UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 27, 2006
WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
Nevada 000-50028 46-0484987
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
3131 Las Vegas Boulevard South
Las Vegas, Nevada 89109
(Address of principal executive offices of each registrant) (Zip Code)
(702) 770-7555
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[_] Written communication pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencements communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On July 27, 2006, Wynn Resorts, Limited (the "Company") announced the
appointment of Jack B. Binion to serve as Chairman of Wynn International
Marketing, Ltd., with overall responsibility for all operational activities of
the Company's Wynn Macau resort. Mr. Binion has entered into an employment
agreement with a subsidiary of the Company, Worldwide Wynn, LLC (the
"Employer") that has a term of three years, unless sooner terminated as a
result of his death or upon written notice from the Employer to Mr. Binion, or
from Mr. Binion to the Employer, for any reason.
The agreement provides for a base salary of $1,500,000 per year and eligibility
for an annual bonus. In addition, the agreement provides that Mr. Binion be
awarded 500,000 restricted shares of common stock of the Company, 50% of which
will vest on the second anniversary of the effective date of the agreement, and
the remainder will vest on a pro rata basis each month thereafter until the
third anniversary of the effective date.
A copy of Mr. Binion's employment agreement is filed as Exhibit 10.1 hereto and
is incorporated herein by reference.
On July 27, 2006, the Company issued a press release announcing the appointment
of Mr. Binion. The press release is filed herewith as Exhibit 99.1 and
incorporated herein by reference.
Item 5.02. Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers.
The information set forth in Item 1.01 of this report is incorporated herein by
reference.
Prior to joining the Company, Mr. Binion, 69, served as founder of Blizzard
Asset Management, a family investment company. From April 1999 until July 2004,
Mr. Binion was Chairman of the Board and Chief Executive Officer of Horseshoe
Gaming Holding Corp., a gaming company which owned and operated casinos in
Bossier City, Louisiana; Tunica County, Mississippi; Hammond, Indiana; and
Joliet, Illinois, and was acquired by Harrah's Entertainment, Inc. in July
2004. From December 1992 to April 1999, Mr. Binion served as the Chief
Executive Officer of various predecessor entities of Horseshoe Gaming Holding
Corp.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits:
Exhibit
Number Description
10.1 Employment Agreement, dated as of July 27, 2006,
by and between Worldwide Wynn, LLC and
Jack B. Binion.
99.1 Press release, dated July 27, 2006, of
Wynn Resorts, Limited.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: July 27, 2006
Wynn Resorts, Limited
By: /s/ John Strzemp
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John Strzemp
Chief Financial Officer