The name here comes from the theme of the whole venue, with parasol-shaped light fixtures bobbing up and down from the ceiling overhead, as well as bar space both on the main casino level and on a lower level opening onto the water feature at the Wynn. Indeed, it's an interesting way to stuff more revenue-generating space into what would otherwise be a set of stairways.
The real reason to go here is not for the insides, however, but for the outside patio that offers a view of the "Lake of Dreams" water feature, where there's a Le RĂªve-inspired light show every half hour in the evenings until 12.30am. Overpriced casino drinks inside a casino? Meh. But overpriced casino drinks with a nice view of a waterfall and laser/light show? Now we're talking.
To the staff's credit, when I was here, they evacuated the outdoor patio for "safety reasons" and moved everyone to the indoor bar area when I was sitting outside and it started raining. A bit of a bummer, but at least they handled this considerately and apologetically. Can't say that there's much going for the indoor bar area, though.