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November 11, 2009

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Casino developer selling notes

Tuesday, Aug. 20, 2002 | 11:17 a.m.

Wynn Las Vegas LLC and a subsidiary filed to jointly sell $350 million of second mortgage notes that will be set to mature in 2010.

The company and its unit, Wynn Las Vegas Capital Corp., will use the proceeds to help fund the construction of Le Reve, a luxury casino resort that gaming executive Steve Wynn plans to build on the Las Vegas Strip at his Desert Inn site, according to a registration statement filed with the Securities and Exchange Commission.

The companies, both of which are controlled by Wynn Resorts Ltd., will have the right to redeem the second mortgage notes beginning in 2006. Until an unspecified date in 2005, they will be able to redeem as much as 35 percent of the notes with the proceeds from certain types of stock sales.

Wynn Resorts, based in Las Vegas, also has filed to raise $363.5 million through an initial public offering.

Underwriters for the bond sale will include Deutsche Bank Securities; Banc of America Securities LLC; Bear, Stearns & Co.; and Dresdner Kleinwort Wasserstein.

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