Wynn Las Vegas Fourth Quarter Results

For the quarter ended December 31, 2006, Wynn Las Vegas generated adjusted EBITDA of $101.2 million, a 26.4% increase from the fourth quarter of 2005, with a 32.1% EBITDA margin on net revenue.

Net casino revenues in the fourth quarter of 2006 were $163.7 million, compared to $131.9 million for the fourth quarter of 2005. Table games drop was $515.5 million, with win per table per day (before discounts) of $10,803, compared to drop of $499.5 million and win per table per day of $8,842 in the fourth quarter of 2005. Table games win percentage of 26.3% was above the property's expected range of 20% to 23% and exceeded the 21.3% for the fourth quarter of 2005. Slot machine win per unit per day was $256 on handle (volume) of $1.1 billion in the quarter compared to a win per unit per day of $256 on handle of $882.7 million during the comparable period of 2005. Slot handle increased during the fourth quarter of 2006 as compared to 2005, however, during the fourth quarter of 2006, the slot win percentage was slightly less than the expected range of 5% to 6% while the hold percentage in the fourth quarter of 2005 fell within the normalized range.

Gross non-casino revenues for the quarter were $191.3 million, a 7.6% increase from the fourth quarter of 2005. Hotel revenues were up 3.5% to $66.5 million during the quarter, versus $64.3 million in the fourth quarter of 2005. Wynn Las Vegas achieved an Average Daily Rate (ADR) of $291 for the quarter, compared to $278 in the fourth quarter of 2005. The property's occupancy was 91.6% compared to 92.5% during the prior year period, generating revenue per available room (REVPAR) of $266 in the 2006 period (3.3% higher than in 2005).

Food and beverage revenues increased 14.3% to $73.6 million in the quarter compared to $64.4 million in the fourth quarter of 2005, primarily from increased revenues from Wynn Las Vegas' Tryst nightclub. Retail revenues were $23.7 million in the quarter, compared to $17.3 million in the fourth quarter of 2005, an increase of 36.8%. Entertainment revenues were approximately $14.7 million, compared to $19.5 in the fourth quarter of 2005, a decrease of 25% from 2005 due primarily to the closing of Avenue Q in May 2006.