Document:

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                                                                    Exhibit 10-K

                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS AGREEMENT is made and entered into this 18th day of September,
2002, by and between GUNDLE/SLT ENVIRONMENTAL, INC., a Delaware corporation,
having its corporate headquarters located at 19103 Gundle Road, Houston, Texas
77073 (hereinafter referred to as the "Company"), and SAMIR T. BADAWI
(hereinafter referred to as the "Employee"), to be effective as of January 1,
2002.

                              W I T N E S S E T H:

         WHEREAS, the Company desires to employ the Employee in an executive
capacity and the Employee desires to enter the Company's employ.

         NOW, THEREFORE, for and in consideration of the mutual promises,
covenants and obligations contained herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Company and the Employee hereby agree as follows:

1.       Certain Definitions. As used in this Agreement, the following terms
have the meanings prescribed below:

         Affiliate is used in this Agreement to define a relationship to a
person or entity and means a person or entity who, directly or indirectly
through one or more intermediaries, controls, is controlled by, or is under
common control with, such person or entity.

         Base Salary shall have the meaning assigned thereto in Section 4.1
hereof.

         Bonus shall have the meaning assigned thereto in Section 4.2 hereof.

         Cause shall have the meaning assigned thereto in Section 5.3 hereof.

         Change in Control shall be deemed to have occurred if (i) the Company
merges or consolidates, or agrees to merge or to consolidate, with any other
corporation (other than a wholly-owned direct or indirect subsidiary of the
Company) and in which Gundle/SLT Environmental, Inc. shareholders own less than
50% of the surviving, resulting or continuing entity, (ii) the Company sells, or
agrees to sell, all or substantially all of its assets to any other person or
entity, (iii) the Company is dissolved, (iv) any third person or entity together
with its Affiliates (other than Wembley Limited and its Affiliates or a
management buyout of which Employee is a member) shall become or shall have
publicly announced its intention to become (by tender offer or otherwise),
directly or indirectly, the beneficial owner of at least 50% of the common stock
of the Company or (v) the individuals who constitute the Board of Directors of
the Company as of the Effective Date (the "Incumbent Board") shall cease for any
reason to constitute at least a majority of the Board of Directors; provided,
that any person becoming a director whose election or nomination for election
was approved by a majority of the members of

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the Incumbent Board shall be considered, for the purposes of this Agreement, a
member of the Incumbent Board.

         Common Stock means the Company's common stock, par value $.01 per
share.

         Company means Gundle/SLT Environmental, Inc., a Delaware corporation
with its corporate headquarters located at 19103 Gundle Road, Houston, Texas
77073.

         Competitive Business shall have the meaning assigned thereto in Section
9.2 hereof.

         Confidential Information shall have the meaning assigned thereto in
Section 8.2 hereof.

         Date of Termination means the earliest to occur of (i) the date of the
Employee's death, (ii) the last day of Employment Period, or (iii) the date of
receipt of the Notice of Termination, or such later date as may be prescribed in
the Notice of Termination in accordance with Section 5.7 hereof.

         Disability means an illness or other disability which prevents the
Employee from discharging his responsibilities under this Agreement for a period
of 180 consecutive calendar days, or an aggregate of 180 calendar days in any
calendar year, during an Employment Period, all as determined in good faith by
the Board of Directors of the Company (or a committee thereof).

         Effective Date means January 1, 2002.

         Employee means Samir T. Badawi, an individual residing at 5303 Holly
Springs Drive, Houston, Texas 77056.

         Employment Period shall have the meaning assigned thereto in Section 3
hereof.

         Market shall have the meaning assigned thereto in Section 9.3 hereof.

         Notice of Termination shall have the meaning assigned thereto in
Section 5.7 hereof.

         Restricted Period shall have the meaning assigned thereto in Section
9.4 hereof.

         Vacation Time shall have the meaning assigned thereto in Section 4.4
hereof.

         Without Cause shall have the meaning assigned thereto in Section 5.4
hereof.

2.       General Duties of Company and Employee.

         2.1  The Company agrees to employ the Employee, and the Employee agrees
to accept employment by the Company to serve as the President and Chief
Executive Officer of the Company and to serve the Company as its Chairman of the
Board of the Company. The authority, duties and responsibilities of the Employee
shall include those consistent with such positions in business entities of
similar size in the Company's industry and such other or additional duties as
may from time to time be assigned to the Employee by the Board of

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Directors (or a committee thereof) consistent with such titles and positions.
While employed hereunder, the Employee shall devote reasonable time and
attention during normal business hours to the affairs of the Company and use his
best efforts to perform faithfully and efficiently his duties and
responsibilities.

      2.2   The Employee agrees and acknowledges that he owes a fiduciary duty
of loyalty, fidelity and allegiance to act at all times in the best interests of
the Company.

      2.3   The Employee agrees to comply at all times during the Employment
Period with all applicable policies, rules and regulations of the Company,
including, without limitation, the Company's Code of Ethics and the Company's
policy regarding trading in the Company's Common Stock or an Affiliate's common
stock, as each is in effect from time to time during the Employment Period.

3.    Term. Unless sooner terminated pursuant to other provisions hereof, the
Employee's period of employment under this Agreement shall be a period of three
years beginning on the Effective Date (the "Employment Period"). This Agreement
and the Employment Period shall automatically be extended for successive twelve
(12) month terms unless either the Company or the Employee provides a written
notice of its/his intent to not extend the Employment Period not less than 30
calendar days prior to the expiration of the then current Employment Period
("Automatic Extension"). Notwithstanding the foregoing, the Employee's
employment shall cease and shall not extend past the last day of the month in
which the Employee attains age 70.

4.    Compensation and Benefits.

      4.1   Base Salary. As compensation for services to the Company, the
Company shall pay to the Employee until the Date of Termination an annual base
salary of $400,000 (the "Base Salary"). The Board of Directors (or a committee
thereof) shall review the Employee's Base Salary no less than annually and, in
its discretion, may increase, but not decrease, the Base Salary based upon
relevant circumstances. If the Employee's Base Salary is increased at any time,
it may not thereafter be decreased below such amount. The Base Salary shall be
payable in equal semi-monthly installments or in accordance with the Company's
established policy, subject only to such payroll and withholding deductions as
may be required by law and other deductions applied generally to employees of
the Company for insurance and other employee benefit plans.

      4.2   Bonus. In addition to the Base Salary, the Employee shall be
awarded, for each fiscal year until the Date of Termination, an annual bonus
(pursuant to a bonus or incentive plan maintained by the Company) in an amount
to be determined by the Board of Directors (or a committee thereof) based upon a
bonus program established for executives generally taking into account the
Employee's Base Salary and position (the "Bonus"). For the year 2002, such Bonus
shall be based upon: (i) the Company's achievement of targeted EBITDA and
average working capital versus sales and achievement of business goals
(together, the "Bonus Measures") as established by the Board of Directors in the
approved budget; (ii) if the Company achieves the targeted amounts for the Bonus
Measures, the Bonus shall be no less than 70% of the Employee's Base Salary; and
(iii) the Bonus shall be increased to the extent the Company's achievement of
the Bonus Measures exceeds the targeted amounts, to a maximum of 140% of the

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Base Salary. Each Bonus shall be payable at a time to be determined by the Board
of Directors (or a committee thereof) in its sole discretion but no later than
thirty days after delivery to the Company of final financial statements
certified by its auditors. The Bonus Measures and percentages of Base Salary
used in 2002 shall be used as Bonus Measures and percentages of Base Salary for
future Bonus years unless such Bonus Measures and percentages of Base Salary are
changed or altered for participating executives generally by the Board in
advance of the applicable future Bonus year.

      4.3   Stock Options. The Employee shall be entitled to receive grants of
stock options when awarded to executives generally in amounts and on terms
commensurate with his position, as determined from time to time by the Board of
Directors acting in good faith subject to the terms of the applicable stock
option plan and agreement.

      4.4   Vacation. Until the Date of Termination, the Employee shall be
entitled to paid vacation during each one year period in accordance with the
Company's standard practices for executives commencing on the Effective Date
(the "Vacation Time"). Any Vacation Time not taken during the applicable one
year period will not accrue and will expire on the applicable anniversary of the
Effective Date.

      4.5   Incentive, Savings and Retirement Plans. Until the Date of
Termination, the Employee shall be eligible to participate in and shall receive
all benefits under all executive incentive, savings and retirement plans and
programs currently maintained or hereinafter established by the Company for the
benefit of its executive officers and/or employees subject to the terms and
conditions contained in the governing documents of such plans.

      4.6   Welfare Benefit Plans. Until the Date of Termination, the Employee
and/or the Employee's family, as the case may be, shall be eligible to
participate in and shall receive all benefits under each welfare benefit plan of
the Company currently maintained or hereinafter established by the Company for
the benefit of its employees subject to the terms and conditions contained in
the governing documents of such plans. Such welfare benefit plans may include,
without limitation, medical, dental, disability, group life, accidental death
and travel accident insurance plans and programs.

      4.7   Automobile. The Company shall provide Employee with an automobile,
of the quality as in effect on the date of this Agreement and to be updated in
accordance with the Company's procedures for employees generally, for business
and personal use and shall pay all reasonable use and maintenance costs related
to such automobile, including, but not limited to, gasoline, oil, tires,
repairs, maintenance, and insurance.

      4.8   Reimbursement of Expenses. The Employee may from time to time until
the Date of Termination incur various business expenses customarily incurred by
persons holding positions of like responsibility, including, without limitation,
travel, entertainment and similar expenses incurred for the benefit of the
Company. Subject to the Company's policy regarding the reimbursement of such
expenses as in effect from time to time during the Employment Period, which does
not necessarily allow reimbursement of all such expenses, the Company shall
reimburse the Employee for such expenses from time to time, at the Employee's
request, and the Employee shall account to the Company for all such expenses.

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5.    Termination.

      5.1   Death. This Agreement shall terminate automatically upon the death
of the Employee.

      5.2   Disability. The Company may terminate this Agreement, upon written
notice to the Employee delivered in accordance with Sections 5.7 and 10.1
hereof, upon the Disability of the Employee.

      5.3   Cause. The Company may terminate this Agreement, upon written
notice to the Employee delivered in accordance with Sections 5.7 and 10.1
hereof, for Cause. For purposes of this Agreement, "Cause" means (i) the
conviction of the Employee of a crime or criminal offense involving theft,
fraud, embezzlement or other felony, (ii) the Employee's willful refusal,
without proper legal cause, to perform his duties and responsibilities as
contemplated in this Agreement or (iii) the Employee's engaging (A) in
activities which would constitute a material breach of a material term of this
Agreement, the Company's Code of Ethics, the Company's policies and regulations,
including but not limited to, policies regarding trading in the Common Stock or
reimbursement of business expenses or any other applicable policies, rules or
regulations of the Company, or (B) in improper conduct which would result in a
material injury to the business, condition (financial or otherwise), results of
operations or prospects of the Company or its Affiliates (as determined in good
faith by the Board of Directors of the Company or a committee thereof);
provided, however, that no termination pursuant to clause (ii) or (iii) hereof
shall become effective unless Employee shall have failed to cure such Cause to
the satisfaction of the Board of Directors of the Company in their sole
discretion within thirty (30) days after receiving a Notice of Termination
detailing the alleged Cause.

      5.4   Without Cause. The Company may terminate this Agreement Without
Cause, upon written notice to the Employee delivered in accordance with Sections
5.7 and 10.1 hereof. For purposes of this Agreement, the Employee will be deemed
to have been terminated "Without Cause" if the Employee is terminated by the
Company for any reason other than Cause, Disability or death.

      5.5   Good Reason. Prior to a Change in Control, the Employee may
terminate his employment hereunder for Good Reason. For purposes of this
Agreement, "Good Reason" shall mean (i) a material diminution of the Employee's
title, authority, status or responsibilities; (ii) a material breach by the
Company of this Agreement; or (iii) the Company requires Employee to locate his
office to a location more than fifty miles outside of the Houston, Texas
metropolitan area.

      5.6   Voluntary Termination. The Employee may voluntarily terminate this
Agreement, upon written notice to the Company delivered in accordance with
Sections 5.7 and 10.1 hereof.

      5.7   Notice of Termination. Any termination of this Agreement by the
Company for Cause, Without Cause or as a result of the Employee's Disability,
the Employee's Termination for Good Reason, or Voluntary Termination by the
Employee, shall be communicated by Notice of Termination to the other party
hereto given in accordance with this Agreement. For purposes

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of this Agreement, a "Notice of Termination" means a written notice which (i)
indicates the specific termination provision in this Agreement relied upon, (ii)
sets forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Employee's employment under the provision so
indicated and (iii) specifies the termination date, if such date is other than
the date of receipt of such notice (which termination date, except as provided
in Section 5.3, shall not be more than 15 days after the giving of such notice).

6.    Obligations of Company upon Termination.

      6.1   Cause; Death or Voluntary Termination by Employee. If this
Agreement shall be terminated either by the Company for Cause, or as a result of
the Employee's death or Voluntary Termination by Employee, or expiration of the
Employment Period, the Company shall pay to the Employee or, if applicable, to
Employee's estate:

            (a)  payment in accordance  with regular  payroll  procedures of
      Employee's  Base Salary (as in effect on the Date of Termination) due
      through the Date of Termination; and

            (b)  all benefits under the Company's benefit plans and programs in
      which Employee participates, subject to the terms and conditions of such
      plans. Employee's participation in all Company benefit plans and programs
      shall cease as of the Date of Termination subject to the terms and
      conditions of the governing plan documents of such plans.

In addition, if this Agreement is terminated on account of the Employee's death,
a pro rata portion of the Bonus payable pursuant to Section 4.2 due through the
Date of Termination shall be paid to the Employee's estate in a cash lump sum.

      6.2   Prior to a Change in Control: Without Cause, Disability or for Good
Reason. If prior to a Change in Control, this Agreement shall be terminated by
the Company Without Cause, or due to Employee's Disability, or by the Employee
for Good Reason, the Company shall pay to the Employee, (i) payment in
accordance with regular payroll procedures of Employee's Base Salary (as in
effect on the Date of Termination) due through the Date of Termination; (ii)
payment of a pro rata Bonus for the period through the Date of Termination;
(iii) all benefits under the Company's benefit plans and programs in which
Employee participates, subject to the terms and conditions of such plans;
provided, however, that group medical benefits for Employee and dependents of
Employee on the Date of Termination shall be continued for a period of the
lesser of 18 months or the remainder of the Employment Term without the
application of the Automatic Extension described in Section 3 not yet in effect
with premiums to be paid by Employee at the same rate paid by employees who have
not been terminated and such period of coverage shall be offset by any period of
group health continuation coverage required under the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended ("COBRA"); and (iv) an amount,
payable pro rata over a period of 18 months, equal to the sum of (A) the lesser
of (1) one and one-half times the Base Salary in effect during the current year
and (2) the aggregate amount of Base Salary that would be due under the
remaining term of the Employment Period without the application of any Automatic
Extension described in Section 3 not yet in effect; and (B) one and one-half
times the Bonus paid for the

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immediate preceding full year. All amounts shall be paid in accordance with the
Company's normal payroll practices and subject to applicable federal, state and
local taxes.

         6.3   After a Change in Control: Without Cause, Disability or for Good
Reason. If after a Change in Control this Agreement shall be terminated by the
Company Without Cause or due to the Employee's Disability or by the Employee for
Good Reason, the Company shall pay to the Employee, (i) payment in accordance
with regular payroll procedures of Employee's Base Salary (as in effect on the
Date of Termination) due through the Date of Termination; (ii) payment of a pro
rata Bonus for the period through the Date of Termination; (iii) all benefits
under the Company's benefit plans and programs in which Employee participates,
subject to the terms and conditions of such plans; provided, however, that group
medical benefits for Employee and dependents of Employee on the Date of
Termination shall be continued for a period of three years with premiums to be
paid by Employee at the same rate paid by employees who have not been terminated
and such period of coverage shall be offset by any period of group health
continuation coverage required under COBRA; and (iv) payment in a lump sum on or
within ten days following the applicable Date of Termination of an amount equal
to the sum of (A) three times the base salary as in effect on the Date of
Termination and (B) three times the highest Bonus received in any one of the
three years preceding the Date of Termination. All amounts shall be subject to
applicable federal, state and local taxes, and (excepting payment pursuant to
clause (iv)) paid in accordance with the Company's normal payroll practices.

         6.4   Change in Control; Requirement of an Additional Payment in
Certain Circumstances.

               (a)   In the event that Employee is deemed to have received an
         "excess parachute payment" (as defined in Section 280G(b) of the Code)
         which is subject to the excise taxes (the "Excise Taxes") imposed by
         Section 4999 of the Code in respect of any payment pursuant to this
         Agreement or any other agreement, plan, instrument or obligation, in
         whatever form, the Company shall make the Additional Payment (defined
         below) to Employee notwithstanding any contrary provision in this
         Agreement or any other agreement, plan, instrument or obligation.

               (b)   The term "Additional Payment" means a cash payment in an
         amount equal to the sum of (i) all Excise Taxes payable by Employee,
         plus (ii) all additional Excise Taxes and federal or state income taxes
         to the extent such taxes are imposed in respect of the Additional
         Payment, such that Employee shall be in the same after-tax position and
         shall have received the same benefits that he would have received if
         the Excise Taxes had not been imposed. For purposes of calculating any
         income taxes attributable to the Additional Payment, Employee shall be
         deemed for all purposes to be paying income taxes at the highest
         marginal federal income tax rate, taking into account any applicable
         surtaxes and other generally applicable taxes which have the effect of
         increasing the marginal federal income tax rate and, if applicable, at
         the highest marginal state income tax rate, to which the Additional
         Payment and Employee are subject. An example of the calculation of the
         Additional Payment is set forth below. Assume that the Excise Tax rate
         is 20%, the highest federal marginal income tax rate is 40% and
         Employee is not subject to state income taxes. Further assume that
         Employee has received an excess parachute payment in the amount of
         $200,000, on which $40,000 ($200,000 x 20%) in

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         Excise Taxes are payable. The amount of the required Additional Payment
         is thus computed to be $100,000, i.e., the Additional Payment of
         $100,000, less additional Excise Taxes on the Additional Payment of
         $20,000 (i.e., 20% x $100,000) and income taxes of $40,000 (i.e., 40% x
         $100,000), yields $40,000, the amount of the Excise Taxes payable in
         respect of the original excess parachute payment.

               (c)   Employee agrees to reasonably cooperate with the Company to
         minimize the amount of the excess parachute payments, including,
         without limitation, assisting the Company in establishing that some or
         all of the payments received by Employee that are "contingent on a
         change," as described in Section 280G(b)(2)(A)(i) of the Code, are
         reasonable compensation for personal services actually rendered by
         Employee before the date of such change or to be rendered by Employee
         on or after the date of such change. In the event that the Company is
         able to establish that the amount of the excess parachute payments is
         less than originally anticipated by Employee, Employee shall refund to
         the Company any excess Additional Payment to the extent not required to
         pay Excise Taxes or income taxes (including those incurred in respect
         of receipt of the Additional Payment). Notwithstanding the foregoing,
         Employee shall not be required to take any action which his attorney or
         tax advisor advises him in writing (i) is improper or (ii) exposes
         Employee to personal liability. Employee may require the Company to
         deliver to Employee an indemnification agreement in form and substance
         reasonably satisfactory to Employee as a condition to taking any action
         required by this subsection (c).

               (d)   The Company shall make any payment required to be made
         under this Section 6.4 in a cash lump sum after the date on which
         Employee received or is deemed to have received any such excess
         parachute payment. Any payment required to be paid by the Company under
         this Section 6.4 which is not paid within 30 days of receipt by the
         Company of Employee's written demand therefor shall thereafter be
         deemed delinquent, and the Company shall pay to Employee immediately
         upon demand interest at the highest nonusurious rate per annum allowed
         by applicable law from the date such payment becomes delinquent to the
         date of payment of such delinquent sum with interest.

               (e)   In the event that there is any change to the Code which
         results in the recodification of Section 280G or Section 4999 of the
         Code, or in the event that either such section of the Code is amended,
         replaced or supplemented by other provisions of the Code of similar
         import ("Successor Provisions"), then this Agreement shall be applied
         and enforced with respect to such new Code provisions in a manner
         consistent with the intent of the parties as expressed herein, which is
         to assure that Employee is in the same after-tax position and has
         received the same benefits that he would have been in and received if
         any taxes imposed by Section 4999 (or any Successor Provisions) had not
         been imposed.

               (f)   All determinations required to be made under this Section
         6.4 including, without limitation, whether and when a Additional
         Payment is required, and the amount of such Additional Payment and the
         assumptions to be utilized in arriving at such determinations, unless
         otherwise expressly set forth in this Agreement, shall be made within
         30 days from the Change in Control Date by the independent tax
         consultant(s) selected by the Company and reasonably acceptable to
         Employee ("Tax Consultant").

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         The Tax Consultant must be a qualified tax attorney or certified public
         accountant. All fees and expenses of the Tax Consultant shall be paid
         in full by the Company. Any Excise Taxes as determined pursuant to this
         Section 6.4 shall be paid by the Company to the Internal Revenue
         Service or any other appropriate taxing authority on Employee's behalf
         within five (5) business days after receipt of the Tax Consultant's
         final determination to Company and Employee.

               (g)   If the Tax Consultant determines that there is substantial
         authority (within the meaning of Section 6662 of the Code) that no
         Excise Taxes are payable by Employee, the Tax Consultant shall furnish
         Employee with a written opinion that failure to disclose or report the
         Excise Taxes on Employee's federal income tax return will not
         constitute a substantial understatement of tax or be reasonably likely
         to result in the imposition of a negligence or any other penalty.

               (h)   The Company shall indemnify and hold harmless the Employee,
         on an after-tax basis, from any costs, expenses, penalties, fines,
         interest or other liabilities ("Losses") incurred by Employee with
         respect to the exercise by the Company of any of its rights under this
         Section 6.4, including, without limitation, any Losses related to the
         Company's decision to contest a claim of any imputed income to
         Employee. The Company shall pay all fees and expenses incurred under
         this Section 6.4, and shall promptly reimburse Employee for the
         reasonable expenses incurred by Employee in connection with any actions
         taken by the Company or required to be taken by Employee hereunder. Any
         payments owing to Employee and not made within 30 days of delivery to
         the Company of evidence of Employee's entitlement thereto shall be paid
         to Employee together with interest at the maximum nonusurious rate
         permitted by law.

7.       Employee's Obligation to Avoid Conflicts of Interest.

         7.1   In keeping with the Employee's fiduciary duties to the Company
and in addition to the Company's policies and procedures regarding conflicts of
interest, the Employee agrees that he shall not knowingly during the term of his
employment hereunder become involved in a conflict of interest with the Company,
or upon discovery thereof, allow such a conflict to continue. The Employee
further agrees to disclose to the Company, promptly after discovery, any facts
or circumstances which might involve a conflict of interest with the Company.

         7.2   The Company and the Employee recognize that it is impossible to
provide an exhaustive list of actions or interests which constitute a "conflict
of interest." Moreover, the Company and the Employee recognize that there are
many borderline situations. In some instances, full disclosure of facts by the
Employee to the Company is all that is necessary to enable the Company to
protect its interests. In others, if no improper motivation appears to exist and
the Company's interests have not suffered, prompt elimination of the outside
interest will suffice. In still others, it may be necessary for the Company to
terminate the employment relationship.

         7.3   In this connection, it is agreed that any direct or indirect
interest in, connection with or benefit from any outside activities,
particularly commercial activities, which interest might in any way adversely
affect the Company or its Affiliates, involves a possible conflict of

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interest; provided, however, that the Company acknowledges that Employee is a
director of Wembley Limited and the Employee's provision of such services to
Wembley Limited is acceptable to the Company as long as such services do not
result in a conflict of interest. Circumstances in which a conflict of interest
on the part of the Employee would or might arise, and which should be reported
immediately to the Company, include, but are not limited to, the following:

               (a)   Ownership of a material interest in any lender, supplier,
         contractor, subcontractor, customer or other entity with which the
         Company does business.

               (b)   Acting in any capacity, including director, officer,
         partner, consultant, employee, distributor, agent or the like, for any
         lender, supplier, contractor, subcontractor, customer or other entity
         with which the Company does business.

               (c)   Acceptance, directly or indirectly, of payments, services
         or loans from a lender, supplier, contractor, subcontractor, customer
         or other entity with which the Company does business, including,
         without limitation, gifts, trips, entertainment or other favors of more
         than a nominal value, but excluding loans from publicly held insurance
         companies and commercial or savings banks at market rates of interest.

               (d)   Improper use of information or facilities to which the
         Employee has access in a manner which will be detrimental to the
         Company's interests, such as use for the Employee's own benefit of
         know-how or information developed through the Company's business
         activities.

               (e)   Improper disclosure or other misuse of information of any
         kind obtained through the Employee's connection with the Company.

               (f)   Acquiring or trading in, directly or indirectly, other
         properties or interests connected with the design or marketing of
         products or services designed or marketed by the Company.

8.       Employee's Confidentiality Obligation.

         8.1   (a)   Employee acknowledges that his employment hereunder gives
him access to Confidential Information relating to the business of the Company,
its Affiliates and their customers that must remain confidential. Employee
acknowledges that this information is valuable, special, and a unique asset of
the business of the Company and its Affiliates, and that it has been and will be
developed by the Company and its Affiliates at considerable effort and expense,
and if it were to be known and used by others engaged in a Competitive Business,
it would be harmful and detrimental to the interests of the Company and its
Affiliates. In consideration of the foregoing, Employee hereby agrees and
covenants that, during and after the Employment Period, Employee will not,
directly or indirectly in one or a series of transactions, disclose to any
person, or use or otherwise exploit for Employee's own benefit or for the
benefit of anyone other than the Company or its Affiliates, Confidential
Information (as defined in Section 8.2) whether prepared by Employee or not;
provided, however, that any Confidential Information may be disclosed (i) to
officers, representatives, employees and agents of the

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Company and its Affiliates who need to know such Confidential Information in
order to perform the services or conduct the operations required or expected of
them in the business of the Company or its Affiliates, or (ii) otherwise in
connection with Employee's performance of his duties hereunder on behalf of the
Company. Employee shall not remove any Confidential Information from the
premises of the Company and its Affiliates, except as required in his normal
course of employment by the Company. Employee shall instruct all persons or
entities to whom any Confidential Information shall be disclosed by him
hereunder to observe the terms and conditions set forth herein as though each
such person or entity was bound hereby. Employee shall have no obligation
hereunder to keep confidential any Confidential Information if and to the extent
disclosure of any thereof is specifically required by law; provided, however,
that in the event disclosure is required by applicable law, Employee shall
provide the Company with prompt notice of such requirement, if practicable,
prior to making any disclosure, so that the Company may seek an appropriate
protective order. At the request of the Company, Employee agrees to deliver to
the Company, at any time during the Employment Period, or thereafter, all
Confidential Information which he may possess or control. Employee agrees that
all Confidential Information of the Company (whether now or hereafter existing)
conceived, discovered or made by him during the Employment Period exclusively
belongs to the Company (and not to Employee). Executive will promptly disclose
such Confidential Information to the Company and perform all actions reasonably
requested by the Company to establish and confirm such exclusive ownership.

         (b)   In the event that Employee breaches his obligations in any
material respect under this Section 8, the Company, in addition to pursuing all
available remedies under this Agreement, at law or otherwise, including but not
limited to an injunction, and without limiting its right to pursue the same
shall cease all payments and benefits to Employee under Section 6 of this
Agreement.

         (c)   The terms of this Section 8 shall survive the termination of this
Agreement regardless of who terminates this Agreement, or the reasons therefor.

         8.2   "Confidential Information" means information, which is used in
the business of the Company or its Affiliates and (i) is proprietary to, about
or created by the Company or its Affiliates, (ii) gives the Company or its
Affiliates some competitive business advantage or the opportunity of obtaining
such advantage or the disclosure of which could be detrimental to the interests
of the Company or its Affiliates, or (iii) is designated as Confidential
Information by the Company or its Affiliates, is known by the Employee to be
considered confidential by the Company or its Affiliates, or from all the
relevant circumstances should reasonably be assumed by the Employee to be
confidential and proprietary to the Company or its Affiliates, and (iv) is not
generally known by non-Company personnel. Such Confidential Information
includes, without limitation, the following types of information and other
information of a similar nature (whether or not reduced to writing or designated
as confidential):

               (a)   Internal personnel and financial information of the Company
         or its Affiliates, vendor information (including vendor
         characteristics, services, prices, lists and agreements), purchasing
         and internal cost information, internal service and operational
         manuals, and the manner and methods of conducting the business of the
         Company or its Affiliates;

                                      -11-

<PAGE>

          (b) Marketing and development plans, price and cost data, price and
     fee amounts, pricing and billing policies, quoting procedures, marketing
     and sales techniques, forecasts and forecast assumptions and volumes, and
     future plans and potential strategies (including, without limitation, all
     information relating to any acquisition prospect and the identity of any
     key contact within the organization of any acquisition prospect) of the
     Company or its Affiliates which have been or are being discussed;

          (c) Names of customers and their representatives, contracts (including
     their contents and parties), customer services, and the type, quantity,
     specifications and content of products and services purchased, leased,
     licensed or received by customers of the Company or its Affiliates;

          (d) Confidential and proprietary information provided to the Company
     or its Affiliates by any actual or potential customer, government agency or
     other third party (including businesses, consultants and other entities and
     individuals).

          (e) Any trade secret, confidential study, data, calculations, software
     storage media or other compilation of information, patent, patent
     application, copyright, trademark, trade name, service mark, service name,
     "know-how" and trade secrets; and

          (f) Business acquisition plans or any portion or phase of any
     scientific or technical information, ideas, discoveries, designs, computer
     programs (including source of object codes), processes, procedures,
     research or technical data, improvements or other proprietary or
     intellectual property of the Company or its Affiliates, whether or not in
     written or tangible form, and whether or not registered, and including all
     files, records, manuals, books, catalogues, memoranda, notes, summaries,
     plans, reports, records, documents and other evidence thereof.

     8.3  As a consequence of the Employee's acquisition or anticipated
acquisition of Confidential Information, the Employee shall occupy a position of
trust and confidence with respect to the affairs and business of the Company and
its Affiliates. In view of the foregoing and of the consideration to be provided
to the Employee, the Employee agrees that it is reasonable and necessary that
the Employee make each of the following covenants:

          (a) At any time during the Employment Period and thereafter, the
     Employee shall not disclose Confidential Information to any person or
     entity, either inside or outside of the Company and its Affiliates, other
     than as necessary in carrying out his duties and responsibilities as set
     forth in Section 2 hereof, without first obtaining the Company's prior
     written consent (unless such disclosure is compelled pursuant to court
     orders or subpoena, and at which time the Employee shall give notice of
     such proceedings to the Company).

          (b) At any time during the Employment Period and thereafter, the
     Employee shall not use, copy or transfer Confidential Information other
     than as necessary in carrying out his duties and responsibilities as set
     forth in Section 2 hereof, without first obtaining the Company's prior
     written consent.

                                      -12-

<PAGE>

          (c) On the Date of Termination, the Employee shall promptly deliver to
     the Company (or its designee) all written materials, records and documents
     made by the Employee or which came into his possession prior to or during
     the Employment Period concerning the business or affairs of the Company or
     its Affiliates, including, without limitation, all materials containing
     Confidential Information.

9.   Employee's Non-Competition Obligation.

     9.1  Employee acknowledges that the services to be provided by him under
this Agreement give him the opportunity to have special knowledge of the Company
and its Confidential Information and the capabilities of individuals employed by
or affiliated with the Company, and that interference in these relationships
would cause irreparable injury to the Company. In consideration of this
Agreement, including but not limited to, the amounts payable by the Company upon
termination of Employee Without Cause, Employee covenants and agrees that:

          (a) During the Restricted Period, Employee will not, without the
     express written approval of the Board of Directors of the Company, anywhere
     in the Market, directly or indirectly, in one or a series of transactions,
     own, manage, operate, control, invest or acquire an interest in, or
     otherwise engage or participate in, whether as a proprietor, partner,
     stockholder, lender, director, officer, employee, joint venturer, investor,
     lessor, supplier, customer, agent, representative or other participant, in
     any Competitive Business without regard to (A) whether the Competitive
     Business has its office, manufacturing or other business facilities within
     or without the Market, (B) whether any of the activities of Employee
     referred to above occur or are performed within or without the Market or
     (C) whether Employee resides, or reports to an office, within or without
     the Market; provided, however, that (x) Employee may, anywhere in the
     Market, directly or indirectly, in one or a series of transactions, own,
     invest or acquire an interest in up to five percent (5%) of the capital
     stock of a Competitive Business whose capital stock is traded publicly, or
     that (y) Employee may accept employment with a successor company to the
     Company.

          (b) During the Restricted Period, Employee will not without the
     express prior written approval of the Board of Directors of the Company (A)
     directly or indirectly, in one or a series of transactions, recruit,
     solicit or otherwise induce or influence any proprietor, partner,
     stockholder, lender, director, officer, employee, sales agent, joint
     venturer, investor, lessor, supplier, customer, agent, representative or
     any other person which has a business relationship with any of the Company
     or had a business relationship with the Company within the twenty-four (24)
     month period preceding the date of the incident in question, to
     discontinue, reduce or modify such employment, agency or business
     relationship with the Company, or (B) employ or seek to employ or cause any
     Competitive Business to employ or seek to employ any person or agent who is
     then (or was at any time within six months prior to the date Employee or
     the Competitive Business employs or seeks to employ such person) employed
     or retained by the Company. Notwithstanding the foregoing, nothing herein
     shall prevent Company from providing a letter of recommendation to an
     employee with respect to a future employment opportunity.

                                      -13-

<PAGE>

          (c) The scope and term of this Section 9 would not preclude him from
     earning a living with an entity that is not a Competitive Business.

          (d) The terms of this Section 9 shall survive termination of this
     Agreement regardless of who terminates this Agreement, or the reasons
     therefor.

     9.2  "Competitive Business" means any business which competes, directly or
indirectly, with the Company's or an Affiliate's business in the Market.

     9.3  "Market" means any county in the United States of America and each
other similar jurisdiction in any other country in which the business of the
Company or its Affiliates was conducted, pursued by, or engaged in prior to the
date hereof or is conducted or engaged in or pursued, or is proposed to be
conducted, engaged in or pursued, by the Company or an Affiliate during the
Employment Period.

     9.4  "Restricted Period" means the period commencing on the date of this
Agreement and continuing through (i) prior to a Change in Control, the
eighteen-month anniversary of the Date of Termination or (ii) after a Change in
Control, the three year period after the Date of Termination.

     9.5  In the event that Employee breaches his obligations in any material
respect under this Section 9, the Company, in addition to pursuing all available
remedies under this Agreement, at law or otherwise, including but not limited to
an injunction, and without limiting its right to pursue the same shall cease all
payments and benefits to Employee under Section 6 of this Agreement.

10.  Miscellaneous.

     10.1 Notices. All notices and other communications required or permitted
hereunder or necessary or convenient in connection herewith shall be in writing
and shall be deemed to have been given when delivered by hand or mailed by
registered or certified mail, return receipt requested, as follows (provided
that notice of change of address shall be deemed given only when received):

          If to the Company to:

          Gundle/SLT Environmental, Inc.
          19103 Gundle Road
          Houston, Texas 77073
          Attention: Chairman, Compensation Committee

          If to the Employee to:

          Samir T. Badawi
          5303 Holly Springs Drive
          Houston, Texas 77056

                                      -14-

<PAGE>

or to such other names or addresses as the Company or the Employee, as the case
may be, shall designate by notice to the other party hereto in the manner
specified in this Section 10.1.

         10.2 Waiver of Breach. The waiver by any party hereto of a breach of
any provision of this Agreement shall neither operate nor be construed as a
waiver of any subsequent breach by any party.

         10.3 No Mitigation; No Offset. In the event of any termination of the
Employee's employment hereunder, the Employee shall be under no obligation to
seek other employment or otherwise mitigate the obligations of the Company under
this Agreement, and there shall be no offset against amounts or benefits due the
Employee under this Agreement or otherwise on account of (a) any claim that the
Company may have against him or (b) any remuneration or other benefit earned or
received by the Employee after such termination.

         10.4 Assignment. This Agreement shall be binding upon and inure to the
benefit of the Company, its successors, legal representatives and assigns, and
upon the Employee, his heirs, executors, administrators, representatives and
assigns; provided, however, the Employee agrees that his rights and obligations
hereunder are personal to him and may not be assigned without the express
written consent of the Company.

         10.5 Entire Agreement; No Oral Amendments. This Agreement, together
with any exhibit attached hereto and any document, policy, rule or regulation
referred to herein, replaces and merges all previous agreements and discussions
relating to the same or similar subject matter between the Employee and the
Company and constitutes the entire agreement between the Employee and the
Company with respect to the subject matter of this Agreement. This Agreement may
not be modified in any respect by any verbal statement, representation or
agreement made by any employee, officer, or representative of the Company or by
any written agreement unless signed by an officer of the Company who is
expressly authorized by the Company to execute such document.

         10.6 Enforceability. If any provision of this Agreement or application
thereof to anyone or under any circumstances shall be determined to be invalid
or unenforceable, such invalidity or unenforceability shall not affect any other
provisions or applications of this Agreement which can be given effect without
the invalid or unenforceable provision or application.

         10.7 Jurisdiction; Venue. The laws of the State of Texas shall govern
the interpretation, validity and effect of this Agreement without regard to the
place of execution or the place for performance thereof, and the Company and the
Employee agree that the state and federal courts situated in Harris County,
Texas shall have personal jurisdiction over the Company and the Employee to hear
all disputes arising under this Agreement. This Agreement is to be at least
partially performed in Harris County, Texas, and as such, the Company and the
Employee agree that venue shall be proper with the state or federal courts in
Harris County, Texas to hear such disputes. In the event either the Company or
the Employee is not able to effect service of process upon the other party
hereto with respect to such disputes, the Company and the Employee expressly
agree that the Secretary of State for the State of Texas shall be an

                                      -15-

<PAGE>

agent of the Company and/or the Employee to receive service of process on behalf
of the Company and/or the Employee with respect to such disputes.

          10.8  Indemnification. Employee shall be entitled to indemnification
as provided to other officers and directors generally under the Company's
indemnification policies and procedures.

          10.9  Injunctive Relief. The Company and the Employee agree that a
breach of any term of Sections 8 or 9 of this Agreement by the Employee would
cause irreparable damage to the Company and that, in the event of such breach,
the Company shall have, in addition to any and all remedies of law, the right to
any injunction, specific performance and other equitable relief to prevent or to
redress the violation of the Employee's duties or responsibilities hereunder.

          10.10 Arbitration.

                (a) If a dispute arises about whether Cause or Good Reason has
          occurred, the Employee's Termination Date shall be deferred until such
          dispute is resolved under American Arbitration Association commercial
          dispute resolution rules and procedures (the "Rules"). Any arbitration
          hereunder shall be conducted before a panel of three arbitrators
          unless the parties mutually agree that the arbitration shall be
          conducted before a single arbitrator. The arbitrators shall be
          selected (from lists provided by the AAA) through mutual agreement of
          the parties, if possible. If the parties fail to reach agreement upon
          appointment of arbitrators within twenty (20) days following receipt
          by one party of the other party's notice of desire to arbitrate, then
          within five (5) days following the end of such 20-day period, each
          party shall select one arbitrator who, in turn, shall within five (5)
          days jointly select the third arbitrator to comprise the arbitration
          panel hereunder. The site for any arbitration hereunder shall be in
          Harris County, Texas, unless otherwise mutually agreed by the parties,
          and the parties hereby waive any objection that the forum is
          inconvenient.

               (b) The party submitting any matter to arbitration shall do so in
          accordance with the Rules. Notice to the other party shall state the
          question or questions to be submitted for decision or award by
          arbitration.

               (c) The arbitrator shall set the date, time and place for each
          hearing, and shall give the parties advance written notice in
          accordance with the Rules. Any party may be represented by counsel or
          other authorized representative at any hearing. The arbitration shall
          be governed by the Federal Arbitration Act, 9 U.S.C. Sections 1 et.
          seq. (or its successor). The arbitrator shall apply the substantive
          law and the law of remedies, if applicable) of the State of Texas to
          the claims asserted to the extent that the arbitrator determines that
          federal law is not controlling.

               (d) (1) Any award of an arbitrator shall be final and binding
          upon the parties to such arbitration, and each party shall immediately
          make such changes in its conduct or provide such monetary payment or
          other relief as such award requires. The parties agree that the award
          of the arbitrator shall be final and binding and shall be subject only
          to the judicial review permitted by the Federal Arbitration Act; and
          (2) the

                                      -16-

<PAGE>

         parties hereto agree that the arbitration award may he entered with any
         court having jurisdiction and the award may then be enforced as between
         the parties, without further evidentiary proceedings, the same as if
         entered by the court at the conclusion of a judicial proceeding in
         which no appeal was taken. The Company and the Employee hereby agree
         that a judgment upon any award rendered by an arbitrator may be
         enforced in other jurisdictions by suit on the judgment or in any other
         manner provided by law.

                (e) Each party shall pay any monetary amount required by the
         arbitrator's award, and the fees, costs and expenses for its own
         counsel, witnesses and exhibits, unless otherwise determined by the
         arbitrator in the award. The compensation and costs and expenses
         assessed by the arbitrator(s) and the AAA shall be split evenly between
         the parties unless otherwise determined by the arbitrator in the award.
         If court proceedings to stay litigation or compel arbitration are
         necessary, the party who opposes such proceedings to stay litigation or
         compel arbitration, if such party is unsuccessful, shall pay all
         associated costs, expenses, and attorney's fees which are reasonably
         incurred by the other party as determined by the arbitrator.

         10.11 Attorney's Fees. Except as otherwise provided herein, Employee's
reasonable attorneys' fees actually incurred in connection with negotiating
and/or enforcing this Agreement shall be paid by the Company.

          IN WITNESS WHEREOF, the undersigned, intending to be legally bound,
have executed this Agreement as of the date first written above.

                                       GUNDLE/SLT ENVIRONMENTAL, INC.

                                       By:  /s/ E. T. Sheehan
                                            -----------------
                                       Name:  Edward. T. Sheehan
                                              ------------------
                                       Title:  Chairman Compensation Committee
                                               -------------------------------

                                       EMPLOYEE:

                                       By:  /s/ Samir T. Badawi
                                            -------------------
                                                Samir T. Badawi

                                      -17-QuickLinks
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Exhibit 10.81    
  

 
 

FORM OF PARENT GUARANTY    
  

        This
PARENT GUARANTY, dated as of October    , 2002, is made by WYNN RESORTS, LIMITED, a Nevada corporation ("Wynn Resorts"),
in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as the Mortgage Notes Indenture Trustee (in such capacity, the "Mortgage Notes Indenture
Trustee"), for the registered holders (the "Holders") of the            % Mortgage Notes due 2010 (the
"Notes") issued by Wynn Las Vegas, LLC, a Nevada limited liability company ("Wynn Las Vegas"), and Wynn
Las Vegas Capital Corp., a Nevada corporation (together with Wynn Las Vegas, the "Note Issuers"), in the aggregate principal amount at maturity of
$365,000,000 under that certain Indenture, dated as of even date herewith (as amended, supplemented or otherwise modified from time to time, the
"Indenture"), among the Note Issuers, the Mortgage Notes Indenture Trustee and certain other parties signatory thereto. 

RECITALS:  

        WHEREAS, pursuant to the Indenture, the Holders have agreed to purchase the Notes upon the terms and subject to the conditions set forth therein; 

        WHEREAS,
Wynn Resorts indirectly owns 100% of the Capital Stock of each of the Note Issuers; 

        WHEREAS,
the proceeds of the Notes issued under the Indenture will be used in part to enable the Note Issuers to make valuable transfers to one or more other Persons, each of which are
directly or indirectly wholly-owned Subsidiaries of Wynn Resorts; 

        WHEREAS,
Wynn Resorts will derive substantial direct and indirect benefit from the purchase of the Notes by the Holders under the Indenture; and 

        WHEREAS,
it is a condition precedent to the obligation of the Holders to purchase the Notes under the Indenture that Wynn Resorts shall have executed and delivered this Agreement to the
Mortgage Notes Indenture Trustee for the ratable benefit of the Holders; 

        NOW,
THEREFORE, in consideration of the premises and to induce the Mortgage Notes Indenture Trustee and the Holders to enter into the Indenture and purchase the Notes, as the case may
be, Wynn Resorts hereby agrees with the Mortgage Notes Indenture Trustee, for the ratable benefit of the Holders, as follows: 

SECTION 1.    DEFINED TERMS  

        1.1.  Definitions.    Any capitalized terms used in this Agreement which are not otherwise defined herein shall have
the respective meanings ascribed to such terms in the Indenture. 

        (b)  The
following terms shall have the following meanings: 

        "Agreement": this Parent Guaranty, as the same may be amended, supplemented, replaced or otherwise modified from time to time. 

        "Disbursement Agreement": that certain Master Disbursement Agreement, dated as of    , 2002, among the Note Issuers, the
Mortgage Notes Indenture Trustee and the other parties signatory thereto, as the same may hereafter be amended or modified in accordance with its terms and the terms of the Indenture. 

        "Excluded Assets": any Capital Stock held by Wynn Resorts, other than the Capital Stock of Valvino Lamore, LLC, or any other Restricted
Entity. 

        "Issuer Obligations": with respect to each Note Issuer, the collective reference to the payment and performance by such Note Issuer of
each covenant and agreement of such Note Issuer 

 

contained in the Indenture, the Notes, each Collateral Document to which such Note Issuer is a party and each other document related thereto to which such Note Issuer is a party. 

        "Other Guarantors": collectively, any Person who guaranties the Issuer Obligations for the benefit of the Mortgage Notes Indenture Trustee
other than Wynn Resorts. 

        "Secured Parties": collectively, the Mortgage Notes Indenture Trustee and the Holders. 

        "Wynn Put Agreement": the Agreement, dated as of June 13, 2002, among Stephen A. Wynn and Wynn Resorts, relating to the
Buy-Sell Agreement, dated as of June 13, 2002, among Stephen A. Wynn, Kazuo Okada, Aruze USA and Aruze Corp. 

        1.2.  Other Definitional Provisions.    (a) The words "hereof", "herein", "hereto" and "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement
unless otherwise specified. 

        (b)  The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

        (c)  The
expressions "payment in full," "paid in full" and any other similar terms or phrases when used herein with respect to the Issuer Obligations shall mean the
unconditional, final and irrevocable payment in full, in immediately available funds, of all of the Issuer Obligations. 

SECTION 2.    GUARANTEE  

        2.1.  Guarantee. 

        (a)  Wynn
Resorts hereby unconditionally and irrevocably, guarantees to the Mortgage Notes Indenture Trustee, for the ratable benefit of the Secured Parties and their
respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by each Note Issuer when due (whether at the stated maturity, by acceleration or otherwise)
of the Issuer Obligations. 

        (b)  The
guarantee contained in this Section 2 shall remain in full force and effect until payment in full of all Issuer Obligations, notwithstanding that from time to
time during the term of the Indenture the Note Issuers may be free from any Issuer Obligations. 

        (c)  No
payment made by either Note Issuer, Wynn Resorts, any Other Guarantor or any other Person or received or collected by any Secured Party from either Note Issuer, Wynn
Resorts, any Other Guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in
payment of the Issuer Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of Wynn Resorts hereunder which shall, notwithstanding any such payment (other than any
payment made by Wynn Resorts in respect of the Issuer Obligations or any payment received or collected from Wynn Resorts in respect of the Issuer Obligations), remain liable for the Issuer Obligations
up to the maximum liability of Wynn Resorts hereunder until the Issuer Obligations are paid in full. 

        2.2.  Rights of Reimbursement, Contribution and Subrogation. 

        (a)  In
case any payment is made on account of the Issuer Obligations by Wynn Resorts or is received or collected on account of the Obligations from Wynn Resorts or its
property, Wynn Resorts may be entitled, subject to and upon payment in full of the Issuer Obligations, (A) to demand and enforce reimbursement for the full amount of such payment from the Note
Issuers and (B) to demand and enforce contribution in respect of such payment from each Other Guarantor which has not paid its 

2

 

fair share of such payment, as necessary to ensure that (after giving effect to any enforcement of reimbursement rights provided hereby) Wynn Resorts and each Other Guarantor pays its fair share of
the unreimbursed portion of such payment. 

        (b)  If
and whenever (after payment in full of the Issuer Obligations) any right of reimbursement or contribution becomes enforceable by Wynn Resorts against any Other
Guarantor as described in Section 2.2(a) or otherwise, Wynn Resorts may be entitled, subject to and upon payment in full of the Issuer Obligations, to be subrogated (equally and ratably with
all Other Guarantors entitled to reimbursement or contribution from Wynn Resorts or any Other Guarantor as described in this Section 2.2) to any security interest that may then be held by the
Mortgage Notes Indenture Trustee
upon any Collateral granted to it pursuant to the Collateral Documents. Such right of subrogation shall be enforceable solely against the Other Guarantors, and not against the Secured Parties, and
neither the Mortgage Notes Indenture Trustee nor any other Secured Party shall have any duty whatsoever to warrant, ensure or protect any such right of subrogation or to obtain, perfect, maintain,
hold, enforce or retain any Collateral for any purpose related to any such right of subrogation. If subrogation is demanded by Wynn Resorts, then (after payment in full of the Issuer Obligations) the
Mortgage Notes Indenture Trustee shall deliver to Wynn Resorts, or to a representative of Wynn Resorts or of the guarantors of the Issuer Obligations generally, at the expense of Wynn Resorts, an
instrument satisfactory to the Mortgage Notes Indenture Trustee transferring, on a quitclaim basis without any recourse, representation, warranty or obligation whatsoever, whatever security interest
the Mortgage Notes Indenture Trustee then may hold in whatever Collateral may then exist that was not previously released or disposed of by the Mortgage Notes Indenture Trustee. 

        (c)  All
rights and claims arising under this Section 2.2 or based upon or relating to any other right of reimbursement, indemnification, contribution or subrogation
that may at any time arise or exist in favor of Wynn Resorts as to any payment on account of the Issuer Obligations made by it or received or collected from its property shall be fully subordinated in
all respects to the prior payment in full of all of the Issuer Obligations. Until payment in full of the Issuer Obligations, Wynn Resorts shall not demand or receive any collateral security, payment
or distribution whatsoever (whether in cash, property or securities or otherwise) on account of any such right or claim. If any such payment or distribution is made or becomes available to Wynn
Resorts in any bankruptcy case or receivership, insolvency or liquidation proceeding, such payment or distribution shall be delivered by the Person making such payment or distribution directly to the
Mortgage Notes Indenture Trustee, for application to the payment of the Issuer Obligations. If any such payment or distribution is received by Wynn Resorts, it shall be held by Wynn Resorts in trust,
as trustee of an express trust for the benefit of the Secured Parties, and shall forthwith be transferred and delivered by Wynn Resorts to the Mortgage Notes Indenture Trustee, in the exact form
received and, if necessary, duly endorsed. 

        (d)  The
obligations of Wynn Resorts under this Agreement, including its liability for the Issuer Obligations, are not contingent upon the validity, legality, enforceability,
collectibility or sufficiency of any right of reimbursement, contribution or subrogation arising under this Section 2.2. The invalidity, insufficiency, unenforceability or uncollectibility of
any such right shall not in any respect diminish, affect or impair any such obligation or any other claim, interest, right or remedy at any time held by any Secured Party against Wynn Resorts or its
property. The Secured Parties make no representations or warranties in respect of any such right and shall have no duty to assure, protect, enforce or ensure any such right or otherwise relating to
any such right. 

        (e)  Wynn
Resorts reserves any and all other rights of reimbursement, contribution or subrogation at any time available to it as against any Other Guarantor, but
(i) the exercise and enforcement of such rights shall be subject to Section 2.2(d) and (ii) neither the Mortgage Notes Indenture Trustee nor any other Secured Party shall ever
have any duty or liability whatsoever in respect of any such right, except as provided in Section 2.2(c). 

3

 

        (f)    Wynn
Resorts waives any right or claims of right to cause a marshalling of either Note Issuer's, Wynn Resorts' or any Other Guarantor's assets or to proceed against Wynn
Resorts, either Note Issuer or any Other Guarantor in any particular order, including, but not limited to, any right arising out of Nevada Revised Statutes 40.430. 

        2.3.  Amendments, etc. with respect to the Issuer Obligations.    Wynn Resorts shall remain obligated hereunder
notwithstanding that, without any reservation of rights against any Other Guarantor and without notice to or further assent by any such guarantor, any demand for payment of any of the Issuer
Obligations made by any Secured Party may be rescinded by such Secured Party and any of the Issuer Obligations continued, and the Issuer Obligations, or the liability of any other Person upon or for
any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, increased, extended, amended,
modified, accelerated, compromised, waived, surrendered or released by any Secured Party, and the Indenture, the Notes and the Collateral Documents and any other documents executed and delivered in
connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Mortgage Notes Indenture Trustee (or the requisite Holders under the Indenture or all Holders, as
the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by any Secured Party for the payment of the Issuer Obligations may be
sold, exchanged, waived, surrendered or released. No Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Issuer
Obligations or for the guarantee contained in this Section 2 or any property subject thereto. 

        2.4.  Guarantee Absolute and Unconditional.    Wynn Resorts waives any and all notice of the creation, renewal,
extension or accrual of any of the Issuer Obligations and notice of or proof of reliance by any Secured Party upon the guarantee contained in this Section 2 or acceptance of the guarantee
contained in this Section 2; the Issuer Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in
reliance upon the guarantee contained in this Section 2; and all dealings between either Note Issuer and Wynn Resorts or any of the Other Guarantors, on the one hand, and the Secured Parties,
on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Wynn Resorts waives diligence,
presentment, protest, demand for payment and notice of default or nonpayment to or upon either Note Issuer, Wynn Resorts or any of the Other Guarantors. Wynn Resorts understands and agrees that the
guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment and performance without regard to (a) the validity or
enforceability of the Indenture, the Notes or any Collateral Document, any of the Issuer Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at
any time or from time to time held by any Secured Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance hereunder) which may at any time be
available to or be asserted by either Note Issuer or any other Person against any Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of either Note
Issuer or Wynn Resorts) which constitutes, or might be construed to constitute, an equitable or legal discharge of either Note Issuer for the Issuer Obligations, or of Wynn Resorts under the guarantee
contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against Wynn Resorts, any Secured
Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against either Note Issuer, any Other Guarantor or any other Person
or against any collateral security or guarantee for the Issuer Obligations or any right of offset with respect thereto, and any failure by any Secured Party to make any such demand, to pursue such
other rights or remedies or to collect any payments from either Note Issuer, any Other Guarantor or
any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of either Note Issuer, any Other Guarantor or any other Person or
any such collateral security, guarantee or right of offset, shall not relieve Wynn Resorts 

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of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of any Secured Party against Wynn Resorts.
For the purposes hereof "demand" shall include the commencement and continuance of any legal proceedings. 

        2.5.  Reinstatement.    The guarantee contained in this Section 2 shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Issuer Obligations is rescinded or must otherwise be restored or returned by any Secured Party upon the
insolvency, bankruptcy, dissolution, liquidation or reorganization of the Note Issuer, Wynn Resorts or any Other Guarantor, or upon or as a result of the appointment of a receiver, intervenor or
conservator of, or trustee or similar officer for, either Note Issuer, Wynn Resorts or any Other Guarantor or any substantial part of its property, or otherwise, all as though such payments had not
been made. 

        2.6.  Payments.    Wynn Resorts hereby guarantees that payments hereunder will be paid to the Mortgage Notes
Indenture Trustee without set-off or counterclaim in Dollars in immediately available funds at the Corporate Trust Office of the Trustee. 

SECTION 3.    SECURITY INTERESTS  

        3.1.  Restriction on Grant of Security Interest.    Wynn Resorts hereby agrees that it shall not grant any security
interests in any of its assets or properties (other than a security interest in favor of the Mortgage Notes Indenture Trustee for the benefit of the Holders and security interests granted in Excluded
Assets or assets or properties that individually and in the aggregate have a fair market value of less than $10,000,000) in favor of any Person to secure (i) any Indebtedness of any of its
Affiliates, (ii) any Guarantee by Wynn Resorts of Indebtedness of any of its Affiliates, or (iii) any Indebtedness incurred by Wynn Resorts (any such grant of security interest, a
"Granted Security Interest"), unless: 

        (a)  Wynn
Resorts concurrently executes and delivers to the Mortgage Notes Indenture Trustee a security agreement in substantially the form of the security agreement related
to the Granted Security Interest (a "Parent Security Agreement") and thereby grants a perfected, enforceable security interest in those assets or
properties in favor of the Mortgage Notes Indenture Trustee for the benefit of the Holders to secure the obligations of Wynn Resorts pursuant to this Agreement; and 

        (b)  the
security interest described in clause (a) above ranks senior to or is pari passu with the Granted Security
Interest. 

        3.2.  Further Assurances.    Wynn Resorts shall execute and deliver such additional instruments, certificates or
documents, and take all such actions as may be reasonably required from time to time in order to (a) carry out more effectively the purposes of this Agreement and the Parent Security Agreement
(if any), (b) create, grant, perfect and maintain the validity, effectiveness, perfection and priority of the Parent Security Agreement (if any) and the Liens created, or intended to be
created, thereby (if any), (c) ensure that this Agreement and the Liens created or purported to be created under the Parent Security Agreement (if any) have the ranking required under this
Agreement; and (d) ensure that any of the rights granted or intended to be granted to the Mortgage Notes Indenture Trustee under this Agreement or the Parent Security Agreement (if any) or
under any other instrument executed in connection therewith or granted to Wynn Resorts thereunder or under any other instrument executed in connection therewith are protected and enforced. 

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SECTION 4.    SEPARATENESS  

        Wynn Resorts hereby agrees that, for so long as there continues to be any outstanding Issuer Obligations, it shall comply with each of the following: 

        (a)  Wynn
Resorts shall not conduct business in the name of either Note Issuer, or any of the Restricted Entities, any of their Restricted Subsidiaries or the Completion
Guarantor (collectively, the "Wynn Group Members"), nor shall it refer to any of the Wynn Group Members as a division, department or other subdivision
of Wynn Resorts that is not recognized as a separate and distinct legal entity under applicable law. Wynn Resorts shall have separate stationery, invoices and checks in its own name and shall observe
all organizational formalities. Wynn Resorts shall not refer to employees of a Wynn Group Member as employees of Wynn Resorts or of any Affiliate of Wynn Resorts that is not a Wynn Group Member. Wynn
Resorts shall maintain arms'-length relationships with the Wynn Group Members, except for management fees, distributions and other specific transactions, to the extent expressly permitted by the
Indenture, the Notes or the Collateral Documents. Wynn Resorts shall maintain adequate capital in light of its contemplated business purpose, transactions and liabilities. Wynn Resorts shall not
commingle its funds with those of the Wynn Group Entities, and in all transactions involving the Wynn Group Entities and Wynn Resorts, the separate funds of each of the Wynn Group Members and Wynn
Resorts shall be clearly traceable. The assets of Wynn Resorts shall remain identifiably separate from those of the Wynn Group Members such that there will be no material difficulty in segregating the
assets of the Wynn Group Members from those of Wynn Resorts. 

        (b)  Wynn
Resorts shall not hold out the Wynn Group Members to be other than legal entities separate and distinct from Wynn Resorts, and Wynn Resorts shall not hold out that
the assets of the Wynn
Group Members are available to satisfy the liabilities of Wynn Resorts. In any communications with creditors of Wynn Resorts that refer in any way directly or indirectly to the assets, liabilities,
operations or results from operations of the Wynn Group Members, Wynn Resorts shall ensure that such communications accurately describe the separate existence of the Wynn Group Members and the fact
that the assets of the Wynn Group Members are not available to satisfy the liabilities of Wynn Resorts. 

        (c)  Wynn
Resorts shall maintain books, records and accounts separate and apart from each of the Wynn Group Members. In any consolidated financial statements of Wynn Resorts
that refer to assets, liabilities, operations or results from operations of the Wynn Group Members, Wynn Resorts shall, in footnotes or otherwise, describe the assets, liabilities, operations and
results from operations of the Wynn Group Members separately from those of Wynn Resorts and further shall note that (i) each Wynn Group Member is organized as a legal entity separate and
distinct from Wynn Resorts, (ii) there is no agreement or other arrangement or relationship under which or pursuant to which the assets of a Wynn Group Member have been pledged or otherwise
made available to satisfy the obligations of Wynn Resorts or any of its Affiliates that are not Wynn Group Members, and (iii) each Wynn Group Member has issued or guaranteed indebtedness that
is secured by Liens on substantially all of the assets of said Wynn Group Member (except as otherwise permitted by the terms of the Indenture, the Notes or the Collateral Documents). 

        (d)  In
addition to the foregoing, Wynn Resorts shall not take any other action that would reasonably be expected to call into question the separate identity of each Wynn
Group Member from Wynn Resorts, or to create or increase any risk that the assets of any Wynn Group Member will be consolidated with those of Wynn Resorts or any other Person (other than another Wynn
Group Member) under applicable federal or state bankruptcy or insolvency law. 

SECTION 5.    WYNN PUT AGREEMENT  

        Wynn Resorts hereby agrees that it shall not amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change
to, or otherwise fail to enforce, or 

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terminate or abandon, any of the provisions of the Wynn Put Agreement, if such amendment, modification, waiver or other change, failure to enforce, termination or abandonment (individually or
collectively with all such amendments, modifications, waivers and other changes, failures to enforce, terminations or abandonments taken as a whole) would (a) have a material adverse affect on
the ability of either Note Issuer, or any Restricted Entity or any of their Restricted Subsidiaries to develop, construct or operate the Project, (b) cause the Completion Date to occur or
result in that date occurring after the Scheduled Completion Deadline (as defined in the Disbursement Agreement), (c) materially impair the rights or remedies of the Holders under the
Indenture, the Notes or the Collateral Documents, or (d) materially impair the development, use or operation of the Project. Notwithstanding the provisions of this Agreement, in no event shall
Wynn Resorts be required, by reason of this Agreement or the Parent Security Agreement (if any), to become a Restricted Entity or otherwise to become subject to the restrictive covenants or other
terms of the Indenture. 

SECTION 6.    MISCELLANEOUS  

        6.1.  Amendments in Writing.    None of the terms or provisions of this Agreement may be waived, amended,
supplemented or otherwise modified except in accordance with the terms of the Indenture. 

        6.2.  Notices.    All notices, requests and demands to or upon the Mortgage Notes Indenture Trustee or Wynn Resorts
hereunder shall be effected in the manner provided for in Section 13.02 of the Indenture; provided that any such notice, request or demand to or
upon Wynn Resorts shall be addressed to Wynn Resorts at its notice address set forth below: 

        ______________________________ 

        ______________________________ 

        ______________________________

        ______________________________

        6.3.  No Waiver by Course of Conduct; Cumulative Remedies.    No Secured Party shall by any act (except by a written
instrument pursuant to Section 6.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No
failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any
right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by any Secured Party of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or remedy which such Secured Party would otherwise have on any future occasion. The rights and remedies herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

        6.4.  Enforcement Expenses; Indemnification.    (a) Wynn Resorts agrees to pay or reimburse each Secured Party for
all its costs and expenses incurred in collecting against Wynn Resorts under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement,
including,
without limitation, the fees and disbursements of counsel to each Secured Party and of counsel to the Mortgage Notes Indenture Trustee. 

        (b)  Wynn
Resorts agrees to pay, and to save the Secured Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Note Issuers
would be required to do so pursuant to Section 7.07 of the Indenture. 

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        (c)  The
agreements in this Section 6.4 shall survive repayment of the Issuer Obligations and all other amounts payable under the Indenture, the Notes and the
Collateral Documents. 

        6.5.  Successors and Assigns.    This Agreement shall be binding upon the successors and assigns of Wynn Resorts and
shall inure to the benefit of the Secured Parties and their successors and assigns; provided, that Wynn Resorts may not assign, transfer or delegate any
of its rights or obligations under this Agreement without the prior written consent of the Mortgage Notes Indenture Trustee. 

        6.6.  Set-Off.    Wynn Resorts hereby irrevocably authorizes each Secured Party at any time and from
time to time while an Event of Default shall have occurred and be continuing, without notice to Wynn Resorts or any Other Guarantor, any such notice being expressly waived by Wynn Resorts, to
set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Secured Party to or for the credit or the account of Wynn Resorts, or
any part thereof in such amounts as such Secured Party may elect, against and on account of the obligations and liabilities of Wynn Resorts to such Secured Party hereunder and claims of every nature
and description of such Secured Party against Wynn Resorts, in any currency, whether arising hereunder or otherwise, as such Secured Party may elect, whether or not any Secured Party has made any
demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. Each Secured Party shall notify Wynn Resorts promptly of any such set-off and the
application made by such Secured Party of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of
each Secured Party under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which such Secured Party may have. 

        6.7.  Representations and Warranties.    Wynn Resorts hereby represents and warrants as follows: (a) Wynn
Resorts has the requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder and under the Parent Security Agreement (if any), (b) the
execution, delivery and performance by Wynn Resorts of this Agreement and the Parent Security Agreement (if any) have been duly approved by all necessary corporate action of Wynn Resorts and no other
corporate proceedings on the part of Wynn Resorts are necessary to consummate the transactions
contemplated by this Agreement and the Parent Security Agreement (if any), (c) this Agreement has been duly executed and delivered by Wynn Resorts, and (d) this Agreement is (and, upon
the execution and delivery thereof by Wynn Resorts, the Parent Security Agreement will be) the legal, valid and binding obligations of Wynn Resorts, enforceable against Wynn Resorts in accordance with
their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights
generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

        6.8.  Counterparts.    This Agreement may be executed by one or more of the parties to this Agreement on any number
of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

        6.9.  Severability.    Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        6.10.  Section Headings.    The Section headings used in this Agreement are for convenience of
reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

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        6.11.  Integration.    This Agreement represents the agreement of Wynn Resorts, the Mortgage Notes
Indenture Trustee and the other Secured Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Secured Party
relative to subject matter hereof and thereof not expressly set forth or referred to herein. 

        6.12.  GOVERNING LAW.    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

        6.13.  Submission to Jurisdiction; Waivers.    Wynn Resorts hereby irrevocably and unconditionally: 

        (a)  submits
for itself and its property in any legal action or proceeding relating to this Agreement, the Indenture and the other Collateral Documents to which it is a
party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York, the courts of the United
States of America for the Southern District of New York, and appellate courts from any thereof; 

        (b)  consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

        (c)  agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar
form of mail), postage prepaid, to Wynn Resorts at its address referred to in Section 6.2 or at such other address of which the Mortgage Notes Indenture Trustee shall have been notified
pursuant thereto; 

        (d)  agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other
jurisdiction; and 

        (e)  waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special,
exemplary, punitive or consequential damages. 

        6.14.  Acknowledgments.    Wynn Resorts hereby acknowledges that: 

        (a)  it
has been advised by counsel in the negotiation, execution and delivery of this Agreement; 

        (b)  no
Secured Party has any fiduciary relationship with or duty to Wynn Resorts arising out of or in connection with this Agreement, and the relationship between Wynn
Resorts, on the one hand, and the Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 

        (c)  no
joint venture is created hereby or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or between Wynn Resorts and the
Secured Parties. 

        6.15.  Releases.    At such time as the Notes and the other Issuer Obligations (other than unmatured
contingent reimbursement and indemnification Obligations) shall have been paid in full, this Agreement and all obligations (other than those expressly stated to survive such termination) of the
Mortgage Notes Indenture Trustee and Wynn Resorts hereunder shall terminate, all without delivery of any instrument or performance of any act by any party. At the request and sole expense of Wynn
Resorts following any such termination, the Mortgage Notes Indenture Trustee shall execute and
deliver to Wynn Resorts such documents as Wynn Resorts shall reasonably request to evidence such termination. 

        6.16.  WAIVER OF JURY TRIAL.    WYNN RESORTS AND THE MORTGAGE NOTES INDENTURE
TRUSTEE HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, THE NOTES OR ANY COLLATERAL DOCUMENT AND FOR ANY COUNTERCLAIM
THEREIN.

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        IN
WITNESS WHEREOF, each of the undersigned has caused this Parent Guaranty to be duly executed and delivered as of the date first above written. 

	WYNN RESORTS, LIMITED,

a Nevada corporation,
	

By:	
 	

	
 	

 	
 	

 
	Name:	 	
	 	 	 	 
	Title:	 	
	 	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Mortgage Notes Indenture Trustee
	

By:	
 	

	
 	

 	
 	

 
	Name:	 	
	 	 	 	 
	Title:	 	
	 	 	 	 

10

QuickLinks

Exhibit 10.81

FORM OF PARENT GUARANTY

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