Exhibit 99.1



              WYNN RESORTS, LIMITED ANNOUNCES CLOSING OF PRIVATE
                      OFFERING OF CONVERTIBLE DEBENTURES

LAS VEGAS, NV, July 7, 2003...................................................
Wynn Resorts, Limited (NASDAQ: WYNN) today announced that it has sold $200
million aggregate principal amount of its 6% Convertible Subordinated
Debentures due 2015 in a private placement transaction.

The offering was made only to qualified institutional buyers in accordance
with Rule 144A under the Securities Act of 1933. Wynn Resorts contributed
approximately $35 million of the net proceeds from the offering to a
subsidiary, which purchased U.S. government securities to secure the payment
of three years of scheduled interest payments as required by the indenture
governing the debentures. Wynn Resorts intends to use the remaining net
proceeds from the offering to help finance its Macau project and for general
corporate purposes. The debentures are convertible into shares of Wynn
Resorts' common stock at a conversion price of $23.00 per share, and holders
of the debentures are entitled to certain registration rights with respect to
the debentures and the common stock issuable upon conversion of the
debentures. Holders of the debentures can also require Wynn Resorts to
repurchase the debentures upon the occurrence of a change of control.

The securities have not been registered under the Securities Act of 1933 or
any state securities laws and unless so registered may not be offered or sold
in the United States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act of 1933
and applicable state securities laws. This announcement does not constitute an
offer to sell or the solicitation of offers to buy any security and shall not
constitute an offer, solicitation or sale of any security in any jurisdiction
in which such offer, solicitation or sale would be unlawful.

This press release contains "forward-looking statements" within the meaning of
the federal securities laws. The forward-looking statements in this press
release involve risks and uncertainties which could cause actual results to
differ from those expressed in or implied by the statements herein. Additional
information concerning potential factors that could affect the company's
future results is included under the caption "Risk Factors" in Item 1 of Wynn
Resorts' annual report on Form 10-K for the year ended December 31, 2002.

Contact: Samanta Hegedus
VP Investor Relations
Phone #: 702/733-4520
investorrelations@wynnresorts.com