Wynn Resorts Limited Announces Sale of Subconcession for $900 Million to Publishing and Broadcasting Limited

Wynn Resorts, Limited (Nasdaq:WYNN) announced today that
Publishing and Broadcasting Limited (ASX:PBL) has signed an agreement
to purchase a subconcession from Wynn Resorts in the Macau Special
Administrative Region of the People's Republic of China for $900
million. The subconcession will allow PBL to own and operate hotel
casino resorts in Macau SAR. This transaction is subject to Macau
government approval.
   "Because of our current focus in Macau, our Board of Directors
decided that any decision we make must enhance the vitality and future
of Macau," said Steve Wynn, Chairman and CEO of Wynn Resorts. "Making
it possible for PBL to enter was a positive and dynamic step toward
upgrading and expanding the quality of investment in Macau. What's
good for Macau is good for Wynn Resorts. This transaction was
appealing from a financial perspective and most importantly sets the
stage for other activities done in conjunction with PBL in Asia and
around the world."
   "Macau remains one of the most dynamic gaming markets in the world
and a subconcession allows PBL to actively participate in the
extraordinary growth of the Macau market," said James Packer,
Executive Chairman of PBL. "Our company has a long-standing
relationship with Steve Wynn and this transaction will hopefully be
the first of many. I value the relationship enormously."

   Wynn Resorts, Limited is traded on the Nasdaq National Market
under the ticker symbol WYNN and is part of the NASDAQ-100 Index. The
company owns and operates Wynn Las Vegas (www.wynnlasvegas.com), a
luxury hotel and destination casino resort located on the Las Vegas
Strip which 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. Wynn Resorts, Limited is currently
constructing Wynn Macau, a destination casino resort in the Macau
Special Administrative Region of the People's Republic of China. Wynn
Macau is scheduled to open September 5, 2006.

   PBL is one of Australia's largest diversified media and
entertainment groups. Its market capitalization of more than $11
billion places it among the top 25 companies listed on the Australian
Stock Exchange. The group's core businesses are gaming and
entertainment; television production and broadcasting; magazine
publishing and distribution; and strategic investment in key digital
media and entertainment businesses. PBL owns and operates two of
Australia's leading gaming and entertainment complexes, Crown in
Melbourne and Burswood in Perth. It also owns the highest rating
free-to-air television network, the Nine Network, and the largest
magazine publisher, ACP Magazines.