---

# CONCESSION CONTRACT
FOR OPERATING CASINO GAMES OF CHANCE OR GAMES OF OTHER FORMS IN THE MACAU SPECIAL ADMINISTRATIVE
REGION

The following parties to this
contract were present on June 26th, 2002 at the Government Headquarters on Avenida da
Praia Grande, the Macau Special Administrative Region in the presence of Chu Iek Chong,
acting on behalf of the private notary of the Finance Department of the Macau SAR,
appointed for this purpose by the Chief Executive:

| |  |  | Party A: | the Macau Special Administrative Region (the Macau SAR), represented by Ho
Hau Wah, the Chief Executive. Ho Hau Wah, married, with his office at the Government
Headquarters on Avenida da Praia Grande, the Macau SAR. His identity and authority was
verified in accordance with Article 45 of the Basic Law of the Macau SAR; and
| |  |  | -------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Party B: | Galaxy Casino Company Limited, with its headquarters at Avenida da Praia Grande, n.
°409, Edif, China Law, 25°, Macau and its registration number in the Company
and Vehicle Registration Bureau 15066, represented by Fan, Siu Pang (5400 1421 2590),
married, living at Sunrise Court, 95 Blue Pool Road, Flat C, Hong Kong; and Lui, Chee Woo
(0712 1807 0735), married, living at 29/F, Ka Wah Centre, 191 Java Road, Hong Kong. The
identities and authority of the two persons were verified [by the notary public] based on
the certificate issued by the Company and Vehicle Registration Bureau. Such certificate
was filed [by the notary public] for records.
| |  |  | -------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The identities of Party A and Party
B were also verified [by the notary public] based on my personnel knowledge for Party A
and by their Hong Kong ID cards, no. B452583(9), of May 30th1990, and no. A481605(9), of
June 26th1990, issued by the Hong Kong Identification Department.

Party A, in the above identity,
states as follows:

| |  | As instructed by the Chief Executive Order No. 217/2001, a public tender was conducted to
grant three concessions to operate casino games of chance or games of other forms;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | The opening of tender submissions marked the commencement of the public tender to grant
three concessions to operate casino games of chance or games of other forms. The process
of opening tender submissions consisted of two stages: the stage in which the envelopes
marked Documents were opened and the stage in which the envelopes marked
Tender Submissions were opened. Thereafter, there was a consultation period
during which the tender submissions were explained and examined. The public tender process
ended after a report stating the reasons for granting the concessions had been prepared.
Based on the report, the Chief Executive granted provisional concessions to operate casino
games of chance or games of other forms;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Pursuant to the Chief Executive Order No. 26/2002, one of the provisional concessions to
operate casino games of chance or games of other forms was granted to Galaxy Casino
Company Limited (the Concessionaire);
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Pursuant to the tender submissions submitted by the Concessionaire in the first public
tender to grant three concessions to operate casino games of chance or games of other
forms in the name of a tenderer, a management company under the Venetian group
shall be responsible for the management of the Concessionaire according to the agreement
concluded by the management company and the Concessionaire;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | As required by Article 84.1 of the Administrative Regulations No. 26/2001, the
Concessionaire has already provided the guarantee for its performance of statutory
obligations or contractual obligations;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | As required by Article 82.5 of the Administrative Regulations No. 26/2001, the
Concessionaire has proved to the Commission for the First Public Tender to Grant
Concessions to Operate Casino Games of Chance (the Tender Commission) that its
share capital has already been paid up in cash in an amount no less than MOP 200,000,000
and such share capital has been deposited into a local credit institution or a branch or
affiliate of a credit institution that is authorized to operate business in the Macau SAR;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | The Concessionaire has agreed to a proposed draft of this Concession Contract for
Operating Casino Games of Chance or Games of Other Forms in the Macau SAR (this
Concession Contract);
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | The Concessionaire, shareholders of owning 5% or more of its share capital and its
directors have undergone the qualification examination process. Such process ended after
the completion of a relevant report. The report states that the above entities have the
appropriate qualifications;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | The Concessionaire has undergone the examination process as to whether it has the
financial capacity to operate casino games of chance or games of other forms. Such process
ended after the completion of a relevant report. The report states that the Concessionaire
has the appropriate financial capacity; [and]
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Pursuant to the Chief Executive Order No. [ ]/2002, one of the concessions to operate
casino games of chance or games of other forms was granted to Galaxy Casino Company
Limited.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Based on the above statements and
upon consultation of the Parties, it is agreed to conclude this Concession Contract. This
Concession Contract includes the following provisions:

---

# CHAPTER 1SUBJECT
MATTER, TYPE AND TERM OF THE CONCESSION

# Article 1   Subject
Matter of the Concession

| | 1. | The
subject matter of the concession granted under this Concession Contract           shall
be the operation of casino games of chance or games of other forms in the           Macau
Special Administrative Region of the Peoples Republic of China (hereinafter referred to as the Macau SAR or the Concession-Granting
          Entity).
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The
concession does not include the following gaming activities:
| | -- | ----------------------------------------------------------------

| |  | (1) | mutual
          bets;
| |  | --- | ----------------------

| |  | (2) | without
prejudice to the applicability of Article 3.7 of the Law No. 16/2001,           gaming
activities provided to the public;
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------

| |  | (3) | interactive
gaming; and
| |  | --- | -----------------------

| |  | (4) | without
prejudice to the applicability of Articles 5.3(1) and 5.4 of the Law No.
          16/2001, games of chance or any other gaming, betting or gambling activities on
          ships or planes.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 2   Purposes
of the Concession

| | The
Concessionaire shall have the following obligations:
| | --------------------------------------------------------

| | 1. | ensure
the proper operation and conduct of casino games of chance or games of other forms;
| | -- | ------------------------------------------------------------------------------------------

| | 2. | regarding the management and conduct of casino games of chance or games of other
               forms, only employ people that have appropriate qualifications to do their jobs
               and to assume relevant responsibilities;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | operate and conduct casino games of chance or games of other forms in a fair and
               honest manner without the influence of criminal activities; and
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | safeguard and ensure the Macau SARs interests in tax revenue from the
               operation of casinos and other gaming areas of the Concessionaire.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 3   Governing
Law and Court of Competent Jurisdiction

| | 1. | This
Concession Contract shall be exclusively governed by the laws of the Macau SAR.
| | -- | ------------------------------------------------------------------------------------

| | 2. | The
Concessionaire recognizes and accepts the exclusive jurisdiction of the court of the
Macau SAR in case of
any potential dispute or conflict of interests and therefore waives its right to file
lawsuit in any court outside the Macau SAR.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 4   Compliance
with Laws of the Macau SAR

| | The
Concessionaire must comply with applicable laws of the Macau SAR and it waives its right
to apply regulations of a place other than the Macau SAR which exempt itself from
performing obligations or acts that must be performed by it or that are imposed on it.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 5   Participation
in the Operation of Games of Chance or Games of Other Forms in Other Jurisdictions

| | 1. | The
Concessionaire must inform the government of the Macau SAR (hereinafter referred to as
the government) of its participation in the operation of casino games of
chance or games of                     other forms in any other jurisdictions, including
participation in the operation                     through a management contract, or of
such intent. If the Concessionaire is aware                     that any of its directors
or controlling shareholders, including the ultimate                     controlling
shareholders, or any shareholder that directly or indirectly holds
                    the equivalent of 10% or more of its share capital has the intent to
participate                     in the operation of casino games of chance or games of
other forms in any other                     jurisdictions, it must also inform the
government immediately.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | For
the purpose of the preceding paragraph, the Concessionaire must submit and           give
to the government or procure to obtain and submit or give to the           government, as
the case may be, any documents, information or materials that may           be requested,
except those which are considered as confidential by law.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 6   Concession System

| | The
legal framework of the concession system consists of the following laws and
regulations: the legal system for operating casino games of chance or games of
other forms as approved by the Law No. 16/2001, the Administrative Regulations
No. 26/2001, the implementing rules for operating games of chance ( namelythe
rules stated in Article 55 of the Law No. 16/2001 and other supplemental
regulations stated in the Law No. 16/2001) and this Concession Contract.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 7   Operation
of the Conceded Business

| | The
Concessionaire must operate the conceded business in accordance with the provisions and
conditions set forth in this Concession Contract.
| | ---------------------------------------------------------------------------------------------------------------------------------------------

# Article 8   Term
of the Concession

| | 1. | The
term of the concession granted hereunder shall be 20 years from June 27th, 2002 to June
26th2022.
| | -- | -----------------------------------------------------------------------------------------------------

| | 2. | The
provisions of the preceding paragraph shall not operate to the prejudice of the survival
of certain  provisions contained herein after the expiration of the concession.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 2PLACES FOR
OPERATING AND RUNNING CASINOS AND OTHER GAMING AREAS

# Article 9   Places
for Operating the Conceded Business

| | 1. | During
the operation of its business, the Concessionaire may only operate games
               of chance or games of other forms in casinos and other gaming areas
previously                authorized and categorized by the government.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The
use of any other places to operate the conceded business must be subject to
               the approval of the government.
| | -- | ------------------------------------------------------------------------------------------------------------------------------

---

# Article 10   Types
of Games, Gaming Tables and Electrical or Mechanical Gaming Machines

| | 1. | The
Concessionaire is permitted to operate all games of chance set forth in Article 3.3 of
the Law No.16/2001 and other games of chance based on Articles 3.4 and 3.5 of the above
law. The Concessionaire is also permitted to operate any electrical or mechanical gaming
machines, including slot machines, in accordance with law.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The
Concessionaire must submit a list to the Gambling Inspection and
               Coordination Bureau (the GICB) in December of each year,
setting                forth the number of gaming tables and electrical or mechanical
gaming machines,                including slot machines, that it intends to operate
during the following year,                together with their location.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The
number of gaming tables and electrical or mechanical gaming machines,
               including slot machines, to be operated by the Concessionaire may be
modified by                prior notification to the GICB.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The Concessionaire must maintain and operate in its casinos a minimum types of
               games as per the instruction of the GICB.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------

# Article 11   Continuous
Operation of Casinos

| | 1. | The
Concession must open its casinos for business everyday.
| | -- | -----------------------------------------------------------

| | 2. | Without prejudice to the applicability of the preceding paragraph, the
               Concessionaire can establish the daily period during which its casinos and the
               activities therein will be open to the public.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The set up of daily business hours during which the casinos and the activities
               therein are open to the public must be communicated to the government in advance
               and shall be posted on the entrance of each casino.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | If the Concessionaire wishes to change the daily business hours during which the
               casinos and the activities therein are open to the public, it shall inform the
               government at least three days in advance.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article   12
Suspension of the Operation of Casinos and Other Gaming Areas

| | 1. | If
the Concessionaire wishes to suspend the operation of one or more of its casinos and
other gaming areas during one or several days, it must ask for permission of the
government by submitting a written application stating the reasons therefor at least
three days in advance.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The permission set forth in the preceding paragraph is not required in case of
               emergency or force majeure, especially in case of serious incidents,
               catastrophes or natural disasters that seriously endanger human lives. Under the
               above conditions, the Concessionaire shall promptly inform the government of the
               suspension of the operation of its casinos or other gaming areas.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 13   Electronic
Monitoring and Surveillance Equipment

| | 1. | The Concessionaire must install electronic monitoring and surveillance equipment
               approved by the GICB and of a high international quality standard in casinos and
               other gaming areas. For this purpose, the Concessionaire shall submit a written
               application stating the proposed equipment and relevant technical
               specifications. However, the GICB may at any time request models or samples of
               such equipment.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | If so requested by the GICB, the Concessionaire shall also install electronic
               monitoring and surveillance equipment approved by the GICB at other areas
               adjacent to casinos and other gaming areas or other areas leading to or
               connecting with casinos and other gaming areas.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | If the GICB makes a request with a reason, in particular in order to ensure that
               the electronic monitoring and surveillance equipment can maintain a high
               international quality standard as mentioned in paragraph 1, the Concessionaire
               must install new electronic monitoring and surveillance equipment approved by
               the GICB.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | If the Concessionaire is aware of any criminal acts or illegal administrative
               acts as well as other illegal acts that it deems as serious, it must immediately
               report the same to the competent authorities.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# CHAPTER 3CONCESSIONAIRE

# Article 14   Business,
Address and Form of the Company

| | 1. | The business operated by the Concessionaire must be solely the operation of
               casino games of chance or other games in the casino.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Subject to the permission of government, the business operated by the
               Concessionaire may include related facilities/activities to the operation of
               casino games of chance or other games in the casino.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire must maintain its office in the Macau SAR and must maintain
               its status as a company with liability limited by shares.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 15   Share
Capital and Shares

| | 1. | The
Concessionaire must maintain a share capital in an amount no less than MOP
          200,000,000.
| | -- | -----------------------------------------------------------------------------------------------------

| | 2. | If
and when due to the situation afterwards, it is necessary for           the Chief
Executive to order to increase  the share capital, the Concessionaire must increase its
share capital. 3.  All share capital of the Concessionaire shall be represented by
nominative shares.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The
increase of share capital of the Concessionaire by means of public offering must be
subject to the permission of the government.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------

| | 5. | The issuance of preferential shares by the Concessionaire must be subject to the
               permission of the government.
| | -- | -----------------------------------------------------------------------------------------------------------------------------

| | 6. | Without prejudice to the applicability of the preceding paragraph, the
               establishment or issuance of types or categories of shares representing the
               share capital of the Concessionaire or the change/transformation of such shares
               must be subject to the permission of the government.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | The Concessionaire must take measures to ensure that all share capital of legal
               persons that hold shares of the Concessionaire, legal persons that hold capital
               contributions of the above legal person shareholders and so on up to the
               ultimate shareholders (both natural persons and legal persons) that hold shares
               of the above shareholders shall be represented only by nominative shares, save
               that this paragraph shall not apply to the shares of a listed company that are
               traded on a stock market.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 16   Transfer
of Shares and Creation of Encumbrances

| | 1. | Any inter vivostransfer of or creation of encumbrances over the ownership of
shares representing the share capital of the Concessionaire or other rights
relating to such shares, and any act involving the granting of voting rights or
other shareholders rights to persons other than the original owners, shall
be subject to the permission of the government.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | For the applicability of the provisions of the preceding paragraph, the
Concessionaire shall have the obligation to refuse, under any circumstances, to
record the shareholding of any entity which obtains or owns shares representing
its shareholding in the share capital in violation of the provisions contained
herein or the law, shall not regard such entity as a shareholder, and it shall
not expressly or implicitly recognize any validity of the above inter vivostransfer or creation of encumbrances.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Any transfer mortis causaof the ownership of shares representing the share
capital of the Concessionaire or other rights relating to such shares shall be
promptly notified to the government. The Concessionaire must also take measures
at the same time to record such transfer in its registers.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | Upon obtaining the permission referred to in paragraph 1, if an owner of shares
               representing the ownership of the share capital of the Concessionaire or other
               rights relating to such shares transfers or creates encumbrance over such
               ownership or rights, or grants the voting rights or other shareholders
               rights to other persons, he shall promptly notify the Concessionaire of the
               relevant fact. After the Concessionaire makes the relevant record in its
               registers or completes similar procedures, it shall notify the GICB within 30
               days and shall submit a copy of the document legalizing the relevant legal acts
               and provide detailed information relating to any other stipulated provisions and
               terms.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

| | 5. | The Concessionaire shall also take measures to obtain the permission of the
government with regard to the following acts: any transfer inter vivosof the
ownership of shares or other rights relating to such shares of its shareholders
(both natural persons and legal persons), any transfer inter vivosof shares of
the above legal person company (both natural persons and legal persons), and so
on up to the transfer inter vivosof the shares of ultimate shareholders (both
natural persons and legal persons) provided that such shares shall be directly
or indirectly equal to 5% or more of capital contributions of the
Concessionaire, save that this paragraph shall not apply to the shares of a
listed company that are traded on a stock market.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | The Concessionaire shall promptly notify the government after it is aware of the
following acts: any transfer mortis causaof the ownership of 5% or more of
shares or other rights relating to such shares of its shareholders (both natural
persons and legal persons), any transfer mortis causaof 5% or more of shares of
the above shareholders (both natural persons and legal persons), and so on up to
the transfer mortis causaof the shares of ultimate shareholders (both natural
persons and legal persons).
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | The Concessionaire shall also promptly notify the government after it is aware
               of the following acts: the creation of any encumbrance over the shares
               representing the share capital of its shareholders, the creation of any
               encumbrance over the shares owned by the above shareholders, so on up to the
               encumbrance over the share capital of ultimate shareholders provided that such
               shares shall be indirectly equal to 5% or more of share capital of the
               Concessionaire, save that this paragraph shall not apply to the shares of a
               listed company that are traded on a stock market.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | The provisions of the preceding paragraph shall also apply to the granting of
               voting rights or other shareholders rights to persons other than the
               original owners of such rights, save that this paragraph shall not apply to the
               shares of a listed company that are traded on a stock market.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9. | The provisions of paragraph 4, after necessary amendments, shall apply to any
               act of transfer of the ownership of shares or of any other rights relating to
               the shares referred to in paragraph 5.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 17   Issue
of Bonds

| | Issue
of bonds by the Concessionaire shall obtain the permission of the government.
| | -----------------------------------------------------------------------------------

# Article 18   Listing
on a Stock Exchange

| | 1. | The Concessionaire or a company in which the Concessionaire holds majority
               shares may not be listed on a stock exchange, except with the permission of the
               government.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall also have the obligation to take measures to ensure
               that legal persons that are controlling shareholders of the Concessionaire and
               whose major business is to directly or indirectly implement projects set forth
               in the investment plans attached hereto will not, without prior notice given to
               the government, apply for listing on a stock exchange or conduct any act aiming
               at being accepted for listing on a stock exchange.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | An application requesting the permission referred to in paragraph 1 and the
               prior notice referred to in the preceding paragraph shall be made by the
               Concessionaire and all the necessary documents shall be attached thereto, and
               the government shall not be prevented from requesting the provision of
               additional documents, materials and information.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 19   Structures
of the Shareholders and Share Capital

| | 1. | The Concessionaire must submit to the government in December of each year the
               documents which include its shareholders structure and the structure of
               the share capital of a legal person, especially a company, owning 5% or more of
               the share capital of the Concessionaire, the share capital of a legal person
               owning 5% or more of the share capital of such legal person, and so on up to the
               share capital of a natural person or legal person that is an ultimate
               shareholder, save that this paragraph shall not apply to the shares of a listed
               company that are traded on a stock market, or it must submit a statement
               evidencing that there is no change in the structure of such shareholders or the
               share capital.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall also take measures to obtain and submit to the
               government properly-certified statements that are signed by each of the
               shareholders of the Concessionaire and the persons mentioned in the preceding
               paragraph. The contents of such statements shall state the amount of share
               capital owned by such shareholders and shall also state that such share capital
               is represented by nominative shares. Such statements shall be submitted together
               with copies of certificate evidencing capital contributions, as well as the
               latest information or statement set forth in the preceding paragraph.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 20   Holding
Concurrent Posts in Corporate Bodies is Forbidden

| | 1. | The Concessionaire shall have the obligation not to appoint a person holding
               posts in corporate bodies of other concessionaires or subconcessionaires
               operating in the Macau SAR, or the management company of a concessionaire
               operating casino games of chance or games of other forms in the Macau SAR to
               serve on the Board, the [panel of chairmen] of shareholders meetings, the
               supervisory board or other corporate bodies of the Concessionaire.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire must promptly notify the government of the appointment of any
               person to the Board, the [panel of chairmen] of shareholders meetings, the
               supervisory board or other corporate bodies.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The government must promptly notify the Concessionaire of the appointment of any
               person to boards of directors, [panel of chairmen] of shareholders
               meetings, supervisory boards or other corporate bodies of other concessionaires
               or sub-concessionaires operating in the Macau SAR, or the management company of
               a concessionaire operating casino games of chance or games of other forms in the
               Macau SAR.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 21   Management

| | 1. | Granting of the management power of the Concessionaire, including the
               appointment and the scope of authority of the managing director, the term of
               authorization and any amendment to such authorization, especially amendments
               involving the temporary or definitive replacement of the managing director,
               shall be subject to the permission of the government. For such purpose, the
               Concessionaire shall submit a draft of the resolution of the Board of Directors
               of the Concessionaire to the government, enclosed therewith the proposal of the
               Concessionaire on the granting of management power, including identity
               information of the managing director, the scope of authority of the managing
               director and the term of authorization, also a description regarding the
               replacement in case of failure of the managing director to perform his duties
               for any reason and any resolution regarding the temporary replacement or the
               definitive replacement of the managing director. The granting of the management
               power of the Concessionaire shall not take effect prior to the permission by the
               government in connection with the management power.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | If the government disapproves one or several matters of the above authorization,
               the Concessionaire shall submit a newly drafted resolution within 15 days after
               its receipt of the disapproval of the government. If the candidate is not
               accepted, the Concessionaire shall submit the form in Annex II to the
               Administrative Regulations No. 26/2001 completed by the newly appointed managing
               director.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Unless it is permitted by the government, the Concessionaire shall have the
               obligation not to give a power of attorney or to appoint a representative so as
               to grant, on the basis of a stable relationship, the right to establish the
               legal acts relating to the operation of the enterprise in the name of the
               Concessionaire, save that this paragraph shall not apply to the power to handle
               routine matters, especially with public departments or authorities.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 22   Articles of
Association of the Concessionaire and Shareholders Agreement between the
Shareholders of the Company

| | 1. | No
amendments shall be made to the Articles of Association (the Articles) of the
Concessionaire without the approval of the government.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The draft amendments to the Articles of the Concessionaire shall be submitted to
               the government for its approval at least 30 days prior to the date of the
               shareholders meeting for reviewing the relevant amendments.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall submit to the government a copy of the certified
               notarization of the document within 30 days after its approval on the said
               meeting regarding any amendments to the Articles.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The Concessionaire shall inform the government of any proposed
               shareholders agreement that it has knowledge of. For such purpose, apart
               from taking other necessary measures, the Concessionaire shall also make
               inquiries to its shareholders whether there is any proposed shareholders
               agreement, especially the proposed shareholders agreement regarding the
               exercise of voting rights or other shareholders rights, 15 days prior to
               any shareholders meeting or during a shareholders meeting in case
               that such shareholders meeting is convened without a prior notice, and it
               shall inform the government of the results of taking such measures.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | The government shall notify the Concessionaire whether or not it approves the
               Concessionaire to amend its Articles of Associations and whether or not it
               approves the proposed shareholders agreement of the Concessionaire within
               60 days.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 23   Obligation
of the Concessionaire to Provide Information

| | 1. | Apart
from the obligation to provide information as stipulated in the concession
               system set forth in Article 6, the Concessionaire shall have the
obligations:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) | to
promptly notify the government of any situation of which it has actual
               knowledge that will materially affect the normal operation of the
               Concessionaire, e.g. situations regarding the settlement ability or
repayment                ability of the Concessionaire, any material court cases
instituted against the                Concessionaire, any of its directors, any
shareholders owning 5% or more of the                share capital of the Concessionaire
or any key employees of casinos, any                criminal behaviors or administrative
violations in its casinos and other gaming                areas that the Concessionaire
is aware of, any hostile behaviors of any senior                officer or staff of the
public administrative authority of the Macau SAR,                including officers of
the security team and law enforcement office, towards the                Concessionaire
or senior officers of its corporate bodies;
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (2) | to
promptly notify the government of the following events: all events that may
               affect or hinder the punctual and complete performance of any obligations
as a                result of this Concession Contract or all events that may impose
exceedingly                onerous liabilities on the Concessionaire or obligations
difficult to perform in                a timely manner by the Concessionaire and complete
performance of such                obligations or all events which may constitute a
reason for revocation of the                concession in accordance with the provisions
of Chapter 19;
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (3) | to
promptly notify the government of any of the following facts or matters:
| |  | --- | ---------------------------------------------------------------------------

| |  |  | (a) | the
fixed or contingent, regular or special reward received by the directors of
               the Concessionaire, finance provider to the Concessionaire and major
employees                who hold key posts in the casinos in the form of wages,
remuneration, salaries                or service fees or in other forms and the mechanism
of profit sharing of the                Concessionaire by the aforesaid entities (if
any);
| |  |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | (b) | the
benefits existing or to be established, including the form of profit
               distribution;
| |  |  | --- | -----------------------------------------------------------------------------------------------------

| |  |  | (c) | the
management contracts and labor provision contracts                existing or suggested
by the Concessionaire.
| |  |  | --- | ------------------------------------------------------------------------------------------------------------------

| |  | (4) | to
promptly submit to the                government certified copies of the following
documents:
| |  | --- | ------------------------------------------------------------------------------------------------

| |  |  | (a) | evidence
or                contracts or other documents describing the reward set forth in Article
               23(3)(a);
| |  |  | --- | ---------------------------------------------------------------------------------------------------------------------------

| |  |  | (b) | evidence
or contracts or other documents describing the benefits                existing or to be
established or the form  of profit distribution;
| |  |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | (c) | the
management contracts and labor provision contracts existing or suggested by           the
Concessionaire.
| |  |  | --- | -------------------------------------------------------------------------------------------------------------

---

| |  | (5) | to
promptly notify the government of any imminent or           predictable material adverse
changes in the economic and financial aspects of the Concessionaire as well as material
changes in the economic and financial aspects of any of the following entities:
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | (a) | the controlling shareholders of the Concessionaire;
| |  |  | --- | ---------------------------------------------------

| |  |  | (b) | the entities having close contacts with the Concessionaire, especially those
          undertaking or warranting that they will provide finance to the investment to be
          made or obligations to be borne by the Concessionaire in accordance with the
          provisions of contracts;
| |  |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | (c) | the shareholders owning 5% or more of the Concessionaires capital who
          undertake or warrant to provide finance to the investment to be made or
          obligations to be borne by the Concessionaire in accordance with the provisions
          of contracts, pursuant to the provisions of Article 18.1(2) of the Law No.
          16/2001.
| |  |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (6) | to
promptly notify the government that the annual turnover between the
          Concessionaire and a third party has achieved MOP250 million or above;
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (7) | to
submit to the GICB in January of each year documents setting forth all bank
          accounts of the Concessionaire and their balances;
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------

| |  | (8) | to
promptly provide supplemental or additional information as requested by the
          government;
| |  | --- | ----------------------------------------------------------------------------------------------------

| |  | (9) | to
promptly provide the GICB and the Finance Services Bureau           with materials and
information as required for the smooth performance of their duties.
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The
government may provide that the obligations set forth in Articles 23.1(3)
               and (4) should be performed once a year.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 4MANAGEMENT
COMPANY

# Article 24   Management
Contract

| | 1. | The Concessionaire must transfer its power to manage the operation of casino
               games of chance or games of other forms to Venetian Macau Management
               Limited ., a company under the Venetian group (the
               Management Company) through conclusion of a contract.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | For the applicability of the provisions of the preceding paragraph, the
               Concessionaire must request the examination and permission of the government
               with respect to the conclusion of the management contract with the Management
               Company. The application for government examination and permission must be
               submitted together with certified copies of the articles of association of the
               Management Company or equivalent documents and drafts of the relevant management
               contract, and shall set forth the managing director of the Management Company
               and be attached thereto the form in Annex II to the Administrative Regulations
               No. 26/2001 completed by such managing director and the draft of the delegation
               granting the management powers of the management company to such managing.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The management contract mentioned in paragraph 1 shall set forth the clauses on
               all obligations the Concessionaire is bound to perform with respect to the
               operation of casino games of chance or games of other forms according to this
               Concession Contract, and set forth the obligations transferred to a Management
               Company.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The Concessionaire must bear several and joint liabilities [with the Management
               Company] for the acts conducted by the Management Company according to the
               management contract, without prejudice to the application of the preceding
               paragraph.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | To terminate the management contract mentioned in paragraph 1 or make any
               amendment thereto, the permission of the government must be obtained.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | The transfer of the management powers from the Concessionaire to the Management
               Company shall not exempt the Concessionaire from performing the statutory
               obligations and contractual obligation that must be performed by it unless
               permitted and in the terms accepted by the government.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | If the Concessionaire intends to execute a contract with a management company
               with respect to the management of the operation that is not casino games of
               chance or games of other forms, it shall inform the government of its intent at
               least 90 days in advance.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | For the purpose of the preceding paragraph, the Concessionaire shall provide the
               government with a certified copy of the Articles of Association of the
               management company (or such equivalent document) and with a draft of the
               relevant management contract.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 5APPROPRIATE
QUALIFICATIONS

# Article 25   Appropriate
Qualifications of the Concessionaire

| | 1. | The Concessionaire shall maintain its appropriate qualifications during the
               concession term in accordance with the law.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------

| | 2. | For the applicability of the provisions of the preceding paragraph, the
               Concessionaire shall accept the persistent and long-term inspection and
               supervision of the government exercised in accordance with the law.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall promptly pay the expenses for the process of examining
               whether or not it has the appropriate suitability qualifications. For the
               purpose thereof, the GIBC shall issue a document setting forth such expenses
               that shall be the sufficient proof of such expenses.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 26   Appropriate
Qualifications of the Shareholders, Directors and Major Employees of the Concessionaire
and the Management Company

| | 1. | Shareholders owning 5% or more of the share capital of the Concessionaire,
               directors of the Concessionaire and key employees holding important posts in the
               casinos shall maintain their due qualifications during the concession term in
               accordance with the law.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | For the applicability of the provisions of the preceding paragraph, shareholders
               owning 5% or more of the share capital of the Concessionaire, directors of the
               Concessionaire and key employees holding important posts in the casinos shall
               accept the persistent and long-term inspection and supervision exercised by the
               government in accordance with law.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall take measures to cause shareholders owning 5% or more
               of the share capital of the Concessionaire, directors of the Concessionaire and
               key employees holding important posts in the casinos to maintain their
               appropriate suitability qualifications during the effective concession term, and
               is fully aware that the said appropriate suitability qualifications reflect on
               the suitability of the Concessionaire itself.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The Concessionaire shall request shareholders owning 5% or more of the share
               capital of the Concessionaire, directors of the Concessionaire and key employees
               holding important posts in the casinos to notify the government promptly of any
               facts which may be material to the appropriate qualifications of the
               Concessionaire or the above shareholders, directors and key employees.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | For the applicability of the provisions of the preceding paragraph, the
               Concessionaire shall inquire shareholders owning 5% or more of the share capital
               of the Concessionaire, directors of the Concessionaire and key employees holding
               important posts in the casinos every six months if they are aware of any facts
               that may be material to their appropriate qualifications or those of the
               Concessionaire. This shall not prevent the Concessionaire from notifying the
               government immediately upon obtaining knowledge of any material facts.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | If the Concessionaire is aware of any facts that may be material to the
               appropriate qualifications of shareholders owning 5% or more of the share
               capital of the Concessionaire, directors of the Concessionaire and key employees
               holding important post in the casinos, it shall notify the government
               immediately.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | The Concessionaire shall take measures to cause the Management Company which has
               concluded a contract with it, the shareholders owning 5% or more of the share
               capital of the Management Company, directors of the Management Company and the
               key employees of the Management Company holding important posts in the casinos
               to maintain appropriate suitability qualifications during the concession term,
               and is fully aware that the said appropriate suitability qualifications reflect
               on the suitability of the Concessionaire itself.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | The provisions of Article 25.3 shall apply to the process for examining whether
               or not the shareholders owning 5% or more of the share capital of the
               Concessionaire and the Management Company, the directors of the Concessionaire
               and the Management Company and key employees holding important posts in the
               casinos maintain their appropriate suitability qualifications.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 27   Special
Obligations of Cooperation

| | In
addition to the general obligation of cooperation of Article 67, the Concessionaire shall
have the obligation to provide promptly any documents, information or materials that the
government deems necessary to examine whether the Concessionaire has appropriate
suitability.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 28   Special
Obligations of Notification

| | 1. | The Concessionaire shall promptly notify the government in case of any
               termination of a license or concession to operate casino games of chance or
               games of other forms in any jurisdiction of any shareholders owning 5% or more
               of the share capital of the Concessionaire.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall promptly notify the government, after receiving
               knowledge of the same, of any investigation relating to a fact that may give
               rise to the possibility of a gambling regulator in another jurisdiction to
               punish, suspend or affect in any other way the license or concession to operate
               casino games of chance or games of other forms held by any of the shareholders
               owning 5% or more of the share capital of the Concessionaire in such
               jurisdiction.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# CHAPTER 6FINANCIAL
CAPACITY AND FINANCING

# Article 29   Financial
Capacity of the Concessionaire

| | 1. | The Concessionaire shall maintain its financial capacity to operate the conceded
               business, and as provided herein, in particular the investment plans attached to
               this Concession Contract, to timely and fully perform any obligations relating
               to its business and make investments or assume other obligations provided
               herein.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | For the applicability of the provisions of the preceding paragraph, the
               Concession and the shareholders owning 5% or more of the share capital of the
               Concessionaire shall accept the persistent and long-term inspection and
               supervision of the government exercised in accordance with the law.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall promptly pay the expenses for the process of examining
               whether or not the Concessionaire and the shareholders owning 5% or more of the
               share capital of the Concessionaire have financial capacity . For the purpose
               thereof, the GIBC shall issue a document setting forth such expenses which shall
               be the sufficient proof of such expenses.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 30   Loans
and Similar Contracts

| | 1. | The Concessionaire shall inform the government of any loans given to a third
               party and of any contracts of the same kind that exceed the value of MOP30
               million.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall have the obligation not to provide any loans or to
               enter into similar contracts with its directors, shareholders or key employees
               holding important posts in the casinos, unless otherwise permitted by the
               government.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall have the obligation not to enter into any contract,
               including step in rights contracts, with commercial enterprise
               owners, which will vest in them the power to manage or participate in the
               management of the Concessionaire, except as permitted by the government.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 31   Undertaking
Risks

| | 1. | The Concessionaire expressly represents that it shall undertake all the
               obligations and full and exclusive liabilities incurred in connection with all
               inherent risks of the concession and all risks in connection with the financial
               capacity and financing of the Concessionaire, without prejudice to the
               applicability of the provisions of Articles 40 and 75 of this Concession
               Contract.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concession-Granting Entity is not required to assume any obligation,
               responsibility or risk in connection with the financing of the Concessionaire.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 32   Financing

| | 1. | The Concessionaire shall obtain the necessary financing to fulfill its/to
               perform the obligations related to any of its activities, its investments and to
               any obligations that it has validly assumed or for which the Concessionaire is,
               under this contract, obliged to perform, in particular for the investment plans
               attached to this Concession Contract.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Any defense or counterplea resulted from contractual relations between the
               Concessionaire and third parties (including entities that provide financing and
               shareholders of the Concessionaire) in connection with the above financing shall
               not be used against the Concession-Granting Entity.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 33   Legal
Reserves

| | The
Concessionaire shall keep reserves as required by the law.
| | --------------------------------------------------------------

---

# Article 34   Special
Obligations of Cooperation

| | 1. | Without prejudice to the general obligation of cooperation set forth in Article
               67, the Concessionaire shall have the obligation to provide promptly any
               documents, information or materials that the government deems necessary to
               examine whether the Concessionaire maintains its appropriate financial capacity.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall promptly inform the government of any loan, mortgage,
               claim for obligation, guarantee or obligation that equals to or exceeds the
               value of MOP8 million assumed or to be assumed in order to obtain financing for
               any aspect of its company business.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall promptly provide the government with certified copies
               of documents relating to any loan, mortgage, claim for obligation, guarantee or
               obligation assumed or to be assumed in order to obtain financing for any aspect
               of its company business.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The Concessionaire must take measures to obtain and submit to the government a
               statement signed by each of its controlling shareholders (including ultimate
               controlling shareholders), pursuant to which each of such shareholders agrees to
               be bound by the above special obligations of cooperation. Accordingly, upon the
               request of the government, each of such shareholders shall provide all
               documents, information, materials or evidence and give any permission.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 7INVESTMENT
PLANS

# Article 35   Investment
Plans

| | 1. | The
Concessionaire must implement the investment plans in accordance with the
          provisions of the investment plans attached to this Concession Contract.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The
Concessionaire shall in particular have the following obligations:
| | -- | ----------------------------------------------------------------------

| |  | (1) | use
          qualified labors in all projects;
| |  | --- | -----------------------------------------------

| |  | (2) | give
priority to enterprises doing business in the Macau SAR on a long-term           basis or
local enterprises and to local workers of the Macau SAR when retaining
          enterprises and recruiting workers for implementing the projects set forth in
          the investment plans attached to this Concession Contract;
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (3) | during
its formulation of the construction projects in connection with the           projects
set forth in the investment plans attached to this Concession Contract,           comply
with existing technical restrictions and technical rules of the Macau           SAR, in
particular the Land Technical Rules promulgated under the Decree No.           47/96/M
dated August 26, [1996] and the Rules for Safety and Loading of Building
          Structure and Bridge Structure promulgated under the Decree No. 56/96/M dated
          September 16, [1996], and specifications and approval documents of government
          authorities and instructions of manufacturers or patent owners;
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (4) | when
submitting the projects set forth in the investment plans attached to this
          Concession Contract to the Land, Public Construction and Transportation Bureau
          for approval, in addition to other documents required by existing laws (in
          particular the Decree No. 79/85/M dated August 21, [1985]), provide a quality
          control manual prepared by an entity recognized as technically qualified by the
          Land, Public Construction and Transportation Bureau and able to show its
          experience in the same or similar kind of works, and approved by the Land,
          Public Construction and Transportation Bureau, an operating plan and relevant
          financial and operating records, samples of important materials and resumes of
          professionals in charge of each construction work. If the Concessionaire fails
          to submit a quality control manual or the quality control manual submitted by
it           is not approved, the Concessionaire must comply with the quality control
manual           prepared by a professional entity designated by the Land, Public
Construction           and Transportation Bureau;
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

| |  | (5) | carry
out construction strictly based on approved projects and in accordance           with
existing laws and regulations, internationally recognized standards for           similar
construction work or supplies and industrial norms;
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (6) | comply
with the construction period set forth in the projects set forth in the
          investment plans attached to this Concession Contract and with the period for
          opening to the public;
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (7) | use
materials, systems and equipment certified and approved by recognized           entities
and in accordance with international standards and generally recognized           as
having high international quality during the implementation of the projects           set
forth in the investment plans attached to this Concession Contract;
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (8) | maintain
the quality of all projects set forth in the investment plans attached           to this
Concession Contract according to a high international quality standard;
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (9) | ensure
that the quality standard of the commercial facilities therein reaches a           high
international quality standard;
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------

| |  | (10) | according
to a high international quality standard, maintain a modernized, highly efficient and
high-quality management;
| |  | ---- | ------------------------------------------------------------------------------------------------------------------------

| |  | (11) | in
the case of conditions that cause or may cause major changes to the normal development of
construction or operation during the construction of the facilities of the Concessionaire
or the operation of its business, or in the case of unusual conditions relating to
building structure of the facilities of the Concessionaire or any other unusual
conditions, promptly inform the government of such conditions by submitting a detailed
report stating such conditions and reasons therefor. The report shall state the
assistance provided by other entities that are generally recognized as qualified and
prestigious and the measures taken or to be taken to solve the relevant problems.
| |  | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The government may permit the implementation by the Management Company of part
               of the projects contemplated in the investment plans attached hereto. However,
               the Management Company must perform the appropriate portion of all the
               obligations provided herein which must be performed by the Concessionaire as if
               the above projects were directly implemented by the Concessionaire.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | In case of circumstances referred to in the preceding paragraph, the
               Concessionaire must submit to the government a copy of the declaration signed by
               the Management Company, stating that it will not transfer all or part of the
               projects (whether already implemented or to be implemented) within the effective
               concession term without the permission of the government.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | In case of circumstances referred to in paragraph 3, the total amount of
               expenses made by the Management Company shall be calculated in the total amount
               of expenses to be incurred by the Concessionaire as set forth in Article 39.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | The Concessionaire shall be liable to the Concession-Granting Entity and third
               parties for any damage caused by the design and scope of project, implementation
               of construction work, insufficient maintenance of buildings set forth in the
               investment plans attached to this Concession Contract, errors or serious
               negligence and for which the Concessionaire is to blame.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | The government may permit change in the period mentioned in paragraph 2(6)
               without amending this Concession Contract.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------

| | 8. | The government undertakes to enable the Concessionaire to directly or indirectly
               implement the projects set forth in the investment plans attached to this
               Concession Contract in accordance with laws.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 36   Changes
to Projects Contained in the Investment Plans

| | 1. | During the implementation of the investment plans attached to this Concession
               Contract, the government may request the Concessionaire to provide any document
               or force the Concessionaire to make any change in connection with the
               implementation of projects contained in the investment plans to ensure
               compliance with current technical norms or rules and the required quality
               standard.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The government cannot force the Concessionaire to make any change to the above
               projects that may result in an increase of the total amount mentioned in Article
               39.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 37   Inspection

| | 1. | In accordance with the contents of the investment plans attached to this
               Concession Contract and the applicable regulations, the government may, in
               particular through the Land, Public Construction and Transportation Bureau,
               supervise and inspect the implementation of construction work, in particular the
               implementation of work plans and the quality of materials, systems and
               equipment.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Land, Public Construction and Transportation Bureau shall inform the
               Concessionaire of the representative designated by it for supervision and
               inspection purpose. If more than one representative is designated to supervise
               and inspect the implementation of construction work, one of them shall be
               appointed as the supervisor.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | For the applicability of paragraph 1, the Concessionaire must provide a detailed
               report on a monthly basis regarding the progress of implementing the investment
               plans attached to this Concession Contract. Such monthly report shall include at
               least the following:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) | important
events, number of personnel and quantity of relevant materials,                systems
and equipment;
| |  | --- | ---------------------------------------------------------------------------------------------------------------

| |  | (2) | work
progress of various work plans (progress                control);
| |  | --- | ----------------------------------------------------------------------

| |  | (3) | updated
financial records and work records;
| |  | --- | -------------------------------------------

| |  | (4) | projects,
supply,                measures that should be taken and demands for materials, systems
and equipment;
| |  | --- | ----------------------------------------------------------------------------------------------------------------

| |  | (5) | major
measures to be taken to ensure the implementation of work plans; and
| |  | --- | --------------------------------------------------------------------------

| |  | (6) | things
to be done to correct errors.
| |  | --- | ------------------------------------

| | 4. | When
necessary, especially when the normal work progress of the investment plans attached to
this Concession Contract is affected, the Concessionaire must submit a detailed special
written report.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | Upon
the request of the government, the Concessionaire must submit any document within a
stipulated  period, especially written and graphic information relating to the investment
plans attached to this Concession Contract.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | The Concessionaire shall also provide all required supplemental statements and
               information relating to the documents referred to in the preceding paragraph.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | If the government has any doubt about work quality, it may force the
               Concessionaire to conduct any tests in addition to scheduled tests. When
               necessary, the government may seek opinions from the Concessionaire about
               decision-making rules used in such tests.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | The expenses for conducting the above tests and correcting defects found during
               such tests shall be borne by the Concessionaire.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------

| | 9. | Orders, circulars or notices with a technical nature in connection with the
               implementation of construction work may be directly sent by the government, in
               particular through the Land, Public Construction and Transportation Bureau to
               the chief technical officer of the construction work.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10. | The chief technical officer shall constantly monitor the relevant work and shall
               arrive at the construction site upon request.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------

| | 11. | If it is found out that the implementation of construction work is not in
               compliance with the approved project plans or is in breach of applicable laws,
               regulations or contracts, the government may, through the Land, Public
               Construction and Transportation Bureau, suspend and ban the implementation of
               construction work in accordance with the law.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12. | The right to inspect the performance of obligations provided hereunder shall not
               result in any liability to the Concession-Granting Entity in connection with the
               implementation of construction work. The Concessionaire shall solely assume
               liability for all imperfections or defects in connection with the planning,
               implementation or performance of construction work, unless such imperfections or
               defects are caused by decisions of the Concession-Granting Entity.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 38   Contracting
and Subcontracting

| | Third
person contracting and subcontracting shall not exempt the Concessionaire from performing
its statutory obligations or contractual obligations.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------

# Article 39   Use
of Remaining Amount Left from the Investment Provided in the Investment Plans

| | After
the completion of construction set forth in the investment plans attached to this
Concession Contract, if the total amount of expenses made directly by the Concessionaire
or indirectly upon the permission of the government by the Concessionaire is lower than
MOP8.8 billion, the total projected amount of investments set forth in the tender
submissions submitted by the Concessionaire as a tenderer in the first public tender to
grant three concessions to operate casino games of chance or games of other forms and
reflected in the investment provided in the investment plans, the Concessionaire must use
the remaining amount on projects that are designated by it and accepted by the government
and are in connection with the business of the Concessionaire or on projects that are
designated by the government and that will bring significant public benefit to the Macau
SAR.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 40   Insurance

| | 1. | The Concessionaire must enter into and renew necessary insurance contracts to
               ensure that inherent risks of the conceded business are effectively and fully
               covered by insurance. The relevant insurance contracts must be entered into with
               insurance companies permitted to operate in the Macau SAR. If it is not feasible
               to purchase insurance with such kind of insurance companies or such purchase
               will bring excessive burden to the Concessionaire, then upon permission of the
               government, the relevant insurance contracts may be entered into with insurance
               companies outside the Macau SAR.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall especially ensure that the following insurance
               contracts shall be entered into and the effectiveness of such contracts shall be
               maintained:
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) | work-related
accidents and occupational illnesses insurance of staff of the
Concessionaire;
| |  | --- | -------------------------------------------------------------------------------------------

| |  | (2) | civil
liability insurance in connection with vehicles for all the vehicles
belonging to the Concessionaire;
| |  | --- | -----------------------------------------------------------------------------------------------------------

| |  | (3) | civil
liability insurance in connection with ships, planes or other flying objects belonging to
the Concessionaire or leased to the Concessionaire;
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (4) | civil
liability insurance for fixing propaganda stuff and advertisements;
| |  | --- | -------------------------------------------------------------------------

| |  | (5) | general
civil liability insurance in connection with the operation of casino           games of
chance or games of other forms in the Macau SAR and the development of           other
businesses covered in the concession, but not covered by any other           insurance
contracts;
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (6) | other
insurance for loss and damages in buildings, furniture, equipment and           other
assets used in the conceded business;
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------

| |  | (7) | construction
insurance (all risks, including civil liability) in relation to           conducting any
work of the buildings related to the conceded business or           conducting any work
in such buildings.
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

| | 3. | The
insurance policies referred in paragraph 2(6) above shall be all-risks,
including, at least, the following:
| | -- | -----------------------------------------------------------------------------------------------------------------

| |  | (1) | fire,
thunder and lightning, or explosion (of any kind);
| |  | --- | --------------------------------------------------------

| |  | (2) | burst
of pipes, or leakage or spillage of water storage tanks, boilers, water pipes,
underground water storage, sinks or other water-conveying equipment;
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (3) | flood,
rainstorm, hurricane, volcano eruption, earthquake, or any other natural
          disaster;
| |  | --- | ---------------------------------------------------------------------------------------------------

| |  | (4) | crash
or impact of planes or other flying vehicles or objects fallen or thrown from
planes or other flying  vehicles;
| |  | --- | ---------------------------------------------------------------------------------------------------------------------

| |  | (5) | impact
of vehicles;
| |  | --- | -------------------

| |  | (6) | burglary
or robbery;
| |  | --- | --------------------

| |  | (7) | strikes,
attacks, riots, public disorder or any other acts of the same kind.
| |  | --- | ----------------------------------------------------------------------------

| | 4. | The
insurance amount or the minimum protection for the insurance referred to in
paragraph 2, shall be:
| | -- | ------------------------------------------------------------------------------------------------------

| |  | (1) | handled
in accordance with the current laws and regulations for the insurance referred
to in paragraphs 2(1) to (4);
| |  | --- | --------------------------------------------------------------------------------------------------------------------

| |  | (2) | the
amount to be determined by the government after considering the volume of business of the
conceded business and incidence rate for the previous year and other parameters, for the
insurance referred in paragraph 2(5);
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (3) | equal
to the net value of the assets, for insurance referred to in paragraph           2(6),
the net value shall mean the gross value minus accumulative depreciation;           and
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (4) | the
total amount of the construction, for insurance referred to in paragraph           2(7).
| |  | --- | --------------------------------------------------------------------------------------------

| | 5. | The
Concessionaire shall ensure that any entity with which the           Concessionaire
concludes a contract has purchased valid insurance for work-related accidents and
occupational illnesses.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | The
Concessionaire shall prove to the government that fully effective insurance contracts
have been entered into. Upon execution of insurance contracts or renewal of such insurance contracts, the
Concessionaire shall deliver copies of such insurance contracts to the government.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | Before copies of insurance contracts set forth in the preceding paragraph are
               delivered to the government, the Concessionaire shall have the obligation not to
               start any construction or work procedures.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | The Concessionaire may not cancel, suspend, amend or replace any insurance
               except with the permission of the government. However, if it is only a case of
               change in the insurance company, the Concessionaire shall promptly inform the
               government of the matter under such circumstances.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9. | If the Concessionaire fails to pay its insurance premium, the government may
               directly pay such insurance premium calculated for the Concessionaire by using
               the guarantee deposit paid for the Concessionaires performance of its
               statutory obligations or contractual obligations.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 8PROPERTIES

# Article 41   Properties
of the Macau SAR

| | 1. | The Concessionaire shall ensure that the properties of the Macau SAR obtained
               due to the operation of the conceded business and by means of the temporary
               transfer of the right to interest, income and use are in perfect condition or
               replaced in accordance with the instructions of the GICB.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall ensure that the land and natural resources under the
               administration of the government in accordance with the provisions of Article 7
               of the Basic Laws of the Macau SAR and provided or to be provided through leases
               or concessions due to the operation of the conceded business in perfect
               conditions.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 42   Other
Properties

| | 1. | The casinos and the equipment and utensils used for gaming business shall be
               located at all the real estate under the ownership of the Concessionaire. No
               encumbrance shall be created over such casinos, equipment and utensils, except
               for those permitted by the government.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Notwithstanding that the permission specified in the preceding paragraph is
               given, the Concessionaire shall cause the casinos and the equipment and utensils
               used for gaming business, including the equipment and utensils [used] outside
               the casinos, not to be under any encumbrance upon the termination of this
               Concession Contract.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The casinos shall not be located at the real estate where use and income are
               created under lease contracts of any nature or under any other kinds of
               contracts which do not grant the full ownership [of the real estate] to the
               Concessionaires, even though such contracts are non-typical contracts, unless
               permission of the government is obtained. In particular, conditions may be
               specified in such permission providing that the independent units where the
               casinos are located shall be acquired by the Concessionaire at least 180 days
               prior to the date as specified in Article 43.1 to allow the transfer of
               ownership of the casinos to the Macau SAR, unless the concession is revoked
               prior to such date and in that case, such units shall be acquired by the
               Concessionaire in the shortest time possible.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | After obtaining the due permission, the Concessionaire shall submit to the
               government copies of the contracts specified in the preceding paragraph and all
               amendments to and alternations of such contracts, notwithstanding that such
               amendments and alternations may have retrospective effect.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | The Concessionaire shall locate all of its casinos in the buildings or complex
               under the system of unit ownership in building property even though such
               buildings or complex constitute one economic and functional unit, so that the
               casinos constitute one or more independent units which can be identified and
               whose area can be defined precisely.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | For the applicability of the provisions of the preceding paragraph, the
               Concessionaire shall promptly submit to the government the property registration
               certificate regarding the creation of the unit ownership in building property,
               which shall set forth the description of all independent units and attach a plan
               confirming and defining the relevant area.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | The Concessionaire shall register any amendments to the proof of the creation of
               the unit ownership in building property and promptly submit the relevant
               property registration certificate to the government through the Finance Services
               Bureau.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | The Concessionaire shall also submit to the government the rules and regulations
               of the condominium of the unit ownership in building property for prior
               approval.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 43   Ownership
of the Casinos and the Equipment and Utensils used for Gaming Business

| | 1. | On
June 26th2022, except when revocation occurs prior to the date mentioned above, the
casinos and the equipment and utensils used for gaming business, including the equipment
and utensils [used] outside the casinos, shall be transferred automatically by the
Concession-Granting Entity without compensation. Upon the delivery of the aforesaid
properties, the Concessionaire shall ensure that such properties are in the state of good
maintenance and operation except for fair wear and tear resulting from the use in
compliance with the provisions of this Concession Contract. Furthermore, it shall be
ensured that no encumbrance is attached to such properties.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The
Concessionaire shall immediately deliver the assets specified in the preceding paragraph.
| | -- | ---------------------------------------------------------------------------------------------

| | 3. | In
case that the Concessionaire does not deliver the assets specified in paragraph
1, the government shall immediately have administrative possession over such assets. The
relevant expenses shall be paid from the guarantee deposit provided by the Concessionaire
to guarantee performance of statutory obligations or contractual obligations.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | On the date as specified in paragraph 1, the government shall inspect the assets
               as specified in Articles 41 and 42 so as to examine the conditions of custody
               and maintenance of such assets and prepare a record for the inspection. At the
               time of inspection, a representative of the Concessionaire may participate in
               such inspection on the spot.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | Upon the dissolution or liquidation of the Concessionaire, division of assets of
               the Concessionaire shall not be carried out if the government has not proved
               that the assets are under good maintenance and operation through the mandatory
               listing of assets procedures specified in the following article or if the
               Concessionaire fails to ensure that the payment of damages or any amounts
               payable to the Concession-Granting Entity can be satisfied by any guarantees
               acceptable to the government.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | The
provision of the last part of paragraph 1 shall not interfere with the normal upgrading
of the equipment and utensils used in the casino business.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 44   List of
Assets Used for the Conceded Business

| | 1. | The Concessionaire shall prepare a list in triplicate of all assets and rights
               belonging to the Macau SAR and used for the conceded business and all assets to
               be owned by the Macau SAR and update information of the asset list. Accordingly,
               the Concessionaire shall update the relevant list in case of any changes by no
               later than May 31 of each year, and submit copies of such list to the GICB and
               the Finance Services Bureau respectively.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | In the year of the expiration of the concession term, the aforesaid list shall
               be prepared 60 days prior to the termination of the concession.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Under other situations of revocation of the concession, the listing of assets
               specified in paragraph 1 shall be conducted on the date and at the time as
               specified by the government.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 45   Improvement

| | The
improvements made to the properties referred to in Article 41 and properties belonging to
the Concession-Granting Entity will not entitle the Concessionaire to any compensation or
damages, and the Concessionaire may not remove the improvements made.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 46   Concession
of Land to be Used by the Concessionaire

| | 1. | The system for the concession of land to be used by the Concessionaire
               especially for the operation of the conceded business shall be stipulated in the
               relevant land concession contract.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The land concession contract between the government and the Concessionaire shall
               be subject to the part of applicable provisions of this Concession Contract.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 9PREMIUM

# Article 47   Premium

| | 1. | A premium shall be paid yearly by the Concessionaire to the Macau SAR during the
               effective concession term, in return for the grant of the concession for
               operating casino games of chance or games of other forms to the Concessionaire.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The amount of the premium to be paid by the Concessionaire each year has a
               variable portion and a fixed portion.
| | -- | -------------------------------------------------------------------------------------------------------------------------------

| | 3. | In accordance with the provisions of the approval order of the Chief Executive
               No. 215/2001, the fixed portion of the premium payable by the Concessionaire
               each year shall be MOP30 million.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The variable portion of the premium payable by the Concessionaire each year will
               be calculated in accordance with the number of gaming tables and the number of
               electrical or mechanical gaming machines, including slot machines, operated by
               the Concessionaire.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

| | 5. | For the applicability of the provisions of the preceding paragraph:
| | -- | -------------------------------------------------------------------

| |  |  | (i) | For each gaming table, especially those located in special gaming halls or areas
          reserved exclusively to certain kind of games or to certain players, the
          Concessionaire shall pay MOP300,000;
| |  |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | (ii) | For each gaming table not reserved exclusively to certain kind of games or to
          certain players, the Concessionaire shall pay MOP 150,000;
| |  |  | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | (iii) | For each electrical or mechanical gaming machine, including the slot machine,
          the Concessionaire shall pay MOP1,000 each year;
| |  |  | ----- | ----------------------------------------------------------------------------------------------------------------------------------------

| | 6. | Independently of the number of gaming tables that the Concessionaire has in each
               moment in operation, the amount of the variable portion of the premium cannot be
               less than the amount that the long-term operation of 100 gaming tables, namely
               of those located in special gaming halls or areas reserved exclusively to
               certain kinds of games or to certain players and the long-term operation of 100
               gaming tables not reserved exclusively to certain kind of games or to certain
               players.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | The Concessionaire shall pay the fixed portion of the premium for each year by
no later than January 10thof the relevant year. The government may also provide
payment by monthly installments.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | The Concessionaire shall pay the variable portion of the premium for each year
monthly by no later than the 10thday of the month immediately following the
relevant month in connection with the operation of the gaming tables and the
electrical and mechanical gaming machines including the slot
machines in the previous month.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9. | For the purpose of calculating the amount of variable portion of the premium for
               each year referred to in the preceding paragraph, the number of days in the
               relevant month in which the Concessionaire operates each gaming table and each
               electrical and mechanical gaming machine including the slot machines
               shall be taken into consideration.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10. | The payment of premium shall be made by submission of the relevant payment slip
               to the cashier of the [finance and tax department] of the Macau SAR.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 10CONTRIBUTIONS
STIPULATED IN ARTICLES 22.7 AND 22.8 OF LAW NO. 16/2001

# Article 48   Contribution
Stipulated in Article 22.7 of Law No. 16/2001

| | 1. | The Concessionaire shall contribute to the Concession-Granting Entity an amount
               equivalent to 1.6% of the gross revenue of the gaming business. Such
               contribution shall be delivered to a public fund designated by the government
               whose goal is to promote, develop or study culture, society, economy, education
               and science and engage in academic and charity activities.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The contribution referred to in the preceding paragraph shall be paid monthly by
               the Concessionaire with the relevant payment slip given to the cashier office of
               the finance and taxation department of the Macau SAR by no later than the tenth
               day of the month immediately following the relevant month.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The contribution referred to in paragraph 1 shall have its own budget record
               made by the Concession-Granting Entity.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------

---

# Article 49   Contribution
Stipulated in Article 22.8 of Law No. 16/2001

| | 1. | The Concessionaire shall contribute to the Concession-Granting Entity an amount
               equivalent to 2.4% of the gross revenue of the gaming business for the
               development of urban construction and tourism promotion of and the provision of
               social security to the Macau SAR.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The contribution referred to in the preceding paragraph shall be paid monthly by
               the Concessionaire with the relevant payment slip given to the cashier office of
               the finance and taxation department of the Macau SAR by no later than the tenth
               day of the month immediately following the relevant month.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The contribution referred to in paragraph 1 shall have its own budget record
               made by the Concession-Granting Entity.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------

| | 4. | The government may designate one or more entities as the beneficiary entities to
               receive part of the contributions .
| | -- | -----------------------------------------------------------------------------------------------------------------------------------

| | 5. | The government and the Concessionaire may agree, up to the amount of 1.2% of the
               total gross revenue of the conceded business, to designate one or more projects
               or one or more entities as the beneficiaries of such amount. In such a case, the
               Concessionaire may give the direct contribution to the relevant entity. In such
               a case, the amount of contribution to be delivered to the cashier office of the
               finance and tax department of the Macau SAR referred to in paragraph 1 shall be
               decreased accordingly.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 11TAXATION
OBLIGATIONS AND DELIVERY OF DOCUMENTS

# Article 50   Special
Gaming Tax

| | 1. | The Concessionaire shall pay special gaming tax to the Macau SAR in accordance
with the law. Such tax shall be paid by twelve installments, which shall be paid
to the government monthly by no later than the 10thday of the month immediately
following the relevant month.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Special
gaming tax may be paid in patacas or in other currency accepted by the
               government.
| | -- | ---------------------------------------------------------------------------------------------------------

| | 3. | Special
gaming tax paid in patacas shall be paid directly to the                treasury of the
[Public Currency Note Bureau] of the Macau SAR.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | Special gaming tax paid in a foreign currency other than patacas and accepted by
               the government shall be paid to the Macau Monetary Authority. The Macau Monetary
               Authority will, then, deliver the exchanged amount in patacas to the treasury of
               the [Public Currency Note Bureau] of the Macau SAR.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 51   [Withholding
Taxes]

| | 1. | The
Concessionaire shall collect and pay the statutory taxes on junket
               commissions or other remuneration paid to the gaming intermediaries
through                withholding [the definitive amount of such taxes]. The relevant
taxes shall be                paid monthly to the cashier office of the finance and
taxation department of the                Macau SAR by no later than the tenth day of the
month immediately following the                relevant month.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The
Concessionaire shall collect and pay the employment tax provided by law in
               connection with the staff of the Concessionaire through withholding [the
               definitive amount of such taxes]. The relevant tax shall be paid to the
cashier                office of the finance and taxation department of the Macau SAR in
accordance                with the law.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 52   Payment
of Other Payable Taxes, Levies, Expenses and Handling Fees

| | The
Concessionaire shall pay the payable and non-exemptible taxes, levies, expenses and
handling fees provided by the laws and regulations of the Macau SAR.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 53   Documents
Proving No Liabilities Payable to the [Public Currency Note Bureau] of the Macau SAR

| | 1. | The
Concessionaire shall submit to the government a certificate issued by the Finance
Services Bureau by no later than March 31 annually to prove that the Concessionaire does
not owe the Macau SAR any levies, taxes, penalties or additional payments with respect to
the preceding financial year. Additional payments shall include compensatory interest,
default interest and 3% of debts.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall submit to the government by no later than March 31
               annually the documents stating the tax status of its managing directors, senior
               officers of its corporate bodies and shareholders owning 5% or more of the share
               capital of the Concessionaire with respect to the preceding financial year.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 54   Document
Proving No Liabilities Payable to the Macau SAR with respect to Social Security

| | The
Concessionaire shall submit to the government certifying documents issued by the social
security fund of the Macau SAR to prove that the contributions made by the Concessionaire
in connection with the social security of the Macau SAR are in compliance with the law by
no later than March 31 of each year.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 55   Provision
of Information

| | 1. | The
Concessionaire shall submit quarterly a trial balance of the previous           quarter
to the government by no later than the last day of the month immediately
          following the end of the relevant quarter, and the trial balance of the last
          quarter of each year shall be submitted by no later than the last day of
          February in the following year.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The
Concessionaire shall submit the following information to the government at
          least 30 days before the date when the annual shareholders meeting is
held           to adopt the accounts:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) | All
the accounting statements and statistic statements of the previous year.
| |  | --- | ----------------------------------------------------------------------------

| |  | (2) | Full
names of members who have been on the Board or the supervisory board, of           any
representatives appointed and person in charge of the accounting department           in
the relevant business year and the various language versions of such names           that
may be used;
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (3) | A
copy of the report of the Board and accounts enclosed with the opinion of the
          supervisory board and external auditors.
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------

# Article 56   Accounting
and Internal Audit

| | 1. | The Concessionaire shall establish its own accounting system, sound
               administrative organizations and appropriate internal auditing procedures, and
               shall comply with the instructions of the government issued on such matters,
               especially instructions issued through the GICB and the Finance Services Bureau.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall adopt the current standards of the generally-accepted
               accounting format in its compilation and submission of the accounts, but without
               prejudice to the Chief Executive, upon the suggestions of the head of the GICB
               or the Finance Services Bureau, stipulating special rules to be complied with by
               the Concessionaire relating to accounting books, accounting documents or other
               accounting information required, the standards to be adopted by the
               Concessionaire in recording its business activities and compilation and
               submission of the accounts.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 57   External
Audit of Annual Accounts

| | The
Concessionaire shall submit its accounts to an independent external entity with
internationally recognized reputation previously approved by the GICB and the Finance
Services Bureau for auditing, and shall provide to such entity in advance all necessary
documents, especially the documents referred to in Article 34 of the Law No. 16/2001.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 58   Special
Audit

| | When
the GICB or the Finance Services Bureau thinks necessary or appropriate and at any time
and with or without prior notice, the Concessionaire shall accept the special audit
conducted by an independent external entity or other entities with internationally
recognized reputation.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 59   Compulsory
Announcement

| | 1. | The Concessionaire undertakes to announce the following information of the
               previous business year ended December 31 on the Bulletin of the Macau SAR and
               two newspapers that have the largest circulation among other newspapers (one in
               Chinese and the other in Portuguese) published in the Macau SAR by no later than
               April 30 each year:
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) | The
balance sheet, the profit and loss statement and annex;
| |  | --- | -----------------------------------------------------------

| |  | (2) | The
business                consolidation report;
| |  | --- | -------------------------------------------------

| |  | (3) | The
opinion of the supervisory board;
| |  | --- | -------------------------------------

| |  | (4) | The
               consolidated opinion of external auditors;
| |  | --- | -------------------------------------------------------------

| |  | (5) | The
name list of major                shareholders owning 5% or more of the share capital of
the Concessionaire and                the  numerical value of the relevant percentage
during any period of that year;
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (6) | The
names of senior management of its corporate bodies.
| |  | --- | -------------------------------------------------------

| | 2. | The
Concessionaire shall submit to the government copies of all the information referred to
in the preceding paragraph and other information required to be announced by the concession system as set
forth in Article 6 by no later than 10 days prior to the announcement.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 60   Obligations
of Cooperation

| | In
addition to the general obligations of cooperation of Article 67, the Concessionaire
shall have the obligation to cooperate with the government, especially with the GICB and
the Finance Services Bureau, and provide the material and information required for
conducting special audit, assist such departments in analyzing or examining the
accounting system of the Concessionaire and perform all the obligations provided by the
concession system as set forth in Article 6.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 12GUARANTEES

# Article 61   Guarantee
Deposit for the Concessionaire's Performance of Statutory Obligations and Contractual
Obligations

| | 1. | The guarantee deposit to guarantee performance of legal and contractual
               obligations by the Concessionaire shall be provided by any means as specified by
               law and acceptable to the government.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | In order to ensure the performance of the following obligations, the
               Concessionaire must maintain a first demand guarantee issued by Liu
               Chong Heng Bank Limited with the government as the beneficiary:
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) | accurately
and timely perform its statutory obligations and contractual                obligations;
| |  | --- | ---------------------------------------------------------------------------------------------------

| |  | (2) | accurately
and timely pay the premium under Article 47 payable                by the Concessionaire
to the Macau SAR;
| |  | --- | ---------------------------------------------------------------------------------------------------------------------

| |  | (3) | pay
fines or other monetary                penalties imposed in accordance with the law or
the provisions contained  herein; and
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------

| |  | (4) | pay
any damages arising from the contractual obligation in connection with any
               damage or loss of benefits caused by its failure to perform all or a part
of its                obligations under this Concession Contract.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire must maintain the first demand guarantee set
forth in the preceding paragraph in a maximum amount of MOP 700,000,000 from the
date hereof to March 31, 2007 and in a maximum amount of MOP 300,000,000 from
April 1, 2007 to the 180thday after the termination date of this Concession
Contract, and the government shall be the beneficiary of such first demand
guarantees.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

| | 4. | The Concessionaire must take all actions and perform all obligations necessary
               to maintain the validity of the first demand guarantee referred to
               in paragraph 2 above.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | If the Concessionaire fails to perform its statutory obligations and contractual
               obligations, accurately and timely pay the premium payable by it or pay fines or
               other monetary penalties imposed in accordance with the law or the provisions
               contained herein, and it fails to raise its objection within a
               legally-prescribed period, the government may draw on the first
               demand guarantees set forth in paragraph 2, regardless whether or not a
               judicial award has been made. In case of any damages arising from the
               contractual obligation in connection with any damage or loss of benefits caused
               by the Concessionaires failure to perform all or a part of its obligations
               hereunder, the government may also draw on the first demand
               guarantees set forth in paragraph 2.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | If the government draws on the first demand guarantee set forth in
               paragraph 2, the Concessionaire must, within 15 days after the date on which it
               receives a notice in connection with the use of such first demand
               guarantees, take all necessary measures to restore the full validity of such
               first demand guarantee.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | The first demand guarantee set forth in paragraph 2 may be
               discharged only upon the permission of the government.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------

| | 8. | The government may permit amendments made to the provisions or terms set forth
               in paragraphs 3 to 6, and may also permit other means stipulated by the law in
               lieu of the first demand guarantee referred to in paragraph 2 for
               the provision of guarantee to guarantee the performance of statutory and
               contractual obligations by the Concessionaire.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9. | All expenses incurred in connection with the issuance, maintenance and discharge
               of the guarantee payment to guarantee performance of statutory and contractual
               obligations by the Concessionaire shall be borne by the Concessionaire.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10. | The first demand guarantee referred to in paragraph 2 includes the
               guarantee referred to in Articles 20.3 and 22.2 of the Law No.16/2001 and
               Articles 84.1 and 84.2 of the Administrative Regulations No. 26/2001.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 62   Special
Bank Guarantee for the Payment of Special Gaming Tax

| | 1. | When
the government has reasons to believe that the Concessionaire will not pay the special
gaming tax  anticipated to be payable each month and therefore makes a request in
accordance with the provisions of Article 27.5 of the Law No. 16/2001, the Concessionaire
shall provide a first demand guarantee in accordance with the time limit,
provisions, terms and amounts stipulated by the government with the government as the
beneficiary in order to guarantee the payment of the above-mentioned amount.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Without
the permission of the government, the terms and conditions of the first
               demand guarantee set forth in the preceding paragraph of this Article must
not                be amended. The Concessionaire shall strictly comply with the terms as
               stipulated in providing the guarantee and to perform all obligations that
incur                or may incur in maintaining the validity of the guarantee.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | If
the Concessionaire fails to pay the special gaming tax payable to the
               Concession-Granting Entity in accordance with the laws and the provisions
               contained herein, the government may draw on the first demand guarantee
set                forth in paragraph 1, regardless whether or not a judicial award has
been made.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | If
the government draws on the first demand guarantee set forth in paragraph 1,
               the Concessionaire must, within 15 days after the date on which it
receives a                notice in connection with the use of such first demand
guarantee, take all                necessary measures to restore the full validity of
such guarantee.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | The
guarantee set forth in paragraph 1 may be discharged by the Concessionaire
               only 180 days after the termination of the concession and the permission
of the                government.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | All
expenses incurred in connection with the issuance, maintenance and discharge
               of the first demand guarantee set forth in paragraph 1 shall be borne by
the                Concessionaire.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 63   Guarantee
to be Provided by the Controlling Shareholders or Shareholders of the Concessionaire

| | 1. | The
government may request the controlling shareholders of the Concessionaire to provide a
guarantee acceptable to the government for the performance of the undertakings and
obligations by the Concessionaire. If the Concessionaire has no controlling shareholders,
the government may request the shareholders of the Concessionaire to provide such
guarantee.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | If
the government has reasons to believe that the Concessionaire cannot perform
               the statutory and contractual obligations it must perform, it may request
for                the provision of the guarantee as referred to in the preceding
paragraph in                particular.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The guarantee as referred to in paragraph 1 may be provided through deposit of
               cash, bank guarantee, guaranteed insurance or any means specified in Article 619
               of the Civil Code, and in accordance with the term, provisions, conditions and
               amount as determined according to the Chief Executive Order.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | If the Concessionaire fails to perform the undertakings and obligations in
               accordance with the laws and the provisions contained herein, the government may
               draw on the guarantee provided according to this Article, regardless whether or
               not judicial award has been made.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | If the government draws on the guarantee provided according to this Article, the
               Concessionaire shall cause its controlling shareholder or the relevant
               shareholder to, within 15 days after it receives a notice regarding the approval
               order given with respect to the use of such guarantee, take all necessary
               measures to restore the full validity of such guarantee.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | Without the permission of the government, the provisions and forms of provision
               of the guarantee according to this Article may not be changed.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 13SUPERVISION
OF THE PERFORMANCE OF THE CONCESSIONAIRES OBLIGATIONS

# Article 64   Supervision,
Monitoring and Control by the Government

| | 1. | The power for the supervision, monitoring and control of the performance of the
               Concessionaires obligations shall be exercised by the government,
               especially through the GICB and the Finance Services Bureau.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | For appropriate effectiveness and upon the request of the government, without
               prior notification, the Concessionaire shall allow the government or any other
               entities specifically and duly authorized and identified by the government to
               enter into any part of the facilities of the Concessionaire freely and review
               and examine freely the accounts or books of the Concessionaire, including any
               trading records, books, minutes, accounts and other records or documents and the
               management statistic materials and records used. In addition, it shall provide
               to the government or entities authorized by the government copies of the
               materials they deem necessary.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall comply with and implement the decisions made by the
               government within the scope of its power for inspection and supervision,
               especially the instructions made by the GICB, including the decision to suspend
               the operation of the casinos and other gaming areas.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | In operating the conceded business, the Concessionaire shall be subject to the
               long-term supervision and inspection of the GICB in accordance with the
               provisions of the applicable laws.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 65   Daily
Supervision on Gross Income of Gaming Operation

| | The
Concessionaire shall accept the daily supervision of the government on the gross income
of the gaming operation exercised in accordance with the law through GICB.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# CHAPTER 14GENERAL
OBLIGATIONS OF COOPERATION

# Article 66   Governments
General Obligations of Cooperation

| | The
government shall cooperate with the Concessionaire so that the Concessionaire may fulfill
its statutory and contractual obligations.
| | ----------------------------------------------------------------------------------------------------------------------------------------

# Article 67   Concessionaires
General Obligations of Cooperation

| | For
the applicability of the provisions of this Concession Contract, the Concessionaire shall
cooperate with the government, and accordingly, upon the request of the government,
provide all documents, information, materials or evidence and shall give any permission.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 15OTHER
OBLIGATIONS OF THE CONCESSIONAIRE

# Article 68   Operation
of Casinos and Other Premises and other Adjacent Property

| | The
Concessionaire shall operate all ancillary facilities in the casinos and other premises
and the adjacent property used for operating the conceded business in a normal way for
the original purposes or authorized purposes.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 69   General
Obligations of the Concessionaire

| | 1. | The Concessionaire shall assume special obligations to procure and require all
               entities retained for developing the business covered by the concession to abide
               by all rules that ensure healthy organization and operation and the special
               security measures designed for the customers and staff of the casinos and other
               gaming areas and other people holding positions in the casinos and other gaming
               areas of the Concessionaire.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | In order to develop the business covered by the concession, the Concessionaire
               must retain entities that have appropriate licenses and permits and have
               appropriate professional and technical abilities in the relevant areas.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 70   Other
Government Permissions

| | Any
replacement, cancellation or change of certificates and records which relate to the
business of the Concessionaire or obtaining the gaming equipment and instruments shall be
subject to the permission of the government.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 71   Government
Permission and Approval

| | An
approval and permission of the government or its refusal to grant an approval and
permission shall not exempt the Concessionaires obligation to timely perform its
obligations under this Concession Contract and shall not result in any liability to the
government, except that the governments action will impose liabilities on or cause
special and unusual damages to the Concessionaire.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 16RESPONSIBILITIES OF
THE CONCESSIONAIRE

# Article 72   Assumption
of Civil Liability to the Concession-Granting Entity

| | The
Concessionaire shall be liable to the Concession-Granting Entity for any damage caused by
the non-performance of all or a part of the Concessionaires legal or contractual
obligations as a result of any fact that the Concessionaire is to blame.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 73   Exemption
of the Concession-Granting Entity from Undertaking the Non-contractual Liabilities of the
Concessionaire to a Third Party

| | 1. | The Concession-Granting Entity shall not bear or share any liabilities of the
               Concessionaire that may constitute as a result of an act taken by the
               Concessionaire or taken by the Concessionaire for its benefits, involving or
               possibly involving civil liabilities or other liabilities.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall comply with the general provisions of the relationship
               between the principal and the entrusted party and be liable for losses caused by
               the entities appointed by the Concessionaire for the development of the
               businesses covered by the concession.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# CHAPTER 17CHANGE OF
THE ENTITY OF THE CONCESSION

# Article 74   Assignment,
Encumbrance, Conveyance and Transfer of Contract

| | 1. | Unless
permission of the government is obtained, the Concessionaire shall have an obligation not
to, expressly or implicitly, formally or informally, assign, convey or transfer or
otherwise create encumbrance over the operation of a casino or over the operation of any
gaming area, or carry out any legal act that will have the same effect.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Without
prejudice to other applicable penalties or punishments, in case of an                act
in violation of the preceding paragraph, the Concessionaire shall pay the
               following penalties to the Macau SAR:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | for
assignment, conveyance or                transfer of the operation of all of its casinos
or gaming area: MOP 1,000,000,000;
| |  | - | -------------------------------------------------------------------------------------------------------------------------------

| |  |  | for
assignment, conveyance or transfer of the operation of a part of its casinos or gaming
                  area: MOP 500,000,000; and
| |  | - | ---------------------------------------------------------------------------------------------------------------------------------------

| |  |  | for
creation of encumbrance over the operation of all or part of the casinos or gaming area:
                  MOP 300,000,000.
| |  | - | -------------------------------------------------------------------------------------------------------------------------------

| | 3. | Enclosed with its application for the permission set forth in paragraph 1 shall
               be all required documents and clearly indicate all the terms of the contract to
               be entered into by the Concessionaire, without prejudice to the right of the
               government to request additional documents, materials or information.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 75   Sub-Concession

| | 1. | Unless permission of the government is obtained, the Concessionaire shall be
               obliged not to grant a sub-concession of all or a part of the casinos granted
               under this concession or carry out any legal act that will have the same effect.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Without
prejudice to other applicable penalties or punishments, in case of an                act
in violation of the preceding paragraph, the Concessionaire shall pay the
               following penalties to the Macau SAR:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | for
sub-concession of all of the                concession: MOP 500,000,000; and
| |  | - | --------------------------------------------------------------------------------

| |  |  | sub-concession
of a part of the                concession: MOP 300,000,000.
| |  | - | ---------------------------------------------------------------------------

| | 3. | In order to obtain the permission set forth in paragraph 1, the Concessionaire
               shall inform the government of its intent to grant a sub-concession and shall
               provide all information that the government deems necessary, including all
               communications between the Concessionaire and the entity with which the
               Concessionaire intends to conclude a contract.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | Any sub-concession shall not exempt the Concessionaire from performing its
               statutory obligations or contractual obligations, unless permitted by the
               government. In addition, the Concessionaire, whether has faults or not, shall
               bear supplemental liabilities against the Macau SAR and have the right of plea
               for preference claims for the damages caused by the non-performance of all or a
               part of the Concessionaires contractual obligations as a result of any
               fact that the sub-concessionaire is to blame.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# CHAPTER 18NON-PERFORMANCE
OF CONTRACT

# Article 76   Non-performance
of Contract

| | 1. | The Concessionaire shall be liable to legal or contractual punishment or penalty
               if the Concessionaire fails to perform its responsibility or obligation
               hereunder or under government decisions as a result of any fact that the
               Concessionaire is to blame, without prejudice to the provisions of Articles 77
               and 78.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Under the situations of force majeure or other facts that the Concessionaire is
               proved not to blame, the Concessionaire shall be exempted from the
               responsibilities set forth in the preceding paragraph to the extent of actual
               hindrance of the timely and fully performance of the responsibilities or
               obligations.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Events that are unforeseeable, irresistible or beyond [the control] of the
               Concessionaire and that the occurrence of their consequences does not rely on
               the intention and personnel situations of the Concessionaire, especially wars,
               terrorism, disruption of the public order, [pestilence], atomic radiation, fire,
               thunder and lightening, serious flood, cyclones, hurricanes, earthquake and
               other natural disasters directly affecting the businesses covered by the
               concession, shall be deemed to be the situations of force majeure and shall
               cause the consequences as specified in the following paragraph.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | In case of the occurrence of force majeure events, the Concessionaire shall
               immediately notify the government and promptly indicate the hindrance of its
               performance of the obligations under this Concession Contract caused by the
               occurrence of such events deemed by it and shall specify the measures under the
               circumstances that such measures are proposed to be implemented by the
               Concessionaire for the purpose of minimizing the effects of such events and/or
               for the performance of such obligations in compliance with these provisions.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | In case of the occurrence of any of the situations specified in paragraph 3, the
               Concessionaire shall promptly reconstruct the property damaged and/or recover
               the property damaged to its original status so as to resume the proper operation
               of the casino games of chance or games of other forms. If the Concessionaire
               does not have any economic benefit over the reconstruction and/or recovery of
               the aforesaid property, it shall transfer the [insurance benefits] to the
               Concession-Granting Entity.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 19REVOCATION
AND TERMINATION OF THE CONCESSION

# Article 77   Discharge
by Parties Agreement

| | 1. | The government and the Concessionaire may discharge this Concession Contract at
               any time by the agreement of the parties.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall be fully responsible for the effectiveness of the
               termination of contracts to which it is a party and the Concession-Granting
               Entity shall not bear any responsibilities in this regard unless it is agreed
               expressly otherwise.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 78   Redemption

| | 1. | From the fifteenth year of the concession, the government may redeem the
               concession by at least one year prior notice to the Concessionaire sent by
               registered post with return slip request unless the laws stipulate otherwise.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concession-Granting Entity shall enjoy all rights and undertake all
               obligations incurred as a result of the redemption from the lawful behaviors
               under [any contracts] effectively entered into by the Concessionaire before the
               date of notice set forth in the preceding paragraph.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | As regards obligations created under any contracts entered into by the
               Concessionaire after the notice set forth in paragraph 1, the
               Concession-Granting Entity shall bear such obligations only if such contracts
               have obtained permission from the government before their conclusion.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The Concession-Granting Entity shall be responsible for the obligations created
               by the Concessionaire, without prejudice to its right to recourse against the
               Concessionaire for obligations created by the Concessionaire that exceeds the
               normal management of the conceded business.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | Upon the redemption of the concession, the Concessionaire shall have the right
               to obtain reasonable and fair compensation/indemnity for the benefits that the
               Concessionaire ceases to obtain as a consequence of the redemption of its
               Resort-Hotel-Casino referred to in the investment plans attached to this
               Concession Contract. The amount of compensation/indemnity will be calculated
               multiplying the amount of the revenue of the said Resort-Hotel-Casino in the
               financial year preceding the redemption, before deducting interest, depreciation
               and amortization, for the number of years to come until the expiration of the
               concession term.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 79   Temporary
Administrative Participation

| | 1. | In case of the occurrence or possible occurrence of the situation where the
               Concessionaire terminates or suspends the operation of all or a part of the
               conceded business without permission and which is not caused by force majeure or
               in case of the occurrence of serious chaos in the overall organization and
               operation of the Concessionaire or insufficiency of facilities and equipment
               which may affect the normal operation of the conceded business, the government
               may replace the Concessionaire directly or through a third party during the
               aforesaid termination or suspension or subsistence of the aforesaid chaos and
               insufficiency and shall ensure the operation of the conceded business and cause
               the adoption of necessary measures to protect the subject matter of this
               Concession Contract.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | During the period of temporary administrative participation, the expenses
               required for maintaining the normal operation of the conceded business shall be
               borne by the Concessionaire. Accordingly, the government may draw on the
               guarantee for the performance of the statutory obligations and contractual
               obligations of the Concessionaire and the guarantee provided by the controlling
               shareholders of the Concessionaire.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | If the reasons for the temporary administrative participation no longer exist
               and if the government deems appropriate, the government shall notify the
               Concessionaire to resume the normal operation of the conceded business within a
               prescribed period.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | If the Concessionaire does not want to or is not able to resume operation of the
               conceded business, or even though the operation of the conceded business is
               resumed, serious chaos or insufficiency continues to occur in its organization
               and operation, the government may announce to discharge this Concession Contract
               unilaterally on the basis that this Concession Contract is not performed.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 80   Unilateral
Discharge due to Failure to Perform

| | 1. | In
case of the Concessionaires failure to perform its basic obligations in
          accordance with the laws or the provisions contained herein, the government may
          terminate the concession by unilateral discharge of this Concession Contract
due           to failure to perform.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Major
reasons for unilateral discharge of this Concession Contract shall be:
| | -- | ----------------------------------------------------------------------------

| |  | (1) | Deviation
from the subject matter of the concession due to operation of gaming           without
permission or operation of business which do not fall within the           business scope
of the Concessionaire;
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (2) | waiver
of operation of the conceded business and suspension of operation of the
          conceded business without reasonable grounds for more than seven consecutive
          days or more than fourteen non-consecutive days within one calendar year;
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (3) | temporary
or definite transfer of all or part of the operation in violation of           provisions
concerning the concession system specified in Article 6;
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (4) | failure
to pay the taxes, premiums, levies or other returns payable to the
          Concession-Granting Entity as stipulated in the concession system specified in
          Article 6 and not impugned within the statutory time limit;
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (5) | refusal
or failure of the Concessionaire to re-gain the concession in accordance           with
the provisions of Article 79.4 or subsistence of conditions that may lead           to
temporary administrative participation notwithstanding that the concession           has
been re-gained;
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (6) | repeated
objections to the implementation of supervision and inspection power           [by the
government] or repeated failure to comply with government decisions,           especially
the instructions of the GICB;
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (7) | systematic
non-compliance with the basic obligations included in the concession           system
specified in Article 6;
| |  | --- | ------------------------------------------------------------------------------------------------------------------------

---

| |  | (8) | failure
to provide or supplement guarantee deposit or guarantees specified in           this
Concession Contract as required and within the prescribed period;
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (9) | bankruptcy
or insolvency of the Concessionaire;
| |  | --- | -----------------------------------------------

| |  | (10) | carrying
out any serious fraudulent activity whose purpose is to jeopardize the public interests;
| |  | ---- | -------------------------------------------------------------------------------------------------

| |  | (11) | serious
and repeated violation of the implementation rules for carrying out casino games of
chance or games of other forms or damage to the fairness of casino games of chance or
games of other forms; or
| |  | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (12) | termination
of or amendments to the management contract entered into with the Management Company
without the permission of the government.
| |  | ---- | ------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Without prejudice to the provisions of Article 83, in the occurrence of any of
               the situations specified in the preceding paragraph or any other situations
               which may cause the unilateral discharge of this Concession Contract in
               accordance with the provisions of this Article due to failure to perform, the
               government shall notify the Concessionaire to fully perform its obligations and
               remedy or indemnify the results caused by its behaviors within a prescribed
               period, except for those situations which cannot be remedied.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | If the Concessionaire fails to perform its obligations or correct or indemnify
               the results caused by its behaviors in accordance with the provisions as
               stipulated by the government, the government may unilaterally discharge this
               Concession Contract upon notification to the Concessionaire. The government may
               also notify in writing the entity which has undertaken to provide finance to the
               investment to be made and the obligations to be borne by the Concessionaire in
               accordance with and for the purposes of the provisions regarding financial
               capacity under the concession legal framework referred to in Article 6.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | Notice to the Concessionaire in connection with the decision to discharge this
               Concession Contract as specified in the preceding paragraph shall be effective
               immediately without going through any other procedures.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | In case of emergency and where the delay in the process of remedying the
               non-performance as specified in paragraph 3 is unbearable, the government may
               immediately perform temporary administrative participation in accordance with
               the provisions of the preceding Article without affecting the implementation of
               such process and violation of the provisions of paragraph 4.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | The Concessionaire shall be liable for damages as a result of the unilateral
               discharge of this Concession Contract in accordance with the provisions of this
               Article due to failure to perform, the damages shall be calculated in accordance
               with the general provisions of the laws.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | The unilateral discharge of this Concession Contract due to failure to perform
               will result in the immediate attribution of the ownership of the casinos and the
               equipment and utensils used for gaming, even though they are not located at the
               casinos, to the Concession-Granting Entity without compensation.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 81   Invalidity

| | 1. | This Concession Contract shall become invalid as of the date of expiration of
               the concession term as stipulated in Article 8 and the contractual relationship
               between the parties to this Concession Contract shall terminate, without
               prejudice to the survival of applicable provisions contained herein after the
               expiration of the concession term.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | If the Concessionaire does not enter into the management contract as specified
               in Article 24.1 within 6 months after entering into this Concession Contract,
               this Concession Contract shall become invalid and the contractual relationship
               between the parties to the contract will be eliminated. However, this does not
               hinder the government from making decisions otherwise.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | In case of the occurrence of the invalidity as stipulated in the two preceding
               paragraphs, the Concessionaire shall be fully responsible for the effectiveness
               of the termination of the contracts to which it is a party and the
               Concession-Granting Entity shall not bear any responsibilities in this regard.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# CHAPTER 20AMENDMENT
AND MODIFICATION OF CONTRACT

# Article 82   Amendments
To The Concession Contract

| | 1. | This Concession Contract may be amended according to the law after negotiations
               between the government and the Concessionaire.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Amendments to this Concession Contract and any Annex of this Concession Contract
               shall be made in compliance with the procedures set forth in Article 91 of the
               Administrative Regulations No. 26/2001.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 21PHASES PRIOR TO LEGAL
PROCEEDINGS

# Article 83   Consultation
Prior to Legal Proceedings

| | 1. | The parties hereto shall resolve through consultation issues or disputes arising
               between them on the validity, application, execution, interpretation of or
               integration of the rules governing this Concession Contract.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The occurrence of issues shall not exempt the Concessionaire from timely and
               full performance of the provisions of this Concession Contract and the
               government decisions notified to the Concessionaire according to the provisions
               contained herein or permit the Concessionaire to suspend the development of any
               aspect of its business. The relevant development shall continue to be made
               according to the provisions in effect on the date the issue is brought up.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The provisions of the preceding paragraph regarding the performance by the
               Concessionaire of the government decisions shall also apply to the succeeding
               decisions made on the same matter even if such decisions are made after the date
               the consultation starts, provided that the first decision of such succeeding
               decisions is notified to the Concessionaire prior to the date the consultation
               starts.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 22FINAL PROVISIONS

# Article 84   Obtaining
of Approvals, Licenses or Permits

| | 1. | This Concession Contract shall not exempt the obligations of the Concessionaire
               to submit applications, pay fees and/or take measures for the purpose of
               obtaining the approvals, licenses or permits necessary for the operation of any
               aspect of its business or the performance of its obligations hereunder and shall
               not exempt the Concessionaire from abiding by or compliance with all
               requirements necessary for obtaining such approvals, licenses or permits and
               maintaining the effectiveness thereof.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | If any approval, license or permit set forth in the preceding paragraph is
               revoked, void, suspended or abolished or no longer be effective due to any
               reason, the Concessionaire shall notify the government immediately and state the
               measures taken or to be taken in order to re-gain such approval, license or
               permit or make such approval, license or permit effective again.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | None of the provisions contained herein shall be construed as replacing the
               statutory provisions or contracts on obtaining any approval, license or permit.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 85   Industrial
Property Rights and Intellectual Property Rights

| | 1. | In
operating its business, the Concessionaire shall respect the industrial property rights
and  intellectual  property rights according to the existing laws of the Macau SAR, and
independently assume liabilities for infringement upon such property rights.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | As a condition precedent to the issuance of approvals, licenses and permits,
               especially those relating to the performance of the investment plans attached to
               this Concession Contract, the Concessionaire shall comply with all industrial
               property rights and intellectual property rights.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall assign to the Concession-Granting Entity free of
               charge, research, drafts, plans, drawings, documents or other materials of any
               nature that are necessary or helpful for the Concessionaire to perform the
               duties hereunder or to exercise the rights granted hereunder.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | Upon the request of the Concession-Granting Entity, the Concessionaire must
               prepare any kind of document or declaration to confirm or register the rights
               set forth in the preceding paragraph.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | If the industrial property rights or intellectual property rights transferred or
               to be transferred to the Concession-Granting Entity according to this Article
               are infringed, and the Concessionaire has not solved any dispute with a third
               person over such infringement, the Concession-Granting Entity may interfere with
               such dispute to safeguard such property rights. The Concessionaire shall provide
               all assistance required for such purpose.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 86   Notices,
Announcements, Permits and Approvals

| | 1. | Unless otherwise provided, the notices, announcements, permits and approvals as
               referred to herein must be made in writing and delivered in the following
               method:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) | delivered
in person, but the signature of the recipient is a must;
| |  | --- | ------------------------------------------------------------------

| |  | (2) | sent
by                fax, but the receipt of the fax is a must;
| |  | --- | -----------------------------------------------------------------

| |  | (3) | sent
by registered mail with                return receipt request.
| |  | --- | -------------------------------------------------------------------

| | 2. | Permits
granted by the government shall be prior permits, and conditions thereto
               may be stipulated.
| | -- | ------------------------------------------------------------------------------------------------------------------

| | 3. | No
answers to the application for permits and approvals or                other requests
made by the Concessionaire shall be deemed to be disapproval.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | For
the applicability of the provisions of this Concession Contract, the
               following address and place for receiving faxes shall be deemed as the
domicile                of the parties hereto:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Macau SAR:
| | --------------

| | Gambling
Inspection and Coordination Bureau21st Floor, China Plaza, No. 762-804, [Praia Grande]
Avenue, MacauFax:   370296Concessionaire:   Galaxy Casino
Company LimitedDomicile:   Avenida da Praia Grande, n.°409, Edif. China
Law, 25°, MacauFax:   371199
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | Upon prior notice to the other party, the parties hereto may amend the aforesaid
               address and place for receiving faxes.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------

| | 6. | For the applicability of the provisions of this Concession Contract, the
               following address and place for receiving faxes shall be deemed as the domicile
               of the Management Company:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Management
Company:   Venetian Macau Management Limited
Domicile:   Av. Dr. Mário Soares, n.o 25, Edif. Montepio, Apt. 25,
2o andar , MacauFax:   712633
| | --------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 87   Prohibition
of Act Limiting Competition

| | 1. | The
Concessionaire must conduct its business in positive and fair competition, subject to the
inherent principles of market economy.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire has the obligation not to execute agreements or conduct
               agreed acts with other concessionaires or sub-concessionaires operating in the
               Macau SAR, or the management company of a concessionaire operating casino games
               of chance or games of other forms in the Macau SAR, or companies of the relevant
               group that may hinder, restrict or jeopardize competition in any manner.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire has the obligation not to misuse the leading position it has
               in the market or the considerable market share it has in order to hinder,
               restrict or jeopardize competition.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 88   Gaming
Intermediaries

| | The
Concessionaire must assume liabilities to the government for the activities conducted in
the casinos and other gaming areas by the gaming intermediaries registered in its
company, its directors and cooperative parties. Accordingly, it shall supervise the
activities of such intermediaries, directors and cooperative parties.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 89   Promotion
of the Facilities of the Concessionaire

| | 1. | The Concessionaire has the obligation to conduct publicity and marketing
               activities with respect to its facilities, especially the casinos, within and
               outside the Macau SAR.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The government and the Concessionaire shall have the obligations to coordinate
               the work and activities in promoting Macau outside the territory of Macau when
               they conduct their publicity and marketing work and activities.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Without permission of the government, the Concessionaire has the obligation not
               to allow the use of the image of its casinos or other places and adjacent areas
               for operating the conceded business or a large amount of introductory
               explanations implying the same in the website or website address of the Internet
               or any other place used for promoting interactive gambling.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 90   Contents
Incorporated in the Concession Contract

| | The
content of all portions of the tender submissions submitted by the Concessionaire in its
capacity as a tenderer for the first public tender to grant (three) concessions to
operate casino games of chance or games of other forms according to Chief Executive Order
No. 217/2001 that do not have clear or unclear conflicts with this Concession Contract
shall be deemed as being incorporated in this Concession Contract.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 91   Chips
Used in the Operation of Conceded Business

| | 1. | The Concessionaire must abide by the guidance of the government when it issues
               chips of any kind or nature and puts them into circulation.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Without prejudice of the government determining a maximum amount for the number
               of chips put into circulation, the number of chips put into circulation does not
               depend upon permission of the government.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall guarantee to pay by cash, check or equivalent credit
               proof for the chips put into circulation. .
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------

| | 4. | With respect to all chips put into circulation, the Concessionaire must provide
               cash and proof of high solvency to maintain solvency ratio, establish reserve
               funds and abide by the prudent rules stipulated by the government at any time in
               order to ensure the prompt payment for the chips.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 92   Confidentiality

| | 1. | Documents prepared by the government or the Concessionaire for the
               implementation of the concession system as referred to in Article 6 or
               performance of the provisions of this Concession Contract shall have the nature
               of confidentiality, which may be provided to a third party only upon the
               permission of the other party.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The government and the Concessionaire shall take necessary measures so that the
               staff of the public administrative authority of the Macau SAR are bound by the
               obligation of confidentiality under the guarantee of the government and the
               staff of the Concessionaire are bound by the obligation of confidentiality under
               the guarantee of the Concessionaire.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The government and the Concessionaire shall urge others who are able to get
               access to or may get access to the confidential documents to compile with the
               obligation of confidentiality, especially those being able to do so through
               consultant contracts, labor provision contracts or other contracts.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 93   Complaint
Book

| | 1. | The Concessionaire shall set up a complaint book particularly for complaints in
               connection with the operation of casino games of chance or games of other forms,
               and ensure such complaint book for use by customers in the casinos and other
               gaming areas.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall post notices in the casinos and other gaming areas in
               an outstanding manner, stating the existence of the complaint book.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall submit a copy of the complaints written in the
               complaint book to the government in 48 hours, together with a report on such
               complaints prepared by the Concessionaire.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CHAPTER 23TRANSITIONAL
PROVISIONS

# Article 94   Occupational
Training Plan

| | 1. | The Concessionaire must prepare the occupational training plan for employees who
               hold posts in the operation of the business covered by the concession within the
               time limit prescribed by the government.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire must deliver to the government any other additional documents
               or materials with respect to the plan referred to in the preceding paragraph
               within the stipulated time limit.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 95   Deposit
of the Companys Capital

| | The
Concessionaire shall maintain its capital to be deposited with a local credit institution
or a branch or subsidiary of a credit institution permitted to be operated in the Macau
SAR and such capital shall not be transferred before the commencement of business of the
Concessionaire. The date which is expressly acknowledged by the government through the
order of the Secretary for Economy and Finance to be the date of the commencement of
business of a Concessionaire shall be deemed to be the date of the commencement of
business of such Concessionaire.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 96   Managing
Director Designated

| | 1. | The
government shall, within 15 days after the conclusion of this Concession Contract, notify
the Concessionaire whether to permit the candidate specified in Annex I of the Administrative Regulations No.
26/2001 submitted by the Concessionaire in its capacity as a tenderer for the first public
tender to grant (three) concessions to operate casino games of chance or games of other
forms to act as the managing director of the Concessionaire.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The provisions of Article 21.3 and Article 21.4 are applicable to the act of
               granting the management power of the Concessionaire for the first time to the
               managing director after the conclusion of this Concession Contract.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 97   Management
Company Designated

| | 1. | The government shall notify the Concessionaire, within 30 days upon the receipt
               of the application for approval as specified in Article 24.2, whether it
               approves the management contract proposed to be entered into between the
               Concessionaire and the Management Company, the candidate to act as the managing
               director of the Management Company as designated by Annex I to the
               Administrative Regulations No. 26/2001 submitted by the Management Company and
               the delegation of powers granting such managing director the authority to manage
               of the Management Company.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | If the government does not approve one or more items of the drafts of the
               Management Contract or the delegation of powers as specified in the preceding
               paragraph, the Concessionaire shall submit new drafts of the management contract
               and of the delegation of powers based on the comments provided by the government
               within 15 days.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | If the candidate specified in paragraph 1 is not approved by the government, the
               Concessionaire shall designate a new candidate as the managing director of the
               Management Company within 15 days upon the receipt of the notice of disapproval
               of the relevant candidate from the government, together with the form set forth
               in Annex II of the Administrative Regulations No. 26/2001 being completed by the
               specified candidate as the managing director.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 98   Bank
Accounts

| | The
Concessionaire shall, within 7 days after the conclusion of this Concession Contract,
submit to the government the documents setting forth all bank accounts and the relevant
balance in the name of the Concessionaire to the government.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 99   Declaration
of the Obligations of Cooperation

| | The
Concessionaire shall take measures to obtain a declaration executed by every shareholder
owning 5% or more of the capital of the Concessionaire, every director of the
Concessionaire and major employee holding key post in the casinos and every controlling
shareholder, including the ultimate controlling shareholders of the Concessionaire,
stating that such persons are willing to be bound by a special obligation to cooperate
with the government. Accordingly, they shall provide any documents, information,
materials or evidence and give any permission upon request. The Concessionaire shall
submit to the government such declaration within 15 days after the conclusion of this
Concession Contract.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 100   The
Fixed Portion and the Variable Portion  of the Premium

| | 1. | The fixed portion of the annual premium as referred to in Article 47 shall be
paid in proportion only from June 26th, 2005, unless the Concessionaire starts
the operation of a casino or a gaming area within the Resort-Hotel-Casino
facilities as set forth in the investment plan attached to this Concession
Contract prior to such date, in which case the fixed portion of the premium
shall be paid from such moment.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The variable portion of the annual premium referred to in Article 47 shall be
               payable only when the operation of casino games of chance or games of other
               forms begins, no matter whether such operation is located within temporary
               facilities or the facilities referred to in the preceding paragraph. For the
               purpose of calculating the variable portion of the premium as referred to in
               Article 47, the Concessionaire shall, by no later than 10 days prior to the open
               day of its first casino or first gaming area, submit to the government a list
               which will set forth the number of gaming tables and the number of electrical or
               mechanical gaming machines including slot machines and the locations
               proposed to be operated by the Concessionaire in that year.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | If the Concessionaire opens its first casino or first gaming area in temporary
               facilities, the amount of the variable portion of the annual premium cannot be
               less than the amount that the long-term operation of 20 gaming tables
               exclusively to certain kinds of games or to certain players, especially of those
               located in special gaming halls or reserved areas, and the long-term operation
               of 20 gaming tables not reserved exclusively to certain kind of games or to
               certain players, until the operation of a casino or a gaming area in the
               facilities as referred to in paragraph 1 starts.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The amount of the variable portion of the annual premium as referred to in
               Article 47.5 shall be amended by the Parties hereto from the third year after
               the conclusion of this Concession Contract.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 101   Approval
of the Articles of Association of the Concessionaire and the Shareholders' Agreement
between the Shareholders of the Company

| | The
government shall, within 60 days after the conclusion of this Concession Contract, notify
the Concessionaire whether the Articles of Association of the Concessionaire and its
shareholders agreement have been approved.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 102   Appointment
or Authorization

| | The
Concessionaire shall, within 15 days after the conclusion of this Concession Contract,
notify the government of all and any existing power of attorney or appointment of
representatives for granting, on the basis of a stable relationship, the right to
establish the legal acts relating to the operation of the enterprise in the name of the
Concessionaire, so that the government may grant its permission. Save that this paragraph
shall not apply to the power to handle routine matters especially with public departments
or authorities. Or, the Concessionaire may submit a declaration during the foregoing
period stating that such appointment or authorization does not exist.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 103   Existing
Participation in the Operation of Casino Games of Chance and Gaming of Other Forms in
Other Jurisdiction

| | The
Concessionaire shall, within 15 days after the conclusion of this Concession Contract,
notify the government of the existing participation in the operation of casino games of
chance or gaming of other forms in any other jurisdiction by any of its directors and
controlling shareholders, including the ultimate controlling shareholders, or all
shareholders directly or indirectly holding the equivalent of 10% or more of the share
capital of the Concessionaire, including the participation through a management contract.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 104   Composition
of the Corporate Body of the Concessionaire

| | The
Concessionaire shall, within seven days after the conclusion of this Concession Contract,
notify the government of the composition of its Board of Directors, [panel of chairmen]
of shareholders meetings and Supervisory Board and other corporate bodies on the
day of execution of this Concession Contract.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 105   Structure
of Shareholders and Share Capital

| | 1. | The Concessionaire shall, within seven days after the conclusion of this
               Concession Contract, submit to the government the documents stating the
               shareholders structure of the Concessionaire on the day of execution of
               this Concession Contract.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Concessionaire shall, within seven days after the execution hereof, submit
               to the government the documents stating the structure of share capital of a
               legal person, especially a company, owning 5% or more of the share capital of
               the Concessionaire, and the share capital of a legal person owning 5% or more of
               the share capital of such legal person, and so on up to the share capital of a
               natural person or legal person that is an ultimate shareholder on the day of
               execution of this Concession Contract.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Concessionaire shall, within 15 days after the conclusion of this Concession
               Contract, submit to the government a declaration for the year 2002 as specified
               in Article 19.2.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Article 106   Limitation
of the Number of Concession

| | 1. | Up to April 1, 2009, the Concession-Granting Entity shall have the obligation
               not to grant any concession for the operation of the casino games of chance or
               gaming of other forms in accordance with the laws so as to maintain the number
               of the concession to be granted by not more than 3 at any time.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | If the Concession-Granting Entity grants the operation of the casino games of
               chance or games of other forms after the date specified in the preceding
               paragraph and the overall new concession conditions are more favorable than
               those specified hereunder, the government shall amend this Concession Contract
               so as to extend such favorable conditions to cover the Concessionaire.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# Article 107   Amendment
to the Percentage of Allocation

| | The
percentages specified in Articles 48 and 49 shall be amended by the parties hereto in
2010.
| | -----------------------------------------------------------------------------------------------

# Article 108   Effectiveness

| | This
Concession Contract shall be written in two official languages and become effective as of
the date of the execution hereof.
| | --------------------------------------------------------------------------------------------------------------------------------

| | Execution
of this Contract by both parties.
| | -------------------------------------------

| | This
Contract has been read aloud to all parties present and the contents of this Contract
have been explained. Since the two representatives of the second party to this Contract
do not know any of the official languages, they have been provided with the English
translation of this Contract.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ANNEX TO THE
CONCESSION CONTRACTINVESTMENT PLANS

| | Without
prejudice to the applicability of Article 39 of this Concession Contract, the
Concessionaire undertakes in particular to carry out the following projects:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.        A
complex with Resort-Hotel-Casino to be concluded and open to the public in June 2006;
| | -------------------------------------------------------------------------------------------------

| | 2.        A
complex with Resort-Hotel-Casino with a The Venetian theme to be concluded and open to the public in June 2006;
| | -----------------------------------------------------------------------------------------------------------------------------

| | 3.        A
Convention Center to be concluded and open to the public in December 2006;
| | --------------------------------------------------------------------------------------

| | Total
amount: MOP 8.8 billion, to be spent within 10 years from the execution of this
Concession Contract.
| | ----------------------------------------------------------------------------------------------------------