View Filing Data

Document And Entity Information - shares		3 Months Ended
Document And Entity Information - shares	May 10, 2012	Mar. 31, 2012
Document And Entity Information [Abstract]
Document Type		10-Q
Amendment Flag		false
Document Period End Date		Mar. 31, 2012
Document Fiscal Year Focus		2012
Document Fiscal Period Focus		Q1
Entity Registrant Name		WYNN LAS VEGAS LLC
Entity Central Index Key		0001180638
Entity Filer Category		Non-accelerated Filer
Current Fiscal Year End Date		--12-31
Membership Interests Description	Wynn Resorts Holdings, LLC owns all of the membership interests of the Registrant.
Entity Common Stock, Shares Outstanding	0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 740,610	$ 201,399
Receivables, net	134,450	140,229
Inventories	47,094	48,907
Prepaid expenses and other	25,771	23,052
Total current assets	947,925	413,587
Property and equipment, net	3,474,840	3,529,376
Intangible assets, net	10,215	10,733
Deferred financing costs, net	45,612	41,256
Deposits and other assets	34,239	36,470
Investment in unconsolidated affiliates	4,088	3,976
Total assets	4,516,919	4,035,398
LIABILITIES AND MEMBER'S EQUITY
Current portion of long-term debt	1,050	89,425
Accounts payable	33,010	29,535
Accrued interest	44,585	50,086
Accrued compensation and benefits	46,382	43,468
Gaming taxes payable	12,147	11,376
Other accrued liabilities	22,863	23,769
Customer deposits	81,826	104,204
Due to affiliates, net	43,532	41,064
Total current liabilities	285,395	392,927
Long-term debt	3,125,417	2,507,921
Due to affiliates, net	129,478	124,027
Other	381	216
Total liabilities	3,540,671	3,025,091
Commitments and contingencies (Note 10)
Member's equity:
Contributed capital	1,982,232	1,980,861
Accumulated deficit	(1,005,984)	(970,554)
Total member's equity	976,248	1,010,307
Total liabilities and member's equity	$ 4,516,919	$ 4,035,398

Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Operating revenues:
Casino	$ 157,693	$ 194,245
Rooms	87,374	87,956
Food and beverage	108,946	106,140
Entertainment, retail and other	56,315	55,397
Gross revenues	410,328	443,738
Less: promotional allowances	(47,181)	(48,701)
Net revenues	363,147	395,037
Operating costs and expenses:
Casino	78,930	84,472
Rooms	29,225	29,798
Food and beverage	65,325	61,108
Entertainment, retail and other	37,074	37,685
General and administrative	55,217	54,294
Provision for doubtful accounts	4,363	4,752
Management fees	5,451	5,928
Depreciation and amortization	63,418	65,796
Property charges and other	3,718	2,030
Total operating costs and expenses	342,721	345,863
Operating income	20,426	49,174
Other income (expense):
Interest income	37	73
Interest expense	(52,147)	(50,310)
Increase in swap fair value	969	1,341
Loss on retirement of debt	(4,828)
Equity in income from unconsolidated affiliates	113	156
Other income (expense), net	(55,856)	(48,740)
Net income (loss)	(35,430)	434
Other comprehensive income
Total comprehensive income (loss)	$ (35,430)	$ 434

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income (loss)	$ (35,430)	$ 434
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	63,418	65,796
Stock-based compensation	1,371	2,865
Amortization and write-off of deferred financing costs, and other	4,047	3,368
Equity in income of unconsolidated affiliates, net of distributions	(112)	234
Loss on retirement of debt	4,828
Provision for doubtful accounts	4,363	4,752
Property charges and other	2,939	2,030
Increase in swap fair value	(969)	(1,341)
Increase (decrease) in cash from changes in:
Receivables	1,417	(16,551)
Inventories and prepaid expenses and other	(907)	3,670
Accounts payable and accrued expenses	(20,698)	(18,619)
Due to affiliates, net	7,397	(2,671)
Net cash provided by operating activities	31,664	43,967
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(15,140)	(22,015)
Purchase of other assets	(1,033)	(1,329)
Due to affiliates, net	5,325	14,408
Proceeds from sale of assets	277
Net cash used in investing activities	(10,571)	(8,936)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	900,000
Principal payments on long-term debt	(371,217)	(350)
Payments of deferred financing costs	(10,665)	(58)
Net cash provided by (used in) financing activities	518,118	(408)
Cash and cash equivalents:
Increase in cash and cash equivalents	539,211	34,623
Balance, beginning of period	201,399	52,540
Balance, end of period	$ 740,610	$ 87,163

Organization And Basis Of Presentation	3 Months Ended
Organization And Basis Of Presentation	Mar. 31, 2012
Organization And Basis Of Presentation [Abstract]
Organization And Basis Of Presentation	1. Organization and Basis of Presentation Organization Wynn Las Vegas, LLC was formed on April 17, 2001 as a Nevada limited liability company. Unless the context otherwise requires, all references herein to the "Company" refer to Wynn Las Vegas, LLC, a Nevada limited liability company and its consolidated subsidiaries. The sole member of the Company is Wynn Resorts Holdings, LLC ("Holdings"). The sole member of Holdings is Wynn Resorts, Limited ("Wynn Resorts"). The Company was organized primarily to construct and operate "Wynn Las Vegas," a destination resort and casino on the "Strip" in Las Vegas, Nevada. Wynn Las Vegas opened on April 28, 2005. On December 22, 2008, the Company expanded Wynn Las Vegas with the opening of Encore at Wynn Las Vegas ("Encore"). Wynn Las Vegas Capital Corp. ("Wynn Capital") is a wholly owned subsidiary of the Company incorporated on June 3, 2002, solely for the purpose of obtaining financing for Wynn Las Vegas. Wynn Capital is authorized to issue 2,000 shares of common stock, par value $0.01. At March 31, 2012, the Company owned the one share that was issued and outstanding. Wynn Capital has neither any significant net assets nor has had any operating activity. Its sole function is to serve as the co-issuer of the mortgage notes described below. Wynn Las Vegas, LLC and Wynn Capital together are hereinafter referred to as the "Issuers". Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company's investment in the 50%-owned joint venture operating the Ferrari and Maserati automobile dealership inside Wynn Las Vegas is accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated. 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 months ended March 31, 2012 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.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6228881-111685

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Summary Of Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Accounts Receivable and Credit Risk

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. As of March 31, 2012 and December 31, 2011, approximately 72% and 76% respectively, of the Company's markers were due from customers residing in foreign countries, primarily in Asia. Business or economic conditions or other significant events in these countries could affect the collectability 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. 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.

Inventories

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.

Revenue Recognition and Promotional Allowances

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. 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 deferred revenues until services are provided to the customer.

Revenues are recognized net of certain sales incentives which are recorded as a reduction of revenue. Consequently, the Company's casino revenues are reduced by discounts and points earned in the players club loyalty program.

The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenue 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 March 31,
	2012		2011
Rooms	$	8,985	$	9,926
Food and beverage		15,414		15,817
Entertainment, retail and other		3,817		4,052

Total	$	28,216	$	29,795

Gaming Taxes

The Company is subject to taxes based on gross gaming revenues, subject to applicable adjustments. These gaming taxes are an assessment on the Company's gaming revenues and are recorded as an expense within the "Casino" line item in the accompanying Condensed Consolidated Statements of Comprehensive Income (loss). These taxes totaled approximately $11 million and $13.8 million for the three months ended March 31, 2012 and 2011, respectively.

Advertising Costs

The Company expenses advertising costs the first time the advertising takes place. Advertising costs incurred in development periods are included in pre-opening costs. Once a project is completed, advertising costs are included in general and administrative expenses. Advertising costs totaled approximately $3.9 million and $2.9 million, for the three months ended March 31, 2012 and 2011, respectively.

Stock-Based Compensation

The Company accounts for stock-based compensation related to equity shares of Wynn Resorts granted to its employees by recognizing the costs of the employee services received in exchange for the equity award instrument based on the grant date fair value of the awards over the service period. For the three months ended March 31, 2012 and 2011, the Company recorded $1.4 million and $2.9 million, respectively, in stock-based compensation with a corresponding credit to contributed capital.

Supplemental Disclosure Of Cash Flow Information	3 Months Ended
Supplemental Disclosure Of Cash Flow Information	Mar. 31, 2012
Supplemental Disclosure Of Cash Flow Information [Abstract]
Supplemental Disclosure Of Cash Flow Information	3. Supplemental Disclosure of Cash Flow Information Interest paid for the three months ended March 31, 2012 and 2011 totaled approximately $55.8 million and $59.4 million, respectively. There was no interest capitalized during the three months ended March 31, 2012 or 2011. During the three months ended March 31, 2012 and 2011, capital expenditures include a decrease of approximately $4.8 and $3.2 million respectively, in construction payables and retention recorded through amounts due to affiliates.

Receivables, Net

3 Months Ended

Mar. 31, 2012

Receivables, Net [Abstract]

Receivables, Net

4. Receivables, net

Receivables, net consisted of the following (amounts in thousands):


	March 31, 2012			December 31, 2011
Casino	$	172,850		$	175,984
Hotel		18,188			19,738
Retail leases and other		20,226			20,799

		211,264			216,521
Less: allowance for doubtful accounts		(76,814	)		(76,292	)

	$	134,450		$	140,229

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524

+ Details

Property And Equipment, Net

3 Months Ended

Mar. 31, 2012

Property And Equipment, Net [Abstract]

Property And Equipment, Net

5. Property and Equipment, net

Property and equipment, net consisted of the following (amounts in thousands):


	March 31, 2012			December 31, 2011
Land and improvements	$	718,322		$	717,156
Buildings and improvements		2,615,213			2,617,523
Airplane		44,364			44,364
Furniture, fixtures and equipment		1,346,879			1,350,525
Construction in progress		10,538			6,368

		4,735,316			4,735,936
Less: accumulated depreciation		(1,260,476	)		(1,206,560	)

	$	3,474,840		$	3,529,376

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Long-Term Debt

3 Months Ended

Mar. 31, 2012

Long-Term Debt [Abstract]

Long-Term Debt

6. Long-Term Debt

Long-term debt consisted of the following (amounts in thousands):


	March 31, 2012			December 31, 2011
7 7/8% First Mortgage Notes, due November 1, 2017, net of original issue discount of $8,289 at March 31, 2012 and $8,578 at December 31, 2011	$	491,711		$	491,422
7 7/8% First Mortgage Notes, due May 1, 2020, net of original issue discount of $2,254 at March 31, 2012 and $2,303 at December 31, 2011		349,756			349,707
7 3/4% First Mortgage Notes, due August 15, 2020		1,320,000			1,320,000
5 3/8% First Mortgage Notes, due March 15, 2022		900,000			—
Revolving Credit Facility, due July 15, 2013; interest at LIBOR plus 3.0%		—			—
Revolving Credit Facility, due July 17, 2015; interest at LIBOR plus 3.0%		—			—
Term Loan Facility, due August 15, 2013; interest at LIBOR plus 1.875%		—			40,262
Term Loan Facility, due August 17, 2015; interest at LIBOR plus 3.0%		—			330,605
$42 million Note Payable due April 1, 2017; interest at LIBOR plus 1.25%		35,000			35,350
Payable to Affiliate		30,000			30,000

		3,126,467			2,597,346
Current portion of long-term debt		(1,050	)		(89,425	)

	$	3,125,417		$	2,507,921

5 3/8% Wynn Las Vegas First Mortgage Notes

On March 12, 2012, the Issuers issued $900 million aggregate principal amount of 5³/8% 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.

The 2022 Notes will mature on March 15, 2022 and bear interest at the rate of 5³/8% 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.

The 2022 Notes are the Issuers' senior secured obligations and rank pari passu in right of payment with borrowings under the Wynn Las Vegas revolving credit facilities ("Wynn Las Vegas Credit Facilities," as described below) and the Issuers' outstanding 7⁷/8% First Mortgage Notes due 2017 (the "2017 Notes"), the 7⁷/8% First Mortgage Notes due 2020 ("7⁷/8% 2020 Notes") and the 7³/4% First Mortgage Notes due 2020 (the "7³/4% 2020 Notes" and, together with the 2017 Notes and the 7⁷/8% 2020 Notes, the "Existing Notes"). The 2022 Notes are secured on an equal and ratable basis (with certain exceptions) by a first priority lien on substantially all of the Issuers' existing and future assets, and, subject to gaming approval, a first priority pledge of the Company's equity interests, all of which is the same collateral that secures borrowings under the Wynn Las Vegas credit facilities and the Existing Notes. The first priority lien securing the 2022 Notes may be released in whole, or in part, under certain circumstances without the consent of the holders of the 2022 Notes.

The 2022 Notes are jointly and severally guaranteed by all of the Issuers' subsidiaries except Wynn Completion Guarantor, LLC (the "Guarantors"). The guarantees of the 2022 Notes are secured on an equal and ratable basis by a first priority lien on substantially all of the Guarantors' assets, the same collateral that secures the guarantees under the Company's credit facilities and the Existing Notes.

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 have not been registered under the Securities Act of 1933 (the "Securities Act") or under any state securities laws. Therefore, the Issuers may not offer or sell the notes within the United States to, or for the account or benefit of, any United States person unless the offer or sale would qualify for a registration exemption from the Securities Act and applicable state securities laws.

Wynn Las Vegas Revolving Credit Facilities

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, the Company has prepaid all term loans under the Wynn Las Vegas Credit Agreement, has terminated all of its revolving credit commitments that were due to expire in 2013, and has 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.

As of March 31, 2012, no amounts had been borrowed under the Wynn Las Vegas Credit Agreement. Wynn Las Vegas, LLC had $15.8 million of outstanding letters of credit that reduce availability for borrowing under the Wynn Las Vegas Credit Agreement. Wynn Las Vegas, LLC had availability of $84.2 million under the Wynn Las Vegas Credit Agreement as of March 31, 2012.

Debt Covenant Compliance

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

Fair Value of Long-term Debt

The net book value of the Company's outstanding first mortgage notes was approximately $3.1 billion and $2.2 billion at March 31, 2012 and December 31, 2011, respectively. The estimated fair value of the Company's outstanding first mortgage notes, based upon the most recent trades, was approximately $3.3 billion and $2.4 billion at March 31, 2012 and December 31, 2011, respectively. The net book value of the Company's other debt instruments was approximately $35 million and $406.2 million at March 31, 2012 and December 31, 2011, respectively. The estimated fair value of the Company's other debt instruments was approximately $35 million and $400 million at March 31, 2012 and December 31, 2011, respectively.

Interest Rate Swap	3 Months Ended
Interest Rate Swap	Mar. 31, 2012
Interest Rate Swap [Abstract]
Interest Rate Swap	7. Interest Rate Swap 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 fix 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 Comprehensive Income (loss), as the interest rate swaps do not qualify for hedge accounting. The Company measures the fair value of its interest rate swaps on a recurring basis pursuant to accounting standards for fair value measurements. These 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 Company categorizes these interest rate swaps as Level 2. The Company currently has one interest rate swap agreement to hedge a portion of the underlying interest rate risk on borrowings under the Wynn Las Vegas credit facilities. Under this swap agreement, the Company pays a fixed interest rate of 2.485% on borrowings of $250 million incurred under the Wynn Las Vegas credit facilities in exchange for receipts on the same amount at a variable interest rate based on the applicable LIBOR at the time of payment. This interest rate swap fixes the interest rate on $250 million of borrowings at approximately 5.485%. This interest rate swap agreement matures in November 2012. As of March 31, 2012 and December 31, 2011, the fair value of this interest rate swap was a current liability of $3.7 million and $4.6 million, respectively.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2012
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Amounts Due to Affiliates, net As of March 31, 2012, the Company's current due to affiliates was primarily comprised of construction payables of approximately $4 million, construction retention of approximately $1.3 million and other net amounts due to affiliates totaling $38.2 million (including corporate allocations discussed below). The long-term Due to affiliates is management fees of $129.5 million (equal to 1.5% of net revenues and payable upon meeting certain leverage ratios as specified in the documents governing the Company's credit facilities and the first mortgage notes indentures). As of December 31, 2011, the Company's current due to affiliates was primarily comprised of construction payables of approximately $8.4 million, construction retention of approximately $1.7 million and other net amounts due to affiliates totaling $31 million (including corporate allocations discussed below). The long-term Due to affiliates is management fees of $124 million. The Company periodically settles amounts due to affiliates with cash receipts and payments, except for the management fee, which is payable upon meeting certain leverage ratios specified in the documents governing the first mortgage notes and the credit facilities. Corporate Allocations The accompanying condensed consolidated statements of operations include allocations from Wynn Resorts for legal, accounting, human resources, information services, real estate, and other corporate support services. The corporate support service allocations have been determined on a basis that Wynn Resorts and the Company consider to be reasonable estimates of the utilization of service provided or the benefit received by the Company. Wynn Resorts maintains corporate offices at Wynn Las Vegas without charge from the Company. The Company settles these corporate allocation charges with Wynn Resorts on a periodic basis as discussed in "Amounts Due to Affiliates, net" above. During the three months ended March 31, 2012 and 2011, approximately $6.7 million and $6.4 million, respectively, were charged to the Company for such corporate allocations. Due to Officers The Company periodically provides services to Stephen A. Wynn, Chairman of the Board, Chief Executive Officer and one of the principal stockholders of Wynn Resorts ("Mr. Wynn"), and certain other executive officers and directors of Wynn Resorts, including household services, construction work and other personal services. The cost of these services is transferred to Wynn Resorts on a periodic basis. Mr. Wynn and these other officers and directors have amounts on deposit with Wynn Resorts to prepay any such items, which are replenished on an ongoing basis as needed. Villa Suite Lease On March 18, 2010, Mr. Wynn and Wynn Las Vegas entered into an Amended and Restated Agreement of Lease (the "SW Lease") for a villa suite to serve as Mr. Wynn's personal residence. The SW Lease amends and restates a prior lease. The SW Lease was approved by the Audit Committee of the Board of Directors of the Company. The term of the 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 SW Lease, the rental value of the villa suite is treated as imputed income to Mr. Wynn, and is 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 SW Lease, the rental value was $503,831 per year. Effective March 1, 2012, the rental value is $440,000 per year based on the current fair market value as established by the Audit Committee of the Company with the 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. Certain services for, and maintenance of, the villa suite are included in the rental as well as the use of minimal warehouse space. The "Wynn" Surname Rights Agreement On August 6, 2004, Holdings entered into agreements with Mr. Wynn that confirm and clarify Holding's rights to use the "Wynn" name and Mr. Wynn's persona in connection with casino resorts. Under the parties' Surname Rights Agreement, Mr. Wynn granted Holdings 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 Holdings 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. Holdings has sub-licensed rights to the "Wynn" name, persona and marks to the Company.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

Property Charges And Other	3 Months Ended
Property Charges And Other	Mar. 31, 2012
Property Charges And Other [Abstract]
Property Charges And Other	9. Property Charges and Other Property charges and other for the three months ended March 31, 2012 and 2011, were $3.7 million and $2 million, respectively. Property charges generally include costs related to the retirement of assets for remodels and asset abandonments. Property charges and other for the three months ended March 31, 2012 and 2011, related to miscellaneous renovations and abandonments at Wynn Las Vegas.

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2012
Commitments And Contingencies [Abstract]
Commitments And Contingencies	10. Commitments and Contingencies *Litigation* The Company does not have any material litigation as of March 31, 2012. *Matters Related to Wynn Resorts, Limited* Determination of Unsuitability and Redemption of Aruze USA, Inc. and Affiliates and Related Matters On February 18, 2012, Wynn Resorts' Gaming Compliance Committee concluded a year-long 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 a director of Wynn Macau, Limited. The factual record presented in the Freeh Report included evidence that Aruze USA, Inc., Universal Entertainment Corporation and Mr. Okada 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, had denied the impropriety of such conduct to members of the Board of Directors of Wynn Resorts and had refused to acknowledge or abide by Wynn Resorts' anti-bribery policies. Based on the Freeh Report, the Board of Directors of Wynn Resorts determined that Aruze USA, Inc., Universal Entertainment Corporation and Mr. Okada are "unsuitable" under Article VII of the Wynn Resorts articles of incorporation. The Board 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 and recommended that Mr. Okada be removed as a member of the board of directors of Wynn Macau, Limited. In addition, on February 18, 2012, Mr. Okada was removed from the board of directors of Wynn Las Vegas Capital Corp., a wholly owned subsidiary of Wynn Resorts. Based on the Board of Directors' finding of "unsuitability," on February 18, 2012, Wynn Resorts redeemed and canceled 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 at "fair value" of the shares held by unsuitable persons. Wynn Resorts 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 an existing stockholder agreement. Pursuant to the articles of incorporation, Wynn Resorts issued the Redemption Price Promissory Note to Aruze USA, Inc. in redemption of the shares. The Redemption Price Promissory 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 Price Promissory Note. Wynn Resorts 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 Price Promissory Note. In no instance shall any payment obligation under the Redemption Price Promissory 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 Price Promissory Note is and shall be subordinated in right of payment, to the extent and in the manner provided in the Redemption Price Promissory 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. On February 19, 2012, Wynn Resorts filed a complaint in the District Court of Clark County, Nevada against Mr. Okada, Aruze USA, Inc. and Universal Entertainment Corporation, companies controlled by Mr. Okada, alleging breaches of fiduciary duty and related claims. Wynn Resorts 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. On March 12, 2012, Aruze USA, Inc. and Universal Entertainment Corporation removed the action to the United States District Court for the District of Nevada. On that same date, Aruze USA, Inc. and Universal Entertainment Corporation filed an answer denying the claims and a counterclaim that purports to assert claims against Wynn Resorts, each of the members of Wynn Resorts' board (other than Mr. Okada) and a senior executive of Wynn Resorts. Among other relief, the counterclaim seeks a declaration that the redemption of Aruze USA, Inc.'s shares was void, an injunction restoring Aruze USA, Inc.'s share ownership and damages in an unspecified amount. Wynn Resorts' claim of February 19, 2012, was removed to federal court. On March 29, 2012, Wynn Resorts filed a motion to remand the action to state court and to request an extension to answer. The motion to remand is pending and the request for extension to answer was granted on March 30, 2012, giving the Company until May 21, 2012 to answer the counterclaim. On February 24, 2012, the board of directors of Wynn Macau, Limited removed Mr. Kazuo Okada from the board. Wynn Resorts has provided the Freeh Report to applicable regulators and intends to cooperate with any related investigation that such regulators may undertake. The conduct of Mr. Okada and his affiliates and any resulting regulatory investigations could have adverse consequences to Wynn Resorts 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 Wynn Resorts' property and/or otherwise involved the Company in criminal or civil violations could result in actions by regulatory authorities against Wynn Resorts. 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 Wynn Resorts' donation to the University of Macau. While Wynn Resorts believes that it is in full compliance with all applicable laws, any such investigations could result in actions by regulators against Wynn Resorts. Litigation Commenced by Aruze USA, Inc. and Affiliates and Related Matters In May 2011, Wynn Macau, a majority owned subsidiary of Wynn Resorts, 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 Wynn Resorts' 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 Wynn Resorts and Wynn Macau, Limited and approved by 15 of the 16 directors who serve on those boards. The sole dissenting vote was cast by Mr. Kazuo Okada whose stated objection was to the length of time over which the donation would occur, not its propriety. Mr. Okada commenced litigation on January 11, 2012, in the District Court of Clark County, Nevada seeking to compel Wynn Resorts to produce information relating to the donation to the University of Macau, among other things. On February 8, 2012, following Mr. Okada's lawsuit, Wynn Resorts received a letter from the Salt Lake Regional Office of the SEC requesting that, in connection with an informal inquiry by the SEC, Wynn Resorts preserve information relating to the donation to the University of Macau, any donations by Wynn Resorts to any other educational charitable institutions, including the University of Macau Development Foundation, and Wynn Resorts' casino or concession gaming licenses or renewals in Macau. The Company is cooperating with the Salt Lake Regional Office staff and intends to fully comply with the SEC's request. At a hearing on February 9, 2012, the Nevada state court stated that, as a director of Wynn Resorts, Mr. Okada had the right to make a reasonable inspection of Wynn Resorts' corporate books and records. Following 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 Wynn Resorts' board make additional documents available to him, and ruled that Mr. Okada was entitled to inspect two additional pages of documents. Wynn Resorts promptly complied with the court's ruling. Related litigation The Louisiana Municipal Police Employees' Retirement System ("LMPERS"), Maryanne Solak, Excavators Union Local 731 Welfare Fund, Boilermakers Lodge No. 154 Retirement Fund and Danny Hinson, have each commenced separate derivative actions in the United States District Court, District of Nevada, against Wynn Resorts and all members of its Board of Directors. All five complaints assert claims for breach of fiduciary duty and waste of corporate assets related to the University of Macau pledge, and four of the complaints (all but for Solak) base those same claims on the investigation of and lawsuit against Okada. All five complaints seek unspecified monetary damages and four of the complaints (all but for Solak) seek orders for Wynn Resorts to take necessary actions to reform and improve its corporate governance procedures. In addition, two of the complaints (LMPERS and Excavators) seek a permanent injunction of any further breaches of fiduciary duty and any further payments of the pledge to University of Macau. Wynn Resorts, a nominal defendant, has been served with process in three of the five actions. The directors have been served with process in two of the five actions. All parties are coordinating service and response deadlines. In April 2012, Danny Hinson filed a voluntary dismissal of this complaint without prejudice and Maryanne Solak filed a motion to reassign all the foregoing actions to the same United States District Court Judge.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Consolidating Financial Information Of Guarantors And Issuers

3 Months Ended

Mar. 31, 2012

Consolidating Financial Information Of Guarantors And Issuers [Abstract]

Consolidating Financial Information Of Guarantors And Issuers

11. Consolidating Financial Information of Guarantors and Issuers

The following consolidating information relates to the Issuers of the First Mortgage Notes and their guarantor subsidiaries (World Travel, LLC; Las Vegas Jet, LLC; Wynn Show Performers, LLC; Wynn Golf, LLC; Kevyn, LLC; and Wynn Sunrise, LLC) and non-guarantor subsidiary (Wynn Completion Guarantor, LLC) as of March 31, 2012 and December 31, 2011, and for the three months ended March 31, 2012 and 2011.

The following condensed consolidating financial statements are presented in the provided form because: (i) the guarantor subsidiaries are wholly owned subsidiaries of Wynn Las Vegas, LLC (an issuer of the First Mortgage Notes), and (ii) the guarantee is joint and several; however the guarantee is not full and unconditional as the guarantees may be released under certain circumstances customary for such arrangements. If the Issuers fail to make a scheduled payment, the guarantor subsidiaries are obligated to make the scheduled payment immediately and, if it does not, any holder of the First Mortgage Notes may immediately bring suit directly against the guarantor subsidiaries for payment of all amounts due and payable.

WYNN LAS VEGAS, LLC AND SUBSIDIARIES

(A WHOLLY OWNED INDIRECT SUBSIDIARY OF WYNN RESORTS, LIMITED)

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

AS OF MARCH 31, 2012

(amounts in thousands)

(unaudited)


	Issuers			Guarantor Subsidiaries			Nonguarantor Subsidiary			Eliminating Entries			Total
ASSETS
Current assets:
Cash and cash equivalents	$	740,605		$	—		$	5		$	—		$	740,610
Receivables, net		134,450			—			—			—			134,450
Inventories.		47,094			—			—			—			47,094
Prepaid expenses and other		25,435			336			—			—			25,771

Total current assets		947,584			336			5			—			947,925

Property and equipment, net		3,279,694			195,146			—			—			3,474,840
Intangible assets, net		4,071			6,144			—			—			10,215
Deferred financing costs, net		45,612			—			—			—			45,612
Deposits and other assets		33,336			—			—			903			34,239
Investment in unconsolidated affiliates		(23,448	)		4,088			—			23,448			4,088

Total assets.	$	4,286,849		$	205,714		$	5		$	24,351		$	4,516,919

LIABILITIES AND MEMBER'S EQUITY
Current liabilities:
Current portion of long-term debt	$	—		$	1,050		$	—		$	—		$	1,050
Accounts payable		33,010			—			—			—			33,010
Accrued interest..		44,585			—			—			—			44,585
Accrued compensation and benefits		45,182			1,200			—			—			46,382
Gaming taxes payable		12,147			—			—			—			12,147
Other accrued expenses		22,839			24			—			—			22,863
Customer deposits		81,826			—			—			—			81,826
Due to affiliates, net		(150,314	)		200,824			(7,881	)		903			43,532

Total current liabilities		89,275			203,098			(7,881	)		903			285,395
Long-term debt		3,091,467			33,950			—			—			3,125,417
Due to affiliates, net		129,478			—			—			—			129,478
Other		381			—			—			—			381

Total liabilities..		3,310,601			237,048			(7,881	)		903			3,540,671

Commitments and contingencies

Member's equity:
Contributed capital		1,982,232			12,530			—			(12,530	)		1,982,232
Retained earnings (deficit)		(1,005,984	)		(43,864	)		7,886			35,978			(1,005,984	)

Total member's equity.		976,248			(31,334	)		7,886			23,448			976,248

Total liabilities and member's equity	$	4,286,849		$	205,714		$	5		$	24,351		$	4,516,919

WYNN LAS VEGAS, LLC AND SUBSIDIARIES

(A WHOLLY OWNED INDIRECT SUBSIDIARY OF WYNN RESORTS, LIMITED)

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

AS OF DECEMBER 31, 2011

(amounts in thousands)


	Issuers			Guarantor Subsidiaries			Nonguarantor Subsidiary			Eliminating Entries			Total
ASSETS
Current assets:
Cash and cash equivalents	$	201,394		$	—		$	5		$	—		$	201,399
Receivables, net		140,229			—			—			—			140,229
Inventories		48,907			—			—			—			48,907
Prepaid expenses and other		22,870			182			—			—			23,052

Total current assets		413,400			182			5			—			413,587
Property and equipment, net		3,336,516			192,860			—			—			3,529,376
Intangible assets, net		4,589			6,144			—			—			10,733
Deferred financing costs, net		41,256			—			—			—			41,256
Deposits and other assets		35,913			—			—			557			36,470
Investment in unconsolidated affiliates		(22,717	)		3,976			—			22,717			3,976

Total assets	$	3,808,957		$	203,162		$	5		$	23,274		$	4,035,398

LIABILITIES AND MEMBER'S EQUITY
Current liabilities:
Current portion of long-term debt	$	88,375		$	1,050		$	—		$	—		$	89,425
Accounts payable		29,535			—			—			—			29,535
Accrued interest		50,086			—			—			—			50,086
Accrued compensation and benefits		42,135			1,333			—			—			43,468
Gaming taxes payable		11,376			—			—			—			11,376
Other accrued liabilities		23,737			32			—			—			23,769
Customer deposits		104,204			—			—			—			104,204
Due to affiliates, net		(148,662	)		197,050			(7,881	)		557			41,064

Total current liabilities		200,786			199,465			(7,881	)		557			392,927
Long-term debt		2,473,621			34,300			—			—			2,507,921
Due to affiliates		124,027			—			—			—			124,027
Other		216			—			—			—			216

Total liabilities		2,798,650			233,765			(7,881	)		557			3,025,091

Commitments and contingencies

Member's equity:
Contributed capital		1,980,861			12,530			—			(12,530	)		1,980,861
Retained earnings (deficit)		(970,554	)		(43,133	)		7,886			35,247			(970,554	)

Total member's equity		1,010,307			(30,603	)		7,886			22,717			1,010,307

Total liabilities and member's equity	$	3,808,957		$	203,162		$	5		$	23,274		$	4,035,398

WYNN LAS VEGAS, LLC AND SUBSIDIARIES

(A WHOLLY OWNED INDIRECT SUBSIDIARY OF WYNN RESORTS, LIMITED)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS INFORMATION

THREE MONTHS ENDED MARCH 31, 2012

(amounts in thousands)

(unaudited)


	Issuers			Guarantor Subsidiaries			Nonguarantor Subsidiary		Eliminating Entries			Total
Operating revenues:
Casino	$	157,693		$	—		$	—	$	—		$	157,693
Rooms		87,374			—			—		—			87,374
Food and beverage		108,946			—			—		—			108,946
Entertainment, retail and other		56,428			—			—		(113	)		56,315

Gross revenues		410,441			—			—		(113	)		410,328
Less: promotional allowances		(47,181	)		—			—		—			(47,181	)

Net revenues		363,260			—			—		(113	)		363,147

Operating costs and expenses:
Casino		78,930			—			—		—			78,930
Rooms		29,225			—			—		—			29,225
Food and beverage		65,325			—			—		—			65,325
Entertainment, retail and other		37,074			—			—		—			37,074
General and administrative		55,557			(227	)		—		(113	)		55,217
Provision for doubtful accounts		4,363			—			—		—			4,363
Management fees		5,451			—			—		—			5,451
Depreciation and amortization		62,502			916			—		—			63,418
Property charges and other		3,718			—			—		—			3,718

Total operating costs and expenses		342,145			689			—		(113	)		342,721

Operating income (loss)		21,115			(689	)		—		—			20,426


Other income (expense):
Interest income and other		37			—			—		—			37
Interest expense, net of capitalized interest		(51,992	)		(155	)		—		—			(52,147	)
Increase in swap fair value		969			—			—		—			969
Loss on extinguishment of debt		(4,828	)		—			—		—			(4,828	)
Equity in income (loss) from unconsolidated affiliates		(731	)		113			—		731			113

Other income (expense), net		(56,545	)		(42	)		—		731			(55,856	)

Net income (loss)/comprehensive income (loss)	$	(35,430	)	$	(731	)	$	—	$	731		$	(35,430	)

WYNN LAS VEGAS, LLC AND SUBSIDIARIES

(A WHOLLY OWNED INDIRECT SUBSIDIARY OF WYNN RESORTS, LIMITED)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS INFORMATION

THREE MONTHS ENDED MARCH 31, 2011

(amounts in thousands)

(unaudited)


	Issuers			Guarantor Subsidiaries			Nonguarantor Subsidiary		Eliminating Entries			Total
Operating revenues:
Casino	$	194,245		$	—		$	—	$	—		$	194,245
Rooms		87,956			—			—		—			87,956
Food and beverage		106,140			—			—		—			106,140
Entertainment, retail and other		55,553			—			—		(156	)		55,397

Gross revenues		443,894			—			—		(156	)		443,738
Less: promotional allowances		(48,701	)		—			—		—			(48,701	)

Net revenues		395,193			—			—		(156	)		395,037

Operating costs and expenses:
Casino		84,472			—			—		—			84,472
Rooms		29,798			—			—		—			29,798
Food and beverage		61,108			—			—		—			61,108
Entertainment, retail and other		37,685			—			—		—			37,685
General and administrative		54,586			(136	)		—		(156	)		54,294
Provision for doubtful accounts		4,752			—			—		—			4,752
Management fees		5,928			—			—		—			5,928
Depreciation and amortization		64,868			928			—		—			65,796
Property charges and other		2,030			—			—		—			2,030

Total operating costs and expenses		345,227			792			—		(156	)		345,863

Operating income (loss)		49,966			(792	)		—		—			49,174


Other income (expense):
Interest income and other		73			—			—		—			73
Interest expense, net of capitalized interest		(50,161	)		(149	)		—		—			(50,310	)
Increase in swap fair value		1,341			—			—		—			1,341
Equity in income (loss) from unconsolidated affiliates		(785	)		156			—		785			156

Other income (expense), net		(49,532	)		7			—		785			(48,740	)

Net income (loss)/comprehensive income (loss)	$	434		$	(785	)	$	—	$	785		$	434

WYNN LAS VEGAS, LLC AND SUBSIDIARIES

(A WHOLLY OWNED INDIRECT SUBSIDIARY OF WYNN RESORTS, LIMITED)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS INFORMATION

THREE MONTHS ENDED MARCH 31, 2012

(amounts in thousands)

(unaudited)


	Issuers			Guarantor Subsidiaries			Non-guarantor Subsidiaries		Eliminating Entries			Total
Cash flows from operating activities:
Net income (loss)	$	(35,430	)	$	(731	)	$	—	$	731		$	(35,430	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		62,502			916			—		—			63,418
Stock-based compensation		1,371			—			—		—			1,371
Loss from extinguishment of debt		4,828			—			—		—			4,828
Amortization and writeoff of deferred financing costs and other		4,047			—			—		—			4,047
Equity in income (loss) from unconsolidated affiliates, net of distributions		731			(112	)		—		(731	)		(112	)
Provision for doubtful accounts		4,363			—			—		—			4,363
Property charges and other		2,939			—			—		—			2,939
Increase in swap fair value		(969	)		—			—		—			(969	)
Increase (decrease) in cash from changes in:
Receivables		1,417			—			—		—			1,417
Inventories and prepaid expenses and other		(753	)		(154	)		—		—			(907	)
Accounts payable, accrued expenses and other		(20,557	)		(141	)		—		—			(20,698	)
Due to affiliates, net		7,890			(493	)		—		—			7,397

Net cash provided by (used in) operating activities		32,379			(715	)		—		—			31,664

Cash flows from investing activities:
Capital expenditures, net of construction payables and retentions		(11,938	)		(3,202	)		—		—			(15,140	)
Purchase of other assets		(1,033	)		—			—		—			(1,033	)
Due to affiliates, net		1,058			4,267			—		—			5,325
Proceeds from sale of assets		277			—			—		—			277

Net cash provided by (used in) investing activities		(11,636	)		1,065			—		—			(10,571	)

Cash flows from financing activities:
Proceeds from issuance of long-term debt		900,000			—			—		—			900,000
Principal payments on long-term debt		(370,867	)		(350	)		—		—			(371,217	)
Payments of deferred financing costs		(10,665	)		—			—		—			(10,665	)

Net cash provided by (used in) financing activities		518,468			(350	)		—		—			518,118

Cash and cash equivalents:
Increase in cash and cash equivalents		539,211			—			—		—			539,211
Balance, beginning of period		201,394			—			5		—			201,399

Balance, end of period	$	740,605		$	—		$	5	$	—		$	740,610

WYNN LAS VEGAS, LLC AND SUBSIDIARIES

(A WHOLLY OWNED INDIRECT SUBSIDIARY OF WYNN RESORTS, LIMITED)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS INFORMATION

THREE MONTHS ENDED MARCH 31, 2011

(amounts in thousands)

(unaudited)


	Issuers			Guarantor Subsidiaries			Non-guarantor Subsidiaries		Eliminating Entries			Total
Cash flows from operating activities:
Net income (loss)	$	434		$	(785	)	$	—	$	785		$	434
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		64,868			928			—		—			65,796
Stock-based compensation		2,865			—			—		—			2,865
Amortization and writeoff of deferred financing costs and other		3,368			—			—		—			3,368
Equity in income (loss) from unconsolidated affiliates, net of distributions		785			234			—		(785	)		234
Provision for doubtful accounts		4,752			—			—		—			4,752
Property charges and other		2,030			—			—		—			2,030
Increase in swap fair value		(1,341	)		—			—		—			(1,341	)
Increase (decrease) in cash from changes in:
Receivables		(16,551	)		—			—		—			(16,551	)
Inventories and prepaid expenses and other		3,869			(199	)		—		—			3,670
Accounts payable, accrued expenses and other		(18,903	)		284			—		—			(18,619	)
Due to affiliates, net		(2,540	)		(131	)		—		—			(2,671	)

Net cash provided by operating activities		43,636			331			—		—			43,967

Cash flows from investing activities:
Capital expenditures, net of construction payables and retentions		(22,019	)		4			—		—			(22,015	)
Purchase of other assets		(1,329	)		—			—		—			(1,329	)
Due to affiliates, net		14,393			15			—		—			14,408

Net cash provided by (used in) investing activities		(8,955	)		19			—		—			(8,936	)

Cash flows from financing activities:
Principal payments on long-term debt		—			(350	)		—		—			(350	)
Payments of deferred financing costs		(58	)		—			—		—			(58	)

Net cash used in financing activities		(58	)		(350	)		—		—			(408	)

Cash and cash equivalents:
Increase in cash and cash equivalents		34,623			—			—		—			34,623
Balance, beginning of period		52,535			—			5		—			52,540

Balance, end of period	$	87,158		$	—		$	5	$	—		$	87,163