Parasol Down is a bar in the center atrium area of the Wynn resort that faces the "Lake of Dreams". This is a great bar to come and meet up with friends, grab a table or sit at the bar and as others have mentioned, check out the projection and lighting show that's displayed on the waterfall and pond of the adjacent Lake of Dreams. Look up at the ceiling, and you'll notice a number of umbrellas/parasols moving up and down and in some cases rotating ever so slowly.
The entrances of both the SW Steakhouse and the Lakeside Seafood restaurants are located off to the sides of this bar, so this can be a good place to meet up with your party and have a drink before dinner.