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Exhibit
10.3
 ORDER OF THE SECRETARY FOR TRANSPORTATIONS AND PUBLIC WORKS No. 11/2008
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 1.
    
    It is partially reviewed, on the terms and conditions of the contract herein attached, which
is a part of the present Order, the land concession, by lease, of the parcel of land with an
area of 26 082 sq mts located at Península de Macau, at Avenida do Dr. Sut Yat Sen, near to
the Hotel Resort Mandarim, effected by Order of the Secretary for Transportations and Public
Works no. 111/2003.2.
    
    The present Order enters immediately into effect.
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   (Process no. 2 409.02 of the Transportation, Soils and Public Works
 Department  DSSOPT and Process no. 12/2007 of the Land Commission)




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1.
    
    By Order of the Secretary for Transportations and Public Works no. 111/2003, published in the
Official Gazettes Supplement no. 50/2003, II Series, on the 10th of December, the
land concession, by lease, of the parcel of land with an area of 26 082 sq mts located at
Península de Macau, at Avenida do Dr. Sut Yat Sen, near to the Hotel Resort Mandarim, was
effected in favor of the company «Venetian Macau, LIMITED», with head office in Macau, at
Avenida Doutor Mário Soares, no. 25, Montepio Building, Room 25, 2nd floor,
registered with the Macaus Commercial and Movable Assets registry under number 15 702(SO),
for development purposes, with the construction of a building intended for areas of
entertainment, retail shopping, restaurants, gaming, car parking and a free area.2.
    
    The concessionaire, a company holder of a gaming sub concession in casinos in Macau SAR, with
an intention to proceed with the enhancement of the referred complex, known as Sands
Building, in order to enhance the gaming area and to increase the hotel accommodation offer,
submitted to the Transportation, Soils and Public Works Department (DSSOPT) in July
8th 2005, the preliminary architectural study for this 2nd phase, to be
erected within the confines of the granted parcel of land, which was deemed to be approved by
Order of the Secretary for Transportations and Public Works, issued on August 2nd
2005.3.
    
    In these circumstances and bearing the development purposes of the referred project, the
concessionaire, by means of a request presented on July 17th 2006, formally
requested a modification to the development purposes of the granted parcel of land and the
subsequent partial revision of the land grant agreement, as per Section 107 of Law 6/80/M,
July 5th.
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4.
    
    Having been fixed the definitive areas of the project, which were altered several times
through out the proceedings, the Transportation, Soils and Public Works Department (DSSOPT)
proceeded with the calculation of the consideration due for the modifications to the land
development purposes and issued a draft of the revised land concession agreement, which was
approved by the concessionaire by means of a declaration presented on the November
13th 2007.5.
    
    The proceedings followed their normal procedures, having been sent to the Land Commission,
which issued a favorable opinion on the request.6.
    
    The parcel of land, with an area of 26 082 sq mts, with the letters A, B1 and B2,
respectively with areas of, 24 423 sq mts, 1 197 sq mts and 462 sq mts, as identified in the
cadastre plan no. 6086/2003, issued by the Macao Cartography and Cadastre Bureau (MCCB), on
August 27, 2003, as per the Order of the Secretary for Transportation and Public Works no.
111/2003, published in the Official Gazettes Supplement no. 50/2003, II Series, on the
10th of December and registered in the Macaus Land and Buildings Registry under
no. 23 114 and therein registered in favor of the Second Party under no. 29 239F.7.
    
    The opinion of the Land Commission was effected by Order of His Excellency the Chief Of
Executive of Macau SAR, on January 24th 2008, issued based on favorable opinion of
the Secretary for Transportations and public Works, issued on January 22nd 2008.8.
    
    In the terms and to the effects established in section 125 of Law 6/80/M, of July
5th, the conditions of the agreement effected by this Order were notified to the
requesting company and by it they were accepted by means of a declaration,
 3




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presented on March 19th 2008, signed by Joaquim Jorge Perestrelo Neto Valente,
also known as Jorge Neto Valente, widower, residing in Macau, at Avenida Doutor Mário Soares,
no. 25, Montepio Building, Room 25, 2nd floor, in his capacity as
Managing-Director of the Company «Venetian Macau Limited», capacity and powers for this act
verified by the Notary Rui Sousa, as per the signature recognition on that declaration.9.
    
    The premium due for the partial revision of the granted concession established in article 3
of the agreement was paid on March 4th 2008, in the Payments Section of the Macau
Finance Bureau (receipt no. 21 256), by means of form for extraordinary receipts no. 15/2008,
issued by the Land Commission, on February 14th 2008, which duplicate is filled in
the respective process.
 ARTICLE FIRST
 1.
    
    By the present agreement the First Party authorizes, as per the enhancement project approved
by the Transportation, Soils and Public Works Department (DSSOPT), the partial review of the
Land Grant, by lease, of the parcel of land with an area of 26 082 sq mts (Twenty six thousand
and eighty two square meters) located at Península de Macau, at Avenida do Dr. Sut Yat-Sen,
near the Hotel Resort Mandarim, identified with the letters A, B1 and B2 in the cadastre
plan no. 6086/2003, issued by the Macao Cartography and Cadastre Bureau (MCCB), on August 27,
2003, effected by the Order of the Secretary for Transportation and Public Works no. 111/2003,
published in the Official Gazettes Supplement no. 50/2003, II Series, on the 10th
of December and registered in the Macaus Land and Buildings Registry under no. 23 114 and
therein registered the land concession in favor of the Second Party under no. 29 239F.
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2.
    
    As referred in the previous number, sections third, sixth and seventh of the agreement signed
pursuant the Order of the Secretary for Transportation and Public Works no. 111/2003,
published in the Official Gazettes Supplement no. 50/2003, II Series, on the 10th of
December, is herein reviewed as follows:Section Third-Land Development and Purpose
 1.
    
    The development of the Land comprises the construction of a five stars Hotel,
with the following areas for construction:
 1)
    
    5 Star Hotel including gaming, entertainment, leisure, retail shopping,

restaurants areas and other support areas                                                           109 046 sq mts2)
    
    Car Parking             
                
                
                
                
                
       27 124 sq mts3)
    
    Free area                   
                
                
                
                
                
       3 984 sq mts
 2.
 Section Sixth-Rent
 1.2.
    
    Upon the conclusion of the land development, the second party shall pay an annual
rent in the amount of MOP1.946.770,00 (One million nine hundred and forty six thousand
seven hundred and seventy Patacas), calculated in relation to the following purposes and
constructions areas:
 1)
    
    Five Stars Hotel: 109 046 sq mts × MOP15,00/sq mts

   MOP1.635.690,00;2)
    
    Car Parking: 27 124 sq mts × MOP10,00/ sq mts

   MOP271.240,00;3)
    
    Free Area: 3 984 sq mts × MOP10,00/ sq mts

   MOP39.840,00.
 3.
 Section Seventh-Collateral
 1.
 2.
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3.
    
    The collateral referred to in number one shall be returned to the second Party by
the Finance Bureau, on its request, upon presentation of the development and usage
permit issued by the Transportation, Soils and Public Works Department (DSSOPT).
 ARTICLE SECOND
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 ARTICLE THIRD  COMPETENT JURISDICTION
  ARTICLE FOURTH  APPLICABLE LAW
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