FORM 4

FORM 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES


Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940
 
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[    ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See instruction 1(b).

(Print or Type Reponses)

1. Name and Address of Reporting Person*

     Okada                       Kazuo                              
2. Issuer Name and Ticker or Trading Symbol

Wynn Resorts, Limited (WYNN)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

[ x ] Director                          [ x ] 10% Owner

[    ] Officer (give title below)    [    ] Other (specify below)

        
_______________________________________________


          (Last)                         (First)                         (Middle)

c/o Wynn Resorts, Limited
3145 Las Vegas Boulevard South
3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)

4. Statement for Month/Day/Year

 March 27, 2003
(Street)

Las Vegas                 Nevada                       89109
5. If Amendment, Date of Original (Month/Day/Year)

 December 12, 2002
7. Individual or Joint/Group Filing
(Check Applicable Line)

[ x ] Form filed by One Reporting Person

[    ] Form filed by More than One Reporting Person

          (City)                         (State)                         (Zip)

Table I—Non–Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)
2. Transaction Date
(Month/Day/Year)
2A. Deemed Execution Date, if any
(Month/Day/Year)
3. Transaction Code
(Instr. 8)
4. Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transactions
(s)

(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A)
or
(D)
Price
                     
                     
                     
                     
                     
                     
                     
                     

Table II—Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security

3. Transaction Date
(Month/Day/Year)
3A. Deemed Execution Date, If any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative
Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)

6. Date Exercisable
and Expiration Date
(Month/Day/Year)
7. Title and Amount
of Underlying
Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) 10. Ownership Form of Derivative Securities: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date
Exercisable
Expiration
Date
Title Expiration
Date
  Stock Options (right to buy)   $13.74   12/12/02     A     10,000     12/12/02   12/12/12   Common Stock, par value $0.01   10,000     10,000(1)   D  
  Stock Options (right to buy)   $13.74   3/27/03     D       10,000   12/12/02   12/12/12   Common Stock, par value $0.01   10,000     0(2)    
                               
                               
                               
                               
                               
                               
                               

Explanation of Responses:

(1)   Options that were previously reported on a Form 4 dated December 12, 2002 (the "Options").

(2)   The Options have been rescinded pursuant to an agreement, dated March 27, 2003, between the reporting person and the issuer.


  /s/ Marc H. Rubinstein
————————————————————
**Signature of Reporting Person
Marc H. Rubinstein on Behalf of Kazuo Okada
  March 28, 2003
——————————————
Date
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, See Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.