5400000
16
15
10000000
25000000
201399000
0.02
1940000000
140
64048000
1050000
329943000
45580000
3125424000
33700000
1417264000
21813000
39431000
1084000
106243000
-1125050000
67085000
64281000
37755000
30000000
3126474000
1192135000
3602796000
146345000
4100000
3669881000
27489000
622942000
2262000
42229000
4632869000
3918000
3215605000
3669881000
148415000
1336661000
226676000
2626384000
44364000
2518000
40871000
26697000
162395000
379736000
0.78
146300000
14023000
16914000
190528000
19234000
33950000
0.07875
349908000
2102000
0.0775
1320000000
0.05375
900000000
0.07875
492616000
0
7384000
0.0425
34000000
34000000
3100000000
3400000000
86000000
0.996
0.07875
500000000
2017
0.0425
500000000
2023
0
771928000
0.50
2
62745000
1050000
319404000
57913000
3354469000
44300000
1531505000
21182000
38490000
1662000
76310000
-1174819000
21796000
51081000
48672000
30000000
3355519000
1196615000
3833708000
158173000
4400000
3855504000
26840000
622941000
243038000
1399000
45967000
4652535000
3755000
3121030000
3855504000
205890000
1346811000
190637000
2627986000
44364000
10433000
39767000
28262000
139556000
419675000
0.74
158200000
13042000
0.015
1.01
2000
0.01
1
15960000
152947000
21730000
300000
33250000
0.07875
350015000
1995000
0.0775
1320000000
0.05375
900000000
0.07875
222254000
243038000
3041000
2013-05-21
274700000
0.0425
500000000
1.01
33300000
33300000
3300000000
3500000000
WYNN LAS VEGAS LLC
false
Non-accelerated Filer
2013
10-Q
2013-06-30
0001180638
--12-31
Q2
<div>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Property and
equipment, net consisted of the following (amounts in
thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center">
<tr>
<td width="65%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="7%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>June 
30,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom" rowspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December 
31,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom" rowspan="2"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Land and
improvements</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">622,941</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">622,942</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Buildings and
improvements</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,627,986</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,626,384</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Airplane</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">44,364</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">44,364</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Furniture, fixtures and
equipment</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,346,811</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,336,661</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Construction in
progress</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,433</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,518</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,652,535</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,632,869</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Less: accumulated
depreciation</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,531,505</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,417,264</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,121,030</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,215,605</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>5.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Property and Equipment,
net</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Property and
equipment, net consisted of the following (amounts in
thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center">
<tr>
<td width="65%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="7%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>June 
30,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom" rowspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" rowspan="2" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December 
31,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom" rowspan="2"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Land and
improvements</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">622,941</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">622,942</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Buildings and
improvements</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,627,986</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,626,384</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Airplane</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">44,364</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">44,364</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Furniture, fixtures and
equipment</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,346,811</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,336,661</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Construction in
progress</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,433</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,518</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,652,535</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,632,869</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Less: accumulated
depreciation</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,531,505</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,417,264</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,121,030</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,215,605</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>4.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Receivables,
net</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Receivables,
net consisted of the following (amounts in thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center">
<tr>
<td width="69%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="7%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>June 30,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December 31,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Casino</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">152,947</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">190,528</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Hotel</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15,960</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">16,914</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Retail leases and
other</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">21,730</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">19,234</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">190,637</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">226,676</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Less: allowance for
doubtful accounts</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(51,081</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(64,281</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">139,556</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">162,395</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Revenue
Recognition and Promotional Allowances</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The Company
recognizes revenues at the time persuasive evidence of an
arrangement exists, the service is provided or the retail goods are
sold, prices are fixed or determinable and collection is reasonably
assured.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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
player’s club loyalty program.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center">
<tr>
<td width="60%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Three Months Ended<br />
June 30,</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Six Months Ended<br />
June 30,</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,584</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,603</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18,011</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">17,588</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Food and
beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">14,230</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">13,775</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">29,666</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">29,189</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Entertainment, retail and
other</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,508</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,779</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5,559</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6,596</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">25,322</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">25,157</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">53,236</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">53,373</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Restricted
Cash</i></font></p>
<p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">As of
June 30, 2013, restricted cash balances totaled approximately
$243 million, which consists of funds held for the purpose of
redeeming, in November 2013, the portion of the 7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes due 2017 that were not tendered in
May 2013. For more information on the Wynn Las Vegas tender offer,
see Note 6 – “Long-Term Debt.”
There were no restricted cash balances as of December 31,
2012.</font></font></p>
</div>
<div>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Advertising
Costs</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 totaled $5.1 million and
$5.8 million for the three months ended June 30, 2013 and
2012, respectively. Advertising costs totaled $10.4 million and
$9.7 million for the six months ended June 30, 2013 and 2012,
respectively.</font></p>
</div>
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>3.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Supplemental Disclosure
of Cash Flow Information</b></font></td>
</tr>
</table>
<p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Interest paid
for the six months ended June 30, 2013 and 2012 totaled $111.6
million and $92.4 million, respectively. Interest paid during
the six months ended June 30, 2013 increased due to the
issuance of the $900 million 5<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes in March 2012. There was no
interest capitalized during the six months ended June 30, 2013
or 2012.</font></font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">During the six
months ended June 30, 2013 capital expenditures include an
increase of $0.3 million in construction payables and retention
recorded through amounts due to affiliates compared with a decrease
of $6.2 million during the six months ended June 30,
2012.</font></p>
</div>
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>6.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Long-Term
Debt</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Long-term debt
consisted of the following (amounts in thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="78%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>June 30,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December 31,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes, due November 1, 2017, net of
original issue discount of $3,041 at June 30, 2013 and $7,384 at
December 31, 2012</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">222,254</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">492,616</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes, due May 1, 2020, net of
payable to affiliate and original issue discount of $1,995 at June
30, 2013 and $2,102 at December 31, 2012</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">350,015</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">349,908</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">4</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes, due August 15,
2020</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,320,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,320,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">5<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes, due March 15,
2022</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">900,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">900,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">4<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 1</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">4</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% Senior Notes, due May 30, 2023</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">500,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">$42 million Note Payable
due April 1, 2017; interest at LIBOR plus 1.25%</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">33,250</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">33,950</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Payable to
Affiliate</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">30,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">30,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,355,519</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,126,474</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Current portion of
long-term debt</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,050</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,050</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,354,469</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,125,424</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Wynn Las
Vegas First Mortgage Notes</i></font></p>
<p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On May 15,
2013, the Company, an indirect wholly owned subsidiary of Wynn
Resorts, Limited, commenced a cash tender offer (the “tender
offer”) for any and all of the outstanding $500 million
aggregate principal amount of the 7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes due 2017 (the “2017
Notes”) of Wynn Las Vegas, LLC (“Wynn Las Vegas”)
and Wynn Las Vegas Capital Corp., an indirect wholly owned
subsidiary of Wynn Resorts, Limited (together with Wynn Las Vegas,
the “Issuers”), and a solicitation of consents to
certain proposed amendments to the indenture (the “2017
Indenture”) governing the 2017 Notes.</font></font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The tender
offer expired on May 21, 2013 and at the time of expiration,
Wynn Las Vegas had received valid tenders with respect to
approximately $274.7 million of the $500 million aggregate
principal amount of the 2017 Notes outstanding. On May 22,
2013, note holders who validly tendered their 2017 Notes received
the total consideration of $1,071.45 for each $1,000 principal
amount of 2017 Notes, the premium portion of which totaled
approximately $19.6 million. In accordance with accounting
standards, the tender offer premium was expensed and is included in
loss on retirement of debt in the accompanying Condensed
Consolidated Statements of Operations and Comprehensive Loss. In
addition, upon the tender offer completion, the Issuers entered
into a supplemental indenture, which eliminated substantially all
of the restrictive covenants and certain events of default from the
2017 Indenture.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Also in
connection with this transaction, the Company expensed $6.7 million
of unamortized debt issue costs and original issue discount related
to the 2017 Notes and incurred other fees of approximately $0.3
million that are included in loss on retirement of debt in the
accompanying Condensed Consolidated Statements of Operations and
Comprehensive Loss.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Wynn Las
Vegas 2023 Notes</i></font></p>
<p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Separately, on
May 22, 2013, the Issuers completed the issuance of $500
million aggregate principal amount of 4<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 1</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">4</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% Senior Notes due 2023 (the “2023 Notes”)
pursuant to an indenture, dated as of May 22, 2013 (the
“2023 Indenture”), among the Issuers, the Guarantors
(as defined below) and U.S. Bank National Association, as trustee.
The 2023 Notes were issued at par. The Issuers used the net
proceeds from the 2023 Notes to cover the cost of purchasing the
2017 Notes tendered in the tender offer. In addition, the Issuers
satisfied and discharged the 2017 Indenture and, in November 2013,
may use any remaining net proceeds to redeem any and all of the
2017 Notes not previously tendered. In connection with the issuance
of the 2023 Notes, the Company capitalized approximately $4.1
million of financing costs.</font></font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The 2023 Notes
will mature on May 30, 2023 and bear interest at the rate of
4<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 1</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">4</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% per annum. The Issuers may, at their option, redeem
the 2023 Notes, in whole or in part, at any time or from time to
time prior to their stated maturity. The redemption price for 2023
Notes that are redeemed before February 28, 2023 will be equal
to the greater of (a) 100% of the principal amount of the 2023
Notes to be redeemed or (b) a “make-whole” amount
described in the 2023 Indenture, plus in either case accrued and
unpaid interest to, but not including, the redemption date. The
redemption price for the 2023 Notes that are redeemed on or after
February 28, 2023 will be equal to 100% of the principal
amount of the 2023 Notes to be redeemed, plus accrued and unpaid
interest to, but not including, the redemption date. In the event
of a change of control triggering event, the Issuers will be
required to offer to repurchase the 2023 Notes at 101% of the
principal amount, plus accrued and unpaid interest to but not
including the repurchase date. The 2023 Notes are also subject to
mandatory redemption requirements imposed by gaming laws and
regulations of gaming authorities in Nevada.</font></font></p>
<p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The 2023 Notes
are the Issuers’ senior unsecured obligations and rank pari
passu in right of payment with the Issuers’ outstanding
7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes due 2020 (“7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% 2020 Notes”), 7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">4</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes due 2020 (the “7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">4</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% 2020 Notes”) and 5<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes due 2022 (the “2022
Notes” and, together with the 7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% 2020 Notes and 7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">4</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% 2020 Notes, the “Existing Notes”). The 2023
Notes are secured by a first priority pledge of the Company’s
equity interests, the effectiveness of which is subject to the
prior approval of the Nevada gaming authorities. The equity
interests of the Company also secure the Existing Notes. If Wynn
Resorts, Limited receives an investment grade rating from one or
more ratings agencies, the first priority pledge securing the 2023
Notes will be
released.</font></font></font></font></font></font></font></font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The 2023 Notes
are jointly and severally guaranteed by all of the Issuers’
subsidiaries, other than Wynn Las Vegas Capital Corp. which was a
co-issuer (the “Guarantors”). The guarantees are senior
unsecured obligations of the Guarantors and rank senior in right of
payment to all of their existing and future subordinated debt. The
guarantees rank equally in right of payment with all existing and
future liabilities of the Guarantors that are not so subordinated
and will be effectively subordinated in right of payment to all of
such Guarantors’ existing and future secured debt (to the
extent of the collateral securing such debt).</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The 2023
Indenture contains covenants limiting the Issuers’ and the
Guarantor’s ability to create liens on assets to secure debt;
enter into sale-leaseback transactions; and merge or consolidate
with another company. These covenants are subject to a number of
important and significant limitations, qualifications and
exceptions.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Events of
default under the 2023 Indenture include, among others, the
following: default for 30 days in the payment when due of interest
on the 2023 Notes; default in payment when due of the principal of,
or premium, if any, on the 2023 Notes; failure to comply with
certain covenants in the 2023 Indenture; and certain events of
bankruptcy or insolvency. In the case of an event of default
arising from certain events of bankruptcy or insolvency with
respect to the Issuers or any Guarantor, all 2023 Notes then
outstanding will become due and payable immediately without further
action or notice.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The 2023 Notes
were offered pursuant to an exemption under the Securities Act of
1933, as amended (the “Securities Act”). The 2023 Notes
were offered only to qualified institutional buyers in reliance on
Rule 144A under the Securities Act or outside the United States to
certain persons in reliance on Regulation S under the Securities
Act. The 2023 Notes have not been and will not be registered under
the Securities Act of 1933 or under any state securities laws.
Therefore, the 2023 Notes may not be offered or sold 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.</font></p>
<p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">As described in
Note 9 – “Commitments and Contingencies”, Elaine
Wynn has submitted a cross claim against Steve Wynn and Kazuo Okada
in relation to the ongoing litigation. The indentures governing the
Existing Notes (other than the 5<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes due 2022) and the 2023 Notes
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</font>
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.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Debt
Covenant Compliance</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">As of
June 30, 2013, management believes the Company was in
compliance with all debt covenants.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Fair Value
of Long Term Debt</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The net book
value of the Company’s outstanding first mortgage notes and
senior notes was approximately $3.3 billion and $3.1 billion at
June 30, 2013 and December 31, 2012, respectively. The
estimated fair value of the Company’s outstanding first
mortgage notes and senior notes, based on recent trades (using
Level 2 inputs), was approximately $3.5 billion and $3.4 billion at
June 30, 2013 and December 31, 2012, respectively. The
net book value and estimated fair value of the Company’s
other debt instruments was approximately $33.3 million and $34
million at June 30, 2013 and December 31, 2012,
respectively.</font></p>
</div>
<div>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Receivables,
net consisted of the following (amounts in thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center">
<tr>
<td width="69%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="7%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>June 30,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December 31,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Casino</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">152,947</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">190,528</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Hotel</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15,960</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">16,914</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Retail leases and
other</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">21,730</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">19,234</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">190,637</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">226,676</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Less: allowance for
doubtful accounts</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(51,081</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(64,281</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">139,556</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">162,395</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Inventories</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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.</font></p>
</div>
<div>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Cash and
Cash Equivalents</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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.</font></p>
</div>
118346000
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>7.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Related Party
Transactions</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Amounts Due
to Affiliates, net</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">As of
June 30, 2013, the Company’s current due to affiliates,
net was comprised of $44.3 million including corporate allocations
discussed below and $4.4 million of construction related payables.
The long-term due to affiliates is management fees of $158.2
million (equal to 1.5% of net revenues and payable upon meeting
certain leverage ratios as specified in the documents governing the
Company’s first mortgage notes indentures).</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">As of
December 31, 2012, the Company’s current due to
affiliates, net was comprised of $33.7 million including corporate
allocations discussed below and $4.1 million of construction
related payables. The long-term due to affiliates was management
fees of $146.3 million.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 senior notes.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Corporate
Allocations</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The
accompanying Condensed Consolidated Statements of Operations and
Comprehensive Loss 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.
For the three months ended June 30, 2013 and 2012, $7 million
and $7.1 million, respectively, were charged to the Company for
such corporate allocations. For the six months ended June 30,
2013 and 2012, $13.2 million and $13.8 million, respectively, were
charged to the Company for such corporate allocations.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Amounts Due
to Officers</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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. These
services include household services, construction work and other
personal services. The cost of these services is transferred to
Wynn Resorts, Limited 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.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Villa Suite
Lease</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
March 18, 2010, Mr. Wynn and the Company entered into an
Amended and Restated Agreement of Lease (the “Prior SW
Lease”) for a villa suite to serve as Mr. Wynn’s
personal residence. The Prior SW Lease amended and restated a
previous lease. The Prior SW Lease was approved by the Audit
Committee of the Board of Directors of Wynn Resorts. The term of
the Prior SW Lease commenced as of March 1, 2010 and ran
concurrent with Mr. Wynn’s employment agreement with
Wynn Resorts; provided that either party could terminate on 90 days
notice. Pursuant to the Prior SW Lease, the rental value of the
villa suite is treated as imputed income to Mr. Wynn, and was
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 Prior SW Lease, the rental value was $503,831 per year.
Effective March 1, 2012, the rental value was
$440,000 per year. On May 7, 2013, Wynn Las Vegas entered
into a 2013 Amended and Restated Agreement of Lease (the
“Existing 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 Wynn Resorts 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 Existing SW Lease by the Audit Committee.
Certain services for, and maintenance of, the villa suite are
included in the rental.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Aircraft
Purchase Option Agreement</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
January 3, 2013, Wynn Resorts 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 land located on the Wynn Las Vegas golf course and, in
return, Wynn Resorts granted Mr. Wynn the right to purchase
any or all of the aircraft owned by the Company. 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 Wynn
Resorts and Mr. Wynn, which expires in October
2020.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>The
“Wynn” Surname Rights Agreement</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 its 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.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Golf Course
Lease</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
September 18, 2012, the Company distributed to Wynn Resorts,
Limited, the Wynn Las Vegas golf course land and the related water
rights. Commencing September 18, 2012, the Company leases
approximately 140 acres (upon which the golf course is located) and
water rights from Wynn Resorts. The term of this lease is on a
month-to-month basis provided, however, that either party may
terminate this lease by providing written notice of such
termination to the other party no later than 30 days prior to
the expiration of any monthly period. The combined rental value for
both the golf course land and the water rights is $598,000 per
month.</font></p>
</div>
<div>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Stock-Based
Compensation</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 six months ended June 30, 2013 and
2012, the Company recorded $4.5 million and $2.7 million,
respectively, in share-based compensation with a corresponding
credit to contributed capital.</font></p>
</div>
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>2.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Summary of Significant
Accounting Policies</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Cash and
Cash Equivalents</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Restricted
Cash</i></font></p>
<p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">As of
June 30, 2013, restricted cash balances totaled approximately
$243 million, which consists of funds held for the purpose of
redeeming, in November 2013, the portion of the 7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes due 2017 that were not tendered in
May 2013. For more information on the Wynn Las Vegas tender offer,
see Note 6 – “Long-Term Debt.”
There were no restricted cash balances as of December 31,
2012.</font></font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Accounts
Receivable and Credit Risk</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 June 30, 2013 and December 31,
2012, approximately 74% and 78%, 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
collectibility of such receivables.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 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. During the quarter ended
June 30, 2013, 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. This adjustment benefitted operating income and net loss by
$12.2 million for the three and six months ended June 30,
2013. This change in estimate was the primary factor that resulted
in a $9 million credit to the provision for doubtful accounts for
the quarter ended June 30, 2013.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">During the
quarter ended June 30, 2012, the Company recorded a similar
adjustment which benefitted operating income and net loss by $9.6
million. This change in estimate was the primary factor that
resulted in a $0.3 million credit to the provision for doubtful
accounts for the quarter ended June 30, 2012.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Inventories</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Revenue
Recognition and Promotional Allowances</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The Company
recognizes revenues at the time persuasive evidence of an
arrangement exists, the service is provided or the retail goods are
sold, prices are fixed or determinable and collection is reasonably
assured.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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
player’s club loyalty program.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center">
<tr>
<td width="60%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Three Months Ended<br />
June 30,</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Six Months Ended<br />
June 30,</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,584</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,603</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18,011</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">17,588</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Food and
beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">14,230</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">13,775</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">29,666</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">29,189</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Entertainment, retail and
other</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,508</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,779</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5,559</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6,596</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">25,322</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">25,157</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">53,236</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">53,373</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Gaming
Taxes</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 Operations and Comprehensive
Loss. These taxes totaled $10.9 million and $7.4 million for the
three months ended June 30, 2013 and 2012, respectively. For
the six months ended June 30, 2013 and 2012, these taxes
totaled $23.4 million and $18.4 million, respectively.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Advertising
Costs</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 totaled $5.1 million and
$5.8 million for the three months ended June 30, 2013 and
2012, respectively. Advertising costs totaled $10.4 million and
$9.7 million for the six months ended June 30, 2013 and 2012,
respectively.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Stock-Based
Compensation</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 six months ended June 30, 2013 and
2012, the Company recorded $4.5 million and $2.7 million,
respectively, in share-based compensation with a corresponding
credit to contributed capital.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Recently
Issued Accounting Standards</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In 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 adoption of this update did not have a
material impact on the Company’s financial
statements.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 annual, and interim impairment tests performed for years
beginning after September 15, 2012. The adoption did not have
a material impact on the Company’s financial
statements.</font></p>
</div>
<div>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Accounts
Receivable and Credit Risk</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 June 30, 2013 and December 31,
2012, approximately 74% and 78%, 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
collectibility of such receivables.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 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. During the quarter ended
June 30, 2013, 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. This adjustment benefitted operating income and net loss by
$12.2 million for the three and six months ended June 30,
2013. This change in estimate was the primary factor that resulted
in a $9 million credit to the provision for doubtful accounts for
the quarter ended June 30, 2013.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">During the
quarter ended June 30, 2012, the Company recorded a similar
adjustment which benefitted operating income and net loss by $9.6
million. This change in estimate was the primary factor that
resulted in a $0.3 million credit to the provision for doubtful
accounts for the quarter ended June 30, 2012.</font></p>
</div>
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Organization and Basis
of Presentation</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Organization</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 |
Encore (“Wynn Las Vegas”), a fully integrated
destination resort and casino on the “Strip” in Las
Vegas, Nevada.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 June 30, 2013, 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”.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Basis of
Presentation</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 six months ended June 30, 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, 2012.</font></p>
</div>
<div>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Long-term debt
consisted of the following (amounts in thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="78%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>June 30,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December 31,</b></font><br />
<font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes, due November 1, 2017, net of
original issue discount of $3,041 at June 30, 2013 and $7,384 at
December 31, 2012</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">222,254</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">492,616</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 7</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes, due May 1, 2020, net of
payable to affiliate and original issue discount of $1,995 at June
30, 2013 and $2,102 at December 31, 2012</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">350,015</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">349,908</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">7<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">4</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes, due August 15,
2020</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,320,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,320,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">5<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 3</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">8</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% First Mortgage Notes, due March 15,
2022</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">900,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">900,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">4<font size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 1</sup></font><font size="2">/</font><font size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">4</sub></font><font style="FONT-FAMILY: Times New Roman" size="2">% Senior Notes, due May 30, 2023</font></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">500,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">$42 million Note Payable
due April 1, 2017; interest at LIBOR plus 1.25%</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">33,250</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">33,950</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Payable to
Affiliate</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">30,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">30,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,355,519</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,126,474</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Current portion of
long-term debt</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,050</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,050</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,354,469</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,125,424</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Recently
Issued Accounting Standards</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In 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 adoption of this update did not have a
material impact on the Company’s financial
statements.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 annual, and interim impairment tests performed for years
beginning after September 15, 2012. The adoption did not have
a material impact on the Company’s financial
statements.</font></p>
</div>
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>9.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Commitments and
Contingencies</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Sales and Use Tax on
Complimentary Meals</i></b></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In March 2008,
the Nevada Supreme Court ruled, in the matter captioned <i>Sparks
Nugget, Inc. vs. The State of Nevada Ex Rel. Department of
Taxation,</i> that food and non-alcoholic beverages purchased for
use in providing complimentary meals to customers and to employees
were exempt from use tax. Through April 2008, Wynn Las Vegas paid
use tax on these items and filed for refunds for the periods from
April 2005 to April 2008. The amount subject to these refunds was
$5.4 million. The Company did not record a receivable associated
with its $5.4 million refund claim.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In February of
2012, the Nevada Department of Taxation announced that while the
food and nonalcoholic beverages purchased for use in complimentary
meals are not subject to use tax, the complimentary meal itself is
subject to sales tax. At that time, the Company began to accrue
sales tax on certain complimentary meals.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In June 2013,
the Governor of the State of Nevada signed into law a bill that
provides food, meals, and non-alcoholic drinks provided to
employees, patrons and guests are not subject to Nevada sales tax.
This legislation codified an agreement reached between the Nevada
Tax Commission and several large casino taxpayers that provided the
taxpayers would agree to forego and cause to dismiss their pending
refund claims and the Nevada Tax Commission would agree not to
assess Nevada sales or use tax on complimentary food, meals, and
non-alcoholic drinks through 2019. As a result of this legislation,
the Company has reversed its accrual for sales tax on complimentary
meals of $2.9 million in the current quarter.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Litigation</i></b></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The Company and
its affiliates 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.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Matters Related to
Wynn Resorts, Limited</i></b></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Determination of Unsuitability and Redemption of Aruze USA,
Inc. and Affiliates</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
February 18, 2012, the Gaming Compliance Committee of Wynn
Resorts, Ltd. 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 at the time was a director of Wynn
Resorts and two of its subsidiaries (collectively, the “Okada
Parties”). The factual record presented in the Freeh Report
included evidence that 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
denied the impropriety of such conduct to members of the Board of
Directors of Wynn Resorts, refused to acknowledge or abide by Wynn
Resorts’ anti-bribery policies and refused to participate in
the training all other directors received concerning these
policies.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Based on the
Freeh Report, the Board of Directors of Wynn Resorts determined
that each of the Okada Parties is an “unsuitable
person” under Article VII of Wynn Resorts’ 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 of Directors of Wynn Macau,
Limited. On February 18, 2012, Mr. Okada was removed from
the Board of Directors of Wynn Las Vegas Capital Corp., an indirect
wholly owned subsidiary of Wynn 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.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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
authorizes redemption at “fair value” of the shares
held by unsuitable persons. Pursuant to the articles of
incorporation, Wynn Resorts issued the Redemption Price Promissory
Note (“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 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.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Wynn Resorts
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 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 Wynn Resorts in
criminal or civil violations could result in actions by regulatory
authorities against Wynn Resorts and its subsidiaries.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Claims and
Investigations Related to Mr. Okada and Wynn
Macau</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
February 19, 2012, Wynn Resorts filed a complaint in the
Eighth Judicial District Court, Clark County, Nevada against the
Okada Parties, alleging breaches of fiduciary duty and related
claims (the “Redemption Action”) arising from the
activities addressed in the Freeh Report. 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 in redeeming
and cancelling the shares of Aruze, USA, Inc.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
March 12, 2012, the Okada Parties removed the action to the
United States District Court for the District of Nevada (the action
was subsequently remanded to Nevada state court). On that same
date, the Okada Parties filed an answer denying the claims and a
counterclaim (as amended, the “Counterclaim”) that
purports to assert claims against Wynn Resorts, each of the members
of Wynn Resorts’ Board of Directors (other than
Mr. Okada) and Wynn Resorts’ General 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; and (5) that the actions taken by the Wynn
Resorts CEO and General Counsel violated the Nevada Racketeer
Influenced and Corrupt Organizations Act. 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, damages in an unspecified amount and
rescission of the Amended and Restated Stockholders Agreement,
dated as of January 6, 2010, by and among Aruze USA, Inc.,
Stephen A. Wynn, and Elaine Wynn (the “Stockholders
Agreement”).</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
June 19, 2012, Elaine Wynn responded to the 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 Stockholders Agreement 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 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 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.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Wynn
Resorts’ Complaint and the Okada Parties’ Counterclaim
have been, and continue to be, challenged through motion practice.
At a hearing held on 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 Wynn Resorts’ executives but otherwise
denied the motion. At a hearing held on January 15, 2013, the
court denied the Okada Parties’ motion to dismiss Wynn
Resorts’ Complaint. On April 22, 2013, Wynn Resorts
filed a second amended complaint. On June 12, 2013, the Okada
Parties filed a request to file a third amended counterclaim, but
the amended pleading has not yet been filed. The parties had been
engaged in discovery at the time the court entered the Stay
(defined and discussed below). Therefore, although the court
previously set a timetable for all discovery, pre-trial and trial
deadlines, with a five-week jury trial scheduled to commence in
April 2014, this schedule may change due to the Stay.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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”
Wynn Resorts’ 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 (the
“Stay”).</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On May 30,
2013, Elaine Wynn filed a motion for partial relief from the Stay,
to allow her to conduct limited discovery related to her cross and
counterclaims. The Wynn Parties opposed the motion so as to not
interfere with the United States Government’s investigation.
At a hearing on August 1, 2013, the court denied the motion.
On August 2, 2013, the court stayed discovery in the
indemnification action related to the government investigations
(consistent with the Stay in the Redemption Action), and ordered
that all other discovery be conducted within ninety days. The court
did not set a trial date; rather set the matter for a status check
on January 10, 2014.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Subject to the
Stay, Wynn Resorts will continue to vigorously pursue its claims
against the Okada Parties, and the Wynn Parties will continue to
vigorously defend against the counterclaims asserted against them.
Wynn Resorts’ claims and the 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 material amount could
cause a material adverse effect on our financial
condition.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 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.
Mr. Okada has filed various lawsuits against Wynn Resorts
relating to Wynn Resorts’ donation to the University of Macau
and alleging that it was improper.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
February 8, 2012, following the initiation of
Mr. Okada’s litigation against Wynn Resorts regarding
Wynn Macau’s donation to the University of Macau Development
Foundation, 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. Wynn Resorts is fully cooperating with the Salt Lake
Regional Office staff. On July 2, 2013, Wynn Resorts received
a letter from the Office stating that the investigation had been
completed with the Office not intending to recommend any
enforcement action against Wynn Resorts by the SEC.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In February
2013, the Nevada Gaming Control Board informed Wynn Resorts that it
had completed an investigation of allegations made by
Mr. Okada against Wynn Resorts regarding the activities of
Mr. Wynn and related entities in Macau and found no violations
of the Gaming Control Act or the Nevada Gaming Commission
Regulations.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In the U.S.
Department of Justice’s Motion to Intervene and for Temporary
and Partial Stay of Discovery in the Redemption Action, the
Department of Justice states in a footnote that the government also
has been conducting a criminal investigation into Wynn
Resorts’ donation to the University of Macau discussed above.
Wynn Resorts has not received any target letter or subpoena in
connection with such an investigation. Wynn Resorts intends to
cooperate fully with the government in response to any inquiry
related to the donation to the University of Macau.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Other
regulators may pursue separate investigations into Wynn
Resorts’ 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
suggesting improprieties in connection with the 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 or its
subsidiaries.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">For additional
information regarding the proceedings discussed above and related
proceedings see Part II, Item 1 of the Quarterly Report on
Form 10-Q filed by Wynn Resorts for the quarter ended June 30,
2013.</font></p>
</div>
182000
788380000
23368000
318885000
23990000
54000
261970000
-163000
192127000
275405000
-26578000
111600000
877807000
-49769000
89970000
-28999000
-139739000
-49769000
0
698410000
-42433000
151669000
4480000
-5780000
123705000
57475000
15161000
-243038000
10400000
121344000
11828000
187000
89427000
588000
113397000
160980000
500000000
65201000
-18438000
-24729000
300000
2900000
9819000
53236000
<div>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%">
<font style="FONT-FAMILY: Times New Roman" size="2"><i>Gaming
Taxes</i></font></p>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">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 Operations and Comprehensive
Loss. These taxes totaled $10.9 million and $7.4 million for the
three months ended June 30, 2013 and 2012, respectively. For
the six months ended June 30, 2013 and 2012, these taxes
totaled $23.4 million and $18.4 million, respectively.</font></p>
</div>
2609000
Until October 24, 2017
P30D
2020-10
90
23400000
13200000
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>8.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Property Charges and
Other</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Property
charges and other for the three months ended June 30, 2013 and
2012 were $7.1 million and $2.2 million, respectively.
Property charges and other for the six months ended June 30,
2013 and 2012 were $9.8 million and $5.9 million,
respectively.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Property
charges generally include costs related to the retirement of assets
for remodels and asset abandonments. Property charges and other for
the three and six months ended June 30, 2013 and 2012 included
miscellaneous renovations and abandonments at our resort,
entertainment development costs and fees paid in connection with
the termination of a contract.</font></p>
</div>
<div>
<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The estimated
cost of providing such promotional allowances is primarily included
in casino expenses as follows (amounts in thousands):</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center">
<tr>
<td width="60%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Three Months Ended<br />
June 30,</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Six Months Ended<br />
June 30,</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,584</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,603</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18,011</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">17,588</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Food and
beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">14,230</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">13,775</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">29,666</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">29,189</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Entertainment, retail and
other</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,508</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,779</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5,559</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6,596</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">25,322</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">25,157</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">53,236</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">53,373</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
3
104825000
59644000
5303000
4253000
7352000
12200000
2002-06-03
2012-09-24
2017-04-01
0.0125
2020-05-01
2020
2020-08-15
2020
2022-03-15
2022
2017-11-01
6700000
19600000
The redemption price for 2023 Notes that are redeemed before February 28, 2023 will be equal to the greater of (a) 100% of the principal amount of the 2023 Notes to be redeemed or (b) a "make-whole" amount described in the 2023 Indenture, plus in either case accrued and unpaid interest to, but not including, the redemption date.
2023-05-30
1.00
P30D
4100000
18011000
29666000
5559000
73742000
218000
708864000
23439000
256265000
11268000
396000
247319000
-151000
183543000
371567000
-4828000
92400000
799777000
-88630000
23964000
2368000
2260000
3139000
-112594000
-88630000
0
684900000
514797000
146256000
2699000
4018000
126194000
570529000
8135000
9700000
113506000
10640000
313000
90913000
5042000
110640000
145024000
900000000
61840000
-18010000
8212000
-6200000
5892000
53373000
1747000
18400000
13800000
112650000
71530000
-1823000
6669000
6863000
17588000
29189000
6596000
440000
525000
The Issuers satisfied and discharged the 2017 Indenture and, in November 2013
1000
1071.45
2022-02-18
24549222
2017-04-01
0.0125
2020-05-01
2020-08-15
2022-03-15
2017-11-01
2023-05-30
598000
30
Wynn Resorts Holdings, LLC owns all of the membership interests of the registrant.
503831
900000000
105000
345717000
98572000
359000
138373000
96169000
389449000
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3538000
1291000
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342179000
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7000000
55132000
31533000
12200000
8584000
14230000
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