Operator: Good afternoon, and welcome to the Wynn Resorts Fourth Quarter 2011 Earnings Call. Joining the call on behalf of the Company today are Steve Wynn, Marc Schorr, John Strzemp, Matt Maddox, Marilyn Spiegel, Scott Peterson; and on the phone, Ian Coughlan, President of Wynn, Macau; and Robert Gansmo, CFO of Wynn Macau.

Now, I'd like to turn the call over to Mr. Maddox. Please go ahead, sir.

Matt Maddox - CFO and Treasurer: Thank you and thanks everyone for joining us this afternoon for our fourth quarter conference call. Before we get started, I just need to remind everybody, we will be making forward-looking statements under the safe harbor federal securities laws, and those statements may or may not come true.

With that, I'm going to go turn it over to Steve Wynn for opening comments.

Stephen A. Wynn - Chairman and CEO: Today is a particularly delightful day for us because about an hour and half ago we opened up to the rest of the world our brand new Wynn Resorts website, which we've taken a great deal of time to make beautiful and special and ultra-user-friendly. Anybody who is on the call wants to see our best effort, go look at our new website and checkout Garth Brooks, he does a video himself. Lot of great things on the website, but its brand new and we launched it an hour ago. Mr. Weaver and our Company and everybody else have been on this for months and we are very proud of the product.

As far as the last quarter and the last year, we've got two hotels really; the Encore Wynn Complex, with 4,700 rooms and the 1,000 rooms in Macau and between the two of them, they managed to produce a cash flow and EBITDA of $1.630 billion, which is not bad for two building and we are very proud of our staff for the good job they did.

I checked with the Gaming Control Board, and interestingly enough our Casino Wynn in Las Vegas at $776 million last year was the all-time historical record for gaming license facility in the state of Nevada's history. It exceeded the previous record of $764 million, which coincidentally and delightfully enough was held by Wynn Las Vegas in 2007. So, all-in-all it was a good year, lot of international business in America, a robust and wonderful season in Macau. I guess you've got the numbers, ask the questions. We're all yours.

Operator: Carlo Santarelli, Deutsche Bank.

Carlo Santarelli - Deutsche Bank: I had two questions. First, I wanted to discuss with you guys, how you are thinking about the balance sheet and cash flow here over the near-term, if we assume the bulk of CapEx for Cotai is probably a few years away yet? My second question is it looked to me in the quarter like non-gaming OpEx back at Wynn Macau went up. I'm wondering if there was actually any incremental expense creep there or if that more had to do with the distribution of where you may be played lucky on a rev share basis or with your junket customers?

Matt Maddox - CFO and Treasurer: For the quarter in Macau, you saw operating expenses excluding taxes and commission go up to about $1.5 million from $1.350 million. The vast majority of that was bad debt expense, which was for the year fairly flat, but it bumps along throughout the quarter. So, what you saw in the quarter was a little bit of pick-up. So that was really the story in Macau and there's a little bit of incremental payroll expense as well. In terms of our balance sheet and cash flow, I think what we've done in the past it continues to be a good indication of what we'll do in the future. We work for new projects, we find them, finance them conservatively, build them and within our free cash flow, we've had a very generous dividend policy. But every year that depends on a case-by-case basis by our Board of Directors.

Operator: Joe Greff, JPMorgan.

Joseph Greff - JPMorgan: Steve or Ian, this question is for either one of you or both of you. In Macau, can you talk about the competitive dynamics there? You saw last night with one of your competitors have some initial success in what they were consider their junket re-affiliation initiatives. Are you seeing either any direct or indirect competitive pressures from that and then I have a couple of follow-ups for Matt.

Stephen A. Wynn - Chairman and CEO: I'll answer that question. Do we feel any competitive pressure in Macau? Oh my goodness, we sure do. To the credit of our competitors, when we opened up in '06 in September, we were sort of in the category of our own, physically speaking and we match that with a service level that was I think sort of new for the town and we were rewarded appropriately for those initiatives. Our competitors, I think to a certain extent got tired of always seeing our yields per foot and our yields per table as high as they are and have paid more attention to what we do and we see their designers and their executives trooping through our hotels almost on a daily basis and to their credit have done some beautiful work. The casino hotels and gaming spaces and the restaurants and the offerings that are being put forward by Galaxy, by The Sands, and by City of Dreams and SJM are really terrific. There everybody gets smarter and everybody gets sharper and that makes us all work harder and we take that all into consideration, of course I got a smile on my face. We get to go last in Cotai and maybe we'll have some new moves to show our friends. But in the meantime they're doing a damn good job and we feel it all the time. Have to stay on our toes to hold our position. Do you have some follow-up question sir?

Joseph Greff - JPMorgan: Yes, you introduced the topic of the Cotai development, obviously there was nothing in the earnings release and there was nothing out of the Macau market. How are you thinking now in terms of timing or is it really the status quo from where we were just a few months ago?

Stephen A. Wynn - Chairman and CEO: We are working assiduously on the perfection of all of our drawings and specs which are part of the process of developing a new hotel. So we don't waste our time as the as the clock ticks down on the way the government approvals rollout. Our best process is to just keep our chin down, pay attention to the things that we control and that are under our direct supervision, and of course as licensees or as concessionaires in Macau we await governmental action when the government thinks it's appropriate. So I guess what I am trying to say, if I can address your question is that, nothing much has changed except we are working in Macau on the Cotai project, doing the kinds of things that are necessary for it to be completed in the future and a lot of that gets done in anticipation of government taking its final action.

Joseph Greff - JPMorgan: Matt, if were to normalize Macau, hold in both VIP and mass, where would we end up with a normalized EBITDA run rate? If you could help split out the cash balance between Macau and Las Vegas less corporate, that would be great?

Matt Maddox - CFO and Treasurer: We usually don’t give the exact number, we had a little higher in VIP at 3.18, so it’s typical 2.95 to 3.0. Then on mass market, if you actually since Encore opened, every quarter we had 29%, 28%, 28% and then this it was 30%. So, we continue to hold quite high in our mass market casino since Encore has opened. So, normalizing it is a hard with just a little over a year and half under our belt because we continue to hold quite well there.

Joseph Greff - JPMorgan: Cash balance split Matt.

Matt Maddox - CFO and Treasurer: It’s about 50-50.

Stephen A. Wynn - Chairman and CEO: Between foreign and U.S.

Operator: Shaun Kelley, Banc of America Securities Merrill Lynch.

Shaun Kelley - Banc of America Securities Merrill Lynch: Just wanted to ask about Chinese New Year. Obviously, a lot has been made about the macro situation in China, but wanted to get your thoughts on what you guys are seeing on the ground as far as just general levels of activity and excitement, both in Macau and Las Vegas?

Stephen A. Wynn - Chairman and CEO: There is plenty of business in Chinese New Year, both over there and here. The levels in Las Vegas were a little less than they were last year, but that's because I think partially a reflection of the calendar, and the calendar incidentally has been against us since American New Years, because last year we had the perfect rollup with the long, long weekends and a maximum duration of vacation time for our guests. This year the calendar reversed on us and this is the shortest type of arrangement when stuff rocks on Saturday night. The calendar plays a big role on these things like Chinese New Year and American Christmas New Year. So, again, I think probably it's because Asian customers have so much choice in Asia, as well as the United States that this business gets spread out a little thinner and that's why we hope the market continues to grow.

Shaun Kelley - Banc of America Securities Merrill Lynch: Just wondering the Las Vegas RevPAR, that came in a little bit below the market averages, and I think you guys have generally been price leaders in that market. So just kind of curious, did you find it harder to persuade in the fourth quarter and how you are thinking about 2012 just now on the room side for Vegas?

Stephen A. Wynn - Chairman and CEO: Marilyn, I don't know that exactly.

Marilyn W. Spiegel - President, Wynn Las Vegas: Our hotel revenue was up 11.7% and our ADR was at 250. So we had more rooms. We only had 1% of our rooms out of service this year versus 9% last year. We have a consistent strategy of identifying lodgers who are going to stay in our hotel, be here and go to the shows and shop here. So, we were pleased with the increase that we had in RevPAR. We can always be bigger, but we achieved greater than last quarter and we were down a little bit from the third quarter, but third quarter is a monster quarter, sometimes we had good convention business in the third quarter.

Stephen A. Wynn - Chairman and CEO: If I can add to that, I think you have to step back. Wynn and Encore Las Vegas went from $270 million last year to $430 million…

Matt Maddox - CFO and Treasurer: $440 million.

Stephen A. Wynn - Chairman and CEO: $440 million, if that's not robust growth, I don't know what it is, and that involved improvement across the board.

Matt Maddox - CFO and Treasurer: In fact out of the $160 million or $170 million of EBITDA increase, $60 million or so came from the casino and $110 million came from non-gaming and EBITDA increase year-over-year. The hotel tripled in EBITDA. There was…

Stephen A. Wynn - Chairman and CEO: Hotel, retail everything performed better this year than it has in the past. So we're quite satisfied with that. I'm not sure we quite understood the (origin) of your question, but I hope our answers help.

Operator: Mark Strawn, Morgan Stanley.

Mark Strawn - Morgan Stanley: One quick follow-up in Macau. I was wondering, you mentioned new competition that's entering the market on the VIP side. Are there things that you are doing specifically whether it's may be changing over tables to more VIP tables or signing up more junket to start to drive that business incrementally?

Stephen A. Wynn - Chairman and CEO: Yes, the answer to your question is yes, to all of the above. It's a fine line on these calls between answering your questions and sharing strategies with our competition. They're doing very well without our help. So the answer is yes. We understand the competition, we feel it, we see it, we really enjoy the fact that the market gets better. In the long run the most important thing about Macau will not be so much the amount of construction and development that takes place in that place, but more importantly the quality of the things that are built. I saw Galaxy when it opened, I thought it was terrific, and they went and spent a whole bundle of money since they opened on yet again, tweaking the place and making it better. I mean big money, I don't have access to their internal financial numbers, but I can tell you that they made some serious upgrades in their very first year of operation. I think it's true also of The Sands that literally hundreds of millions of dollars have been spent in making Four Seasons, Venetian and those places even better. That portends a better future for the market as Macau takes its place as the real center of tourism and excitement in the Pacific. So I am, we're watching all this. We are playing in that game. We've got the experience, the capital, and I think the staffing, the people to say right up there and hold our position. That doesn’t mean that it's true every single day, but it positively is true over the long run. You have to take any period of history of gaming in Nevada, or Linux city, or Macau and you will find that our facilities and our people generally outperform room to room, table to table anybody else in the business. We're a younger company than some of our competitors. Remember that we started in 2000. We didn’t have a facility open until April 28, 2005. We weren’t in Macau until the first week in September of 2006, and yet, this year our increase was almost – was up I guess $0.5 billion almost. Our increase in profitability of those facilities was almost $500 million. Most people would call that really getting along, but it’s hard, it’s very, very difficult. We are up against smart people, who know what they are doing, and have gotten smarter each season.

Operator: Jon Oh, CLSA.

Jon Oh - CLSA: I have two questions. I will start off with along the same vein of competition in Macau. Could you maybe (indiscernible) in the context of CapEx and OpEx going forward, should we expect any fresh level of spending to potentially keep your properties more up-to-date with some of this new fresh competition that has come out, which has been faring pretty well amongst the VIP players?

Stephen A. Wynn - Chairman and CEO: You are talking about Macau or Las Vegas?

Matt Maddox - CFO and Treasurer: In Macau.

Stephen A. Wynn - Chairman and CEO: We are constantly tweaking Macau. Having developed all of our 14 acres on the peninsula, we are left now with rather subtle adjustments within the building itself. I don’t think that any of those numbers rise to the level of conversation on the call like this today. We are coming up on the five years and we would redo the rooms, but they are already better than most of them in town. Encore is new, but the Wynn's 600 rooms will be redone shortly in a manner consistent with what we did in Las Vegas, which was quite a nice upgrade and very well received as you could tell by our rates. Marilyn's taken perfect advantage of the wonderful look of Wynn in Las Vegas. So, everything is pretty new in our Company. We keep everything bright and shiny to the best to our ability, is one of the main reasons we're so conservative about our balance sheet, so that we can always stay fluffed up.

Jon Oh - CLSA: My last question is on incremental projects in the United States and we've read about your intension to do something out in Massachusetts. Would you tell us how do we balance that potential CapEx outlook in some of the states in the U.S. versus the ongoing CapEx commitment you have in Cotai already? How do we then view that versus your cash commitments of your annual dividend of $0.50 per quarter and also the trend of special dividends that we've seen in the last two years? How we pie this all together and just have a view on what's going on with respect to the appetite in the U.S.?

Stephen A. Wynn - Chairman and CEO: You sound like a member of the Board when you ask a question like that and it's a proper question. That's why we call the extra big dividends special, because there is no guarantee that they will always be there, they're special. Our regular dividend, we approved one yesterday, of $0.50 a quarter is another story that we have every intention of keeping as a regular dividend. When you talk about new jurisdictions, and we're a company that is a primary concessionaire in Macau and we own 50 odd acres or we have access to 50 acres of developmental land in that community. When we talk about our investment and the return on it, you get a certain picture, that's very attractive. When you talk about jurisdictions in the United States, such as Massachusetts, the calculation has to be very precise, the capital investment has to be appropriate and management is called upon to make careful distinctions about opportunities versus costs. That's a challenge for all of us in this room Mr. Maddox, Mr. Strzemp, Mr. Schorr and the rest of us that's what we do in the parent company. We pay careful attention to that as these processes move step-by-step forward. As you know in Massachusetts for example, there's a threshold issue of local community approval, that's concomitant with the calculations that have to do with investment and return on investment. I think the way I would put is to respond to you directly, is that we look at our capital, we look at our debt and we say okay, what are our opportunities. What can we afford to do without compromising our balance sheet and make sure that our investments have a proper return on invested capital. Last year in Las Vegas and in the previous months preceding that we spent $80 million or $90 million remodeling this hotel, we redid our (Baccarat), we built the Beach Club and Surrender and all of those investments has at handsome stunning returns. So we were able to invest our money in the United States within our own facility that made sense. Building new hotels in the United States is a complicated issue at the moment and its very, very dependent on the political environment that shapes the opportunities we have and we're engaged in a very spirited national debate about economic priorities and the role of government regulation. We are particularly sensitive to any kind of regulation that involves financial institutions. We're certainly sensitive to issues of healthcare, thus we insure all of our employees. So all of these factors weigh heavily in our calculations and it's an ongoing process. I guess that’s all I have to say on the subject.

Operator: Kenneth Fong, JPMorgan.

Kenneth Fong - JPMorgan: I'd like to ask also within Macau what is the casino receivable in the fourth quarter compared to third quarter, and particularly on bad debt expense what is the magnitude for it regarding to Macau. Then my last question is for the bad debt provision. Is it a function of your account receivable going up or you are seeing the credit policy basically deteriorating from the customer side?

Matt Maddox - CFO and Treasurer: Yeah, so that’s not the case. Our bad debt position was basically flat year-over-year and if you look at where we are we continue to be well north of 50% reserved on our receivables. We have the most conservative policy out there and year-over-year which you'll see in our balance sheet when it comes out, you'll find that our bad debt reserve as a percentage of receivables is that is flat. So we have not seen anything to-date that has caused any alarm in Macau or here in Las Vegas as it relates to receivables.

Stephen A. Wynn - Chairman and CEO: Finally I want to add for maybe the 50th time in these kinds of conservations. We are a Company that absolutely does not use credit as a marketing tool. We give them credit to appropriate amounts and in the 44 years that I have been doing this, we have never once in any company that we've managed, Mirage Resorts, Golden Nugget before that, and Wynn, we have never ever exceeded our reserve. We are a Company that thinks that credit and marketing are two separate subjects and the alternative to that strategy is very disastrous.

Matt Maddox - CFO and Treasurer: Just to be clear on the earnings release, do you see provision for doubtful accounts of $33 million for the full year compared to $28 million, actually, that increase is almost all of Las Vegas and it’s because of additional play and credit issued in Las Vegas, not because of the quality of the client. Macau has been relatively flat year-over-year.

Operator: Harry Curtis, Nomura Securities.

Harry Curtis - Nomura Securities: Two quick questions, one for Marilyn. Marilyn if you could give us some thought on how you expect Las Vegas trends to look in 2012 versus 2011 and any hard data on bookings, what sort of expectations you have for pricing lift, convention demand, that kind of thing? Steve, very sensitive topic, not sure what you can say about Okada relationship, but do you have any sense of what the end game here is on his part?

Stephen A. Wynn - Chairman and CEO: We've enjoyed Mr. Okada's participation in the Company for all this years, I think its 12 now, and we wish him well. We have a sharp disagreement, the entire Board of this Company and in fact the Board in the Hong Kong Company. We have a sharp disagreement with our colleague with regard to the Philippines. We have expressed our conviction that it was not an appropriate business opportunity for us for a couple of years now. For reasons that are best known to Mr. Okada, he has not enjoyed that disagreement. I sense that’s a proper way to put it. It's created a problem for him in that it expresses itself I would guess and dissatisfaction with our decision. The decision as unanimous among all of the Board members and went it's been communicated to Mr. Okada at various board meetings and privately by myself, he finds that stressful. We've also taken a very strong opinion about not wanting to give the impression that Wynn Resorts was the developer of the land that he has acquired in the Philippines. This has created some stress between us unfortunately. How it ends up, I don't know, except that Wynn Resorts doesn't – and this was the unanimous opinion of the Board of Directors, that we are not going to go in business in the Philippines. Mr. Okada may choose to do so, but he does so without the organizational support or the financial support of the Company that he is an investor in at the moment. So, Harry, I guess that's about the best way to put it and I think that the publicity that’s attended Mr. Okada's dissatisfaction is unfortunately a reflection of his frustration with that decision of the Board.

Harry Curtis - Nomura Securities: Steve, is he's so unhappy that it makes sense to making an offer that he can't refuse?

Stephen A. Wynn - Chairman and CEO: Well, Harry, I think we are getting a little ahead of ourselves there. I think the most important thing for us to say today is that we respect Mr. Okada's opinion and his ability to direct the affairs of his own operation at Universal – he's used to be called Aruze, it's now I think, I believe he calls it Universal Gaming and Entertainment. He has to takes full responsibility for what he does with that Company, I will take full responsibility for what we do with this Company and that is the way it will remain.

Harry Curtis - Nomura Securities: Why don't we move back to Vegas then?

Marilyn W. Spiegel - President, Wynn Las Vegas: So you want to talk about the convention business. In 2011 we had a really breakthrough year in our convention channel and we see 2012 to be a on a similar level in terms of convention channel revenue. I know some of our competitors have talked about they are even seeing wider increases, but we had such a great year, we are hopeful that 2012 comes in at about that same level. We are seeing the first quarter being pretty much flat. So January last year was great. This year February is great. You add them together they're equal. We're getting a little more rate in the convention channel, but we are very cautious about July and August. Every year July and August are tough years to book at Las Vegas. So, we from the inquiries we've had we anticipate that there could be some deep discounting in the market. So perhaps we broke out earlier in convention channels than competitors, but we are looking forward to a good year to come in at about the same level.

Harry Curtis - Nomura Securities: So, I guess there won't be any mix lift that would allow you to raise your transient rates much?

Marilyn W. Spiegel - President, Wynn Las Vegas: We are going to be pushing on transient. As Steve mentioned, we have a brand new website. We are seeing additional inquiries and bookings through our website, even prior to the new website being launched and so transient is an channel to us and we are continuing to grow that. We grew it quite a bit last year.

Stephen A. Wynn - Chairman and CEO: Marilyn I'd add this. When you operate a hotel like Wynn Las Vegas and Encore Las Vegas or the both properties in Macau, time is your friend. Guest experience remains the only essential truth and our source of franchise in the industry that we're involved in. When you give guests a better experience, when you give them a better product, time is your friend and you pick up hotel guests and patrons on a long-term basis, 1, 2, 3, 40 at a time and that franchise grows. That’s why you see our room rates higher than our neighbors and our friends up and down the Strip or in Macau. That’s the only thing left for us to do Harry is the basics better. I wish we could go faster, I sure wish we were in Singapore that would've been great. But remember that when Singapore came about we were still in '04 we were still eight months away from our first opening in Las Vegas and a year and a half or more away from the opening of our hotel in Macau, so we weren’t ready for the opportunity in Singapore, but that’s not true anymore. We have the capital structure, the organizational depth to handle growth and expansion as we go forward, which you have to just sit on your thumbs some times and wait for it to come to you. When the opportunities present themselves we jump on them and we do a good job. We are all young around here, except for me and we are satisfied with our progress. That’s it.

Operator: Steven Kent, Goldman Sachs.

Steven Kent - Goldman Sachs: Just a question on the tax rate, Matt. What should we be thinking about for next year? Also, I can't help but ask the questions, I have never heard this before, what is a collection trip that Linda Chen is on and what do you do?

Stephen A. Wynn - Chairman and CEO: You go around and ask guys to pay their money.

Steven Kent - Goldman Sachs: Linda can’t do that. How does she do that.

Stephen A. Wynn - Chairman and CEO: You crawl around and beg and cry and whine and plead and if you get the receivables then that’s what it is Steve. We would take them out for dinner in Vegas, typical. We are getting at it, we have been begging for 44 years.

Matt Maddox - CFO and Treasurer: On the tax rare, I think somewhere between 2010 and 2011, we will – I think is a good estimate ach year – this year we had a large reserve that we had to take back at 12/31, because (indiscernible) was all that we had. So, that’s why you see a big credit in the fourth quarter, we actually have been doing beforehand and that there was some...

Stephen A. Wynn - Chairman and CEO: Is that because you over reserved?

Matt Maddox - CFO and Treasurer: You just can't take (indiscernible), limitation expires, so then you know it's finished. So, I would say we will be somewhere between 10 and 11. That's about as much as I can give you.

Operator: Robin Farley, UBS.

Robin Farley - UBS: I just wanted to circle back to your comments about Chinese New Year and when you talked about it being down, I think that was just a Vegas comment. So, I wonder if you could talk a little bit about Macau and there is unofficial market share numbers out there and just kind of the change in January from Q4. I know that can be due to just fluctuations in hold. So maybe you can give us a little color on what you see happening with market share?

Stephen A. Wynn - Chairman and CEO: As I say, the combination of calendar and/or market share can give you a different picture. I think if you adjust everything we're around 13% of the market. The market has gotten much bigger. There are a lot of tables and machines in Macau, for example. We still focus on that other number, Robin, which is our fair share. What is the ratio of our cash to our equipment in the marketplace and we keep growing. I don't know – am I responding, Robin, directly to your question?

Robin Farley - UBS: I guess, in general terms. I was hoping for a little bit more specific in terms of Q1 and what you are seeing?

Stephen A. Wynn - Chairman and CEO: January was better this year than last year, because we had Chinese New Year in it at both places. I don't mind saying that, we had robust growth in January over previous year. Now, to tell the whole story, we got to see February and March on roll and frankly it will be interesting to see, but Super Bowl and President's Weekend are in February this year and last year we had Super Bowl and Chinese New Year sort of double with a perfect calendar. So it's something like a perfect storm, we'll see how February rolls out. We had a whopping month in February last year in Las Vegas. I think the biggest one in our career and we made $62 million in one month at Wynn and Encore, pretty good for 2,700 rooms. I don't think anybody does as well as we do even if they have more rooms than we do. As I said before Rob, and I wish we had more, but we build these things one at a time and patience gets the money I guess in our case.

Operator: Cameron McKnight, Wells Fargo.

Cameron McKnight - Wells Fargo: Steve, wondering if you could comment on what you think about the macro outlook for China and when you and Linda travel around the country what are you hearing and seeing from customers that you speak to.

Stephen A. Wynn - Chairman and CEO: The businessmen with whom we have regular discourse in China, in Mainland China and Hong Kong and Taiwan are all feeling very comfortable about their country, the leadership of the government as it relates to managing the challenges that face their economies. There's a sense of stability there that at least that we glean from – that we infer from our conversations with the folks that are robust business men in that part of the world. So if you ask me what are we getting from them? We're getting a feeling of a good tomorrow, a healthy Chinese economy. Everybody has challenges and you can sit around and you can conjure up problems that could affect China, just as you came to the United States. I think you look at the situation in real-time and you see that we are struggling in the United States mightily and there isn’t any signs of a mighty struggle in China at the movement. Macroeconomics, if we are qualified to discuss such a subject, that we're getting it through people and of course we see it with our numbers. So, yesterday Sheldon Adelson had his call and the sense of – I think you might have gotten that from him. I don’t know how our comments compare to his. Most of you were probably on that call. I didn't hear it, but did you ask that question of The Sands folks?

Cameron McKnight - Wells Fargo: No, I didn’t.

Stephen A. Wynn - Chairman and CEO: Matt, did they give their opinion on that on such a…

Marilyn W. Spiegel - President, Wynn Las Vegas: They did not.

Stephen A. Wynn - Chairman and CEO: Well I have given you ours. Is there anybody at our table that would like to add to that? Ian, you are on the call, you and Robert how you feel about that Robert, Ian what do you think?

Ian Coughlan - President, Wynn Resorts (Macau), S.A.: I think the general view out here is steady as she goes. There is a desire in China to maintain momentum and there is a regime change at the end of the year. So I think there is a desire to keep everything focused and steady. There is a lot of chatter all the time about liquidity issues, about economic woes around the corner, but everything seems to be moving steadily in the right direction. There is a desire for stability always in China and we are not seeing anything locally. Chinese New Year was very strong, there was a little bit of dampening because you had two New Year holidays almost back to back, but the general growth has been very good. We have absorbed extra (indiscernible) here in Macau with Galaxy, they didn’t have Chinese New Year last year in Cotai. The sentiment is pretty positive. The growth levels in Macau won't be a significant disaster, it’s really...

Stephen A. Wynn - Chairman and CEO: One of the things that is reassuring in these Chinese discussion, everybody knows what’s going to happen in China next year politically as far as leadership goes and no one knows what’s going to happen next year in the United States as far as political leadership. We probably tend to be a little bit more apprehensive and paranoid here than they are there. That’s another feeling I would get talking to businessmen in the United States that are across the board frightened and unsure of the future politically, and therefore, economically and fiscally in the United States. I don’t feel any of that from our Taiwanese or our Chinese business colleagues. Nothing of that sort like we have in the United States at the moment.

Operator: Tom Marsico, Marsico Capital.

Tom Marsico - Marsico Capital: I just wondered, if you had notice any decision making among the Chinese officials around the approval of new sites to start in Cotai as it relates to the change in leadership in China? What are you expectations considering building the new facility in Cotai as it relates to the change of leadership there?

Stephen A. Wynn - Chairman and CEO: Tom, we gather our information from public statements made by governmental officials on official public occasions. The Government of Macau, for example, has stated in statements to LegCo and other fiscal moments in their processes that companies, in particular SJM, Wynn and MGM, will be developing in Cotai. Those statements we read in the paper and we observed from the government in the past months. They tend in that country to make their statements public and their policy statements public, and they don't really change or alter any of that privately, and that's pretty much the way it stands as far as we know today, Tom. Those statements were made by Secretary Lau, Chief Executive Choi and others.

Tom Marsico - Marsico Capital: The timing between that announcement and a formal announcement from a government varies depending upon project and situation?

Stephen A. Wynn - Chairman and CEO: Yes, it does vary. As I say, there is enormous public works going on in Macau. The light rail system has begun, a host of new projects, the University, which of course, got some publicity because of our involvement in education, there is enormous amount of public works going on. All of the projects, public and those concerning private companies all go through the same departments in the government, in the special administrative regions and they have limited resources and an enormous demand on their time. So what happens is that things get handled in due course and you are left with only one option and that is to be patient and respectful of the process.

Tom Marsico - Marsico Capital: Steve, couple of years ago there was a lot of building going on and there was concern about facilities for the workers to stay in Macau and also the inflation that it was causing in that area. Are the people in Macau, the government officials comfortable with the level of inflation in the area as it relates to where it is as well as the number of workers that are available to work on these projects given the extensive nature of the activity that's going on there?

Stephen A. Wynn - Chairman and CEO: The government has expressed its understanding and insight into the pressures created by public works and private expansion and has recognized that in principle in terms of the discussions about allowing the labor force to adjust appropriately as long as the people of Macau are fully employed, which at the moment they are. They certainly observed the inflationary pressures that have been created by the rapid, massive expansion of the economy in Macau and they ask us on many occasions to please be very sensitive to the needs of our employees, especially those line employees who feel the pressure of rising costs for housing and such living expenses in Macau, and they ask us to please be sensitive to keeping our employees even and hopefully ahead of that curve by our treatment of wages. We respond directly to that and all of us, when I mean all of us, not only Wynn Resorts, but Sands and Galaxy and the other concessionaires have responded appropriately to the government requests, which are always reasonable, I might add. What they do, they do say to us, don’t forget to take care of the people and we do. As well as we do in Las Vegas as well. We gave in the last two years a couple of cost-of-living increases to our employees as well as investing capital in our facilities. So that’s how it plays out over there Tom.

Tom Marsico - Marsico Capital: If I wouldn't, if I could ask another question now getting back to Las Vegas. The changes that you have made to the entrants of the tower suites and the flow is a lot better and obviously the big investment you made in Encore a year ago or so. Are you anticipating any new changes in Encore to get that hotel to the level that you'd like to see it today Steve?

Stephen A. Wynn - Chairman and CEO: Yes. We in fact are in the midst of some what we consider very exciting options that we have available. When we laid out – it is very technical question Tom and I'm glad you asked, if this is an appropriate time. When we laid out Encore, that place was configured to anticipate a flow of humanity through the door on the west side, which is the Strip entrance that anticipated the rather dramatic development of the Frontier property with the Plaza Hotel of Las Vegas and Echelon placed by folks of Boyd Gaming. As you know both projects were aborted, leaving empty property on the other side of the Street. Our performance last year concerning we're at the end of the strip is all the more remarkable and the fact that we hold the record for the history of Nevada in gaming revenue is all the more remarkable considering that we don't enjoy the kind of pivotal central location that Palazzo does for example. So, we look at Encore and we say, well really the source of humanity on Encore is not from the west to the east as it is at Wynn, it is in fact, from the north, which is where our (indiscernible) and hotel towers are located is from the north to the south towards Wynn. So, we've got a casino actually that is 90 degrees off-center in terms of its acceptance of the flow of people. So, one of the things that Marilyn and the rest of us have been looking at and Maurice Wooden and my colleagues in this facility is, to rearrange the flow of Encore and its gaming facilities on a different axis and that also would allow us to employ a central entertainment attraction on the south side that would draw people through it. Now, this conversation that you've drawn me into tends to be very technical about the way myself and DeRuyter Butler and the folks at Wynn Design Development work and take advantage of flow. I think that it's something that we understand as well as anybody in history of our business. We've come to the conclusion that there is very little likelihood that considering the political environment in America, the business opportunities that we're going to see any robust development across the street on the other side of the Strip. So, we say, all right, that's the way it's going to be, let's just take advantage of it. So, we're thinking of some changes at Encore that would be a very exciting and would work to our advantage. So, pretty much Encore's rooms enjoy sort of a terrific little niche in the market as mini suite hotel, and only in Las Vegas we call a 2,000 room hotel and mini suite hotel, but that's what we are. So, that's how that works. So, we look at that and we've got big eyes for it. We also have a terrific opportunity, we're going to reconfigure. You saw the lobby and the new high limit slot area is performing extremely well for us where blush was. As we strengthen the south end, the south side of Wynn with the new lobby and the new gaming area that opened up on Christmas, we're also considering an exciting new development for this space that was occupied by Alex's restaurant. Those are basically the kinds of manipulation of the Las Vegas property that we see looking ahead.

Tom Marsico - Marsico Capital: So, the opportunity at Encore could be substantial if you come out with a good plan for the flow of traffic in (indiscernible)?

Stephen A. Wynn - Chairman and CEO: We are certain of that and I think we've drawn a bead on it and I think we've got it in our sights as matter of fact we are all pretty excited about it.

Operator: We have reached our allotted time for questions. I would now like to turn the call back over to management for any closing remarks.

Stephen A. Wynn - Chairman and CEO: Marc, anything that you can think off? John, Tim, Matt? Ann, do you have anything you want to add or Robert? Well, everybody just take a look at our new website it's with Andy. Thanks everybody, talk to you next time.

Operator: Thank you for participating in today's conference call. You may now disconnect.