I stayed at the Wynn on a birthday a few years ago. The room was nice (from what I can remember) but it wasn't 5 star to me. I think I prefer the rooms at Encore better as they are newer and bigger than the room we stayed in at the Wynn.
We ate at Red 8 and I was rather disappointed. I had been wanting to try it for some time now and I was let down. I felt that the food was greatly Americanized and lacking of flavor. I've also dined at Alex, which is now closed, and it was exceptionally exquisite and a grandiose affair. I loved the beautiful staircase entry way that led down to a romantic, ballroom style dining area. I remember the food being better than our recent lavish dinner at Picasso at the Bellagio, however it was a few years ago so maybe I'm not remembering correctly. Anyways, it's closed now so I guess it doesn't matter.
My husband and I often do little staycations in Vegas. Here's a tip- Bring some bottles of booze with you so you can make your own drinks in your room before spending a fortune at the bars! We always stop by a fun bar/liquor store called Office Bar (which is a half mile from the airport on the way to the Strip) and buy a few bottles before checking into our hotel.
We've stayed at all of the nice hotels on the Strip and I would not say that the Wynn is the best. It is at the top of the list but there are better places; the Cosmopolitan, Mandarin Oriental, Encore, and the Palazzo, (also Aria and the Signature at MGM but I would rate Aria and the Signature below the Wynn)