ex10-1.htm


    Exhibit
10.1

    


    SECOND AMENDMENT TO
AGREEMENT OF LEASE

     

    THIS
SECOND AMENDMENT TO AGREEMENT OF LEASE (this “Second Amendment”) is
made as of the 10th day of June, 2008, by and between Wynn Las Vegas, LLC
(“Lessor”) and
Stephen A. Wynn (“Lessee”) and,
together with Lessor, the “Parties”).

     

    RECITALS

     

    A.           The
Parties have entered into an Agreement of Lease dated as of January 10, 2005
(the “Original
Lease”) as amended by that certain First Amendment to Agreement to Lease
dated April 21, 2005 (the “First Amendment”)
(the Original Lease and the First Amendment are collectively referred to herein
as the “Lease”), under which
Lessee leases a luxury suite (the “Suite”) in Lessor’s
Wynn Las Vegas casino and resort hotel (the “Resort”).

     

    B.           The
initial 12 month term of the Lease commenced on July 1, 2005.  The
Parties have renewed the Lease for consecutive 12 month periods thereafter from
year to year.

     

    C.           The
Parties have agreed to reduce certain services provided by Lessor to Lessee
under the terms of the Lease.

     

    D.           Pursuant
to Section 3 of the Original Lease, the Parties have determined the amount of
the annual rental for the two (2) year period commencing on July 1,
2008.

     

    NOW,
THEREFORE, the Parties agree as follows:

     

    1.           Annual
Rental.  The Parties agree that for the two (2) year period
commencing on July 1, 2008, the Lease rental for the Suite shall be Five Hundred
Twenty Thousand Dollars and No Cents ($520,000.00) per
year.  Notwithstanding the foregoing nothing herein shall be
interpreted as to change or amend either Party’s right to terminate the Lease in
accordance with Section 2 of the Lease.

     

    2.           Section
2 of the Lease is hereby amended and restated to read in its entirety as
follows:

     

    “4.           Maintenance and
Services.  Lessor shall maintain the Suite and provide all
services and utilities with respect thereto in a manner consistent with the
Resort’s standards; provided however, that Lessor
shall only be obligated to provide maid service in the Suite on Saturdays and
Sundays of each week during the Term.  Lessee shall be responsible to
arrange and pay for maid service in the Suite from Monday through Friday of each
week during the Term.  All taxes and utilities with respect to the
Suite, other than personal long distance telephone charges and taxes associated
with the maid service arranged by the Lessee, shall be paid by Lessor and deemed
included in the rent payable by Lessee pursuant to Section 3
above.  Lessee shall be responsible for payment of all personal long
distance telephone charges, which shall be billed to him separately by the
Resort in accordance with its customary practices.”

     

    3.           Capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to
them in the Lease.

     

    4.           Except
as modified by this Second Amendment, all of the terms and conditions of the
Lease shall remain in full force and effect.

     

    IN
WITNESS WHEREOF, the parties have executed this Second Amendment as of the day
and year first written above.

     

    WYNN
LAS VEGAS, LLC,

     

    a
Nevada limited liability company,

     

    


     

    
      	
              By:

            	
              /s/
      Andrew Pascal

            	 
      	
              /s/
      Stephen A. Wynn

            
	 
      	
              Name:  Andrew
      Pascal

            	 
      	
              Stephen
      A. Wynn

            
	 
      	
              Title:  President