Exhibit 12.1
Wynn Las Vegas, LLC and Subsidiaries
Calculation of Ratio of Earnings to Fixed Charges
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| | | Years Ended December 31,
| | | Period from
Inception to
December 31, 2000(1)
| | | Three Months Ended March 31,
| | | Period from
Inception to
March 31, 2005(1)
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| | | 2004(1)
| | | 2003(1)
| | | 2002(1)
| | | 2001(1)
| | | | 2005(1)
| | | 2004(1)
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| | | (in thousands, except ratio amounts) | |
Add: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | | $ | (161,917 | ) | | $ | (15,973 | ) | | $ | (4,833 | ) | | $ | (1,704 | ) | | $ | (1,463 | ) | | $ | (26,908 | ) | | $ | (6,770 | ) | | $ | (212,798 | ) |
Fixed charges | | | 115,037 | | | | 92,304 | | | | 15,372 | | | | 6,325 | | | | — | | | | 26,692 | | | | 26,325 | | | | 255,730 | |
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Subtract: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest capitalized | | | 115,037 | | | | 87,256 | | | | 13,500 | | | | 6,325 | | | | — | | | | 26,692 | | | | 26,325 | | | | 248,810 | |
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Total Earnings | | | (161,917 | ) | | | (10,925 | ) | | | (2,961 | ) | | | (1,704 | ) | | | (1,463 | ) | | | (26,908 | ) | | | (6,770 | ) | | | (205,878 | ) |
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Interest expensed | | | — | | | | 5,048 | | | | 1,872 | | | | — | | | | — | | | | — | | | | — | | | | 6,920 | |
Interest capitalized | | | 115,037 | | | | 87,256 | | | | 13,500 | | | | 6,325 | | | | — | | | | 26,692 | | | | 26,325 | | | | 248,810 | |
Total Fixed Charges | | $ | 115,037 | | | $ | 92,304 | | | $ | 15,372 | | | $ | 6,325 | | | $ | — | | | $ | 26,692 | | | $ | 26,325 | | | $ | 255,730 | |
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Earnings to Fixed Charges | | | (1.41 | ) | | | (0.12 | ) | | | (0.19 | ) | | | (0.27 | ) | | | n/a | | | | (1.01 | ) | | | (0.26 | ) | | | (0.81 | ) |
Deficiency Amount | | $ | (276,954 | ) | | $ | (103,229 | ) | | $ | (18,333 | ) | | $ | (8,029 | ) | | $ | (1,463 | ) | | $ | (53,600 | ) | | $ | (33,095 | ) | | $ | (461,608 | ) |
| (1) | Wynn Las Vegas, LLC’s earnings were insufficient to cover our fixed charges by $1.5 million, $8.0 million, $18.3 million, $103.2 million and $277.0 million for the period from inception to December 31, 2000, and for the years ended December 31, 2001, 2002, 2003 and 2004, respectively. Wynn Las Vegas, LLC’s earnings were insufficient to cover its fixed charges by $53.6 million and $33.1 million for the three months ended March 31, 2005 and 2004, respectively, and by $461.6 million for the period from inception to March 31, 2005. |
