(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yesx No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

~~Large accelerated filer~~ x ~~Accelerated filer~~ ¨ ~~Non-accelerated filer~~ ¨ ~~Smaller reporting company~~ ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


	September 30, 2012			December 31, 2011			March 31, 2013			December 31, 2012
ASSETS
Current assets:
Cash and cash equivalents	$	2,330,937		$	1,262,587		$	2,056,705		$	1,725,219
Investment securities		198,897			122,066			96,648			138,887
Receivables, net		213,322			238,490			243,578			238,573
Inventories		65,531			72,061			67,909			63,799
Prepaid expenses and other		32,597			31,248			39,664			35,900

Total current assets		2,841,284			1,726,452			2,504,504			2,202,378
Property and equipment, net		4,697,692			4,865,332			4,723,083			4,727,899
Restricted cash and investment securities		193,206			91,501			102,621			140,334
Intangibles, net		32,410			35,751			30,183			31,297
Deferred financing costs, net		73,658			50,372			68,400			71,189
Deposits and other assets		113,883			125,712			103,421			99,227
Investment in unconsolidated affiliates		4,094			4,376			3,714			4,270

Total assets	$	7,956,227		$	6,899,496		$	7,535,926		$	7,276,594

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts and construction payables	$	186,645		$	171,608		$	200,670		$	164,858
Current portion of long-term debt		1,400			407,934			1,050			1,050
Current portion of land concession obligation		27,248			13,425			27,895			27,937
Customer deposits		595,243			576,011			633,230			544,649
Gaming taxes payable		169,282			177,504			188,036			163,092
Accrued compensation and benefits		96,655			78,717			79,805			75,962
Accrued interest		71,783			49,989			51,158			100,562
Other accrued liabilities		49,939			94,642			47,212			44,244
Construction retention		2,346			4,471			1,657			3,826
Deferred income taxes, net		3,536			3,575			3,178			3,178
Income taxes payable		1,480			2,017			575			2,019

Total current liabilities		1,205,557			1,579,893			1,234,466			1,131,377
Long-term debt		5,781,471			2,809,785			5,781,181			5,781,770
Land concession obligation		90,303			103,854			76,072			76,186
Other long-term liabilities		122,878			128,216			131,294			137,830
Deferred income taxes, net		36,718			54,294			38,237			45,499

Total liabilities		7,236,927			4,676,042			7,261,250			7,172,662

Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding		—			—			—			—
Common stock, par value $0.01; 400,000,000 shares authorized; 113,400,866 and 137,937,088 shares issued; 100,537,136 and 125,080,998 shares outstanding		1,134			1,379
Treasury stock, at cost; 12,863,730 and 12,856,090 shares		(1,127,947	)		(1,127,036	)
Common stock, par value $0.01; 400,000,000 shares authorized; 113,794,842 and 113,730,442 shares issued; 100,910,137 and 100,866,712 shares outstanding								1,138			1,137
Treasury stock, at cost; 12,884,705 and 12,863,730 shares								(1,130,408	)		(1,127,947	)
Additional paid-in capital		1,257,958			3,177,471			822,249			818,821
Accumulated other comprehensive income		3,625			840			2,382			4,177
Retained earnings		276,565			36,368			147,612			44,775

Total Wynn Resorts, Limited stockholders’ equity		411,335			2,089,022
Total Wynn Resorts, Limited stockholders’ deficit								(157,027	)		(259,037	)
Noncontrolling interest		307,965			134,432			431,703			362,969

Total equity		719,300			2,223,454			274,676			103,932

Total liabilities and stockholders’ equity	$	7,956,227		$	6,899,496		$	7,535,926		$	7,276,594

The accompanying notes are an integral part of these condensed consolidated financial statements.

~~The accompanying notes are an integral part of these condensed consolidated financial statements.~~

Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, “Wynn Resorts” or the “Company”)~~, was formed in June 2002 and completed an initial public offering of its common stock on October 25, 2002.~~

In June 2002, the Company’s indirect subsidiary, Wynn Resorts (Macau), S.A. (“Wynn Macau, S.A.”), entered into an agreement with the government of the Macau Special Administrative Region of the People’s Republic of China (“Macau”), granting Wynn Macau, S.A. the right to construct and operate one or more casino gaming properties in Macau. Wynn Macau, S.A.’s first casino resort in Macau is hereinafter referred to as “Wynn Macau.”

~~The Company~~ currently owns and operates casino hotel resort properties in Las Vegas, Nevada and Macau. ~~In Las Vegas, Nevada,~~

Our Macau operations consist of a resort destination casino located in the ~~Company owns Wynn Las Vegas, which opened on April 28, 2005~~Macau Special Administrative Region of the People’s Republic of China featuring two luxury hotel towers with a total of 1,008 spacious rooms and ~~was expanded with the opening~~suites, approximately 275,000 square feet of ~~Encore at Wynn Las Vegas on December 22, 2008 (“Wynn Las Vegas” or the “Las Vegas Operations”). In Macau, the Company owns Wynn Macau, which opened on September 6, 2006~~casino space, casual and ~~was expanded with the opening~~fine dining in eight restaurants, approximately 57,000 square feet of ~~Encore at Wynn Macau on April 21, 2010 (“Wynn Macau” or the “Macau Operations”).~~retail space, recreation and leisure facilities, including two health clubs and spas and a pool.

In October 2009, Wynn Macau, Limited, an indirect wholly owned subsidiary of the Company, ~~and the developer, owner and operator of Wynn Macau,~~ listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited. Through an initial public offering, including the over allotment, Wynn Macau, Limited sold 1,437,500,000 shares (27.7%) of ~~its~~this subsidiary’s common stock.

Our Las Vegas operations feature two luxury hotel towers with a total of 4,748 spacious hotel rooms, suites and villas, approximately 186,000 square feet of casino space, 35 food and beverage outlets featuring signature chefs, an on-site 18-hole golf course, approximately 284,000 square feet of meeting and convention space, a Ferrari and Maserati dealership, approximately 95,000 square feet of retail space as well as two showrooms; three nightclubs and a beach club.

The accompanying condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Investments in the 50%-owned joint ventures operating the Ferrari and Maserati automobile dealership and the Brioni mens’ retail clothing store inside Wynn Las Vegas are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements for the previous periods have been reclassified to be consistent with the current period presentation. These reclassifications had no effect on the previously reported net income.

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the results for the interim periods have been made. The results for the three ~~and nine~~ months ended ~~September 30, 2012,~~March 31, 2013, are not necessarily indicative of results to be expected for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2011.~~2012.

Cash and cash equivalents are comprised of highly liquid investments with purchase maturities of three months or less. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents of ~~$1.7 billion~~$968.7 million and ~~$545~~$969.2 million at ~~September 30, 2012~~March 31, 2013 and December 31, ~~2011,~~2012, respectively, were invested in time

deposits, money market accounts and commercial paper. In addition, the Company held bank deposits and cash on hand of approximately ~~$638~~$1,088 million and ~~$717.5~~$756 million as of ~~September 30, 2012~~March 31, 2013 and December 31, ~~2011,~~2012, respectively.

Restricted cash consists primarily of certain proceeds of the Company’s financing activities that are restricted by the agreements governing the Company’s debt instruments for the payment of certain Cotai related construction and development costs. Restricted cash balances totaled approximately ~~$151.8~~$59.6 million and $99.2 million at ~~September 30,~~March 31, 2013 and December 31, 2012, respectively; substantially all of which were invested in time deposits. ~~There was no restricted cash at December 31, 2011.~~

Investment securities consist of short-term and long-term investments in domestic and foreign corporate debt securities and commercial paper. The Company’s investment policy limits the amount of exposure to any one issuer with the objective of minimizing the potential risk of principal loss. Management determines the appropriate classification (held-to-maturity/available-for-sale) of its securities at the time of purchase and reevaluates such designation as of each balance sheet date. The Company’s current investments are reported at fair value, with unrealized gains and losses, net of tax, reported in other comprehensive income. Adjustments are made for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in interest income together with ~~realized gains and losses and~~ the stated interest on such securities.

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino accounts receivable. The Company issues credit in the form of “markers” to approved casino customers following investigations of creditworthiness. At ~~September 30, 2012~~March 31, 2013 and December 31, ~~2011,~~2012, approximately ~~79%~~85% and 84%, respectively, of the Company’s markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in these countries could affect the collectibility of such receivables.

Accounts receivable, including casino and hotel receivables, are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems them to be ~~uncollectible.~~uncollectible or after two years, whichever period is shorter. Recoveries of accounts previously written off are recorded when received. An allowance for doubtful accounts is maintained to reduce the Company’s receivables to their estimated carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts as well as management’s experience with collection trends in the casino industry and current economic and business conditions. In June 2012, the Company recorded an adjustment to its reserve estimates for casino accounts receivable based on the results of historical collection patterns and current collection trends. For the nine months ended September 30, 2012, this adjustment benefitted operating income by $30.9 million and net income attributable to Wynn Resorts, Limited by $23.3 million (or $0.22 per share on a fully diluted basis).

Inventories consist of retail, food and beverage items, which are stated at the lower of cost or market value, and certain operating supplies. Cost is determined by the first-in, first-out, average and specific identification methods.

Based on the Board of Directors’ finding of “unsuitability,” on February 18, 2012, the Company redeemed and cancelled Aruze USA, Inc.’s 24,549,222 shares of Wynn Resorts’ common stock. On February 18, 2012, the Company issued a subordinated Redemption Price Promissory Note (the “Redemption Note”) with a principal amount of approximately $1.94 billion in redemption of all of the shares of Wynn Resorts common stock held by Aruze USA, Inc.

The Company recorded the fair value of the Redemption Note at its estimated present value of approximately $1.94 billion in accordance with applicable accounting guidance. In determining this fair value,

the Company considered the stated maturity of the Redemption Note, its stated interest rate, and the uncertainty of the related cash flows of the Redemption Note as well as the potential effects of the following: uncertainties surrounding the potential outcome and timing of pending litigation with Aruze USA, Inc. and its affiliates (see Note 15—“Commitments and Contingencies”); the outcome of on-going investigations by the Nevada Gaming Control Board; and other potential legal and regulatory actions. In addition, in the furtherance of various future business objectives, the Company considered its ability, at its sole option, to prepay the Redemption Note at any time in accordance with its terms without penalty. Accordingly, the Company reasonably determined that the estimated life of the Redemption Note could be less than the contractual life of the Redemption Note. When considering the appropriate rate of interest to be used to determine fair value for accounting purposes and in light of the uncertainty in the timing of the cash flows, the Company used observable inputs from a range of trading values of financial instruments with terms and lives similar to the estimated life and terms of the Redemption Note. As a result of this analysis, the Company concluded the Redemption Note’s stated rate of 2% approximated a market rate. For more information on the redemption and ongoing litigation, please see Note 15—“Commitments and Contingencies.”

Casino revenues are measured by the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs and for chips in the customers’ possession. Cash discounts, other cash incentives related to casino play and commissions rebated through junkets to customers are recorded as a reduction to casino revenue. Hotel, food and beverage, entertainment and other operating revenues are recognized when services are performed. Entertainment, retail and other revenue includes rental income which is recognized on a time proportion basis over the lease term. Contingent rental income is recognized when the right to receive such rental income is established according to the lease agreements. Advance deposits on rooms and advance ticket sales are recorded as customer deposits until services are provided to the customer.

Revenues are recognized net of certain sales incentives which are required to be recorded as a reduction of revenue; consequently, the Company’s casino revenues are reduced by discounts and commissions, and points earned in the player’s club loyalty program.

The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The estimated cost of providing such promotional allowances is primarily included in casino expenses as follows (amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended March 31,
	2012		2011		2012		2011		2013		2012
Rooms	$	13,647	$	13,080	$	39,845	$	39,169	$	13,056	$	13,394
Food and beverage		26,188		26,356		80,271		77,551		27,764		28,394
Entertainment, retail and other		4,803		4,188		13,498		12,509		3,558		4,718

	$	44,638	$	43,624	$	133,614	$	129,229	$	44,378	$	46,506

The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are an assessment on the Company’s gaming revenue and are recorded as an expense within the “Casino” line item in the accompanying Condensed Consolidated Statements of Income. These taxes totaled approximately ~~$448.6~~$481.2 million and ~~$472.9~~$464.5 million for the three months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011, respectively. These taxes totaled approximately $1,356.2 million and $1,383.7 million for the nine months ended September 30, 2012 and 2011,~~ respectively.

The Company expenses advertising costs the first time the advertising takes place and such costs are primarily included in general and administrative expenses. ~~Advertising costs were $5.5 million for both~~For the three months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011. These~~advertising costs totaled approximately ~~$16.8~~$6.3 million and ~~$12.9~~$4.7 million, ~~for the nine months ended September 30, 2012 and 2011,~~ respectively.

The Company measures certain of its financial assets and liabilities, such as cash equivalents, available-for-sale securities and interest rate swaps, at fair value on a recurring basis pursuant to accounting standards for fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These accounting standards establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2,

defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table presents assets and liabilities carried at fair value (amounts in thousands):


			Fair Value Measurements Using:								Fair Value Measurements Using:
	Total Carrying Value		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Carrying Value		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
As of September 30, 2012
As of March 31, 2013
Cash equivalents	$	1,692,901	$	908,046	$	784,855	$	—	$	968,712	$	147,432	$	821,280	$	—
Restricted cash and available-for-sale securities	$	392,103	$	151,776	$	240,327	$	—	$	199,269	$	—	$	199,269	$	—
Redemption Price Promissory Note									$	1,936,443	$	—	$	1,936,443	$	—
Interest rate swaps									$	790	$	—	$	790	$	—

As of December 31, 2011
As of December 31, 2012
Cash equivalents	$	545,045	$	363,104	$	181,941	$	—	$	969,166	$	80,434	$	888,732	$	—
Restricted cash and available-for-sale securities									$	279,221	$	—	$	279,221	$	—
Redemption Price Promissory Note									$	1,936,443	$	—	$	1,936,443	$	—
Interest rate swaps	$	7,298	$	—	$	7,298	$	—	$	3,938	$	—	$	3,938	$	—
Available-for-sale securities	$	213,567	$	—	$	213,567	$	—

As of March 31, 2013 and December 31, 2012, approximately 98% and 77% of the Company’s cash equivalents categorized as Level 2 were deposits held in foreign currencies, respectively.

In ~~July 2012,~~February 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the presentation requirements for reclassifications out of accumulated other comprehensive income. The amendment would require an entity to present amounts reclassified out of accumulated other comprehensive income by component either on the face of the statement where net income is presented or in the notes. This update is effective prospectively for reporting periods beginning after December 15, 2012. The Company has adopted this update; see Note 4—“Accumulated Other Comprehensive Income.”

In July 2012, the FASB issued an accounting standards update that is intended to simplify the guidance for testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill. The update allows for the consideration of qualitative factors in determining whether it is necessary to perform quantitative impairment tests. The effective date for this update is for the years and interim impairment tests performed for years beginning after September 15, 2012. ~~This~~The adoption of this update isdid not ~~expected to~~ have a material impact on the Company’s financial statements.

Basic earnings per share (“EPS”) is computed by dividing net income attributable to Wynn Resorts by the weighted average number of shares outstanding during the period. Diluted EPS reflects the addition of potentially dilutive securities, which for the Company ~~include~~includes stock options and nonvested stock. ~~The weighted average common~~For the three months ended March 31, 2013, basic and diluted EPS was based on 100.2 million shares ~~outstanding decreased~~and 101.4 million shares, respectively, compared to 112.7 million shares and 114 million shares for basic and diluted EPS, respectively, for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2012, largely due to the redemption ~~and cancellation~~ of ~~24,549,222 common~~Aruze USA, Inc.’s 24.5 million shares on February 18, 2012, ~~from a former stockholder and related party~~ as described in ~~Notes 9 and~~Note 15.

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (amounts in ~~thousands)~~thousands, except per share data):


	Three Months Ended March 31,
	2013		2012
Weighted average common shares outstanding (used in calculation of basic earnings per share)		100,237		112,704
Potential dilution from the assumed exercise of stock options and nonvested stock		1,136		1,304

Weighted average common and common equivalent shares outstanding (used in calculation of diluted earnings per share)		101,373		114,008

Anti-dilutive stock options excluded from the calculation of diluted earnings per share		659		535

Net income attributable to Wynn Resorts, Ltd.	$	202,963	$	140,564

Net income attributable to Wynn Resorts, Ltd. per common share, basic	$	2.02	$	1.25

Net income attributable to Wynn Resorts, Ltd. per common share, diluted	$	2.00	$	1.23

The following table presents the changes by component, net of tax and noncontrolling interest, in Accumulated Other Comprehensive Income of the Company (amounts in thousands):

Interest paid for the three months ended March 31, 2013 and 2012 totaled approximately $121.4 million and $60.6 million, respectively. The increase in interest paid during the three months ended March 31, 2013 is due to the issuance of the Redemption Note and other indebtedness incurred during 2012. Capitalized interest was $1.3 million and $0.2 million for the three months ended March 31, 2013 and 2012, respectively.

For the three months ended March 31, 2013 and 2012, capital expenditures included an increase of $27.6 million and a decrease of $4.1 million, respectively, in construction payables and retention.

In February 2012, the Company redeemed and cancelled 24,549,222 shares of common stock from a former stockholder and related party with the issuance of athe $1.94 billion ~~promissory note~~Redemption Note due in 2022. For details of this transaction see Notes 9 and 15.

Interest paid for the nine months ended September 30, 2012 and 2011, totaled approximately $179.9 million and $177.2 million, respectively. Capitalized interest was $1 million for the nine months ended September 30, 2012. No interest was capitalized during the nine months ended September 30, 2011.

~~For the nine months ended September 30, 2012 and 2011, capital expenditures included an increase of $6.9 million and $16.8 million, respectively, in construction payables and retention.~~


	Available-for-sale securities									Available-for-sale securities
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value (net carrying amount)		Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value (net carrying amount)
September 30, 2012
March 31, 2013
Domestic and foreign corporate bonds	$	205,997	$	140	$	(496	)	$	205,641	$	117,609	$	111	$	(249	)	$	117,471
Commercial paper		34,688		8		(10	)		34,686		22,200		9		—			22,209

	$	240,685	$	148	$	(506	)	$	240,327	$	139,809	$	120	$	(249	)	$	139,680


December 31, 2011
December 31, 2012
Domestic and foreign corporate bonds	$	196,986	$	20	$	(2,070	)	$	194,936	$	161,631	$	94	$	(369	)	$	161,356
Commercial paper		18,651		1		(21	)		18,631		18,704		4		(5	)		18,703

	$	215,637	$	21	$	(2,091	)	$	213,567	$	180,335	$	98	$	(374	)	$	180,059

For investments with unrealized losses as of ~~September 30, 2012~~March 31, 2013 and December 31, ~~2011,~~2012, the Company has determined that (i) it does not have the intent to sell any of these investments, and (ii) it is not likely that the Company will be required to sell these investments prior to the recovery of the amortized cost. Accordingly, the Company has determined that no other-than-temporary impairments exist at the reporting date.

The Company obtains pricing information in determining the fair value of its available-for-sale securities from independent pricing vendors. Based on management’s inquiries, the pricing vendors use various pricing models consistent with what other market participants would use. The assumptions and inputs used by the pricing

vendors are derived from market observable sources including: reported trades, broker/dealer quotes, issuer spreads, benchmark curves, bids, offers and other market-related data. Each quarter, the Company validates the fair value pricing methodology to determine ~~the fair value consistent~~its consistency with applicable accounting guidance and to confirm that the securities are classified properly in the fair value hierarchy. The Company compares the pricing received from its vendors to independent sources for the same or similar securities and no adjustment to such prices have resulted.

The amortized cost and estimated fair value of these investment securities at ~~September 30, 2012,~~March 31, 2013, by contractual maturity, are as follows (amounts in thousands):


	Amortized cost		Fair value		Amortized cost		Fair value
Available-for-sale securities:
Due in one year or less	$	199,066	$	198,897	$	96,650	$	96,648
Due after one year through two years		41,619		41,430		43,159		43,032

	$	240,685	$	240,327	$	139,809	$	139,680


	September 30, 2012			December 31, 2011			March 31, 2013			December 31, 2012
Casino	$	245,774		$	264,034		$	282,888		$	275,302
Hotel		15,376			20,790			16,124			18,227
Retail leases and other		48,482			45,520			49,389			47,257

		309,632			330,344			348,401			340,786
Less: allowance for doubtful accounts		(96,310	)		(91,854	)		(104,823	)		(102,213	)

	$	213,322		$	238,490		$	243,578		$	238,573


	September 30, 2012			December 31, 2011			March 31, 2013			December 31, 2012
Land and improvements	$	732,136		$	730,335		$	732,209		$	732,209
Buildings and improvements		3,796,697			3,777,612			3,842,232			3,837,215
Airplanes		77,436			77,436			135,040			135,392
Furniture, fixtures and equipment		1,638,682			1,655,655			1,649,795			1,646,506
Leasehold interests in land		316,577			316,437			316,196			316,658
Construction in progress		101,589			28,477			182,440			110,490

		6,663,117			6,585,952			6,857,912			6,778,470
Less: accumulated depreciation		(1,965,425	)		(1,720,620	)		(2,134,829	)		(2,050,571	)

	$	4,697,692		$	4,865,332		$	4,723,083		$	4,727,899

~~On March 12, 2012, Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. (together the “Issuers”) issued, in a private offering, $900 million aggregate principal amount of 5~~³/₈% First Mortgage Notes due 2022 (the “2022 Notes”) pursuant to an Indenture, dated as of March 12, 2012 (the “2022 Indenture”). A portion of the proceeds were used to repay all amounts outstanding under the Wynn Las Vegas term loan facilities. In October 2012, the Issuers commenced an offer to exchange all of the 2022 Notes for notes registered under the Securities Act of 1933, as amended. The exchange offer closed on November 6, 2012.

~~The 2022 Notes will mature on March 15, 2022 and bear interest at the rate of 5~~³/₈% per annum. The Issuers may redeem all or a portion of the 2022 Notes at any time on or after March 15, 2017, at a premium decreasing ratably to zero, plus accrued and unpaid interest. In addition, prior to March 15, 2015, the Issuers may redeem up to 35% of the aggregate principal amount of the 2022 Notes with the net proceeds of one or more qualified equity

contributions made to the Issuers by their parent, Wynn Resorts, Limited. If the Issuers undergo a change of control, they must offer to repurchase the 2022 Notes at 101% of the principal amount, plus accrued and unpaid interest. If the Issuers sell certain assets or suffer an event of loss, and the Issuers do not use the sale or insurance proceeds for specified purposes, they must offer to repurchase the 2022 Notes at 100% of the principal amount, plus accrued and unpaid interest. The 2022 Notes are also subject to mandatory redemption requirements imposed by gaming laws and regulations of gaming authorities in Nevada.

As described in Note 15 of the Condensed Consolidated Financial Statements, Elaine Wynn has submitted a cross claim against Steve Wynn and Kazuo Okada. The indentures for the Wynn Las Vegas, LLC 2022 Notes and Existing Notes (the “Indentures”) provide that if Steve Wynn, together with certain related parties, in the aggregate beneficially owns a lesser percentage of the outstanding common stock of the Company than are beneficially owned by any other person, a change of control will have occurred. If Elaine Wynn prevails in her cross claim, Steve Wynn would not beneficially own or control Elaine Wynn’s shares and a change in control may result under the Company’s debt documents.

The 2022 Indenture contains covenants limiting the Issuers’ and the Issuers’ restricted subsidiaries’ ability to: pay dividends or distributions or repurchase equity; incur additional debt; make investments; create liens on assets to secure debt; enter into transactions with affiliates; issue stock of, or member’s interests in, subsidiaries; enter into sale-leaseback transactions; engage in other businesses; merge or consolidate with another company; transfer and sell assets; issue disqualified stock; create dividend and other payment restrictions affecting subsidiaries; and designate restricted and unrestricted subsidiaries. These covenants are subject to a number of important and significant limitations, qualifications and exceptions.

~~The 2022 Notes rank pari passu in right of payment with the Issuers’ outstanding 7~~⁷/₈~~% First Mortgage Notes due 2017 (the “2017 Notes”), the 7~~⁷/₈~~% First Mortgage Notes due 2020 (“7~~⁷/₈~~% 2020 Notes”) and the 7~~³/₄~~% First Mortgage Notes due 2020 (the “7~~³/₄~~% 2020 Notes” and, together with the 2017 Notes and the 7~~⁷/₈~~% 2020 Notes, the “Existing Notes”).~~

On September 17, 2012, the Wynn Las Vegas Credit Agreement was terminated as discussed below, and in accordance with the respective indentures, the liens on the assets of Wynn Las Vegas and its subsidiaries securing, and the subsidiary guarantees of, the 2022 Notes and the Existing Notes were released. The 2022 Notes and the Existing Notes are unsecured, except by a pledge of the equity interests of Wynn Las Vegas, granted by its parent, Wynn Resorts Holdings, LLC, and are not guaranteed by any of the Wynn Las Vegas subsidiaries.

On March 12, 2012, Wynn Las Vegas entered into an eighth amendment (“Amendment No. 8”) to its Amended and Restated Credit Agreement, dated as of August 15, 2006 (as amended, the “Wynn Las Vegas Credit Agreement”). Amendment No. 8 amended the Wynn Las Vegas Credit Agreement to, among other things, permit the issuance of the 2022 Notes. Concurrently with the issuance of the 2022 Notes, Wynn Las Vegas, LLC prepaid all term loans under the Wynn Las Vegas Credit Agreement, terminated all of its revolving credit commitments that were due to expire in 2013, and terminated all but $100 million of its revolving credit commitments expiring in 2015. In connection with this transaction, the Company expensed deferred financing fees of $4.8 million, all related to the Wynn Las Vegas term loan and revolving credit facilities.

On September 17, 2012, Wynn Las Vegas terminated the Wynn Las Vegas Credit Agreement. No loans were outstanding under the Wynn Las Vegas Credit Agreement at the time of termination. Prior to such termination, certain letters of credit in which lenders had participated pursuant to the Wynn Las Vegas Credit Agreement were reallocated to a separate, unsecured letter of credit facility provided by Deutsche Bank, A.G. Wynn Las Vegas did not incur any early termination penalties related to the termination.

~~In connection with the termination, the Company expensed $2 million of previously deferred financing costs and third party fees related to the Wynn Las Vegas Credit Agreement.~~

During the nine months ended September 30, 2012, the Company repaid $150.4 million of borrowings under the Wynn Macau Senior Revolving Credit Facility. On June 27, 2012, the Wynn Macau Senior Revolving Credit Facility matured with an outstanding balance of $0.

On July 31, 2012, Wynn Macau, S.A., amended and restated its credit facilities, dated September 14, 2004 (as so amended and restated, the “Amended Wynn Macau Credit Facilities”), and appointed Bank of China Limited, Macau Branch as intercreditor agent, facilities agent and security agent. The Amended Wynn Macau Credit Facilities and related agreements took effect on July 31, 2012 and expand availability under Wynn Macau S.A.’s senior secured bank facility to US$2.3 billion equivalent, consisting of a US$750 million equivalent fully funded senior secured term loan facility and a US$1.55 billion equivalent senior secured revolving credit facility. Wynn Macau, S.A. also has the ability to upsize the total senior secured facilities by an additional US$200 million pursuant to the terms and provisions of the Amended Wynn Macau Credit Facilities. Borrowings under the Amended Wynn Macau Credit Facilities, which consist of both Hong Kong Dollar and United States Dollar tranches, were used to refinance Wynn Macau S.A.’s existing indebtedness, and will be used to fund the design, development, construction and pre-opening expenses of Wynn Cotai and for general corporate purposes.

The term loan facility matures in July 2018, and the revolving credit facility matures in July 2017. The principal amount of the term loan is required to be repaid in two equal installments in July 2017 and July 2018. The senior secured facilities bear interest for the first six months after closing at LIBOR or HIBOR plus a margin of 2.50% and thereafter will be subject to LIBOR or HIBOR plus a margin of between 1.75% to 2.50% based on Wynn Macau, S.A.’s leverage ratio.

Borrowings under the Amended Wynn Macau Credit Facilities are guaranteed by Palo Real Estate Company Limited (“Palo”), a subsidiary of Wynn Macau, S.A., and by certain subsidiaries of the Company that own equity interests in Wynn Macau, S.A., and are secured by substantially all of the assets of Wynn Macau, S.A., the equity interests in Wynn Macau, S.A. and substantially all of the assets of Palo.

~~In connection with amending the Wynn Macau Credit Facilities, the Company expensed $17.7 million and capitalized $32.9 million of financing costs.~~

Based on the Board of Directors’ finding of “unsuitability,” on February 18, 2012, the Company redeemed and cancelled Aruze USA, Inc.’s 24,549,222 shares of Wynn Resorts’ common stock. Following a finding of “unsuitability,” Wynn Resorts’ articles of incorporation authorize redemption of the shares held by unsuitable persons at a “fair value” redemption price. The Company engaged an independent financial advisor to assist in the fair value calculation and concluded that a discount to the then current trading price was appropriate because of, among other things, restrictions on most of the shares which ~~are~~were subject to the terms of an existing stockholder agreement. Pursuant to the articles of incorporation, the Company issued the Redemption ~~Price Promissory~~ Note to Aruze USA, Inc., a former stockholder and related party, in redemption of the shares. The Redemption ~~Price Promissory~~ Note ~~(the “Redemption Note”)~~ has a principal amount of $1.94 billion, matures on February 18, 2022 and bears interest at the rate of 2% per annum payable annually in arrears on each anniversary of the date of the Redemption Note. The Company may, in its sole and absolute discretion, at any time and from time to time, and without penalty or premium, prepay the whole or any portion of the principal or interest due under the Redemption Note. In no instance shall any payment obligation under the Redemption Note be accelerated except in the sole and absolute discretion of the Company or as specifically mandated by law. The indebtedness evidenced by the Redemption Note is and shall be subordinated in right of payment, to the extent and in the manner provided in the Redemption Note, to the prior payment in full of all existing and future obligations of Wynn Resorts and any of its affiliates in respect of indebtedness for borrowed money of any kind or nature.

The Company has recorded the fair value of the Redemption Note at its estimated present value of approximately $1.94 billion in accordance with applicable accounting guidance. In determining this fair value,

business objectives, the Company considered its ability, at its sole option, to prepay the Redemption Note at any time in accordance with its terms without penalty. Accordingly, the Company reasonably determined that the estimated life of the Redemption Note could be less than the contractual life of the Redemption Note. When considering the appropriate rate of interest to be used to determine fair value for accounting purposes and in light of the uncertainty in the timing of the cash flows, the Company used observable inputs from a range of trading values of financial instruments with terms and lives similar to the estimated life and terms of the Redemption Note. As a result of this analysis, the Company concluded the Redemption Note’s stated rate of 2% approximated a market rate.

Aruze USA, Inc., Universal Entertainment Corporation and Kazuo Okada have challenged the redemption of Aruze USA, Inc.’s shares and we are currently involved in litigation with those parties as well as related shareholder derivative litigation. On February 13, 2013, the Okada Parties filed a motion in the Nevada state court asking the court to establish an escrow account (specifically, they asked the court to establish a “disputed ownership fund,” as defined in a federal tax regulation (“DOF”)) to hold the Redemption Note as well as the redeemed shares themselves (although those shares were previously cancelled in February 2012), until the resolution of the Redemption Action and Counterclaim. The Okada Parties subsequently filed reply papers in further support of their motion, in which they narrowed the relief they were seeking, specifically by withdrawing their request that the redeemed shares be placed into the escrow account. On April 17, 2013, the court entered an order granting the Okada Parties’ motion in part as to the narrowed relief outlined in their reply papers. Among other things, the court’s order directed the Okada Parties to establish an escrow account with a third party (without making any ruling as to whether such an account would satisfy the requirements of a DOF) to hold interest payments tendered by the Company on the Redemption Note. The Company is to have no responsibility for fees or costs of the account, and will receive a full release and indemnity related to the account.

The outcome of these various proceedings cannot be predicted. The Company’s claims and the Okada Parties’ counterclaims are in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. An adverse judgment or settlement involving payment of a material amount could cause a material adverse effect on our financial condition.

On July 31, 2012, Wynn Macau, S.A. amended and restated its credit facilities, dated September 14, 2004 to expand the availability under the Wynn Macau S.A. senior secured bank facility to US$2.3 billion equivalent, consisting of a US$750 million equivalent fully funded senior term loan facility and a US$1.55 billion equivalent senior secured revolving credit facility. Wynn Macau, S.A. also has the ability to upsize the total senior secured facilities by an additional US$200 million pursuant to the terms and provisions of the Amended Wynn Macau Credit Facilities.

As of March 31, 2013, there were no amounts outstanding under the Wynn Macau Senior Revolving Credit Facility. Accordingly, the Company has availability of US$1.55 billion under the Amended Wynn Macau Credit Facilities.

As of ~~September 30, 2012,~~March 31, 2013, management believes the Company was in compliance with all debt covenants.

The net book value of the Company’s outstanding first mortgage notes was approximately $3.1 billion ~~and $2.2 billion~~ at ~~September 30, 2012~~March 31, 2013 and December 31, ~~2011, respectively.~~2012. The estimated fair value of the Company’s outstanding first mortgage notes, based on recent trades (using ~~level~~Level 2 inputs), was approximately ~~$3.3 billion and $2.4~~$3.4 billion at ~~September 30, 2012~~March 31, 2013 and

December 31, ~~2011, respectively.~~2012. The net book value of the Company’s other debt instruments, excluding the Redemption Note, was approximately ~~$783.8~~$782.4 million and ~~$1.1 billion~~$783.4 million at ~~September 30, 2012~~March 31, 2013 and December 31, ~~2011,~~2012, respectively. The estimated fair value of the Company’s other debt instruments was approximately ~~$750.1~~$776.6 million and ~~$1 billion~~$760.8 million at ~~September 30, 2012~~March 31, 2013 and December 31, ~~2011,~~2012, respectively. The estimated fair value of the Redemption Note (using Level 2 inputs) was approximately $1.94 billion at ~~September 30,~~both March 31, 2013 and December 31, 2012.

The Company has entered into floating-for-fixed interest rate swap arrangements in order to manage interest rate risk relating to certain of its debt facilities. These interest rate swap agreements modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed rate. These interest rate swaps essentially fixed the interest rate at the percentages noted below; however, changes in the fair value of the interest rate swaps for each reporting period have been recorded as an increase/decrease in swap fair value in the accompanying Condensed Consolidated Statements of Income, as the interest rate swaps do not qualify for hedge accounting.

The Company ~~measured the fair value of its interest rate swaps on a recurring basis pursuant to accounting standards for fair value measurements. The Company~~ utilized Level 2 inputs as described in Note 2 to determine fair value. The fair value approximates the amount the Company would pay if these contracts were settled at the respective valuation dates. Fair value is estimated based upon current, and predictions of future, interest rate levels along a yield curve, the remaining duration of the instruments and other market conditions, and therefore, is subject to significant estimation and a high degree of variability and fluctuation between periods. The fair value is adjusted, to reflect the impact of credit ratings of the counterparties or the Company, as applicable. These adjustments resulted in a reduction in the fair values as compared to their settlement values. As of March 31, 2013 and December 31, ~~2011,~~2012, the interest rate swap liabilities of ~~$7.3~~$0.8 million ~~were~~and $3.9 million, respectively, are included in other ~~current accrued~~long-term liabilities.

In June 2012, the Company terminated its Wynn Las Vegas swap for a payment of $2.4 million. As of December 31, 2011, the liability fair value of this interest rate swap was approximately $4.6 million.

~~In June 2012, the Wynn Macau swap matured. As of December 31, 2011, the liability fair value of this interest rate swap was approximately $2.7 million.~~

~~On September 28, 2012, the~~The Company ~~entered into two~~currently has three interest rate swap agreements intended to hedge a portion of the underlying interest rate risk on borrowings under the Amended Wynn Macau Credit Facilities. Under two of the ~~two~~ swap agreements, the Company pays a fixed interest rate ~~of 0.73%~~ (excluding the applicable interest margin) of 0.73% on notional amounts corresponding to borrowings of HK$3.95 billion (approximately US$~~509.3~~509.4 million) incurred under the Amended Wynn Macau Credit Facilities in exchange for receipts on the same amount at a variable interest rate based on the applicable HIBOR at the time of payment. These interest rate swaps fix the all-in interest rate on such amounts at 2.48% to 3.23%. These interest rate swap agreements mature in July 2017.

Under the third swap agreement, the Company pays a fixed interest rate (excluding the applicable interest margin) of 0.6763% on notional amounts corresponding to borrowings of US$243.75 million incurred under the Amended Wynn Macau Credit Facilities in exchange for receipts on the same amount at a variable rate based on the applicable LIBOR at the time of payment. This interest rate swap fixes the all-in interest rate on such amounts at 2.4263% to 3.1763%. This interest rate swap agreement matures in July 2017.

Entertainment Corporation and Kazuo Okada have challenged the redemption of Aruze USA, Inc.’s shares and we are currently involved in litigation with those parties as well as related shareholder derivative litigation. The outcome of these various proceedings cannot be predicted. The Company’s claims and the Okada Parties’ counterclaims are in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. An adverse judgment or settlement involving payment of a material amount could cause a material adverse effect on our financial condition.

The Company periodically provides services to Stephen A. Wynn, Chairman of the Board of Directors and Chief Executive Officer (“Mr. Wynn”), and certain other officers and directors of the Company, including household employees, construction work and other personal services. Mr. Wynn and the other officers and directors have deposits with the Company to prepay any such items, which are replenished on an ongoing basis as needed. As of ~~September 30, 2012~~March 31, 2013 and December 31, ~~2011,~~2012, Mr. Wynn and the other officers and directors had a net deposit balance with the Company of approximately $0.7 million and ~~$0.4~~$1.0 million, respectively.

On March 18, 2010, Mr. Wynn and Wynn Las Vegas entered into an Amended and Restated Agreement of Lease (the ~~“SW~~“Existing SW Lease”) for a villa suite to serve as Mr. Wynn’s personal residence. The Existing SW Lease amends and restates a prior lease. The Existing SW Lease was approved by the Audit Committee of the Board of Directors of the Company. The term of the Existing SW Lease commenced as of March 1, 2010 and runs concurrent with Mr. Wynn’s employment agreement with the Company; provided that either party may terminate on 90 days notice. Pursuant to the Existing SW Lease, the rental value of the villa suite iswill be treated as imputed income to Mr. Wynn, and iswill be equal to the fair market value of the accommodations provided. Effective March 1, 2010, and for the first two years of the term of the Existing SW Lease, the rental value was $503,831 per year. Effective March 1, 2012, the rental value iswas $440,000 per year. On May 7, 2013, Wynn Las Vegas entered into a 2013 Amended and Restated Agreement of Lease (the “New SW Lease”), effective December 29, 2012, to include an expansion of the villa and to adjust the rental value accordingly to $525,000 per year based on the current fair market value as established by the Audit Committee of the Company ~~in reliance upon~~with the ~~opinion~~assistance of an independent third-party appraisal. The rental value for the villa suite will be re-determined every two years during the term of the lease by the Audit ~~Committee, with the assistance of an independent third-party appraisal.~~Committee. Certain services for, and maintenance of, the villa suite are included in the ~~rental, as well as~~rental.

On January 3, 2013, the ~~use~~Company and Mr. Wynn entered into an agreement pursuant to which Mr. Wynn agreed to terminate a previously granted option to purchase an approximately two acre tract of ~~minimal warehouse space at~~land located on the Wynn Las ~~Vegas.~~Vegas golf course and, in return, the Company granted Mr. Wynn the right to purchase any or all of the aircraft owned by the Company or its direct wholly owned subsidiaries. The aircraft purchase option is exercisable upon 30 days written notice and at a price equal to the book value of such aircraft, and will terminate on the date of termination of the employment agreement between the Company and Mr. Wynn, which expires in October 2020.

On August 6, 2004, the Company entered into agreements with Mr. Wynn that confirm and clarify the Company’s rights to use the “Wynn” name and Mr. Wynn’s persona in connection with its casino resorts. Under

the parties’ Surname Rights Agreement, Mr. Wynn granted the Company an exclusive, fully paid-up, perpetual, worldwide license to use, and to own and register trademarks and service marks incorporating the “Wynn” name for casino resorts and related businesses, together with the right to sublicense the name and marks to its affiliates. Under the parties’ Rights of Publicity License, Mr. Wynn granted the Company the exclusive, royalty-free, worldwide right to use his full name, persona and related rights of publicity for casino resorts and related

businesses, together with the ability to sublicense the persona and publicity rights to its affiliates, until October 24, 2017.

Property charges ~~and other consisted of the following (amounts in thousands):~~

~~Property charges~~ generally include costs related to the retirement of assets for remodels and asset abandonments. Property charges and other for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2013 and 2012 ~~included a remodel of a Las Vegas restaurant, charges associated with the termination of a Las Vegas show~~were $5.3 million and $10.3 million, respectively, which ~~will end its run in November 2012 and~~included miscellaneous renovations and abandonments at our ~~resorts. Property charges~~resorts and other for the three and nine months ended September 30, 2011 included the present value of a charitable contribution made by Wynn Macau to the University of Macau Development Foundation. This contribution consists of a $25 million payment made in May 2011, and a commitment for additional donations of $10 million each year for the calendar years 2012 through 2022 inclusive, for a total of $135 million. The amount reflected in the accompanying Condensed Consolidated Statements of Income has been discounted using the Company’s then estimated borrowing rate over the time period of the remaining committed payments. In accordance with accounting standards for contributions, subsequent accretion of the discount is being recorded as additional donation expense and included in Property charges and other. Property charges and other for the nine months ended September 30, 2011 also include the write off of certain costs related to a show that ended its run in Las Vegas and miscellaneous renovations and abandonments at our resorts.entertainment development costs.

In October 2009, Wynn Macau, Limited, an indirect wholly owned subsidiary of the Company and the developer, owner and operator of Wynn Macau, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited. Through an initial public offering, including the over allotment, Wynn Macau, Limited sold 1,437,500,000 shares (27.7%) of its common stock. The shares of Wynn Macau, Limited were not and will not be registered under the Securities Act and may not be offered or sold in the United States absent a registration under the Securities Act as amended, or an applicable exception from such registration requirements. Net income attributable to noncontrolling interest was ~~$53.1~~$69.2 million and ~~$58.1~~$57.8 million for the three months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011, respectively. Net income attributable to noncontrolling interest was $172.2 million and $144 million for the nine months ended September 30, 2012 and 2011,~~ respectively.

The total compensation cost relating both to stock options and nonvested stock is allocated as follows (amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended March 31,
	2012		2011		2012		2011		2013			2012
Casino	$	2,621	$	2,076	$	3,571	$	6,804	$	1,813		$	(770	)
Rooms		34		90		234		329		220			102
Food and beverage		27		99		82		371		299			27
Entertainment, retail and other		—		3		14		19		117			14
General and administrative		3,168		3,374		9,803		10,795		(1,327	)		3,275

Total stock-based compensation expense		5,850		5,642		13,704		18,318		1,122			2,648
Total stock-based compensation capitalized		49		437		146		827		48			50

Total stock-based compensation costs									$	1,170		$	2,698
	$	5,899	$	6,079	$	13,850	$	19,145

For the ~~nine~~three months ended ~~September 30,~~March 31, 2013, the Company reversed stock-based compensation expense allocated to general and administrative related to restricted stock granted in 2008 and 2011 with an average 9 year cliff vest provision that were modified and forfeited during the first quarter of 2013.

For the three months ended March 31, 2012, the Company reversed stock-based compensation expense allocated to casino operations related to stock options and restricted stock granted in 2008 with an approximate 8 year cliff vest provision that were forfeited during the first quarter of 2012.

Cotai Development and Land Concession Contract. In September 2011, Palo Real Estate Company Limited (“Palo”) and Wynn Resorts (Macau) S.A., each an indirect subsidiary of Wynn Macau Limited, formally accepted the terms and conditions of a draft land concession contract from the Macau government for

approximately 51 acres of land in the Cotai area of Macau. On May 2, 2012, the land concession contract was gazetted by the government of Macau evidencing the final step in the granting of the land concession. The Company is constructing a full scale integrated resort containing a casino, luxury hotel, convention, retail, entertainment and food and beverage offerings on this land. The Company estimates the project budget to be in the range of $3.5 billion to $4.0 billion. The Company expects to ~~establish~~enter into a guaranteed maximum price contract for the project construction costs in the first half of 2013. We expect to open our resort in Cotai during the first half of 2016.

The initial term of the land concession contract is 25 years from May 2, 2012, and it may be renewed with government approval for successive periods. The total land premium payable, including interest as required by the land concession contract, is $193.4 million. An initial payment of $62.5 million was paid in December 2011, with eight additional semi-annual payments of approximately $16.4 million each ~~(including~~(which includes interest at 5%) due beginning November 2012. As of ~~September 30,~~March 31, 2013 and December 31, 2012, the Company has recorded this obligation and related asset with ~~$27.2~~$27.9 million included as a current liability in both periods and ~~$90.3~~$76.1 million and $76.2 million, respectively, included as a long-term liability. The Company ~~will~~is also be required to make annual lease payments of $0.8 million during the resort construction period and annual payments of approximately $1.1 million once the development is completed.

~~Cotai Land Agreement.~~ On May 10, 2012, the Company made a $50 million payment to an unrelated third party in consideration of that party’s relinquishment of certain rights in and to any future development on the Cotai land noted above.

~~In addition~~We are occasionally party to lawsuits. As with all litigation, no assurance can be provided as to the ~~actions noted below, the Company’s affiliates are involved in~~outcome of such matters and we note that litigation ~~arising in the normal course of business. In the opinion of management, such litigation will not have a material effect on the Company’s financial condition, results of operations or cash flows.~~inherently involves significant costs.

On May 3, 2010, Atlantic-Pacific Capital, Inc. (“APC”) filed an arbitration demand with ~~Judicial Arbitration and Mediation Services~~JAMS, a private alternative dispute resolution provider, regarding an agreement with the Company. The action concerns a claim for compensation of approximately $32 million pursuant to an agreement entered into between APC and the Company on or about March 30, 2008, whereby APC was engaged to raise equity capital for ana specific investment vehicle sponsored by the Company. APC is seeking compensation unrelated to the investment vehicle. The Company has denied APC’s claims for compensation. The Company filed a Complaint for Damages and Declaratory Relief against APC in the Eighth Judicial District Court, Clark County, Nevada, on May 10, ~~2010.~~2010, which APC removed ~~the action~~ to the United States District Court, District of Nevada. In March 2011, the District Court denied APC’s motion to compel arbitration, and dismissed the action. APC appealed, ~~the matter to~~and on November 13, 2012, the United States Court of Appeals for the Ninth ~~Circuit. On October 15, 2012,~~Circuit reversed the District Court and compelled arbitration. The matter ~~was argued~~is proceeding in arbitration. An arbitrator has been selected, and ~~submitted.~~the parties are beginning the discovery process. Management believes that APC’s claims against the Company are without merit, and the Company intends to continue to defend this matter vigorously.

Determination of Unsuitability and Redemption of Aruze USA, Inc. and Affiliates ~~and Related Matters~~

On February 18, 2012, Wynn Resorts’ Gaming Compliance Committee concluded an investigation after receiving an independent report by Freeh, Sporkin & Sullivan, LLP (the “Freeh Report”) detailing a pattern of misconduct by Aruze USA, Inc., at the time a stockholder of Wynn Resorts, Universal Entertainment Corporation, Aruze USA, Inc.’s parent company, and Kazuo Okada, the majority shareholder of Universal Entertainment Corporation, who ~~is also a member of Wynn Resorts’ Board of Directors and was~~ at the time was a director of Wynn ~~Macau, Limited.~~Resorts and two of its subsidiaries (collectively, the “Okada Parties”). The factual record presented in the Freeh Report included evidence that ~~Aruze USA, Inc., Universal Entertainment Corporation and Mr.~~the Okada Parties had provided valuable items to certain foreign gaming officials who were responsible for regulating gaming in a jurisdiction in which entities controlled by Mr. Okada were developing a gaming resort. Mr. Okada ~~has~~ denied the impropriety of such conduct to members of the Board of Directors of Wynn Resorts, ~~and Mr. Okada has~~ refused to acknowledge or abide by Wynn Resorts’ anti-bribery policies and ~~has~~ refused to participate in the training all other directors ~~have~~ received concerning these policies.

Based on the Freeh Report, the Board of Directors of Wynn Resorts determined that ~~Aruze USA, Inc., Universal Entertainment Corporation and Mr.~~each of the Okada Parties are “unsuitable persons” under Article VII of the Company’s articles of incorporation. The Board of Directors was unanimous (other than Mr. Okada) in its determination. The Board of Directors also requested that Mr. Okada resign as a director of Wynn Resorts (under Nevada corporation law, a board of directors does not have the power to remove a director) and recommended that Mr. Okada be removed as a member of the ~~board~~Board of ~~directors~~Directors of Wynn Macau, Limited. ~~In addition, on~~On February 18, 2012, Mr. Okada was removed from the ~~board~~Board of ~~directors~~Directors of Wynn Las Vegas Capital Corp., an indirect wholly owned subsidiary of Wynn ~~Resorts.~~Resorts, and on February 24, 2012, he was removed from the Board of Directors of Wynn Macau, Limited. On February 22, 2013, Mr. Okada was removed from the Board of Directors of Wynn Resorts by a stockholder vote in which 99.6% of the over 86 million shares voted were cast in favor of removal. Additionally, Mr. Okada resigned from the Board of Directors of Wynn Resorts on February 21, 2013.

Based on the Board of Directors’ finding of “unsuitability,” on February 18, 2012, Wynn Resorts redeemed and cancelled Aruze USA, Inc.’s 24,549,222 shares of Wynn Resorts’ common stock. Following a finding of “unsuitability,” Article VII of Wynn Resorts’ articles of incorporation ~~authorize~~authorizes redemption at “fair value” of the shares held by unsuitable persons. The Company engaged an independent financial advisor to assist in the fair value calculation and concluded that a discount to the then current trading price was appropriate because of, among other things, restrictions on most of the shares held by Aruze USA, Inc. under the terms of the Stockholders Agreement (as defined below). Pursuant to the articles of incorporation, Wynn Resorts issued the Redemption Note to Aruze USA, Inc. in redemption of the shares. The Redemption Note has a principal amount of $1.94 billion, matures on February 18, 2022 and bears interest at the rate of 2% per annum, payable annually in arrears on each anniversary of the date of the Redemption Note. The Company may, in its sole and absolute discretion, at any time and from time to time, and without penalty or premium, prepay the whole or any portion of the principal or interest due under the Redemption Note. In no instance shall any payment obligation under the Redemption Note be accelerated except in the sole and absolute discretion of Wynn Resorts or as specifically mandated by law. The indebtedness evidenced by the Redemption Note is and shall be subordinated in right of

payment, to the extent and in the manner provided in the Redemption Note, to the prior payment in full of all existing and future obligations of Wynn Resorts or any of its affiliates in respect of indebtedness for borrowed money of any kind or nature. ~~After authorizing~~

The Company provided the ~~redemption~~Freeh Report to appropriate regulators and law enforcement agencies and is cooperating with related investigations that such regulators and agencies have undertaken. The conduct of the ~~Aruze USA, Inc. shares, the Board of Directors took certain actions~~Okada Parties and any resulting regulatory investigations could have adverse consequences to ~~protect~~ the Company and its ~~operations from any influence of an unsuitable person, including placing limitations on the provision of certain operating information to unsuitable persons, evaluating whether to seek the removal of~~subsidiaries. A finding by regulatory authorities that Mr. Okada ~~from the Company’s Board of Directors, and formation of an Executive Committee of the Board~~violated anti-corruption statutes and/or other laws or regulations applicable to ~~manage the business and affairs of~~persons affiliated with a gaming licensee on Company property and/or otherwise involved the Company ~~during~~in criminal or civil violations could result in actions by regulatory authorities against the period between each annual meeting. The Charter of the Executive Committee provides that “Unsuitable Persons” are not permitted to serve on the Committee. All members of the Board, other than Mr. Okada, were appointed to the Executive Committee on February 18, 2012.Company and its subsidiaries.

On February 19, 2012, Wynn Resorts filed a complaint in the Eighth Judicial District Court, Clark County, Nevada against ~~Mr.~~the Okada ~~Aruze USA, Inc. and Universal Entertainment Corporation, companies controlled by Mr. Okada (the “Okada Parties”),~~Parties, alleging breaches of fiduciary duty and related ~~claims.~~claims (the “Redemption Action”) arising from the activities addressed in the Freeh Report. The Company is seeking compensatory and special damages as well as a declaration that it acted lawfully and in full compliance with its articles of incorporation, bylaws and other governing ~~documents.~~ documents in redeeming and cancelling the shares of Aruze, USA, Inc.

On March 12, 2012, ~~Aruze USA, Inc. and Universal Entertainment Corporation~~the Okada Parties removed the action to the United States District Court for the District of ~~Nevada.~~Nevada (the action was subsequently remanded to Nevada state court). On that same date, ~~Aruze USA, Inc. and Universal Entertainment Corporation~~the Okada Parties filed an answer denying the claims and a counterclaim (as amended, the “Counterclaim”) that purports to assert claims against the Company, each of the members of the Company’s Board of Directors (other than Mr. Okada) and Wynn Resorts’ General ~~Counsel.~~Counsel (the “Wynn Parties”). The Counterclaim alleges, among other things: (1) that the shares of Wynn Resorts common stock owned by Aruze USA, Inc. were exempt from the redemption-for-unsuitability provisions in the Wynn Resorts articles of incorporation (the “Articles”) pursuant to

certain agreements executed in 2002; (2) that the Wynn Resorts directors who authorized the redemption of Aruze USA, Inc.’s shares acted at the direction of Stephen A. Wynn and did not independently and objectively evaluate the Okada Parties’ suitability, and by so doing, breached their fiduciary duties; (3) that the Wynn Resorts directors violated the terms of the Wynn Resorts Articles by failing to pay Aruze USA, Inc. fair value for the redeemed shares; and (4) that the terms of the Redemption Note that Aruze USA, Inc. received in exchange for the redeemed shares, including the Redemption Note’s principal amount, duration, interest rate, and subordinated status, were unconscionable. Among other relief, the ~~counterclaim~~Counterclaim seeks a declaration that the redemption of Aruze USA, Inc.’s shares was void, an injunction restoring Aruze USA, Inc.’s share ownership, damages in an unspecified amount and rescission of the Amended and Restated Stockholders Agreement. On March 29, 2012, the Company filed a motion to remand the action to state court and requested an extension to answer the denial of Wynn Resorts’ claims and the Okada Parties’ counterclaims. The federal district court granted the Company’s motion to remand and awarded the Company its related attorneys’ fees. This case is now pending in the state court, which has determined that this action will be coordinated with Mr. Okada’s inspection action (discussed below). The Okada Parties filed a notice of intent to commence a separate federal securities action for the securities counterclaims previously asserted, but have not done soAgreement, dated as of ~~the date of this report.~~January 6, 2010, by and among Aruze USA, Inc., Stephen A. Wynn, and Elaine Wynn (the “Stockholders Agreement”).

On June 19, 2012, Elaine Wynn responded to the ~~Okada Parties’~~ Counterclaim and asserted a cross claim against Steve Wynn and Kazuo Okada seeking a declaration that (1) any and all of Elaine Wynn’s duties under the ~~January 2010~~ Stockholders Agreement ~~(the “Stockholders Agreement”) by and among Aruze USA, Inc., Steve Wynn, and Elaine Wynn~~ be discharged; (2) the Stockholders Agreement is subject to rescission and is rescinded; (3) the Stockholders Agreement is an unreasonable restraint on alienation in violation of public policy; and/or (4) the restrictions on sale of shares shall be construed as inapplicable to Elaine Wynn. Mr. Wynn filed his answer to Elaine Wynn’s cross claim on September 24, 2012. The indentures for the Wynn Las Vegas, LLC ~~2022 Notes and Existing Notes~~first mortgage notes (the “Indentures”) provide that if Steve Wynn, together with certain related parties, in the aggregate beneficially owns a lesser percentage of the outstanding common stock of the Company than are beneficially owned by any other person, a change of control will have occurred. If Elaine Wynn prevails in her cross claim, Steve Wynn would not beneficially own or control Elaine Wynn’s shares and a change in control may result under the Company’s debt documents. Under the Indentures, the occurrence of a change of control requires that the Company make an offer (unless the notes have been previously called for redemption) to each holder to repurchase all or any part of such holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest on the Notes purchased, if any, to the date of repurchase.

~~On February 24, 2012, the board of directors of Wynn Macau, Limited removed Mr. Kazuo Okada from the board.~~

The Company provided the Freeh Report to appropriate regulators and law enforcement agencies and is cooperating with related investigations that such regulators and agencies have undertaken. The conduct of the

Okada Parties and any resulting regulatory investigations could have adverse consequences to the Company and its subsidiaries. A finding by regulatory authorities that Mr. Okada violated anti-corruption statutes and/or other laws or regulations applicable to persons affiliated with a gaming licensee on Company property and/or otherwise involved the Company in criminal or civil violations could result in actions by regulatory authorities against the Company. Relatedly, as described below, the Salt Lake Regional Office of the U.S. Securities and Exchange Commission (“SEC”) has commenced an informal inquiry into, and other regulators could pursue separate investigations into, the Company’s compliance with applicable laws arising from the allegations in the matters described above and in response to litigation filed by Mr. Okada suggesting improprieties in connection with the Company’s donation to the University of Macau. While the Company believes that it is in full compliance with all applicable laws, any such investigations could result in actions by regulators against the Company.

The Executive Committee continues to monitor such investigations and may decide at some future point to call a special meeting of stockholders for the purpose of removing Mr. Okada, if it considers such action to be desirable and in the best interests of the Company and its stockholders.

~~On August 28, 2012, Mr. Okada, Universal Entertainment Corporation and Okada Holdings filed a~~amended complaint ~~in Tokyo District Court against the Company, all members of the Board (other than Mr. Okada)~~ and the Company’s General Counsel, alleging that the press release issued by the Company with respect to the redemption has damaged plaintiffs’ social evaluation and credibility. The plaintiffs seek damages and legal fees from the defendants.

On August 31, 2012, the Company received a letter from Aruze USA, Inc. purportedly notifying the Company of its intent to nominate two individuals for election as directors pursuant to Section 2.13 of the Company’s Fourth Amended and Restated Bylaws. Section 2.13 provides for nominations by stockholders. As a result of the Board’s determination on February 18, 2012, that all of Mr. Okada Aruze USA, Inc. and Universal are “unsuitable persons” as defined in the Articles of Incorporation of the Company, and the subsequent redemption of all shares previously owned by Aruze USA, Inc., the Company believes that Aruze USA, Inc. is not eligible to make such nominations. On October 19, 2012, Aruze USA, Inc. publicly announced that it is terminating its efforts to elect such nominees.

On August 31, 2012, Aruze USA, Inc. filed a motion for preliminary injunction with the state court in Nevada. The motion sought a preliminary injunction that would prohibit Wynn Resorts from barring or preventing Aruze USA, Inc. from exercising rights as a stockholder and an order that its purported nominees be presented to Wynn Resorts’ stockholders and voted on (including by Aruze USA, Inc. as a stockholder)Parties’ second amended counterclaim, were challenged at the ~~2012 Annual Meeting of Stockholders (scheduled for November 2, 2012).~~pleading stage through motion practice. At ~~the conclusion of~~ a hearing held on ~~October 2,~~November 13, 2012, the Nevada state court granted the Wynn Parties’ motion to dismiss the Counterclaim with respect to the Okada Parties’ claim under the Nevada Racketeer Influenced and Corrupt Organizations Act with respect to certain Company executives but otherwise denied ~~Aruze USA, Inc.’s~~the motion. At a hearing held on January 15, 2013, the court denied the Okada Parties’ motion ~~for preliminary injunction.~~to dismiss the Company’s amended complaint. On ~~October 19, 2012, Aruze USA, Inc.~~April 22, 2013, the Company filed a ~~notice of appeal with~~second amended complaint. The parties have been engaged in discovery.

On February 13, 2013, the Okada Parties filed a motion in the Nevada ~~Supreme Court.~~state court asking the court to establish an escrow account (specifically, they asked the court to establish a “disputed ownership fund,” as defined in a federal tax regulation (“DOF”)) to hold the Redemption Note as well as the redeemed shares themselves (although those shares were previously cancelled in February 2012), until the resolution of the Redemption Action and Counterclaim. The Okada Parties subsequently filed reply papers in further support of their motion, in which they narrowed the relief they were seeking, specifically by withdrawing their request that the redeemed shares be placed into the escrow account. On April 17, 2013, the court entered an order granting the Okada Parties’ motion in part as to the narrowed relief outlined in their reply papers. Among other things, the court’s order directed the Okada Parties to establish an escrow account with a third party (without making any ruling as to whether such an account would satisfy the requirements of a DOF) to hold interest payments tendered by the Company on the Redemption Note. The Company ~~intends~~is to have no responsibility for fees or costs of the account, and will receive a full release and indemnity related to the account.

related fraudulent conduct—that form the basis of” the Company’s complaint, as amended, in the Redemption Action. The motion sought to stay all discovery in the Redemption Action related to the Okada Parties’ allegedly unlawful activities in connection with their Philippine Casino Project until the conclusion of the criminal investigation and any resulting criminal prosecution, with an interim status update to the court in six months. At a hearing on May 2, 2013, the court granted the motion and ordered that all discovery in the Redemption Action be stayed for a period of six months (“Stay”).

Subject to the Stay, the Company will continue to vigorously pursue its claims against the Okada Parties, and the Company and the Wynn Parties will continue to vigorously defend against the ~~appeal and to argue that the Nevada Supreme Court should affirm the state court’s decision.~~

~~On September 7, 2012, Aruze USA, Inc. and Universal Entertainment Corporation filed a second amended counterclaim in the Nevada state court. Wynn Resorts~~counterclaims asserted against them. The Company’s claims and the ~~other counter-defendants filed~~Okada Parties’ counterclaims remain in an early stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. An adverse judgment or settlement involving payment of a ~~motion to dismiss that pleading~~material amount could cause a material adverse effect on ~~September 26, 2012. A hearing on the motion is schedule for November 13, 2012.~~

In addition, on October 10, 2012, Mr. Okada filed a motion to dismiss the complaint that Wynn Resorts filed in the Nevada state court in February 2012. The Company filed an amended complaint on October 29, 2012.our financial condition.

On January 11, 2012, Mr. Okada, in his role as a Wynn Resorts’ director, commenced a writ proceeding in the Eighth Judicial District Court, Clark County, Nevada, seeking to compel the Company to produce certain booksBooks and ~~records relating to a donation to the University of Macau, among other things.~~Records Action:

In May 2011, Wynn Macau, a majority owned subsidiary of the Company, made a commitment to the University of Macau Development Foundation in support of the new Asia-Pacific Academy of Economics and

Management. This contribution consists of a $25 million payment made in May 2011 and a commitment for additional donations of $10 million each year for the calendar years 2012 through 2022 inclusive. The pledge was consistent with the Company’s long-standing practice of providing philanthropic support for deserving institutions in the markets in which it operates. The pledge was made following an extensive analysis which concluded that the gift was made in accordance with all applicable laws. The pledge was considered by the boards of directors of both the Company and Wynn Macau, Limited and approved by 15 of the 16 directors who ~~serve~~served on those boards. The sole dissenting vote was cast by Mr. Okada whose stated objection was to the length of time over which the donation would occur, not its propriety.

On January 11, 2012, Mr. Okada, in his then role as a Wynn Resorts’ director, commenced a writ proceeding in the Eighth Judicial District Court, Clark County, Nevada, seeking to compel the Company to produce certain books and records relating to the Company’s donation to the University of Macau, among other things.

At a hearing on February 9, 2012, the Nevada state court held that, as a director of the Company, Mr. Okada had the right to make a reasonable inspection of the Company’s corporate books and records. Following that hearing, the Company released certain documents to Mr. Okada for his inspection. At a subsequent hearing on March 8, 2012, the court considered Mr. Okada’s request that the Company’s Board of Directors make additional documents available to him, and ruled that Mr. Okada was entitled to inspect two additional pages of documents. The Company promptly complied with the court’s ruling. On May 25, 2012, Mr. Okada amended his petition to request inspection of additional records. Following a hearing held on October 2, 2012, the court ruled that Mr. Okada is entitled to review certain additional Company documents from the 2000 to 2002 time period. The Company promptly complied with the court’s ruling. On November 2, 2012, Mr. Okada filed a motion to compel the production of additional documents and to depose a witness designated by the Company. At the conclusion of a hearing held on November 8, 2012, the court denied Mr. Okada’s motion. The Company has not received any further requests for information by Mr. Okada in relation to this matter as of the date of this report.

On August 28, 2012, Mr. Okada, Universal Entertainment Corporation and Okada Holdings filed a complaint in Tokyo District Court against the Company, all members of the Board of Directors (other than Mr. Okada) and the Company’s General Counsel (the “Wynn Parties”), alleging that the press release issued by the Company with respect to the redemption has damaged plaintiffs’ social evaluation and credibility. The plaintiffs seek damages and legal fees from the defendants. After asking the Okada Parties to clarify the

allegations in their complaint, the Wynn Parties objected to the jurisdiction of the Japanese court. On April 30, 2013, the Wynn Parties filed a memorandum in support of their jurisdictional position and, in the near future, the court is expected to set a date by which the Okada Parties are to file their responsive memorandum. The Wynn Parties are vigorously defending against the claims asserted against them in this matter.

On August 31, 2012, Aruze USA, Inc. filed a motion for preliminary injunction with the Nevada state court. The motion sought an order that would prohibit Wynn Resorts from barring or preventing Aruze USA, Inc. from exercising rights as a stockholder at its 2012 Annual Meeting. On October 2, 2012, the Nevada state court denied Aruze USA, Inc.’s motion for preliminary injunction. On October 19, 2012, Aruze USA, Inc. filed a notice of appeal with the Nevada Supreme Court. The appeal was assigned to the Nevada Supreme Court’s mediation program, which determined that mediation would not be fruitful. The matter is therefore back before the Nevada Supreme Court and the Okada Parties’ opening brief is due on or before June 10, 2013. Wynn Resorts intends to vigorously defend against the appeal and to argue that the Nevada Supreme Court should affirm the state court’s decision denying Aruze USA, Inc.’s motion for a preliminary injunction.

On January 3, 2013, the Company filed a definitive proxy statement on Schedule 14A (the “Proxy Statement”) for a special meeting of the stockholders to consider and vote upon a proposal to remove Mr. Okada as a director of the Company (the “Removal Proposal”). On January 24, 2013, Mr. Okada filed a complaint in the United States District Court, District of Nevada against the Company, alleging that the Proxy Statement was materially false and misleading in contravention of Section 14(a) of the Securities Exchange Act of 1934, as amended, and Securities and Exchange Commission Rule 14a-9 promulgated thereunder. Mr. Okada also filed a motion for a preliminary injunction on January 28, 2013, in which he sought an order preliminarily enjoining the special meeting of stockholders until such time as the Company corrected certain alleged misstatements and omissions in its Proxy Statement. At the conclusion of a hearing held on February 15, 2013, the federal court denied Mr. Okada’s motion. On February 19, 2013, the Wynn Parties filed a motion to dismiss this action. Thereafter, on March 4, 2013, the Okada Parties voluntarily dismissed this action.

On March 20, 2013, Mr. Okada filed a complaint against the Company in Nevada state court for indemnification under the Company’s Articles, bylaws and agreements with its directors. The complaint seeks advancement of Mr. Okada’s costs and expenses (including attorney’s fees) incurred pursuant to the various legal proceedings and related regulatory investigations described above. The Company believes there is no basis for the relief requested in the complaint and intends to vigorously defend against this matter. The Company’s answer and counterclaim was filed on April 15, 2013. The counterclaim names each of the Okada Parties as defendants and seeks indemnification under the Company’s Articles for costs and expenses (including attorney’s fees) incurred pursuant to the various legal proceedings and related regulatory investigations described above. On April 30, 2013, Mr. Okada filed his reply to the counterclaim.

On February 8, 2012, following the initiation of Mr. Okada’s ~~lawsuit,~~books and records action (described above) regarding Wynn Macau’s donation to the University of Macau Development Foundation, the Company received a letter from the Salt Lake Regional Office of the SEC requesting that, in connection with an informal inquiry by the SEC, the Company preserve information relating to the donation to the University of Macau, any donations by the Company to any other educational charitable institutions, including the University of Macau Development Foundation, and the Company’s casino or concession gaming licenses or renewals in Macau. The Company is fully cooperating with the Salt Lake Regional Office staff.

In February ~~9, 2012,~~2013, the Nevada ~~state court held~~Gaming Control Board informed the Company that ~~as a director~~it had completed an investigation of allegations made by Mr. Okada against the Company regarding the activities of Mr. Wynn and related entities in Macau and found no violations of the ~~Company, Mr. Okada had~~Gaming Control Act or the ~~right~~Nevada Gaming Commission Regulations.

In the U.S. Department of Justice’s Motion to ~~make~~Intervene and for Temporary and Partial Stay of Discovery in the Redemption Action, the Department of Justice states in a ~~reasonable inspection of~~footnote that the government also has been conducting a criminal investigation into the Company’s ~~corporate books and records. Following~~donation to the ~~hearing, the Company released certain documents to Mr. Okada for his inspection. At a subsequent hearing on March 8, 2012, the court considered Mr. Okada’s request that the Company’s Board~~University of ~~Directors make additional documents available to him, and ruled that Mr. Okada was entitled to inspect two additional pages of documents. The Company promptly complied with the court’s ruling.~~

On May 25, 2012, Mr. Okada amended his petition to request inspection of additional records. The Nevada state court ordered Mr. Okada to file a supplemental brief addressing how his requests relate to his duties as a director of the Company, and the Company was to respond by filing a supplemental brief on the reasonableness of Mr. Okada’s requests. After Mr. Okada filed his supplemental brief, the Company moved to depose Mr. Okada prior to having to file its supplemental brief. At a hearing on June 28, 2012, the state court ordered Mr. Okada to appear for a deposition in Las Vegas, Nevada, which took place on September 18, 2012. Following Mr. Okada’s deposition, the parties each submitted supplemental briefs. Following a hearing held on October 2, 2012, the court ruled that Mr. Okada is entitled to review certain additional Company documents from the 2000 to 2002 time period.Macau discussed above. The Company has ~~complied~~not received any target letter or subpoena in connection with such an investigation. The Company intends to cooperate fully with the ~~court’s ruling. On November 2, 2012,~~government in response to any inquiry related to the donation to the University of Macau.

Other regulators may pursue separate investigations into the Company’s compliance with applicable laws arising from the allegations in the matters described above and in response to the Counterclaim and other litigation filed by Mr. Okada ~~filed a motion~~suggesting improprieties in connection with the Company’s donation to ~~compel~~ the ~~production~~University of ~~additional documents and to depose a~~Macau. While the Company ~~representative. A hearing on this motion~~believes that it is ~~scheduled for November 8, 2012.~~in full compliance with all applicable laws, any such investigations could result in actions by regulators against the Company.

Six derivative actions were commenced against the Company and all members of its Board of Directors: four in the United States District Court, District of Nevada, and two in the Eighth Judicial District Court of Clark County, Nevada.

The four federal actions brought by the following plaintiffs have been consolidated: (1) The Louisiana Municipal Police Employees’ Retirement System, (2) Maryanne Solak, (3) Excavators Union Local 731 Welfare Fund, and (4) Boilermakers Lodge No. 154 Retirement Fund (collectively, the ~~Federal~~“Federal Plaintiffs”).

The Federal Plaintiffs filed a consolidated complaint on August 6, 2012, asserting claims for: (1) breach of fiduciary duty; (2) waste of corporate assets; (3) injunctive relief; and (4) unjust enrichment. The claims are against the Company and all Company directors, including Mr. Okada, however, the plaintiffs voluntarily dismissed Mr. Okada as a defendant in this consolidated action on September 27, 2012. The Federal Plaintiffs claim that the individual defendants breached their fiduciary duties and wasted assets by: (a) failing to ensure the Company’s officers and directors complied with federal and state laws and the Company’s Code of Conduct; (b) voting to allow the Company’s subsidiary to make the donation to the University of Macau; and (c) redeeming Aruze USA, Inc.’s stock such that the Company incurs the debt associated with the redemption. The Federal Plaintiffs seek unspecified compensatory damages, restitution in the form of disgorgement, reformation of corporate

governance procedures, an injunction against all future payments related to the donation/pledge, and all fees (attorneys, accountants, and experts) and costs. The directors responded to the consolidated complaint by filing a motion to dismiss on September 14, 2012. On ~~October 15, 2012,~~February 1, 2013, the federal court dismissed the complaint for failure to plead adequately the futility of a pre-suit demand on the Board. The dismissal was without prejudice to the Federal ~~Plaintiffs~~Plaintiffs’ ability to file a motion within 30 days seeking leave to file an amended complaint. On April 9, 2013, the Federal Plaintiff’s filed ~~an opposition to~~their amended complaint. The response of the ~~motion to dismiss,~~Company and the ~~directors filed reply papers~~directors’ is due on ~~November 5, 2012.~~May 23, 2013.

The two state court actions brought by the following plaintiffs have also been consolidated: (1) IBEW Local 98 Pension Fund and (2) Danny Hinson (collectively, the “State Plaintiffs”). Through a coordination of efforts by all parties, the directors and the Company (a nominal defendant) have been served in all of the actions.

The State Plaintiffs filed a consolidated complaint on July 20, 2012 asserting claims for (1) breach of fiduciary duty; (2) abuse of control; (3) gross mismanagement; and (4) unjust enrichment. The claims are against the Company and all Company directors, including Mr. Okada, as well as the Company’s Chief Financial Officer, who signs financial disclosures filed with the SEC. The State Plaintiffs claim that the individual

defendants failed to disclose to the Company’s stockholders the investigation into, and the dispute with director Okada as well as the alleged potential violations of the FCPA related to, the University of Macau Development Foundation donation. The State Plaintiffs seek unspecified monetary damages (compensatory and punitive), disgorgement, reformation of corporate governance procedures, an order directing the Company to internally investigate the donation, as well as attorneys’ fees and costs. ~~The parties have~~On October 13, 2012, the court entered ~~into a~~the parties’ stipulation providing for a stay of the state derivative action for 90 days, subject to the parties’ obligation to monitor the progress of the pending litigation, discussed above, between Wynn Resorts (among others) and Mr. Okada (among others). Per the stipulation, Wynn Resorts and the individual defendants ~~will~~were not be required to respond to the consolidated complaint while the stay ~~remains~~remained in effect. Following the expiration of the stay, the State plaintiffs advised the Company and the individual defendants that they intended to resume the action by filing an amended complaint, which they did, on April 26, 2013. The ~~state court entered~~response of the ~~stipulation~~Company and directors is due on ~~October 25, 2012.~~or before June 10, 2013.

The ~~consolidated actions~~individual defendants are vigorously defending against the claims pleaded against them in ~~a preliminary stage and management has determined that based on proceedings to date, it is currently~~these derivative actions. We are unable to ~~determine the probability of~~predict the outcome of these litigations at this ~~matter or the range of reasonably possible loss, if any.~~time.

For the three months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011,~~ the Company recorded a tax benefit of ~~$7.6~~$5.1 million and ~~tax expense of $4.3 million, respectively. For the nine months ended September 30, 2012 and 2011, the Company recorded a tax benefit of $12.5 million and tax expense of $11.6~~$0.1 million, respectively. The Company’s income tax benefit is primarily related to a decrease in deferred tax liabilities ~~reduced~~offset by foreign taxes assessable on the dividends of Wynn Macau, S.A. and foreign tax provisions related to international marketing offices. Since June 30, 2010, the Company no longer considers its portion of the tax earnings and profits of Wynn Macau, Limited to be permanently invested. No additional U.S. tax provision has been made with respect to amounts not considered permanently invested as the Company anticipates that U.S. foreign tax credits should be sufficient to eliminate any U.S. tax provision relating to such repatriation. The Company has not provided deferred U.S. income taxes or foreign withholding taxes on temporary differences as these amounts are permanently reinvested. For the ~~nine~~three months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011,~~ the Company recognized income tax benefits related to excess tax deductions associated with stock compensation costs of ~~$1.8~~$1.2 million and ~~$10.5~~$0.5 million, respectively.

Wynn Macau, S.A. has received a 5-year exemption from Macau’s 12% Complementary Tax on casino gaming profits through December 31, 2015. Accordingly, the Company was exempted from the payment of ~~$20.3~~$26.5 million and ~~$22.8~~$22.4 million in such taxes during the three months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011, respectively. For the nine months ended September 30, 2012 and 2011, the Company was exempted from the payment of such taxes totaling $66.9 million and $57.3 million,~~ respectively. The Company’s non-gaming profits remain subject to the Macau Complementary Tax and casino winnings remain subject to the Macau Special Gaming tax and other levies together totaling 39% in accordance with its concession agreement.

In ~~April 2012,~~February 2013, the Company ~~reached an agreement with the Appellate division of~~received notification that it had been accepted into the Internal Revenue Service (“IRS”) ~~regarding issues raised during the~~Compliance Assurance Program (“CAP”), which accelerates IRS examination of key transactions with the ~~2006 through~~goal of resolving any issues before the taxpayer files its return, for the 2013 tax year. In March 2013, the Company received additional notification that it had been selected for the Compliance Maintenance phase of CAP for the 2013 tax year. In the Compliance Maintenance phase, the IRS, at its discretion, may reduce the level of review of the taxpayer’s tax positions based on the complexity and number of issues, and the taxpayer’s history of compliance, cooperation and transparency in the CAP.

In January 2013, the Macau Financial Services Bureau examined the 2009 ~~U.S.~~and 2010 Macau income tax

~~returns.~~ returns of Palo, which is a co-holder of the land concession for the resort in Cotai. The ~~issues for consideration by the Appellate division were temporary differences related~~exam resulted in no change to the treatment of discounts extended to certain Las Vegas casino customers wagering on credit, the deduction of certain costs incurred during the development and construction of Encore at Wynn Las Vegas and the appropriate tax depreciation recovery periods applicable to certain assets. The settlement with the Appellate division does not impact the Company’s unrecognized tax benefits. The settlement of the 2006 through 2009 examination issues resulted in a cash tax payment of $1.3 million and the utilization of $3.1 million and $0.9 million in foreign tax credit and general business credit carryforwards, respectively.returns.

In ~~July 2012,~~March 2013, the Macau ~~Finance~~Financial Services Bureau commenced an examination of the ~~2008~~2009, 2010, and 2011 Macau income tax ~~return~~returns of Wynn Macau, S.A. Since the examination is in its initial stages, the Company is unable to determine if it will conclude within the next 12 months. The Company believes that its liability for uncertain tax positions is adequate with respect to ~~the 2008 examination year.~~these years.

The Company monitors its operations and evaluates earnings by reviewing the assets and operations of its ~~Las Vegas~~Macau Operations and its ~~Macau~~Las Vegas Operations. The Company’s total assets by segment are as follows (amounts in thousands):


	March 31, 2013		December 31, 2012
Assets
Macau Operations	$	3,400,757	$	3,004,658
Las Vegas Operations		3,638,594		3,669,881
Corporate and other		496,575		602,055

	$	7,535,926	$	7,276,594

The Company’s segment information for its results of operations are as follows (amounts in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,						Three Months Ended March 31,
	2012			2011			2012			2011			2013			2012
Net revenues
Macau Operations													$	992,065		$	950,703
Las Vegas Operations	$	388,044		$	346,936		$	1,096,405		$	1,132,374			386,589			362,795
Macau Operations		910,451			951,368			2,768,795			2,793,555

Total	$	1,298,495		$	1,298,304		$	3,865,200		$	3,925,929		$	1,378,654		$	1,313,498

Adjusted Property EBITDA⁽¹⁾
Macau Operations													$	330,711		$	289,773
Las Vegas Operations	$	110,390		$	85,134		$	293,193		$	349,954			120,357			100,884
Macau Operations		292,161			295,960			884,144			883,139

Total		402,551			381,094			1,177,337			1,233,093			451,068			390,657

Other operating costs and expenses
Pre-opening costs														452			—
Depreciation and amortization		94,274			100,522			280,142			303,921			92,518			92,405
Property charges and other		22,721			9,662			36,547			124,070			5,346			10,286
Corporate expenses and other		38,274			30,689			88,423			70,426			18,904			27,402
Equity in income from unconsolidated affiliates		190			376			911			1,242			200			465

Total		155,459			141,249			406,023			499,659			117,420			130,558

Operating income		247,092			239,845			771,314			733,434			333,648			260,099

Non-operating costs and expenses
Interest income		3,759			2,663			7,807			4,639			4,222			1,565
Interest expense, net of capitalized interest		(75,082	)		(57,462	)		(211,017	)		(173,956	)		(75,377	)		(62,061	)
Increase in swap fair value		—			4,118			4,930			11,483			3,144			2,284
Loss on extinguishment of debt		(19,663	)		—			(24,491	)		—
Loss on retirement of debt														—			(4,828	)
Equity in income from unconsolidated affiliates		190			376			911			1,242			200			465
Other		1,249			(85	)		936			1,616			1,165			768

Total		(89,547	)		(50,390	)		(220,924	)		(154,976	)		(66,646	)		(61,807	)

Income before income taxes		157,545			189,455			550,390			578,458			267,002			198,292
Benefit (provision) for income taxes		7,626			(4,270	)		12,483			(11,607	)
Benefit for income taxes														5,142			117

Net income	$	165,171		$	185,185		$	562,873		$	566,851		$	272,144		$	198,409

determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, Wynn Resorts’ calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

On ~~October 24, 2012~~April 25, 2013 the Company announced a cash dividend of ~~$8.00~~$1.00 per share, payable on ~~November 20, 2012~~May 23, 2013 to stockholders of record as of ~~November 7, 2012.~~May 9, 2013.

On April 8, 2013, the United States Attorney’s Office and the U.S. Department of Justice filed a Motion to Intervene and for Temporary and Partial Stay of Discovery in the Redemption Action. The motion stated that the federal government has been conducting a criminal investigation of the Okada Parties involving the “same underlying allegations of misconduct—that is, potential violations of the Foreign Corrupt Practice Act and related fraudulent conduct—that form the basis of” the Company’s complaint, as amended, in the Redemption Action. The motion sought to stay all discovery in the Redemption Action related to the Okada Parties’ allegedly unlawful activities in connection with their Philippine Casino Project until the conclusion of the criminal investigation and any resulting criminal prosecution, with an interim status update to the court in six months. At a hearing on May 2, 2013, the court granted the motion and ordered that all discovery in the Redemption Action be stayed for a period of six months.

~~Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~

The following discussion should be read in conjunction with, and is qualified in its entirety by, the condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q. Unless the context otherwise requires, all references herein to the “Company,” “we,” “us” or “our,” or similar terms, refer to Wynn Resorts, Limited, a Nevada corporation, and its consolidated subsidiaries.

~~The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for~~We make forward-looking ~~statements. Certain information included~~statements in this Quarterly Report on Form 10-Q ~~contains~~based upon the beliefs and assumptions of our management and on information currently available to us. Forward-looking statements ~~that~~include, but are ~~forward-looking, including, but~~ not limited to, ~~statements relating to~~information about our business strategy, ~~and~~ development activities, ~~as well as other capital spending, financing sources, the effects~~competition and possible or assumed future results of ~~regulation (including gaming and tax regulations), expectations concerning future~~ operations, ~~margins, profitability and competition. Any statements contained in~~throughout this report ~~that~~and are ~~not statements of historical fact may be deemed to be forward-looking statements. Without limiting~~often preceded by, followed by or include the ~~generality of the foregoing, in some cases you can identify forward-looking statements by terminology such as~~words “may,” “will,” “should,” “would,” “could,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “continue” or the negative of these terms or ~~other comparable terminology. Such forward-looking information involves important~~similar expressions.

Forward-looking statements are subject to a number of risks and uncertainties that could ~~significantly affect anticipated~~cause actual results ~~in the future and, accordingly, such results may~~to differ materially from those ~~expressed~~we express in ~~any~~these forward-looking ~~statements made by us.~~statements. These include the risks and uncertainties ~~include, but are not limited to:~~in Item 1A—Risk Factors and other risk factors we describe from time to time in our periodic filings with the SEC as well as the following:

Further information on potential factors that could affect our financial condition, results of operations and business are included in this report and our other filings with the SEC. You should not place undue reliance on any forward-looking statements, which are based only on information ~~currently~~ available to ~~us.~~us at the time this statement is made. We undertake no obligation to ~~publicly release~~update or revise any ~~revisions to such~~ forward-looking ~~statements to reflect events~~statement, whether as a result of new information, future developments or ~~circumstances after the date of this report.~~otherwise.

We are a developer, owner and operator of destination casino resorts. We currently own and operate two casino resort complexes. In Las Vegas, Nevada, we own and operate Wynn Las Vegas, a destination casino resort which opened on April 28, 2005. In December 2008, we expanded Wynn Las Vegas with the opening of Encore at Wynn Las Vegas. We refer to the fully integrated Wynn Las Vegas and Encore at Wynn Las Vegas resort as our “Las Vegas Operations.” In the Macau Special Administrative Region of the People’s Republic of China (“Macau”), we operate and own a majority of Wynn Macau I Encore, which we refer to as our “Macau Operations.” In Las Vegas, Nevada, we own and operate Wynn ~~Macau,~~Las Vegas | Encore, which ~~opened on September 6, 2006. On April 21, 2010,~~ we ~~opened Encore at Wynn Macau, a further expansion of Wynn Macau. We~~ refer to ~~the fully integrated Wynn Macau and Encore at Wynn Macau resort~~ as our ~~“Macau~~“Las Vegas Operations.”

The following table sets forth information about our resorts as of ~~October 2012:~~April 2013:


	Hotel Rooms & Suites		Approximate Casino Square Footage		Approximate Number of Table Games		Approximate Number of Slots		Hotel Rooms & Suites		Approximate Casino Square Footage		Approximate Number of Table Games		Approximate Number of Slots
Macau Operations										1,008		275,000		490		880
Las Vegas Operations		4,750		186,000		220		2,325		4,748		186,000		235		2,175
Macau Operations		1,008		265,000		480		950

We operate Wynn Macau I Encore under a 20-year casino concession agreement granted by the Macau government in June 2002.

In response to our evaluation of our Macau Operations and the reactions of our guests, we have made and expect to continue to make enhancements and refinements to this resort complex.

Wynn Las Vegas I Encore is located at the intersection of the Las Vegas Strip and Sands Avenue, and occupies approximately 215 acres of land fronting the Las Vegas Strip. In addition, we own approximately 18 acres across Sands Avenue, a portion of which is utilized for employee parking, and approximately 5 acres adjacent to the golf course on which an office building is located.

In response to our evaluation of our Las Vegas Operations and the reactions of our guests, we have made and expect to continue to make enhancements and refinements to this resort complex.

~~We operate Wynn Macau I Encore under a 20-year casino concession agreement granted by the Macau government in June 2002.~~

~~In response to our evaluation of our Macau Operations and the reactions of our guests, we have made and expect to continue to make enhancements and refinements to this resort complex.~~

~~Approximately 142 acres of land comprising our Las Vegas Operations is currently improved with a golf course. While we may develop this property in the future, we have no immediate plans to do so.~~

In September 2011, Palo Real Estate Company Limited and Wynn Resorts (Macau) S.A., each an indirect subsidiary of Wynn Macau, Limited, formally accepted the terms and conditions of a draft land concession contract from the Macau government for approximately 51 acres of land in the Cotai area of Macau. In December 2011, we made a $62.5 million initial deposit under the draft land concession contract. On May 2, 2012, the land concession contract was gazetted by the government of Macau, evidencing the final step in the granting of the land concession. We are constructing a full scale integrated resort containing a casino, luxury hotel, convention, retail, entertainment and food and beverage offerings on ~~this land.~~51 acres of land in the Cotai area of Macau. We estimate the project budget to be in the range of $3.5 billion to $4.0 billion. We expect to ~~establish~~enter into a guaranteed maximum price contract for the project in the first half of 2013. We have commenced work on the foundation and pilings and expect to open our resort in Cotai during the first half of 2016.

We continually seek out new opportunities for additional gaming or related businesses, in the United States, and worldwide. We have made applications for gaming licenses in both Massachusetts and Pennsylvania and have announced potential projects in each jurisdiction. In each case, the process is competitive and we do not expect to know the outcome until early 2014. Proceeding with either or both of these projects will require significant expenditure of company funds. In addition, we are exploring various international jurisdictions for expansion opportunities.


	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended March 31,
	2012		2011		2012		2011		2013		2012
Net revenues
Macau Operations	$	910,451	$	951,368	$	2,768,795	$	2,793,555	$	992,065	$	950,703
Las Vegas Operations		388,044		346,936		1,096,405		1,132,374		386,589		362,795

	$	1,298,495	$	1,298,304	$	3,865,200	$	3,925,929	$	1,378,654	$	1,313,498

Reliance on only two resort complexes (in two geographic regions) for our operating cash flow exposes us to certain risks that competitors, whose operations are more diversified, may be better able to control. In addition to the concentration of operations in two resort complexes, many of our customers are premium gaming customers who wager on credit, thus exposing us to credit risk. High-end gaming also increases the potential for variability in our results.

Certain key operating statistics specific to the gaming industry are included in our discussion of our operational performance for the periods for which a Condensed Consolidated Statement of Income is presented. ~~There are two methods~~Below is a discussion of the methodologies used to calculate win percentage in the casino industry. In Las Vegas and in the general casino in Macau, customers usually purchase cash chips at the gaming tables. The cash and net markers used to purchase the cash chips are deposited in the gaming table’s drop box. This is the base of measurement that we use in the casino at our ~~Las Vegas Operations and in the general casino at our~~ resorts.

In our VIP casino in Macau, customers primarily purchase non-negotiable chips, commonly referred to as rolling chips, from the casino cage and there is no deposit into a gaming table drop box from chips purchased from the cage. Non-negotiable chips can only be used to make wagers. Winning wagers are paid in cash chips. The loss of the non-negotiable chips in the VIP casino is recorded as turnover and provides a base for calculating VIP casino win percentage. ~~Because of this difference in chip purchase activity, the~~The measurement base used in the general casino is not the same that is used in the VIP casino. It is customary in Macau to measure VIP casino play using this rolling chip method. We expect our win as a percentage of turnover to be within the range of 2.7% to 3.0%.

In our general casino in Macau, customers may purchase cash chips at either the gaming tables or, in recent quarters, increasingly at the casino cage. The cash and net markers used to purchase the cash chips at the gaming tables are deposited in the gaming table’s drop box. This is the base of measurement ~~method~~that we use for calculating win percentage in ~~Las Vegas~~our general casino. We will cease to report an expected range for the win percentage in our general casino as chips purchased at the casino cage are excluded from table games drop and will distort our expected win percentage.

The measurements in our VIP casino and the general casino ~~in Macau~~are not comparable as the general casino tracks the initial purchase of chips at the table while the measurement method in our VIP casino ~~in Macau~~ tracks the sum of all losing wagers. Accordingly, the base measurement in the VIP casino is much larger than ~~Las Vegas and~~the base measurement in the general ~~casino in Macau.~~casino. As a result, the expected win percentage with the same amount of gaming win is smaller in the VIP casino ~~in Macau~~ when compared to the general casino.

In Las Vegas, customers purchase chips at the gaming tables. The cash and net markers used to purchase chips are deposited in the ~~general casino in Macau.~~

~~Even though both~~gaming table’s drop box. This is the base of measurement that we use ~~the same measurement method, we experience different table games~~for calculating win ~~percentages~~percentage in Las ~~Vegas and the general casino in Macau. This difference is primarily due to the difference in the mix of table games and customer playing habits between the two casinos.~~Vegas. Each type of table game has its own theoretical win percentage. Our expected table games win percentage in Las Vegas is 21% to 24%. Our expected table games win percentage in the general casino at Wynn Macau, which we have periodically revised based on our experience since the opening of the Encore at Wynn Macau expansion, is 28% to 30%.

Financial results for the three months ended ~~September 30, 2012~~March 31, 2013 compared to the three months ended ~~September 30, 2011.~~March 31, 2012.

Net revenues for the three months ended ~~September 30, 2012,~~March 31, 2013, were comprised of ~~$1,012.8~~$1,106.5 million in casino revenues ~~(78%~~(80.3% of total net revenues) and ~~$285.7~~$272.2 million of net non-casino revenues ~~(22%~~(19.7% of total net revenues). Net revenues for the three months ended ~~September 30, 2011,~~March 31, 2012, are comprised of ~~$1,020.2~~$1,049.3 million in casino revenues ~~(78.6%~~(79.9% of total net revenues) and ~~$278.1~~$264.2 million of net non-casino revenues ~~(21.4%~~(20.1% of total net revenues).

Casino revenues are primarily comprised of the net win from our table games and slot machine operations. Casino revenues for the three months ended ~~September 30, 2012,~~March 31, 2013, of ~~$1,012.8~~$1,106.5 million represents a ~~$7.4~~$57.2 million ~~(0.7%~~(5.5%) ~~decrease~~increase from casino revenues of ~~$1,020.2~~$1,049.3 million for the three months ended ~~September 30, 2011.~~ March 31, 2012.

For the three months ended ~~September 30, 2012,~~March 31, 2013, our ~~Las Vegas~~Macau Operations experienced a ~~$28.7~~$38.6 million ~~(22.6%~~(4.3%) increase in casino revenues to ~~$155.6~~$930.2 million, compared to the prior year quarter casino revenue of $891.6 million due primarily to a higher win percentage in our VIP Casino. For the three months ended March 31, 2013, our Las Vegas Operations experienced an $18.6 million (11.8%) increase in casino revenues to $176.3 million, compared to the prior year quarter due to a an increase in our table games win percentage (before discounts). Our Macau Operations experienced a $36.1 million (4%) decrease in casino revenues to $857.2 million for the three months ended September 30, 2012, compared to the prior year quarter due primarily to lower turnover in the VIP casino and lower slot machine handle associated with our premium customers.

The table below sets forth key gaming statistics related to our Macau and Las Vegas ~~and Macau operations.~~Operations.


	Three Months Ended September 30,												Three Months Ended March 31,
	2012			2011			Increase/ (Decrease)			Percent Change			2013			2012			Increase/ (Decrease)			Percent Change
	(amounts in thousands)												(amounts in thousands)
Macau Operations:
VIP Casino
VIP turnover													$	28,414,118		$	33,540,839		$	(5,126,721	)		(15.3	)%
VIP win as a % of turnover														3.14	%		2.59	%		.55 pts			—
General Casino
Drop													$	684,809		$	707,376		$	(22,567	)		(3.2	)%
Table games win %														35.5	%		30.3	%		5.2 pts.			—
Slot machine handle													$	1,116,103		$	1,456,423		$	(340,320	)		(23.4	)%
Slot machine win													$	61,389		$	73,458		$	(12,069	)		(16.4	)%
Las Vegas Operations:
Drop	$	682,349		$	603,485		$	78,864			13.1	%	$	668,920		$	654,521		$	14,399			2.2	%
Table games win %		21.9	%		18.3	%		3.6pts			—			26.7	%		22.8	%		3.9 pts			—
Slot machine handle	$	723,514		$	673,825		$	49,689			7.4	%	$	696,594		$	718,909		$	(22,315	)		(3.1	)%
Slot machine win	$	46,326		$	43,186		$	3,140			7.3	%	$	42,283		$	43,002		$	(719	)		(1.7	)%

Macau Operations:
VIP Casino
VIP turnover	$	27,622,665		$	31,439,153		$	(3,816,488	)		(12.1	)%
VIP win as a % of turnover		3.08	%		2.95	%		0.13pts			—

General Casino
Drop	$	686,122		$	704,274		$	(18,152	)		(2.6	)%
Table games win %		30.8	%		27.7	%		3.1pts			—
Slot machine handle	$	983,705		$	1,133,943		$	(150,238	)		(13.2	)%
Slot machine win	$	54,412		$	64,494		$	(10,082	)		(15.6	)%

For the three months ended ~~September 30, 2012,~~March 31, 2013, room revenues were ~~$119.6~~$120.5 million, ~~a decrease~~an increase of ~~$0.5~~$3 million ~~(0.4%~~(2.5%) compared to prior year quarter room revenue of ~~$120.1~~$117.5 million. Room revenue at our Macau Operations decreased $1.1 million (4%) to $29 million compared to the prior year quarter room revenue of $30.1 million due to 4.2% fewer rooms available during the period resulting from hotel maintenance. Room revenue at our Las Vegas Operations increased approximately ~~$1.3~~$4.1 million ~~(1.4%~~(4.8%) to $91 million compared to the prior year quarter. ADR at our Las Vegas Operations has increased compared to the prior year quarter as we maintained our room rates in an effort to attract customers who would take advantage of all aspects of our resort. Room revenue at our Macau Operations decreased $1.8 million (5.7%) to $28.6$91.5 million compared to the prior year quarter room revenue of $87.4 million primarily due ~~primarily~~ to a ~~decrease in average room rates.~~higher occupancy rate and ADR.


	Three Months Ended September 30,						Three Months Ended March 31,
	2012			2011			2013			2012
Average Daily Rate
Macau							$	315		$	324
Las Vegas	$	244		$	240			258			255
Occupancy
Macau		307			315			93.8	%		91.3	%
Occupancy
Las Vegas		85.7	%		88.3	%		82.9	%		79.3	%
REVPAR
Macau		94.2	%		93.7	%	$	296		$	296
REVPAR
Las Vegas	$	209		$	212			214			202
Macau		289			295

Other non-casino revenues for the three months ended ~~September 30, 2012,~~March 31, 2013, included food and beverage revenues of ~~$156.6~~$139.7 million, retail revenues of ~~$63.2~~$68.8 million, entertainment revenues of ~~$21.6~~$15.2 million, and other revenues from outlets, including the spa and salon, of ~~$16.3~~$17.5 million. Other non-casino revenues for the three months ended ~~September 30, 2011,~~March 31, 2012, included food and beverage revenues of ~~$142.9~~$135.1 million, retail revenues of ~~$67.2~~$66.5 million, entertainment revenues of ~~$21.9~~$21.1 million, and other revenues from outlets such as the spa and salon, of ~~$16.4~~$18.3 million. Food and beverage revenues at our Macau Operations decreased $1.9 million, while food and beverage revenues at our Las Vegas Operations increased ~~$13.3 million, while our Macau Operations increased $0.4~~$6.5 million as compared to the prior year quarter. The increase in Las Vegas is due primarily to strong business in our ~~beach club~~restaurants and nightclubs. Retail revenues at our Macau Operations

~~decreased $3.9~~ increased $2.4 million due to ~~lower~~strong same store sales ~~in some of our watch stores, while retail~~growth as well as new stores. Entertainment revenues ~~at our~~decreased due to a Las Vegas ~~Operations declined only $0.1 million despite the reduction~~show that ended its run in ~~retail square footage from the reconfiguration of the Encore retail area.~~November 2012.

For the three months ended ~~September 30, 2012,~~March 31, 2013, departmental expenses included casino expenses of ~~$653.9~~$697.2 million, room expenses of ~~$31.9~~$33.4 million, food and beverage expenses of ~~$80.7~~$73.9 million, and entertainment, retail and other expenses of ~~$46.9~~$40.3 million. Also included are general and administrative expenses of ~~$115.8~~$94.9 million and a charge of ~~$5.3~~$7 million for the provision for doubtful accounts receivable. For the three months ended ~~September 30, 2011,~~March 31, 2012, departmental expenses included casino expenses of ~~$679.5~~$674.7 million, room expenses of ~~$31.1~~$30 million, food and beverage expenses of ~~$73.3~~$70.4 million, and entertainment, retail and other expenses of ~~$52.2~~$51.7 million. Also included for the three months ended ~~September 30, 2011,~~March 31, 2012, are general and administrative expenses of ~~$107.9~~$106 million and ~~$4.3~~$18.1 million charged as a provision for doubtful accounts receivable. Casino expenses ~~decreased~~increased for the three months ended ~~September 30, 2012,~~March 31, 2013, from the prior year quarter due primarily to ~~lower~~higher gaming taxes ~~and junket commissions~~ commensurate with the ~~decrease~~increase in ~~gaming revenues~~casino revenue at our Macau ~~Operations.~~Operations (where we incur a gaming tax and other levies at a rate totaling 39% in accordance with the concession agreement). Food and beverage expenses increased over the prior year quarter primarily due to additional nightclub promotional costs inat our Las ~~Vegas. The decrease in entertainment,~~Vegas Operations. Entertainment, retail and other expenses ~~was driven by the conversion of certain owned retail stores~~decreased primarily due to ~~leased outlets~~a Las Vegas show that ended its run in ~~Macau resulting in a lower cost of sales.~~November 2012. General and administrative ~~expense increased primarily~~expenses decreased from the prior year quarter due to ~~legal and other costs incurred~~higher expenses related to the share redemption and litigation with a former ~~stockholder,~~shareholder that were incurred during the three months ended March 31, 2012. Our provision for doubtful accounts decreased as ~~well as development costs.~~we adjusted our reserve methodology in June 2012 based on the results of historical collection patterns and current collection trends.

Depreciation and amortization for the three months ended ~~September 30, 2012,~~March 31, 2013, was ~~$94.3~~$92.5 million compared to ~~$100.5~~$92.4 million for the three months ended ~~September 30, 2011. This decrease is primarily due to assets with a 5-year life at Wynn Macau being fully depreciated as of September 2011.~~March 31, 2012.

During the construction of our properties, costs incurred in the construction of the buildings, improvements to land and the purchases of assets for use in operations were capitalized. Once these properties opened, their assets were placed into service and we began recognizing the associated depreciation expense. Depreciation expenses will continue throughout the estimated useful lives of these assets. In addition, we continually evaluate the useful life of our property and equipment, intangibles and other assets and adjust them when warranted.

The maximum useful life of assets at ~~Wynn~~our Macau Operations is the remaining life of the gaming concession or land concession, which currently expire in June 2022 and August 2029, respectively. Consequently, depreciation related to ~~Wynn~~our Macau Operations is charged on an accelerated basis when compared to our Las Vegas Operations.

Property charges and other for the three months ended ~~September 30, 2012,~~March 31, 2013, were ~~$22.7~~$5.3 million compared to ~~$9.7~~$10.3 million for the three months ended ~~September 30, 2011.~~March 31, 2012. For the three months ended ~~September 30,~~March 31, 2013 and March 31, 2012, property charges and other related primarily to ~~a remodel of a Las Vegas restaurant, charges related to the termination of a Las Vegas show which will end its run in November 2012, and~~ miscellaneous renovations and abandonments at our ~~resorts. Property charges~~resorts and ~~other for the three months ended September 30, 2011 primarily include miscellaneous renovations and abandonments at our resorts.~~entertainment development costs.

In response to our evaluation of our resorts and the reactions of our guests, we continue to remodel and make enhancements ~~and refinements~~ at our resorts.

Interest income was ~~$3.8~~$4.2 million for the three months ended ~~September 30, 2012,~~March 31, 2013, compared to ~~$2.7~~$1.6 million for the three months ended ~~September 30, 2011.~~March 31, 2012. During ~~2012~~2013 and ~~2011,~~2012, our short-term investment strategy has

been to preserve capital while retaining sufficient liquidity. ~~While the~~The majority of our short-term investments were primarily in money market accounts, time deposits and ~~time~~fixed deposits with a maturity of three months or ~~less, beginning in April 2011, we have invested in certain corporate bond securities and commercial paper.~~less.

Interest expense was ~~$75.1~~$75.4 million, net of capitalized interest of ~~$0.5~~$1.3 million, for the three months ended ~~September 30, 2012,~~March 31, 2013, compared to ~~$57.5~~$62.1 million, net of capitalized interest of $0.2 million, for the three months ended ~~September 30, 2011. No interest was capitalized during the three months ended September 30, 2011.~~March 31, 2012. Our interest expense increased compared to the prior year quarter primarily due to the issuance of the $1.94 billion Redemption Price Promissory Note (the “Redemption Note”) by Wynn Resorts, the Wynn Las Vegas $900 million 5³/₈% first mortgage notes in March 2012, and the increase in the Wynn Macau term loan offset by the reduction of $370.9 million in Wynn Las Vegas term loan ~~borrowings, all as described in Notes to Condensed Consolidated Financial Statements, Note 9 – “Long-Term Debt”.~~borrowings.

Changes in the fair value of our interest rate swaps are recorded as an increase or (decrease) in swap fair value in each period. We recorded a gain of $3.1 million for the three months ended March 31, 2013, resulting from the increase in the fair value of our interest rate swaps from December 31, 2012 to March 31, 2013. In June 2012, we terminated the Wynn Las Vegas interest rate swap for a payment of $2.4 million and the Wynn Macau interest rate swap matured. For the three months ended ~~September 30, 2011,~~March 31, 2012, we recorded a gain of ~~$4.1~~$2.3 million resulting from the increase in the fair value of interest rate swaps between ~~June 30,~~December 31, 2011 and ~~September 30, 2011.~~March 31, 2012. For further information on our interest rate swaps, see Item 3 – “Quantitative and Qualitative Disclosures about Market Risk.”

~~As described in Note 9 of our Notes~~On March 12, 2012, Wynn Las Vegas entered into an eighth amendment to ~~Condensed Consolidated Financial Statements, we amended our~~its Amended and Restated Credit Agreement (the “Wynn Las Vegas Credit Agreement”). In connection with this amendment Wynn ~~Macau Credit Facilities in July 2012 and terminated~~Las Vegas prepaid all term loans under the Wynn Las Vegas Credit Agreement, terminated all of its revolving credit commitments that were due to expire in ~~September 2012.~~2013, and terminated all but $100 million of its revolving credit commitments expiring in 2015. In connection with ~~amending the Wynn Macau Credit Facilities,~~this transaction, we expensed ~~$17.7 million of~~ deferred financing ~~costs and third party fees. In connection with~~fees of $4.8 million for the ~~termination of the Wynn Las Vegas credit agreement, we expensed $2 million of deferred financing costs and third party fees.~~three months ended March 31, 2012.

For the three months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011,~~ we recorded a tax benefit of ~~$7.6~~$5.1 million and ~~tax expense of $4.3~~$0.1 million, respectively. Our income tax benefit is primarily related to a decrease in our deferred tax liabilities ~~reduced~~offset by foreign taxes assessable on the dividends of Wynn Macau, S.A. and foreign tax provisions related to our international marketing offices. Since June 30, 2010, we have no longer considered our portion of the tax earnings and profits of Wynn Macau, Limited to be permanently invested. No additional U.S. tax provision has been made with respect to amounts not considered permanently invested as we anticipate that U.S. foreign tax credits should be sufficient to eliminate any U.S. tax provision relating to repatriation. We have not provided deferred U.S. income taxes or foreign withholding taxes on temporary differences as these amounts are permanently reinvested. For the three months ended ~~September 30, 2012 and 2011,~~March 31, 2013, we recognized income tax benefits related to excess tax deductions associated with stock compensation costs of ~~$0.6 million and $2.8 million, respectively.~~$1.2 million.

Wynn Macau, S.A. has received an exemption from Macau’s 12% Complementary Tax on casino gaming profits through December 31, 2015. Accordingly, we were exempt from the payment of ~~$20.3~~$26.5 million and ~~$22.8~~$22.4 million in such taxes during the three months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011,~~ respectively. Our non-gaming profits remain subject to the Macau Complementary Tax and casino winnings remain subject to the Macau Special Gaming tax and other levies together totaling 39% in accordance with our concession agreement.

In ~~April 2012,~~February 2013, we ~~reached an agreement with~~received notification that we had been accepted into the ~~Appellate division~~IRS Compliance Assurance Program (“CAP”) for the 2013 tax year and in March 2013, we received additional notification that we had been selected for the Compliance Maintenance phase of CAP for the 2013 tax year. In the Compliance Maintenance phase, the IRS, at its discretion, may reduce the level of review of the ~~IRS regarding~~taxpayer’s tax positions based on the complexity and number of issues, ~~raised during~~and the ~~examination~~taxpayer’s history of ~~our 2006 through~~compliance, cooperation and transparency in the CAP.

In January 2013, the Macau Financial Services Bureau examined the 2009 ~~U.S.~~and 2010 Macau income tax ~~returns.~~returns of Palo Real Estate Company Limited. The ~~issues for consideration by the Appellate division were temporary differences related~~exam resulted in no change to the treatment of discounts extended to certain Las Vegas casino customers wagering on credit, the deduction of certain costs incurred during the development and construction of Encore at Wynn Las Vegas and the appropriate tax depreciation recovery periods applicable to certain assets. The settlement with the Appellate division does not impact our unrecognized tax benefits. The settlement of the 2006 through 2009 examination issues resulted in a cash tax payment of $1.3 million and the utilization of $3.1 million and $0.9 million in foreign tax credit and general business credit carryforwards, respectively.returns.

In ~~July 2012,~~March 2013, the Macau ~~Finance~~Financial Services Bureau commenced an examination of the ~~2008~~2009, 2010, and 2011 Macau income tax ~~return~~returns of Wynn Macau, S.A. Since the examination is in its initial stages, we are unable to determine if it will conclude within the next 12 months. We believe that our liability for uncertain tax positions is adequate with respect to ~~the 2008 examination year.~~these years.

In October 2009, Wynn Macau, Limited, our indirect wholly owned subsidiary and the developer, owner and operator of Wynn Macau, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited. Wynn Macau, Limited sold 1,437,500,000 shares (27.7%) of its common stock through an initial public offering. We recorded net income attributable to noncontrolling interests of ~~$53.1~~$69.2 million for the three months ended ~~September 30, 2012,~~March 31, 2013, compared to ~~$58.1~~$57.8 million for the three months ended ~~September 30, 2011.~~March 31, 2012. This represents the noncontrolling interests’ share of net income from Wynn Macau, Limited during each quarter.

~~Financial results for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011.~~

Net revenues for the nine months ended September 30, 2012, were comprised of $3,015.5 million in casino revenues (78% of total net revenues) and $849.7 million of net non-casino revenues (22% of total net revenues). Net revenues for the nine months ended September 30, 2011, are comprised of $3,108.6 million in casino revenues (79.2% of total net revenues) and $817.4 million of net non-casino revenues (20.8% of total net revenues).

Casino revenues are comprised of the net win from our table games and slot machine operations. Casino revenues for the nine months ended September 30, 2012, of $3,015.5 million represents a $93.1 million (3%) decrease from casino revenues of $3,108.6 million for the nine months ended September 30, 2011.

For the nine months ended September 30, 2012, our Las Vegas Operations experienced a $67.6 million (14.1%) decrease in casino revenues to $411.8 million, compared to the prior year period due to a decrease in our table games win percentage (before discounts) during the first half of 2012. Our Macau Operations experienced a $25.5 million (1%) decrease in casino revenues to $2,603.7 million for the nine months ended September 30, 2012, compared to the prior year period due primarily to lower turnover in the VIP casino and lower slot machine handle associated with our premium customers.

~~The table below sets forth key gaming statistics related to our Las Vegas and Macau operations.~~

For the nine months ended September 30, 2012, room revenues were $362 million, an increase of $6.5 million (1.8%) compared to prior year period room revenue of $355.5 million. Room revenue at our Las Vegas Operations increased approximately $5.8 million (2.2%) to $274.5 million compared to the prior year period. ADR at our Las Vegas Operations has increased as we maintained our room rates in an effort to attract customers who would take advantage of all aspects of our resort. Room revenue at our Macau Operations increased $0.7 million (0.8%) to $87.5 million compared to the prior year period due to an increase in occupancy and in the average daily room rate during the first half of 2012.

Other non-casino revenues for the nine months ended September 30, 2012, included food and beverage revenues of $452.8 million, retail revenues of $192.8 million, entertainment revenues of $60.8 million, and other revenues from outlets, including the spa and salon, of $54.8 million. Other non-casino revenues for the nine months ended September 30, 2011, included food and beverage revenues of $419.5 million, retail revenues of $191.5 million, entertainment revenues of $61.5 million, and other revenues from outlets such as the spa and salon, of $53.9 million. Food and beverage revenues increased primarily due to the strength of our beach club and nightclub business at our Las Vegas Operations. Retail revenues at our Macau Operations increased $3 million, while retail revenues at our Las Vegas Operations decreased $1.7 million. The increase at Wynn Macau

is due to strong same store sales growth combined with new stores from the first half of 2012. Retail revenues at our Las Vegas operations decreased as we reconfigured the Encore retail area and are in the process of rebranding several retail outlets. Entertainment revenues decreased over the prior year period primarily due to a loss of revenues from the Sinatra “Dance with Me” show, which ended its run in Las Vegas on April 23, 2011.

For the nine months ended September 30, 2012, departmental expenses included casino expenses of $1,974.2 million, room expenses of $95.2 million, food and beverage expenses of $235.6 million, and entertainment, retail and other expenses of $144.6 million. Also included are general and administrative expenses of $321.5 million and $6.1 million charged as a provision for doubtful accounts receivable. For the nine months ended September 30, 2011, departmental expenses included casino expenses of $1,988.3 million, room expenses of $93.6 million, food and beverage expenses of $214.2 million, and entertainment, retail and other expenses of $162.6 million. Also included for the nine months ended September 30, 2011, are general and administrative expenses of $287.5 million and $18.3 million charged as a provision for doubtful accounts receivable. Casino expenses have decreased for the nine months ended September 30, 2012, over the prior year period due primarily to lower gaming taxes and junket commissions commensurate with the decrease in gaming revenues. Food and beverage expenses increased over the prior year period primarily due to additional nightclub promotional costs in Las Vegas. The decrease in entertainment, retail and other expenses was driven by the conversion of certain owned retail stores to leased outlets in Macau resulting in lower cost of sales. General and administrative expense increased primarily due to legal and other costs incurred related to the share redemption and litigation with a former stockholder, higher advertising costs, and pay rate increases. The provision for doubtful accounts decreased during the nine months ended September 30, 2012 as we recorded an adjustment to our reserve estimates for casino accounts receivable based on the results of historical collection patterns and current collection trends.

Depreciation and amortization for the nine months ended September 30, 2012, was $280.1 million compared to $303.9 million for the nine months ended September 30, 2011. This decrease is primarily due to assets with a 5-year life at Wynn Macau being fully depreciated as of September 2011.

The maximum useful life of assets at Wynn Macau is the remaining life of the gaming concession or land concession, which currently expire in June 2022 and August 2029, respectively. Consequently, depreciation related to Wynn Macau is charged on an accelerated basis when compared to our Las Vegas Operations.

Property charges and other for the nine months ended September 30, 2012, were $36.5 million compared to $124.1 million for the nine months ended September 30, 2011. For the nine months ended September 30, 2012, property charges and other related primarily to a remodel of a Las Vegas restaurant, charges related to the cancellation of a Las Vegas show which will end its run in November 2012, and miscellaneous renovations and abandonments at our resorts. Property charges and other for the nine months ended September 30, 2011 includes a charge of $108.5 million reflecting the present value of a charitable contribution made by Wynn Macau to the University of Macau Development Foundation. This contribution consists of a $25 million payment made in May 2011, and a commitment for additional donations of $10 million each year for the calendar years 2012 through

2022 inclusive, for a total of $135 million. The amount reflected in our accompanying Condensed Consolidated Statements of Income has been discounted using our then estimated borrowing rate over the time period of the remaining committed payments. Property charges and other for the nine months ended September 30, 2011 also include the write off of certain costs related to a show that ended its run in Las Vegas and miscellaneous renovations and abandonments at our resorts.

~~In response to our evaluation of our resorts and the reactions of our guests, we continue to make enhancements and refinements at our resorts.~~

Interest income was $7.8 million for the nine months ended September 30, 2012, compared to $4.6 million for the nine months ended September 30, 2011. During 2012 and 2011, our short-term investment strategy has been to preserve capital while retaining sufficient liquidity. While the majority of our short-term investments were primarily in money market accounts and time deposits with a maturity of six months or less, beginning in April 2011, we have invested in certain corporate bond securities and commercial paper which contributed to the increase in interest income.

Interest expense was $211 million, net of capitalized interest of $1 million, for the nine months ended September 30, 2012, compared to $174 million for the nine months ended September 30, 2011. No interest was capitalized during the nine months ended September 30, 2011. Our interest expense increased compared to the prior year period primarily due to the issuance of the $1.94 billion Redemption Note by Wynn Resorts, and the Wynn Las Vegas $900 million 5³/₈% first mortgage notes in March 2012, offset by the reduction of $370.9 million in Wynn Las Vegas term loan borrowings, all as described in Note 9 of our Notes to Condensed Consolidated Financial Statements.

Changes in the fair value of our interest rate swaps and any applicable termination payments are recorded as an increase (decrease) in swap fair value in each period. We recorded a gain of $4.9 million for the nine months ended September 30, 2012, resulting from the increase in the fair value of the interest rate swaps that existed during the nine months ended September 30, 2012. In June 2012, we terminated the Wynn Las Vegas interest rate swap for a payment of $2.4 million and the Wynn Macau interest rate swap matured. For the nine months ended September 30, 2011, we recorded a gain of $11.5 million resulting from the increase in the fair value of interest rate swaps between December 31, 2010 and September 30, 2011. For further information on our interest rate swaps, see Item 3 – “Quantitative and Qualitative Disclosures about Market Risk.”

On March 12, 2012, Wynn Las Vegas entered into an eighth amendment to its Amended and Restated Credit Agreement (the “Wynn Las Vegas Credit Agreement”). In connection with this amendment Wynn Las Vegas prepaid all term loans under the Wynn Las Vegas Credit Agreement, terminated all of its revolving credit commitments that were due to expire in 2013, and terminated all but $100 million of its revolving credit commitments expiring in 2015. In connection with this transaction, we expensed deferred financing fees of $4.8 million.

As described in Note 9 of our Notes to Condensed Consolidated Financial Statements, we amended our Wynn Macau Credit Facilities in July 2012 and terminated the Wynn Las Vegas Credit Agreement in September 2012. In connection with amending the Wynn Macau Credit Facilities, we expensed $17.7 million of deferred financing costs and third party fees. In connection with the termination of the Wynn Las Vegas credit agreement, we expensed $2 million of deferred financing costs and third party fees.

For the nine months ended September 30, 2012 and 2011, we recorded a tax benefit of $12.5 million and tax expense of $11.6 million, respectively. Our income tax benefit is primarily related to a decrease in our deferred

tax liabilities reduced by foreign taxes assessable on the dividends of Wynn Macau, S.A. and foreign tax provisions related to our international marketing offices. Since June 30, 2010, we have no longer considered our portion of the tax earnings and profits of Wynn Macau, Limited to be permanently invested. No additional U.S. tax provision has been made with respect to amounts not considered permanently invested as we anticipate that U.S. foreign tax credits should be sufficient to eliminate any U.S. tax provision relating to repatriation. We have not provided deferred U.S. income taxes or foreign withholding taxes on temporary differences as these amounts are permanently reinvested. For the nine months ended September 30, 2012 and 2011, we recognized income tax benefits related to excess tax deductions associated with stock compensation costs of $1.8 million and $10.5 million, respectively.

Wynn Macau, S.A. has received an exemption from Macau’s 12% Complementary Tax on casino gaming profits through December 31, 2015. Accordingly, we were exempt from the payment of $66.9 million and $57.3 million in such taxes during the nine months ended September 30, 2012 and 2011, respectively. Our non-gaming profits remain subject to the Macau Complementary Tax and casino winnings remain subject to the Macau Special Gaming tax and other levies together totaling 39% in accordance with our concession agreement.

In April 2012, we reached an agreement with the Appellate division of the IRS regarding issues raised during the examination of our 2006 through 2009 U.S. income tax returns. The issues for consideration by the Appellate division were temporary differences related to the treatment of discounts extended to certain Las Vegas casino customers wagering on credit, the deduction of certain costs incurred during the development and construction of Encore at Wynn Las Vegas and the appropriate tax depreciation recovery periods applicable to certain assets. The settlement with the Appellate division does not impact our unrecognized tax benefits. The settlement of the 2006 through 2009 examination issues resulted in a cash tax payment of $1.3 million and the utilization of $3.1 million and $0.9 million in foreign tax credit and general business credit carryforwards, respectively.

In July 2012, the Macau Finance Bureau commenced an examination of the 2008 Macau income tax return of Wynn Macau, S.A. Since the examination is in its initial stages, we are unable to determine if it will conclude within the next 12 months. We believe that our liability for uncertain tax positions is adequate with respect to the 2008 examination year.

In October 2009, Wynn Macau, Limited, our indirect wholly owned subsidiary and the developer, owner and operator of Wynn Macau, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited. Wynn Macau, Limited sold 1,437,500,000 shares (27.7%) of its common stock through an initial public offering. We recorded net income attributable to noncontrolling interests of $172.2 million for the nine months ended September 30, 2012, compared to $144 million for the nine months ended September 30, 2011. This represents the noncontrolling interests’ share of net income from Wynn Macau, Limited during each period.

We use adjusted property EBITDA to manage the operating results of our segments. Adjusted property EBITDA is earnings before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other, corporate expenses, intercompany golf course and water rights leases, stock-based compensation, and other non-operating income and expenses, and includes equity in income from unconsolidated affiliates. Adjusted property EBITDA is presented exclusively as a supplemental disclosure because we believe that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. We use adjusted property EBITDA as a measure of the operating performance of our segments and to compare the operating performance of our properties with those of our competitors. We also present adjusted property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to

financial measures in accordance with U.S. generally accepted accounting principles (“GAAP”). In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDA calculations pre-opening expenses, property charges and corporate expenses that do not relate to the management of specific casino properties. However, adjusted property EBITDA should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, adjusted property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in adjusted property EBITDA. Also, our calculation of adjusted property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The following table summarizes adjusted property EBITDA (amounts in thousands) for our Macau and Las Vegas ~~and Macau~~ Operations as reviewed by management and summarized in Notes to Condensed Consolidated Financial Statements, – Note ~~17 “Segment~~17—“Segment Information.” That footnote also presents a reconciliation of adjusted property EBITDA to net income.


	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended March 31,
Adjusted Property EBITDA	2012		2011		2012		2011		2013		2012
Macau Operations	$	292,161	$	295,960	$	884,144	$	883,139	$	330,711	$	289,773
Las Vegas Operations		110,390		85,134		293,193		349,954		120,357		100,884

	$	402,551	$	381,094	$	1,177,337	$	1,233,093	$	451,068	$	390,657

For the three months ended ~~September 30, 2012,~~March 31, 2013, our Macau Operations benefitted from a higher table games win percentage in the VIP Casino. For the same period, our Las Vegas Operations benefitted from stronger operating results primarily in the casino ~~and food and beverage departments, while~~department due to an increase in our ~~Macau Operations were negatively impacted by lower turnover in the VIP casino.~~

~~For the nine months ended September 30, 2012, our Las Vegas Operations were negatively impacted by a lower than normal~~ table games win percentage as discussed above. Our Macau Operations were negatively impacted by lower turnover in the VIP casino. Results for the nine months in Las Vegas and Macau were positively impacted by a credit taken to the provision for doubtful accounts as discussed above.percentage. Refer to the discussions above regarding the specific details of our results of operations.

Our operating cash flows primarily consist of our operating income generated by our Macau and Las Vegas ~~and Macau operations~~Operations (excluding depreciation and other non-cash charges), interest paid, and changes in working capital accounts such as receivables, inventories, prepaid expenses, and payables. Our table games play both in Macau and Las Vegas is a mix of cash play and credit play, while our slot machine play is conducted primarily on a cash basis. A significant portion of our table games revenue is attributable to the play of a limited number of premium international customers who ~~wager~~gamble on credit. The ability to collect these gaming receivables may impact our operating cash flow for the period. Our rooms, food and beverage, and entertainment, retail, and other revenue is conducted primarily on a cash basis or as a trade receivable. Accordingly, operating cash flows will be impacted by changes in operating income and accounts receivables.

Net cash provided by operations for the ~~nine~~three months ended ~~September 30, 2012,~~March 31, 2013, was ~~$989.2~~$420.9 million compared to ~~$1,149.1~~$338.5 million provided by operations for the ~~nine~~three months ended ~~September 30, 2011.~~March 31, 2012. Cash flow from operations ~~decreased~~increased due to ~~lower~~increased operating income that was driven by stronger operating results in the casino ~~department profitability and~~department. Also benefitting operating cash flow were changes in ordinary working capital ~~accounts~~ such as accounts payable and accrued expenses.

At September 30, 2012, we had approximately $2.3 billion of cash and cash equivalents and $240.3 million of available for sale investments in foreign and domestic debt securities with maturities of up to 2 years. Our cash is available for operations, debt service and retirement, development activities, general corporate purposes and enhancements to our resorts. In addition, we have $151.8 million of restricted cash for Cotai related construction and development costs. Of these amounts, Wynn Macau, Limited and its subsidiaries held $1,202 million and $67.1 million in cash and available for sale investments, respectively, of which we own 72.3%. If our portion of this cash was repatriated to the U.S. on September 30, 2012, approximately one-third of this amount would be subject to U.S. tax in the year of repatriation. Wynn Resorts, Limited, which is not a guarantor of the debt of its subsidiaries, held $1,038.4 million and $173.2 million of cash and available for sale investments, respectively. Wynn Las Vegas, LLC held cash balances of $90.5 million.

On September 17, 2012, Wynn Las Vegas terminated its Amended and Restated Credit Agreement. No loans were outstanding at the time of termination. On September 18, 2012, Wynn Las Vegas distributed to Wynn Resorts, Limited, the Wynn Las Vegas golf course land, the related water rights, and $700 million in cash.

On July 31, 2012, Wynn Macau expanded its availability under the senior secured bank facility to US$2.3 billion equivalent, consisting of a US$750 million equivalent fully funded senior secured term loan facility and a US$1.55 billion equivalent senior secured revolving credit facility. Wynn Macau also has the ability to upsize the total senior secured facilities by an additional US$200 million pursuant to the terms and provisions of the Amended Wynn Macau Credit Facilities. These borrowings were used to refinance Wynn Macau’s existing indebtedness, and will be used to fund the design, development, construction and pre-opening expenses of Wynn Cotai, and for general corporate purposes.

We believe that cash flow from operations, availability under our bank credit facility and our existing cash balances will be adequate to satisfy our anticipated uses of capital for the remainder of 2012. If any additional financing became necessary, we cannot provide assurance that future borrowings will be available.

~~Cash and cash equivalents include investments in money market funds, domestic and foreign bank time deposits and commercial paper, all with maturities of less than 90 days.~~

Capital expenditures were approximately ~~$168.3~~$58.8 million for the ~~nine~~three months ended ~~September 30, 2012, which~~March 31, 2013. During the first quarter of 2013, our capital expenditures, net of construction payables and retention, included ~~a one-time payment of $50 million in consideration of an unrelated third party’s relinquishment of certain rights in and to any future development on the Cotai land as well as~~ approximately ~~$35~~$46 million of site preparation costs for our Cotai land and various renovations at our resorts. Capital expenditures for the ~~nine~~three months ended ~~September 30, 2011,~~March 31, 2012 were approximately ~~$85.8~~$35.5 million and related ~~primarily~~ to ~~the room and suite remodel~~various renovations at ~~Wynn Las Vegas.~~our resorts.

~~On March 12, 2012, Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. (together the “Issuers”) issued, in a private offering, $900 million aggregate principal amount of 5~~ ³/₈% First Mortgage Notes due 2022 (the “2022 Notes”) pursuant to an Indenture, dated as of March 12, 2012 (the “2022 Indenture). A portion of the proceeds were used to repay all amounts outstanding under the Wynn Las Vegas term loan facilities. In October 2012, the Issuers commenced an offer to exchange all of the 2012 notes for notes registered under the Securities Act of 1933, as amended. The exchange offer closed on November 6, 2012.

~~The 2022 Notes will mature on March 15, 2022 and bear interest at the rate of 5~~³/₈~~% per annum. The Issuers may redeem all or a portion of the 2022 Notes at any time on or after March 15, 2017, at a premium~~

decreasing ratably to zero, plus accrued and unpaid interest. In addition, prior to March 15, 2015, the Issuers may redeem up to 35% of the aggregate principal amount of the 2022 Notes with the net proceeds of one or more qualified equity contributions made to the Issuers by their parent, Wynn Resorts, Limited. The 2022 Notes are also subject to mandatory redemption requirements imposed by gaming laws and regulations of gaming authorities in Nevada.

On March 12, 2012, Wynn Las Vegas, LLC entered into an eighth amendment (“Amendment No. 8”) to its Amended and Restated Credit Agreement (the “Wynn Las Vegas Credit Agreement”). Amendment No. 8 amends the Wynn Las Vegas Credit Agreement to, among other things, permit the issuance of the 2022 Notes. Concurrently with the issuance of the 2022 Notes, Wynn Las Vegas prepaid all term loans under the Wynn Las Vegas Credit Agreement, terminated all of its revolving credit commitments that were due to expire in 2013, and terminated all but $100 million of its revolving credit commitments expiring in 2015. In connection with this transaction, Wynn Las Vegas expensed deferred financing costs of $4.8 million.

On September 17, 2012, Wynn Las Vegas terminated the Wynn Las Vegas Credit Agreement. No loans were outstanding under the Wynn Las Vegas Credit Agreement at the time of termination. Prior to such termination, certain letters of credit in which lenders had participated pursuant to the Wynn Las Vegas Credit Agreement were reallocated to a separate, unsecured letter of credit facility provided by Deutsche Bank, A.G. Wynn Las Vegas, LLC did not incur any early termination penalties in connection with the termination.

~~In connection with the termination, we expensed $2.0 million of previously deferred financing costs and third party fees related to the Wynn Las Vegas Credit Agreement.~~

~~During the nine months ended September 30, 2012, we repaid $150.4 million~~As of ~~borrowings under the~~March 31, 2013, our Wynn Macau ~~Revolver.~~

~~On July 31, 2012, Wynn Macau, amended and restated its~~ credit facilities, ~~dated September 14, 2004 (as so~~as amended, ~~and restated,~~(collectively the “Amended Wynn Macau Credit Facilities”), and appointed Bank of China Limited, Macau Branch as intercreditor agent, facilities agent and security agent. The Amended Wynn Macau Credit Facilities took effect on July 31, 2012 and expand availability under Wynn Macau’s senior secured bank facility to US$2.3 billion equivalent, consisting consisted of a US$750 million equivalent fully funded senior secured term loan facility (the “Wynn Macau Senior Term Loan”) and a US$1.55 billion equivalent senior secured revolving credit ~~facility.~~facility (the “Wynn Macau Senior Revolver”). Wynn Macau, S.A. also has the ability to upsize the total senior secured facilities by an additional US$200 million pursuant to the terms and provisions of the Amended Wynn Macau Credit Facilities. Borrowings under the Amended Wynn Macau Credit Facilities, which consist of both Hong Kong ~~Dollar~~Dollars and United States Dollar tranches, were used to refinance Wynn Macau’s existing indebtedness, and will be used to fund the design, development, construction and pre-opening expenses of Wynn Cotai, and for general corporate purposes.

~~The term loan facility matures in July 2018, and the revolving credit facility matures in July 2017. There are~~As of March 31, 2013, there were no amounts outstanding under the ~~revolving credit facility. The principal amount~~Wynn Macau Senior Revolving Credit Facility. Accordingly, the Company has availability of the term loan is required to be repaid in two equal installments in July 2017 and July 2018. The senior secured facilities will bear interest for the first six months after closing at LIBOR or HIBOR plus a margin of 2.50% and thereafter will be subject to LIBOR or HIBOR plus a margin of between 1.75% to 2.50% based on Wynn Macau’s leverage ratio.

~~Borrowings~~US$1.55 billion under the Amended Wynn Macau Credit Facilities are guaranteed by Palo Real Estate Company Limited (“Palo”), a subsidiary of Wynn Macau, S.A., and by certain subsidiaries of the Company that own equity interests in Wynn Macau, S.A., and are secured by substantially all of the assets of Wynn Macau, S.A., the equity interests in Wynn Macau, S.A. and substantially all of the assets of Palo.Facilities.

~~In connection with amending the Wynn Macau Credit Facilities, we expensed $17.7 million and capitalized $32.9 million of financing costs.~~

Based on the Board of Directors’ finding of “unsuitability,” on February 18, 2012, we redeemed and cancelled Aruze USA, Inc.’s 24,549,222 shares of Wynn Resorts’ common stock. Following a finding of “unsuitability,” our articles of incorporation authorize redemption at “fair value” of the shares held by unsuitable persons. We engaged an independent financial advisor to assist in the fair value calculation and concluded that a discount to the then current trading price was appropriate because of, among other things, restrictions on most of the shares which ~~are~~were subject to the terms of an existing stockholder agreement. Pursuant to the articles of incorporation, we issued the Redemption ~~Price Promissory~~ Note ~~(the “Redemption Note”)~~ to Aruze USA, Inc., a former stockholder and related party, in redemption of the shares. The Redemption Note has a principal amount of approximately $1.94 billion, matures on February 18, 2022 and bears interest at the rate of 2% per annum, payable annually in arrears on each anniversary of the date of the Redemption Note. We may, in our sole and absolute discretion, at any time and from time to time, and without penalty or premium, prepay the whole or any portion of the principal or interest due under the Redemption Note. In no instance shall any payment obligation under the Redemption Note be accelerated except in the sole and absolute discretion of Wynn Resorts or as specifically mandated by law. The indebtedness evidenced by the Redemption Note is and shall be subordinated in right of payment, to the extent and in the manner provided in the Redemption Note, to the prior payment in full of all existing and future obligations of Wynn Resorts and any of its affiliates in respect of indebtedness for borrowed money of any kind or nature.

We recorded the fair value of the Redemption Note at its estimated present value of approximately $1.94 billion in accordance with applicable accounting guidance. In determining this fair value, we considered the stated maturity of the Redemption Note, its stated interest rate, and the uncertainty of the related cash flows of the Redemption Note as well as the potential effects of the following: uncertainties surrounding the potential outcome and timing of pending litigation with Aruze USA, Inc. and its affiliates (see Note ~~15 to our Notes to Condensed Consolidated Financial Statements)~~15—“Commitments and Contingencies”); the outcome of ~~on-going~~ongoing investigations by the Nevada Gaming Control Board; and other potential legal and regulatory actions. In addition, in the furtherance of various future business objectives, we considered our ability, at our sole option, to prepay the Redemption Note at any time in accordance with its terms without penalty. Accordingly, we reasonably determined that the estimated life of the Redemption Note could be less than the contractual life of the Redemption Note. When considering the appropriate rate of interest to be used to determine fair value for accounting purposes and in light of the uncertainty in the timing of the cash flows, we used observable inputs from a range of trading values of financial instruments with terms and lives similar to the estimated life and terms of the Redemption Note. As a result of this analysis, we concluded the Redemption Note’s stated rate of 2% approximated a market rate.

At March 31, 2013 we had approximately $2.1 billion of cash and cash equivalents and $139.7 million of available for sale investments in foreign and domestic debt securities with maturities of up to two years. Our cash is available for operations, debt service and retirement, development activities, general corporate purposes and enhancements to our resorts. In addition, we have $59.6 million of restricted cash for Cotai related construction and development costs. Of these amounts, Wynn Macau, Limited and its subsidiaries held $1,749.7 million and $28 million in cash and available for sale investments, respectively, of which we own 72.3%. If our portion of this cash was repatriated to the U.S. on March 31, 2013, approximately one-third of this amount would be subject to U.S. tax in the year of repatriation. Wynn Resorts, Limited, which is not a guarantor of the debt of its subsidiaries, held $136.5 million and $111.7 million of cash and available for sale investments, respectively. Wynn Las Vegas, LLC held cash balances of $170.5 million.

On July 31, 2012, Wynn Macau, S.A. amended and restated its credit facilities, dated September 14, 2004 to expand the availability under the Wynn Macau, S.A. senior secured bank facility to US$2.3 billion equivalent, consisting of a US$750 million equivalent fully funded senior term loan facility and a US$1.55 billion equivalent senior secured revolving credit facility. Wynn Macau, S.A. also has the ability to upsize the total senior secured facilities by an additional US$200 million pursuant to the terms and provisions of the Amended Wynn Macau Credit Facilities.

We believe that cash flow from operations, availability under our bank credit facility and our existing cash balances will be adequate to satisfy our anticipated uses of capital for the remainder of 2013. If any additional financing became necessary, we cannot provide assurance that future borrowings will be available.

Cash and cash equivalents include cash in bank and fixed deposits, investments in money market funds, domestic and foreign bank time deposits and commercial paper, all with maturities of less than 90 days.

We have made applications for gaming licenses in both Massachusetts and Pennsylvania and have announced potential projects in each jurisdiction. In each case, the process is competitive and we do not expect to know the outcome until early 2014. Proceeding with either or both of these projects will require significant expenditure of company funds.

We have not entered into any transactions with special purpose entities nor do we engage in any derivatives except for ~~floating-for-fixed~~previously discussed interest rate ~~swaps described under Item 3. Quantitative and Qualitative Disclosures About Market Risk.~~swaps. We do not have any retained or contingent interest in assets transferred to an unconsolidated entity. At ~~September 30, 2012,~~March 31, 2013, we had unsecured outstanding letters of credit totaling $15.8 million.

~~In March 2012, Wynn Las Vegas, LLC issued $900 million in 5~~ ³/₈% first mortgage notes due 2022, repaid all amounts outstanding under the term loan facilities totaling $370.9 million, reduced its revolving facilities to $100 million, and in February 2012, Wynn Resorts issued a $1.94 billion promissory note payable in 2022, all as described above. Additionally, in June 2012, the Wynn Macau Revolver matured with a zero outstanding balance, the Wynn Macau interest rate swap agreement matured, and the Wynn Las Vegas interest rate swap was terminated, all as described herein. In July 2012, Wynn Macau expanded its credit facilities to US$2.3 billion equivalent, consisting of a US$750 million equivalent fully funded senior secured term loan facility and a US$1.55 billion equivalent senior secured revolving credit facility.

~~In September 2012, the Wynn Las Vegas Credit agreement was terminated and Wynn Macau entered into two interest rate swap agreements. Other than those transactions, there~~There have been no material changes outside the ordinary course of our business during the ~~nine~~three months ended ~~September 30, 2012~~March 31, 2013 to our contractual obligations or off balance sheet arrangements as disclosed in our Annual Report on Form 10-K for the year ended December 31, ~~2011.~~2012.

Wynn Resorts is a holding company and, as a result, our ability to pay dividends is highly dependent on our ability to obtain funds and our subsidiaries’ ability to provide funds to us. Restrictions imposed by our Wynn Las Vegas and Wynn Macau debt instruments significantly restrict our ability to pay dividends. Specifically, Wynn Las Vegas, LLC and certain of its subsidiaries are restricted under the indentures governing ~~the Existing Notes and the 2022 Notes~~its first mortgage notes from making certain “restricted payments” as defined in the indentures. These restricted payments include the payment of dividends or distributions to any direct or indirect holders of equity interests of Wynn Las Vegas, LLC. These restricted payments may not be made unless certain financial and non-financial criteria have been satisfied. While the Amended Wynn Macau Credit Facilities contains similar restrictions, Wynn Macau is currently in compliance with all requirements, namely satisfaction of its leverage ratio, which must be met in order to pay dividends and is presently able to pay dividends in accordance with the Amended Wynn Macau Credit Facilities.

Wynn Las Vegas, LLC intends to fund its operations and capital requirements from cash on hand and operating cash flow. We cannot assure you however, that our Las Vegas Operations will generate sufficient cash flow from operations or the availability of additional indebtedness will be sufficient to enable us to service and repay Wynn Las Vegas, LLC’s indebtedness and to fund its other liquidity needs. Similarly, we expect that ~~Wynn~~our Macau Operations will fund Wynn Macau, S.A.’s debt service obligations with existing cash, operating cash flow and availability under the Amended Wynn Macau Credit Facilities. However, we cannot assure you that operating cash flows will be sufficient to do so. We may refinance all or a portion of our indebtedness on or before maturity. We cannot assure you that we will be able to refinance any of the indebtedness on acceptable terms or at all. Certain legal matters may also impact our liquidity. As described in our Notes to Condensed

Consolidated Financial Statements, Note 15 – “Commitments and Contingencies”, Elaine Wynn has submitted a cross claim against Steve Wynn and Kazuo Okada. The indentures for the Wynn Las Vegas, LLC ~~2022 Notes and Existing~~First Mortgage Notes (the “Indentures”) provide that if Steve Wynn, together with certain related parties, in the aggregate beneficially owns a lesser percentage of the outstanding common stock of Wynn Resorts than are beneficially owned by any other person, a change of control will have occurred. If Elaine Wynn prevails in her cross claim, Steve Wynn would not beneficially own or control Elaine Wynn’s shares and a change in control may result under our debt documents.

New business developments or other unforeseen events may occur, resulting in the need to raise additional funds. We continue to explore opportunities to develop additional gaming or related businesses in domestic and international markets. There can be no assurances regarding the business prospects with respect to any other opportunity. Any new development would require us to obtain additional financing. We may decide to conduct any such development through Wynn Resorts or through subsidiaries separate from the Las Vegas or Macau-related entities.

The Company’s articles of incorporation provide that, to the extent required by the gaming authority making the determination of unsuitability or to the extent the Board of Directors determines, in its sole discretion, that a person is likely to jeopardize the Company’s or any affiliate’s application for, receipt of, approval for, right to the use of, or entitlement to, any gaming license, shares of Wynn Resorts’ capital stock that are owned or controlled by an unsuitable person or its affiliates are subject to redemption by the Company. The redemption price may be paid in cash, by promissory note or both, as required by the applicable gaming authority and, if not, as we elect. Any promissory note that we issue to an unsuitable person or its affiliate in exchange for its shares could increase our debt to equity ratio and would increase our leverage ratio.

On February 18, 2012, the Board of Directors of Wynn Resorts determined that Aruze USA, Inc., Universal Entertainment Corporation and Mr. Kazuo Okada are “unsuitable” under the provision of our articles of incorporation and redeemed and cancelled all of Aruze USA, ~~Inc’s,~~Inc.’s, 24,549,222 shares of Wynn Resorts’ common stock. Pursuant to our articles of incorporation, we issued the Redemption Note to Aruze USA, Inc. in redemption of the shares. For additional information on the redemption and the Redemption Note, see Notes to Condensed Consolidated Financial Statements, Note ~~15 – “Commitments~~15—“Commitments and Contingencies.”

A description of our critical accounting policies is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, ~~2011.~~2012. There has been no material change to these policies for the ~~nine~~three months ended ~~September 30, 2012.~~March 31, 2013.

In ~~July 2012,~~February 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the presentation requirements for reclassifications out of accumulated other comprehensive income. The amendment would require an entity to present amounts reclassified out of accumulated other comprehensive income by component either on the face of the statement where net income is presented or in the notes. This update is effective prospectively for reporting periods beginning after December 15, 2012. We have adopted this update; see Notes to Condensed Consolidated Financial Statements, Note 4—“Accumulated Other Comprehensive Income.”

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices.

One of our primary exposures to market risk is interest rate risk associated with our debt facilities that bear interest based on floating rates. We attempt to manage interest rate risk by managing the mix of long-term fixed rate borrowings and variable rate borrowings, and using hedging activities. We cannot assure you that these risk management strategies will have the desired effect, and interest rate fluctuations could have a negative impact on our results of operations. We do not use derivative financial instruments, other financial instruments or derivative commodity instruments for trading or speculative purposes.

~~In June 2012, the Wynn Macau swap matured and the Company terminated its Wynn Las Vegas swap for a payment of $2.4 million.~~

~~On September 28, 2012, we~~We have entered into ~~two~~floating-for-fixed interest rate swap arrangements relating to certain of our floating-rate debt facilities. We measure the fair value of our interest rate swaps on a recurring basis. Changes in the fair values of these interest rate swaps for each reporting period recorded are, and will continue to be, recognized as an increase/(decrease) in swap fair value in our Condensed Consolidated Statements of Income as the swaps do not qualify for hedge accounting.

We currently have three interest rate swap agreements intended to hedge a portion of the underlying interest rate risk on borrowings under the Amended Wynn Macau Credit Facilities. Under two of the ~~two~~ swap agreements, we pay a fixed interest rate (excluding the applicable interest margin) of 0.73% on notional

amounts corresponding to borrowings of HK$3.95 billion (approximately US$~~509.3~~509.4 million) incurred under the Amended Wynn Macau Credit Facilities in exchange for receipts on the same amount at a variable interest rate based on the applicable HIBOR at the time of payment. These interest rate swaps fix the all-in interest rate on such amounts at 2.48% to 3.23%. These interest rate swap agreements mature in July 2017.

~~We measure~~Under the ~~fair value of our~~third swap agreement, we pay a fixed interest rate ~~swaps~~(excluding the applicable interest margin) of 0.6763% on notional amounts corresponding to borrowings of US$243.75 million incurred under the Amended Wynn Macau Credit Facilities in exchange for receipts on the same amount at a ~~recurring basis. Changes in~~variable rate based on the fair values of these interest rate swaps for each reporting period recorded are recognized as an increase (decrease) in swap fair value in our Condensed Consolidated Statements of Income as the swaps did not qualify for hedge accounting. The fair value approximates the amount the Company would pay if these contracts were settledapplicable LIBOR at the ~~respective valuation dates. Fair value is estimated based upon current, and predictions~~time of future, interest rate levels along a yield curve, the remaining duration of the instruments and other market conditions, and therefore, is subject to significant estimation and a high degree of variability and fluctuation between periods. We adjust this amount by applying a non-performance valuation, considering our creditworthiness or the creditworthiness of our counterparties at each settlement date as applicable. As of December 31, 2011, thepayment. This interest rate swap ~~liabilities of $7.3 million were included~~fixes the all-in interest rate on such amounts at 2.4263% to 3.1763%. This interest rate swap agreement matures in ~~other current accrued liabilities.~~July 2017.

As of ~~September 30, 2012, approximately 95%~~March 31, 2013, essentially all of our ~~long-term~~ debt was based on fixed ~~rates. Based on our borrowings as of September 30, 2012, an assumed 1% change in~~rates including the ~~variable rates would cause our annual~~notional amounts related to interest ~~cost to change by $2.7 million.~~rate swaps.

The currency delineated in Wynn Macau’s concession agreement with the government of Macau is the Macau pataca. The Macau pataca, which is not a freely convertible currency, is linked to the Hong Kong dollar, and in many cases the two are used interchangeably in Macau. The Hong Kong dollar is linked to the U.S. dollar and the exchange rate between these two currencies has remained relatively stable over the past several years. However, the exchange linkages of the Hong Kong dollar and the Macau pataca, and the Hong Kong dollar and the U.S. dollar, are subject to potential changes due to, among other things, changes in Chinese governmental policies and international economic and political developments.

If the Hong Kong dollar and the Macau pataca are not linked to the U.S. dollar in the future, severe fluctuations in the exchange rate for these currencies may result. We cannot assure you that the current rate of exchange fixed by the applicable monetary authorities for these currencies will remain at the same level.

Because many of Wynn Macau’s payment and expenditure obligations are in Macau patacas, in the event of unfavorable Macau pataca or Hong Kong dollar rate changes, Wynn Macau’s obligations, as denominated in U.S. dollars, would increase. In addition, because we expect that most of the revenues for any casino that Wynn Macau operates in Macau will be in Hong Kong dollars, we are subject to foreign exchange risk with respect to the exchange rate between the Hong Kong dollar and the U.S. dollar. Also, because our Macau-related entities incur U.S. dollar-denominated debt, fluctuations in the exchange rates of the Macau pataca or the Hong Kong dollar, in relation to the U.S. dollar, could have adverse effects on Wynn Macau’s results of operations, financial condition and ability to service its debt. To date, we have not engaged in hedging activities intended to protect against foreign currency risk. Approximately 80% of our cash balances are denominated in foreign currencies, primarily the Hong Kong Dollar. Based on our balances at March 31, 2013, an assumed 1% change in the US dollar/Hong Kong dollar exchange rate would cause a foreign currency transaction gain/loss of approximately $12.7 million.

As of ~~September 30, 2012,~~March 31, 2013, in addition to Hong Kong dollars, Wynn Macau also holds other foreign currencies, primarily CNH (offshore renminbi).

(a)Disclosure Controls and Procedures.The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective, at the reasonable assurance level, in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Internal Control Over Financial Reporting.There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter to which this report relates that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

We are occasionally party to lawsuits. As with all litigation, no assurance can be provided as to the outcome of such matters and we note that litigation inherently involves significant costs. For information regarding the Company’s legal ~~matters~~proceedings see Note 15 to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

A description of our risk factors can be found in Item 1A of our Annual Report on Form 10-K for the year ended December 31, ~~2011. Except as noted below, there~~2012. There were no material changes to those risk factors during the ~~nine~~three months ended ~~September 30, 2012.~~March 31, 2013.

~~Our information technology and other systems are subject to cyber security risk including misappropriation of customer information or other breaches of information security.~~

We rely on information technology and other systems to maintain and transmit customer financial information, credit card settlements, credit card funds transmissions, mailing lists and reservations information. In addition, our financial and recordkeeping processes are run from one central location at a secured off site Network Operations Center. We have substantially completed the implementation of industry best practice systems that are designed to meet all requirements of the Payment Card Industry standards for data protection, however, our information and processes are exposed to the ever-changing threat of compromised security, in the form of a risk of potential breach, system failure, computer virus, or unauthorized or fraudulent use by customers, company employees, or employees of third party vendors. The steps we take to deter and mitigate these risks may not be successful, and any resulting compromise or loss of data or systems could adversely impact, operations or regulatory compliance and could result in remedial expenses, fines, litigation, and loss of reputation, potentially impacting our financial results.

In November 2009, our Board of Directors approved the commencement of a regular quarterly cash dividend program. On ~~October 24, 2012~~January 31, 2013 the Company announced a cash dividend of ~~$8.00~~$1.00 per share, payable on ~~November 20, 2012~~February 28, 2013 to stockholders of record as of ~~November 7, 2012. On July 17, 2012, the Company announced a dividend of $0.50 per share, payable on August~~February 14, ~~2012 to stockholders of record as of July 31, 2012. On May 7, 2012, the Company announced a dividend of $0.50 per share, payable on June 4, 2012 to stockholders of record as of May 21, 2012.~~2013. Wynn Resorts is a holding company and, as a result, our ability to pay dividends is dependent on our ability to obtain funds and our subsidiaries’ ability to provide funds to us. Restrictions imposed by our subsidiaries’ debt instruments significantly restrict certain key subsidiaries holding a majority of our assets, including Wynn Las Vegas, LLC and Wynn Macau, S.A. from making dividends or distributions to Wynn Resorts. Specifically, Wynn Las Vegas, LLC and certain of its subsidiaries are restricted under the indentures governing the first mortgage notes from making certain “restricted payments” as defined in the indentures. These restricted payments include the payment of dividends or distributions to any direct or indirect holders of equity interests of Wynn Las Vegas, LLC. Restricted payments cannot be made unless certain financial and non-financial criteria have been satisfied. While the Amended Wynn Macau Credit ~~Facility contains~~Facilities contain similar restrictions, Wynn Macau is currently in compliance with all requirements, namely satisfaction of its leverage ratio, which must be met in order to pay dividends and is presently able to pay dividends in accordance with the Amended Wynn Macau Credit Facilities. On March 28, 2013, the Wynn Macau, Limited Board of Directors recommended the payment of a HK$1.24 per share dividend subject to approval by the shareholders of Wynn Macau, Limited at their annual meeting on May 16, 2013.

In ~~July 2012,~~February 2013, the Company repurchased a total of ~~662~~20,975 shares at an average price of ~~$96.44~~$117.34 per share in satisfaction of tax withholding obligations on vested restricted stock. ~~In addition,~~

As disclosed in prior filings of Wynn Resorts, Limited (“WRL”) and Wynn Las Vegas, LLC (“WLV”) with the SEC, pursuant to that certain Amended and Restated Agreement of Lease, dated as ~~previously disclosed, based on~~of March 18, 2010 and amended as of April 9, 2012 (the “Existing SW Lease”), by and between Stephen A. Wynn (“Mr. Wynn”), Chairman of the Board of ~~Directors’ finding~~Directors and Chief Executive Officer of ~~“unsuitability,”~~WRL, and WLV, Mr. Wynn leases two fairway villas as Mr. Wynn’s personal residence. On May 7, 2013, Mr. Wynn and WLV entered into a 2013 Amended and Restated Agreement of Lease (the “New SW Lease”) amending and restating the Existing SW Lease, effective as of December 29, 2012, for the lease of three fairway villas (the “Villas”) as Mr. Wynn’s personal residence. The New SW Lease was approved by the Audit Committee of the Board of Directors of WRL. The term of the lease runs concurrent with the term of Mr. Wynn’s employment agreement with WRL; provided that either party may terminate on 90 days notice. The rental value of the Villas is treated as imputed

income to Mr. Wynn, equal to the fair market value of the accommodations provided. Pursuant to the New SW Lease, effective as of December 29, 2012 and ending on February ~~18, 2012, we redeemed and cancelled Aruze USA, Inc.’s 24,549,222 shares for a Redemption Note of $1.94 billion. None~~28, 2015, the rental value of the ~~foregoing shares were purchased~~Villas was established as ~~part~~$525,000 per year, which amount was determined based on a third-party appraisal. The rental value of the Villas will be re-determined every two years based upon an independent third-party appraisal. Certain services for, and maintenance of, the Villas are included in the rental. The New SW Lease also includes Mr. Wynn’s use of warehouse space owned by WLV. This description of the New SW Lease is qualified in its entirety by reference to the New SW Lease, a ~~publicly announced repurchase plan or program.~~copy of which is filed herewith as Exhibit 10.2.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Class		Outstanding at ~~October 31, 2012~~April 30, 2013
Common stock, $0.01 par value		~~100,581,636~~101,005,713


Part I.	Financial Information

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets (unaudited) ~~– September 30, 2012~~—March 31, 2013 and December 31, ~~2011~~2012	3

	Condensed Consolidated Statements of Income (unaudited) – —Three ~~and nine~~ months ended ~~September 30,~~March 31, 2013 and 2012 ~~and 2011~~	4

	Condensed Consolidated Statements of Comprehensive Income (unaudited) – —Three ~~and nine~~ months ended ~~September 30,~~March 31, 2013 and 2012 ~~and 2011~~	5

	Condensed Consolidated Statements of Cash Flows (unaudited) ~~– Nine~~—Three months ended ~~September 30,~~March 31, 2013 and 2012 ~~and 2011~~	6

	Condensed Consolidated Statement of Stockholders’ Equity (unaudited) ~~– Nine~~—Three months ended ~~September 30, 2012~~March 31, 2013	7

	Notes to Condensed Consolidated Financial Statements (unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4742

Item 4.	Controls and Procedures	4943

Part II.	Other Information

Item 1.	Legal Proceedings	4944

Item 1A.	Risk Factors	4944

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5044

Item 6.5.	~~Exhibits~~Other Information	5144

Item 6.	Exhibits	46

Signature		5247


	Three Months Ended March 31,
	2013			2012
Net income	$	272,144		$	198,409
Other comprehensive income:
Foreign currency translation adjustments, net of tax		(2,681	)		634
Unrealized gain on available-for-sale securities, net of tax		161			1,264

Total comprehensive income		269,624			200,307
Less: Comprehensive income attributable to noncontrolling interest		(68,456	)		(58,276	)

Comprehensive income attributable to Wynn Resorts, Limited	$	201,168		$	142,031


	Three Months Ended
	March 31,
	2013			2012
Cash flows from operating activities:
Net income	$	272,144		$	198,409
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		92,518			92,405
Deferred income taxes		(6,030	)		(2,450	)
Stock-based compensation		1,122			2,648
Excess tax benefits from stock-based compensation		(1,232	)		(489	)
Amortization and write-offs of deferred financing costs and other		4,620			6,887
Loss on retirement of debt		—			4,828
Provision for doubtful accounts		7,004			18,064
Property charges and other		3,057			9,506
Equity in income of unconsolidated affiliates, net of distributions		556			61
Increase in swap fair value		(3,144	)		(2,284	)
Increase (decrease) in cash from changes in:
Receivables, net		(12,131	)		(2,041	)
Inventories and prepaid expenses and other		(7,904	)		(1,370	)
Accounts payable and accrued expenses		70,290			14,316

Net cash provided by operating activities		420,870			338,490

Cash flows from investing activities:
Capital expenditures, net of construction payables and retention		(58,797	)		(35,493	)
Purchase of corporate debt securities		(22,881	)		(7,231	)
Proceeds from sale or maturity of corporate debt securities		63,075			31,964
Restricted cash		39,573			—
Deposits and purchase of other assets		(6,419	)		(1,565	)
Proceeds from sale of equipment		278			298

Net cash provided by (used in) investing activities		14,829			(12,027	)

Cash flows from financing activities:
Proceeds from exercise of stock options		960			586
Excess tax benefits from stock-based compensation		1,232			489
Dividends paid		(101,709	)		(50,367	)
Proceeds from issuance of long-term debt		—			900,000
Principal payments on long-term debt		(350	)		(558,878	)
Purchase of treasury stock		(2,461	)		(355	)
Payments of financing costs		—			(10,665	)

Net cash (used in) provided by financing activities		(102,328	)		280,810

Effect of exchange rate on cash		(1,885	)		1,210

Cash and cash equivalents:
Increase in cash and cash equivalents		331,486			608,483
Balance, beginning of period		1,725,219			1,262,587

Balance, end of period	$	2,056,705		$	1,871,070


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Net income	$	165,171		$	185,185		$	562,873		$	566,851
Other comprehensive income:
Foreign currency translation adjustments, net of tax		1,263			(2,433	)		2,006			(2,389	)
Unrealized gain (loss) on available-for-sale securities, net of tax		784			(2,619	)		1,709			(2,619	)

Total comprehensive income		167,218			180,133			566,588			561,843
Less: Comprehensive income attributable to noncontrolling interest		(53,654	)		(56,858	)		(173,140	)		(142,701	)

Comprehensive income attributable to Wynn Resorts, Limited	$	113,564		$	123,275		$	393,448		$	419,142


	Common stock								Additional paid-in capital			Accumulated other comprehensive income			Retained earnings			Total Wynn Resorts, Ltd. stockholders’ equity			Noncontrolling interest			Total stockholders’ equity
	Shares outstanding			Par value		Treasury stock			Additional paid-in capital			Accumulated other comprehensive income			Retained earnings			Total Wynn Resorts, Ltd. stockholders’ equity			Noncontrolling interest			Total stockholders’ equity
Balances, January 1, 2013		100,866,712		$	1,137	$	(1,127,947	)	$	818,821		$	4,177		$	44,775		$	(259,037	)	$	362,969		$	103,932
Net income		—			—		—			—			—			202,963			202,963			69,181			272,144
Currency translation adjustment		—			—		—			—			(1,938	)		—			(1,938	)		(743	)		(2,681	)
Net unrealized gain on investments		—			—		—			—			143			—			143			18			161
Exercise of stock options		16,000			—		—			960			—			—			960			—			960
Cancellation of restricted stock		(76,600	)		—		—			—			—			—			—			—			—
Purchase of treasury stock		(20,975	)		—		(2,461	)		—			—			—			(2,461	)		—			(2,461	)
Issuance of restricted stock		125,000			1		—			(1	)		—			—			—			—			—
Cash dividends		—			—		—			345			—			(100,126	)		(99,781	)		—			(99,781	)
Excess tax benefits from stock-based compensation		—			—		—			1,232			—			—			1,232			—			1,232
Stock-based compensation		—			—		—			892			—			—			892			278			1,170

Balances, March 31, 2013		100,910,137		$	1,138	$	(1,130,408	)	$	822,249		$	2,382		$	147,612		$	(157,027	)	$	431,703		$	274,676


	Foreign currency translation		Unrealized gain/loss on securities			Accumulated other comprehensive income
December 31, 2011	$	2,409	$	(1,569	)	$	840
Current period other comprehensive income		1,450		1,335			2,785

September 30, 2012	$	3,859	$	(234	)	$	3,625


	September 30, 2012			December 31, 2011
7 7/8% Wynn Las Vegas First Mortgage Notes, due November 1, 2017, net of original issue discount of $7,691 at September 30, 2012 and $8,578 at December 31, 2011	$	492,309		$	491,422
7 7/8% Wynn Las Vegas First Mortgage Notes, due May 1, 2020, net of original issue discount of $1,673 at September 30, 2012 and $1,789 at December 31, 2011		350,337			350,221
7 3/4% Wynn Las Vegas First Mortgage Notes, due August 15, 2020		1,320,000			1,320,000
5 3/8% Wynn Las Vegas First Mortgage Notes, due March 15, 2022		900,000			—
Wynn Las Vegas Revolving Credit Facility, due July 15, 2013; interest at LIBOR plus 3%		—			—
Wynn Las Vegas Revolving Credit Facility, due July 17, 2015; interest at LIBOR plus 3%		—			—
Wynn Las Vegas Term Loan Facility, due August 15, 2013; interest at LIBOR plus 1.875%		—			40,262
Wynn Las Vegas Term Loan Facility, due August 17, 2015; interest at LIBOR plus 3%		—			330,605
Wynn Macau Senior Term Loan Facilities (as amended July 2012), due July 31, 2017 and July 31,2018; interest at LIBOR or HIBOR plus 1.75%-2.50%, net of original issue discount of $3,904 at September 30, 2012		749,132			—
Wynn Macau Senior Term Loan Facilities (as amended June 2007), due June 27, 2014; interest at LIBOR or HIBOR plus 1.25%-1.75%		—			477,251
Wynn Macau Senior Revolving Credit Facilities, (as amended July 2012) due July 31, 2017; interest at LIBOR or HIBOR plus 1.75%-2.50%		—			—
Wynn Macau Senior Revolving Credit Facility, due June 27, 2012; interest at LIBOR or HIBOR plus 1.25%		—			150,400
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2%		1,936,443			—
$42 million Note Payable, due April 1, 2017; interest at LIBOR plus 1.25%		34,650			35,350
$32.5 million Note Payable, due August 10, 2012; interest at LIBOR plus 1.15%		—			22,208

		5,782,871			3,217,719
Current portion of long-term debt		(1,400	)		(407,934	)

	$	5,781,471		$	2,809,785


	Nine Months Ended September 30,
	2012			2011			Increase/ (Decrease)			Percent Change
	(amounts in thousands)
Las Vegas Operations:
Drop	$	1,912,430		$	1,772,201		$	140,229			7.9	%
Table games win %		20.1	%		25.4	%		(5.3)pts			—
Slot machine handle	$	2,150,263		$	2,078,129		$	72,134			3.5	%
Slot machine win	$	129,812		$	127,188		$	2,624			2.1	%

Macau Operations:
VIP Casino
VIP turnover	$	91,512,158		$	93,386,297		$	(1,874,139	)		(2.0	)%
VIP win as a % of turnover		2.81	%		2.85	%		(0.04)pts			—

General Casino
Drop	$	2,065,323		$	2,077,029		$	(11,706	)		(0.6	)%
Table games win %		30.3	%		27.8	%		2.5pts			—
Slot machine handle	$	3,610,782		$	4,101,458		$	(490,676	)		(12.0	)%
Slot machine win	$	191,294		$	212,465		$	(21,171	)		(10.0	)%


Exhibit No.		Description

3.1		Second Amended and Restated Articles of Incorporation of the Registrant. (1)

3.2		~~Fourth~~Fifth Amended and Restated Bylaws of the Registrant, as amended. (2)

10.110.1		~~Common Terms Agreement Fourth Amendment~~Resignation and Release Agreement, dated ~~as of July 31, 2012~~March 27, 2013 between ~~among others,~~ Wynn Resorts, ~~(Macau) S.A.~~Limited, as the ~~company~~Company and ~~Bank of China Limited Macau Branch~~Marc D. Schorr, as ~~security agent.~~Employee.

10.210.2		~~Revolving Credit Facility~~2013 Amended and Restated Agreement of Lease, dated ~~July 31, 2012 among~~as of May 7, 2013, by and between Wynn ~~Resorts (Macau), S.A., Bank of China, Limited Macau Branch,~~Las Vegas, LLC and ~~certain financial institutions as Project Facility Lenders.~~Stephen A. Wynn.

*10.3		Third Amendment Agreement to the Hotel Facility Agreement dated July 31, 2012 among Wynn Resorts (Macau), S.A., Bank of China, Limited Macau Branch, and certain financial institutions as Hotel Facility Lenders

*10.4		~~Sixth Amended and Restated Art Rental and Licensing Agreement, dated as of July 1, 2012 between Stephen A. Wynn, as lessor, Wynn Las Vegas, LLC, as lessee.~~

31.131.1		Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a – 14(a) and Rule 15d – 14(a).

31.231.2		Certification of Chief Financial Officer of Periodic Report Pursuant to Rule 13a – 14(a) and Rule 15d – 14(a).

32.132		Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350.

101101		The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended ~~September 30, 2012,~~March 31, 2013, filed with the SEC on ~~November 9, 2012~~May 10, 2013 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets at March 31, 2013 and December 31 2012, (ii) the Condensed Consolidated Statements of Income for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011, (ii)~~(iii) the Condensed Consolidated Statements of Comprehensive Income for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011, (iii) the Condensed Consolidated Balance Sheets at September 30, 2012 and December 31 2011,~~ (iv) the Condensed Consolidated Statements of Cash Flows for the ~~nine~~three months ended ~~September 30,~~March 31, 2013 and 2012, ~~and 2011,~~ (v) the Condensed Consolidated Statement of Stockholders’ Equity at ~~September 30, 2012,~~March 31, 2013 and (vi) Notes to Condensed Consolidated Financial Statements.*


	WYNN RESORTS, LIMITED

Dated: ~~November 9, 2012~~ May 10, 2013	By:	/s/ Matt Maddox
		Matt Maddox
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company