The Encore Suites resort is designed to look very much like thefirst phase, which has 2,716 rooms anchored by an 111,000-sfcasino; 22 food and beverage outlets; 200,000 sf of meeting space;74,000-sf of retail, and a Ferrari and Maserati dealership. Thesmallest rooms in the Encore Suites tower, at 700 sf, will belarger than those in the first phase. The VIP suites in Encore willtop out at 5,800 sf.

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Construction of Encore Suites commenced in the second quarter of2006, approximately one year after the opening of the $2.7-billionfirst phase. The project budget for Encore is $2.1 billion, ofwhich just under $1 billion had been spent as of the end of2007.

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Hotel occupancy at Wynn Las Vegas averaged 96% in 2007 and theaverage daily room rate was $300. The comparable market-wideaverages are 90.4% and $132, respectively.

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Not too long after Encore Suites is up and running, look forWynn Resorts to begin redeveloping its golf course, which covers142 acres immediately behind the 50-acre resort. "We are developinga long-range master plan for the golf course," Wynn states in itsannual report filed with the SEC last week. "It is not expectedthat any construction on the golf course land would begin before2009."

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