On August 1, 2008, Palo Real Estate Development Company Limited (“Palo”), Wynn Cotai Holding Company, Ltd. and Cotai Partner, Ltd., each a wholly owned indirect subsidiary of Wynn Resorts, Limited (the “Registrant”), entered into an agreement with an unrelated third party to make a one-time payment in the amount of US$50 million in consideration of the unrelated third party’s relinquishment of certain rights with respect to a portion of approximately 52 acres of land in the Cotai area of Macau. The payment will be made within 15 days after the Government of the Special Administrative Region of the People’s Republic of China publishes Palo’s rights to the land in the government’s official gazette. As previously disclosed by the Registrant, an application for the land has been submitted to the Macau government and is awaiting final government approval.