equivalent employees has decreased from an average of 9,600in the second quarter to an average of 8,200 in the third quarter.

On August 27, 2005, Avenue Q, the 2004 Tony Award winning musical,opened at Wynn Las Vegas. Avenue Q is currently performing ten showsper week in our Broadway Theater. Performance of our Le Reve show hasimproved and we have increased the number of weekly performances forLe Reve from five at opening to six in June. Beginning October 1st, LeReve started performing ten times per week in our Wynn Theater.

Steve Wynn, Chairman and Chief Executive Officer of Wynn Resortscommented, "Our property's performance in the past six months is asource of gratification for all of us, and all the credit goes to theemployees of Wynn Las Vegas who have managed the challenge of openingthat very special property and revealing the beginning of itsextraordinary potential. We continue the intense planning of thedevelopment of our enormous real estate assembly in the center of LasVegas and the preparation of Wynn Macau's opening."

Wynn Macau

In June 2004, the Company broke ground on Wynn Macau, itsdestination casino resort in Macau, China. The first phase of theproject will utilize approximately 11 of a total site area of 16 acresof land and includes 600 hotel rooms and suites, approximately 100,000square feet of casino gaming space, seven restaurants, approximately26,000 square feet of retail space, a spa, a salon, entertainmentlounges and meeting facilities. We expect the first phase to open tothe public in the third quarter of 2006. The second phase will includean additional 92,000 square feet of casino space, a restaurant, atheater, and a dramatic front feature attraction. The second phasewill be built on the remaining five acres of the Wynn Macau site andwill be integrated into the first phase of Wynn Macau. The secondphase is expected to be completed and open to the public by the thirdquarter of 2007.

Construction of Wynn Macau is progressing on schedule and withinbudget. The building is topped off and the curtain wall and theplacement of roof steel are nearly complete. Work relating toexcavation and footings of the second phase has begun, and that workis progressing as planned. As of September 30, 2005, the Company hadfunded approximately $308.6 million of a total project budget ofapproximately $1.1 billion, with approximately $777.0 million to bespent to complete Wynn Macau.

On September 14, 2005, the Company announced the completion of anincrease and amendment of Wynn Resorts (Macau) SA's senior securedfinancing to include financing for the second phase of Wynn Macau. Thesenior secured financing for the project was increased from US$397 toUS$764 million. The new financing is comprised of US$729 million ofterm loan facilities, a HK$156 million (approximately US$20 million)term loan facility, and a HK$117 million (approximately US$15 million)revolving credit facility. The term loan facilities mature inSeptember 2011, with the revolving credit facility maturing inSeptember 2007.

Encore at Wynn Las Vegas

We continue to evaluate Encore as part of our overall master planfor the Company's substantial real estate holdings on the Las VegasStrip. As a result, the Company has refined Encore to feature anapproximately 2,000-room hotel tower consisting of approximately 150suites and 1,850 guest rooms, fully integrated with Wynn Las Vegas.Encore also is expected to include additional casino space,entertainment venues, restaurants, nightclubs, swimming pools, a spaand salon, convention and meeting space, and retail outlets. Once theCompany has finalized the budget and plans for Encore, it will seekthe necessary approvals from its Board of Directors and lenders. TheCompany expects Encore to open in the second half of 2008.

Other Factors Affecting Earnings

Interest expense, net of $3.3 million in capitalized interest, was$34.9 million for the third quarter of 2005. Depreciation andamortization expenses were $37.9 million, and pre-opening expenses,primarily related to Wynn Macau, totaled $7.1 million during thequarter. Corporate expense in the period was $8.5 million.

Balance Sheet and Capital Expenditures

Total cash balance at the end of the quarter was $989.9 million,including unrestricted cash balances of $552.9 million and restrictedcash balances of $437.0 million. Total debt outstanding at the end ofthe quarter was $2.1 billion including $250 million of ConvertibleDebentures. Capital expenditures, net of changes in constructionpayables and retention, during the third quarter of 2005 totaled$179.7 million, of which $56.6 million was related to Wynn Macau.

Conference Call Information

The company will hold a conference call to discuss the Company'sresults on Thursday, November 3, 2005 at 7:30 a.m. PT (10:30 p.m. ET).Interested parties are invited to join the call by accessing a liveaudio webcast at http://www.wynnresorts.com (Investor Relations).

Forward-looking Statements

This release contains forward-looking statements regardingoperating trends and future results of operations. Suchforward-looking information involves important risks and uncertaintiesthat could significantly affect anticipated results in the future and,accordingly, such results may differ from those expressed in anyforward-looking statements made by us. The risks and uncertaintiesinclude, but are not limited to, competition in the casino/hotel andresorts industries, the Company's brief operating history, theCompany's dependence on existing management, levels of travel, leisureand casino spending, general domestic or international economicconditions, and changes in gaming laws or regulations. Additionalinformation concerning potential factors that could affect theCompany's financial results are included in the Company's AnnualReport on Form 10-K for the year ended December 31, 2004 and theCompany's other periodic reports filed with the Securities andExchange Commission. The Company is under no obligation to (andexpressly disclaims any such obligation to) update its forward-lookingstatements as a result of new information, future events or otherwise.

Non-GAAP financial measures:

(1) Adjusted earnings and adjusted EPS are presented exclusivelyas a supplemental disclosure because management believes that thesefinancial measures are widely used to measure the performance, and asa principal basis for valuation, of gaming companies. These measureare considered by many to be a better indicator on which to baseexpectations of future results than income computed in accordance withgenerally accepted accounting principles ("GAAP"). Reconciliations ofnet loss and net loss per share to adjusted earnings and adjusted EPSper share are included in the financial schedules accompanying thisrelease.

(2) Adjusted EBITDA is earnings before interest, taxes,depreciation, amortization, pre-opening, property charges andcorporate expenses, losses on sales of assets, losses from incidentaloperations, and other non operating income and expenses. Managementuses adjusted EBITDA as the primary measure of the operatingperformance of Wynn Las Vegas and to compare the operating performanceof its properties with those of its competitors.

This information should not be considered as an alternative to anymeasure of performance as promulgated under accounting principlesgenerally accepted in the United States, such as operating income, netincome, or net cash provided by operating activities.

Wynn Resorts' calculation of adjusted earnings, adjusted EPS andadjusted EBITDA may be different from the calculation methods used byother companies and, therefore, comparability may be limited. Thecompany has included schedules in the tables that accompany thisrelease that: (1) reconcile EBITDA to operating income and net income;and (2) reconcile net income to adjusted net income.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
(unaudited)


Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2005 2004 2005 2004
-------- -------- -------- --------
Operating revenues:
Casino $123,049 $ - $221,764 $ -
Rooms 61,393 - 106,026 -
Food and beverage 61,211 - 109,266 -
Entertainment, retail and
other 42,057 1 76,716 195
-------- -------- -------- --------
Gross revenues 287,710 1 513,772 195
Less promotional allowances (36,269) - (61,203) -
-------- -------- -------- --------
Net revenues 251,441 1 452,569 195

Operating costs and expenses:
Casino 53,388 - 95,668 -
Rooms 16,120 - 27,900 -
Food and beverage 42,477 - 76,184 -
Entertainment, retail and
other 28,699 (7) 48,966 68
General and administrative 44,814 5 75,827 297
Provision for doubtful
accounts 2,043 - 10,642 -
Pre-opening costs 7,147 21,525 88,616 52,543
Depreciation and
amortization 37,886 1,904 67,505 3,727
Property charges and other 6,052 788 6,161 1,300
-------- -------- -------- --------
Total operating costs
and expenses 238,626 24,215 497,469 57,935

Equity in income from
unconsolidated affiliates 463 - 714 -
-------- -------- -------- --------

Operating income (loss) 13,278 (24,214) (44,186) (57,740)
-------- -------- -------- --------

Other income/(expense):
Interest income 7,467 1,844 20,632 4,975
Interest expense, net (34,935) (336) (63,425) (533)
Loss on early
extinguishment of debt - - - (25,628)
-------- -------- -------- --------
Other income
(expense), net (27,468) 1,508 (42,793) (21,186)
-------- -------- -------- --------

Minority interest - - - 1,054
-------- -------- -------- --------

Net loss (14,190) (22,706) (86,979) (77,872)

Change in fair value of
interest rate swaps 6,146 (8,925) 8,033 (2,938)
-------- -------- -------- --------

Comprehensive loss $ (8,044) $(31,631) $(78,946) $(80,810)
======== ======== ======== ========

Basic and diluted earnings per
common share:
Net loss:
Basic $ (0.14) $ (0.26) $ (0.89) $ (0.92)
Diluted $ (0.14) $ (0.26) $ (0.89) $ (0.92)
Weighted average common
shares outstanding:
Basic 98,472 88,063 98,245 84,543
Diluted 98,472 88,063 98,245 84,543


WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET LOSS AND NET LOSS PER SHARE TO ADJUSTED NET LOSS
AND NET LOSS PER SHARE
(Unaudited)


Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2005 2004 2005 2004
-------- -------- -------- --------


Net loss $(14,190) $(22,706) $(86,979) $(77,872)
Pre-opening costs 7,147 21,525 88,616 52,543
Property charges and other 6,052 788 6,161 1,300
Adjusted Net Income (991) (393) 7,798 (24,029)

Per diluted share of common
stock
Net loss: $ (0.14) $ (0.26) $ (0.89) $ (0.92)
Pre-opening costs 0.07 0.24 0.90 0.62
Property charges and other 0.06 0.01 0.06 0.02
Adjusted Net Income (0.01) (0.00) 0.08 (0.28)

Weighted average common shares
outstanding
shares outstanding:
Basic 98,472 88,063 98,245 84,543
Diluted 98,472 88,063 98,245 84,543

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
(In thousands, except per share data)
(Unaudited)


Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2005 2004 2005 2004
-------- -------- -------- --------

Net loss $(14,190) $(22,706) $(86,979) $(77,872)

Add/(Deduct):
Minority interest - - - (1,054)

Interest income (7,467) (1,844) (20,632) (4,975)
Interest expense, net 34,935 336 63,425 533
Loss on early
extinguishment of debt - - - 25,628
-------- -------- -------- --------

Total 27,468 (1,508) 42,793 21,186
-------- -------- -------- --------

Operating Income/(loss) 13,278 (24,214) (44,186) (57,740)

Add:
Preopening expenses:
Wynn Las Vegas 1,541 11,356 67,427 26,612
Wynn Macau 5,606 2,403 12,205 6,550
Corporate and other - 7,766 8,984 19,381
Depreciation and
amortization:
Wynn Las Vegas 35,614 870 61,182 2,291
Wynn Macau 1,526 357 4,460 357
Corporate and other 746 677 1,863 1,079
Property charges and other:
Wynn Las Vegas 5,939 - 5,939 -
Wynn Macau - - - -
Corporate and other 113 788 222 1,300
Corporate expenses and other 8,842 - 13,844 -
-------- -------- -------- --------

Total 59,927 24,217 176,126 57,570
-------- -------- -------- --------

Wynn Las Vegas adjusted
EBITDA (1) $ 73,205 $ 3 $131,940 $ (170)
======== ======== ======== ========

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE


Three Months Ended
September 30, 2005
----------------------
Room Statistics for Wynn Las Vegas:
Occupancy % 93.0%
Average Daily Room Rate (ADR)(1) 264
Average Paying Rate (APR)(2) 252
Revenue per available room (REVPAR)(3) 246

Other information:
Table games win per unit per day(4) 7,321
Table Hold % 21.9%
Slot Machine win per unit per day(5) 251
Average number of table games 135
Average number of slot machines 1,956

(1) ADR is Average Daily Rate and is calculated by dividing total room
revenue by total rooms occupied.

(2) APR is Average Paying Rate and is calculated by dividing cash room
revenue by cash rooms occupied.

(3) REVPAR is Revenue per Available Room and is calculated by dividing
total room revenue by total rooms available.

(4) Table games win per unit per day shown before discounts and
commissions.

(5) Slot machine win per unit per day.