Ah! The sweet smell of success!

"On December 29, 2004, the Registrant's subsidiary Wynn Las Vegas, LLC entered
into an agreement with the Registrant's Chairman and Chief Executive Officer,
Stephen A. Wynn, for the lease of a villa suite in the Wynn Las Vegas resort
to Mr. Wynn and his wife, Elaine P. Wynn, a director of the Registrant, as
their personal residence. The agreement becomes effective on the earlier of
the date that Mr. and Mrs. Wynn first occupy the suite or the initial opening
of Wynn Las Vegas to the public. Wynn Las Vegas is expected to open to the
public on April 28, 2005. The term of the agreement continues from year to
year unless terminated on at least 90 days' written notice prior to the end of
any lease year, or upon the death of Mr. Wynn. The rental shall be determined
each year by the Audit Committee of the Board of Directors of the Registrant
(the "Audit Committee"), and will be based on the fair market value of the use
of the suite accommodations. The Audit Committee has determined that the
rental for the first lease year will be $580,000.00. All services for, and
maintenance of, the suite are included in the rental, with certain exceptions."