sorry that has to be bad for him! ha! ha!

As disclosed in prior filings of Wynn Resorts, Limited (“WRL”) and Wynn Las Vegas, LLC (“WLV”), Stephen A. Wynn (“Mr. Wynn”), Chairman of the Board of Directors and Chief Executive Officer of WRL, and WLV are parties to the 2013 Second Amended and Restated Agreement of Lease, dated as of November 7, 2013, as amended by the First Amendment, dated February 25, 2015 (the “Second A&R Lease”), pursuant to which Mr. Wynn leases three fairway villas as his personal residence. On December 1, 2016, Mr. Wynn and WLV entered into a Third Amended and Restated Agreement of Lease (the “Third A&R Lease”) to provide for Mr. Wynn’s lease of only two fairway villas (the “Villas”) as his personal residence, effective as of November 3, 2016, and to adjust the annual rent paid by Mr. Wynn to WLV accordingly to $305,680 per year, effective from November 3, 2016 to November 2, 2018. The Third A&R Lease was approved by the Audit Committee of the Board of Directors of WRL and the annual rent was determined to be the current fair market value of the accommodations based on an independent third-party opinion. The rental value for the Villas will be re-determined every two years during the term of the Third A&R Lease. Certain services for, and maintenance of, the Villas are included in the annual rent.
This description of the Third A&R Lease is qualified in its entirety by reference to the Third A&R Lease, a copy of which will be filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016.