LAS VEGAS--(BUSINESS WIRE)--June 29, 2005--Wynn Resorts, Limited
(Nasdaq: WYNN) announced today that its subsidiaries, Wynn Las Vegas,
LLC ("Wynn Las Vegas") and Wynn Las Vegas Capital Corp. (together with
Wynn Las Vegas, the "Issuers"), had received the requisite consents
from holders of their 6 5/8% First Mortgage Notes due 2014 (the
"Notes") to amend the indenture relating to the Notes.
The amendments include: (i) an extension of the deadline for
approval of the budget and the plans and specifications for the Encore
at Wynn Las Vegas project ("Encore") from June 30, 2005, to December
31, 2005, and (ii) an extension of the outside date for completion of
Encore from March 31, 2008, to December 31, 2008. Wynn Las Vegas
previously received the unanimous approval from its bank lenders for
similar amendments to its financing documents.
Due to demand for the Wynn Las Vegas casino resort, continued
strength in the Las Vegas market, and the desire to maximize the
potential of their real estate assets, the Issuers continue to enlarge
and refine the scope of Encore, which has been elevated to the status
of a free standing casino resort that will be fully integrated with
Wynn Las Vegas. The amendments provide the Issuers with additional
time to finalize the scope of Encore.
Wynn Resorts is traded on the Nasdaq National Market under the
ticker symbol "WYNN" and, since December 2004, it has been part of the
NASDAQ-100 Index. Wynn Las Vegas, a luxury hotel and destination
casino resort located on the Las Vegas Strip, opened to the public on
April 28, 2005. Wynn Las Vegas features 2,716 luxurious guest rooms
and suites; an approximately 111,000 square foot casino; 22 food and
beverage outlets; an on-site 18-hole golf course; approximately
223,000 square feet of meeting space; an on-site Ferrari and Maserati
dealership; and approximately 76,000 square feet of retail space. For
more information, visit www.wynnlasvegas.com.
Wynn Resorts, Limited
Samanta Hegedus Stewart, 702-770-7555