On a GAAP basis, operating income for our Las Vegas property for the second quarter of 2008 is expected to be in the range of $18 million to $22 million, compared to $63.4 million in the 2007 period. Adjusted property EBITDA (1) is expected to be between $80 million and $84 million for the second quarter of 2008, compared to $115.3 million for the second quarter of 2007. The EBITDA decline is partially attributable to a 20.4% hold percentage in the quarter, which is below the 24.2% reported in the 2007 period and lower than the property's normal range of 21 to 24%.

During the quarter, table games drop decreased 12.1% from the comparable period in 2007 to $493.6 million. Slot machine handle of $852.6 million was 12.7% below the comparable period of 2007.

Wynn Las Vegas achieved an Average Daily Rate (ADR) of $302 for the quarter, compared to $311 in the second quarter of 2007. The property's occupancy was 96.5%, compared to 97.0% during the prior year period, generating revenue per available room (REVPAR) of $292 in the 2008 period (3.0% below the second quarter of 2007).