Document:

Form of Employment Agreement

 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 AGREEMENT, dated as of
[                                        
        ] (the “Effective Date”), by and between MELCO PBL ENTERTAINMENT (MACAU) LIMITED a company incorporated under the laws of Cayman Islands whose registered address is Walker House, Mary
Street, PO Box 908GT, George Town, Grand Cayman, Cayman Islands. (the “Company”), and
[                                        
        ] whose passport number is [ ] (the “Executive/employee”). 
 WHEREAS, the
Company has determined to employ the Executive/Employee, and the Executive/Employee has agreed to be employed by the Company, as the Company’s
[                                        
                                        ] in
accordance with the terms and provisions set forth herein; 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
 1. Employment and Duties. 
 (a)
General. During the Term (as hereinafter defined), the Executive/Employee shall serve as
[                                        
                ] of the Company or in any other capacity that the Company may reasonably require. The Executive’s/Employee’s place of employment shall be the
principal offices of the Company in Macau and Hong Kong; provided, however, that the Executive/Employee understands and agrees that he/she will be required to travel from time to time for business reasons between Hong Kong, Macau and
other business locations of the Company or any other Group Company. The Executive/Employee accepts and agrees (i) the Company may require him to perform duties for any other Group Company whether for the whole or part of his working time and in
performing those duties Section 1(b) will apply as if references to the Company are to the appropriate Group Company (ii) the Company may transfer his employment to any other Group Company with no impact on his responsibility, employment
terms and conditions. The Company will remain responsible for the payments and benefits he is entitled to receive under this Agreement. The Executive/Employee will keep the Board fully informed of his/her conduct of the business, finances or affairs
of the Company or any other Group Company in a prompt and timely manner. The Executive/Employee will promptly disclose to the Board full details of any wrongdoing by any employee of any Group Company where that wrongdoing is material to that
employee’s employment by the relevant company or to the interests or reputation of any Group Company. Save for those matters that are expressly contemplated and dealt with in this Agreement, the Executive’s/Employee’s entitlements and
obligations shall be governed by and subject to the Company’s internal codes, practices, policies and procedures as may be in place from time to time. 

 (b) Exclusive Services. For so long as the Executive/Employee is employed by the Company, the
Executive/Employee shall devote his full working time, attention and skill to his/her duties hereunder, shall faithfully serve the Company, shall properly perform his/her duties and exercise his/her powers, comply with the Company or Group policies
applicable to him/her from time to time regarding business conduct, confidentiality and otherwise, shall in all respects conform to and comply with the lawful directions and instructions given to him by the CEO and the Board and shall use his best
efforts to promote and serve the interests and reputation of the Company. The Executive/Employee will comply with the Company’s normal hours of work. The Executive/Employee may from time to time be required to work any additional hours the
Company considers necessary to meet its business needs but will not receive any further remuneration for any hours worked in addition to the normal working hours. Further, the Executive/Employee shall not, directly or indirectly, render services to
any other person or organization without the consent of the CEO or the Board or otherwise engage in activities that would interfere with his faithful performance of his/her duties hereunder. Notwithstanding the foregoing, the Executive/Employee
(i) may serve on corporate, civic or charitable boards or engage in charitable activities, (ii) may continue to serve on the boards of directors of any corporation on which the Executive/Employee is serving as a director on the Effective
Date and (iii) may manage personal investments, in each case, with the prior consent of the CEO or the Board, and for as long as and to the extent such activity does not interfere with the performance of the Executive’s/Employee’s
duties hereunder. 
 (c) Term of Employment. The Executive’s/Employee’s employment with the Company shall commence on
[                                    ] (the “Employment
Commencement Date”). The Executive’s/Employee employment with the Company shall continue from the Employment Commencement Date until terminated in accordance with Section 5 of this Agreement. The period from the Employment
Commencement Date until the termination of the Executive’s/Employee’s employment in accordance with Section 5 is hereinafter referred to as the “Term”. 
 2. Compensation and Other Benefits. Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and
other benefits to the Executive/Employee during the Term as compensation for services rendered hereunder (all cash payments contemplated below to be paid in Hong Kong dollars/ Macau Pataca): 
 (a) Base Salary. The Company shall pay to the Executive/Employee an annual salary (the “Base Salary”) at the rate of
HK$/MOP$[                        ], payable in substantially equal installments in accordance with the ordinary payroll practices
of the Company as established from time to time. The Base Salary shall be reviewed annually. If the Executive/Employee is requested to serve as an officer of any additional Group Company and he/she agrees to do so, he/she will do so for no extra
remuneration. 
  

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 (b) Annual Bonus. In addition to the amounts to be paid to the Executive/Employee pursuant to
Section 2(a), the Executive shall be entitled to participate in the Company Annual Bonus Scheme (with any award under such scheme being hereinafter referred to as the “Annual Bonus”). The Annual Bonus will be based upon the
achievement of one or more performance objectives and targets for each fiscal year. The target amount of the Annual Bonus for each fiscal year shall be [    ]% of the Base Salary and the maximum amount of the Annual Bonus shall
be [    ]% of the Base Salary in effect for the fiscal year for which the Annual Bonus is earned. Prior to the start of each fiscal year, the Company and the Executive/Employee shall consult reasonably and shall mutually agree
upon (i) the performance objectives and targets for the year applicable to the Annual Bonus and (ii) the specific targets that will result in the payment of the target Annual Bonus. For incompletion fiscal year, the
Executive’s/Employee’s entitlement to receive a prorated Annual Bonus shall be governed by and subject to the Company’s policies in effect as at the date of termination and in accordance with Hong Kong law. 
 (c) Equity Bonus Plan.(Only apply for Senior Executive) The Executive shall be eligible to join the Company’s Equity Bonus Plan
pursuant to which equity awards (the “Equity Awards”) and stock options (“the Share Options”) to purchase shares of Common Stock will be granted on the terms and conditions set forth in the Equity Bonus Plan and the corresponding
option agreement by and between the Company and the Executive (“the Option Agreement”), in an amount and in accordance with the terms and conditions specified by the Board. 
 (d) Visas. The Company will provide visa support for the Executive/Employee and his/her family and will apply at its expense on behalf of the
Executive/Employee for a valid employment visa for Macau (with the Executive/Employee warranting to the Company that he/she has Hong Kong permanent residency), and the Executive/Employee agrees to cooperate reasonably and in good faith with the
Company during such application process, including, without limitation, providing all information to the Company that may reasonably be required. The Executive/Employee hereby confirms that he/she has never been turned down by Macau and Hong Kong or
any other place for an employment visa. Until such time as the Executive/Employee has been granted a valid employment visa for Macau, he/she will not undertake any of his duties for the Company in that jurisdiction. 
 (e) Retirement Plan. The Company agrees to put in place a retirement scheme (“the Scheme”) which the Executive/Employee shall be
eligible to join that will (i) provide an annual Company-provided retirement accrual for the Executive/Employee for each year during the Term according to the retirement scheme rules and (ii) afford the Executive an opportunity to elect to
defer a portion of his/her annual cash compensation. For the avoidance of doubt, save as specified in this Section 2(e), the Executive’s rights and entitlements shall be governed by the terms and conditions of the Scheme. 
  

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 (f) Welfare Benefit Plans. The Company shall, during the Term and subject always to the terms of
the relevant scheme or policy and if and to the extent that such cover is available on normal terms, provide at its own expense the Executive/Employee [and his spouse and dependent children under 18 years of age with health (only apply for executive
level & above)], disability and life insurance. Any scheme or policy that is provided to the Executive/Employee is subject to the Company’s right to alter the cover provided or any term of the scheme or policy at any time if, in the
opinion of the Board, the Executive’s/employee’s state of health is or becomes such that the Company is unable to insure the benefits under the scheme or policy at the normal premiums applicable to a person of the
Executive’s/Employee’s age. The Company shall not have any liability to pay the Executive/Employee any benefit under any insurance scheme or policy unless it receives payment from the insurer under the scheme or policy itself. 

(g) Expenses. The Company shall reimburse the Executive/Employee for reasonable travel and other business-related expenses incurred by the
Executive/Employee in the fulfillment of his/her duties hereunder in accordance with the applicable expense reimbursement policies and procedures of the Company as in effect from time to time. All expense reimbursements (and payment by the Company
of other reimbursable amounts contemplated by this Section 2) shall be subject to the Executive/Employee submitting to the Company in accordance with the Company’s regular reimbursement policies reasonable documentation of the expense or
amount to be paid by the Company. 
 (h) Vacation. The Executive/Employee shall be entitled to [    ]
weeks paid holiday each holiday year during the Term to be taken at times approved by the Executive’s/Employee’s Department Head in advance. The Company’s holiday year runs from 1st January to 31st
December. The Executive/Employee may not, except with the prior written consent of Department Head, carry forward any more than five (5) days of unused holiday entitlement to any subsequent holiday year. If the Executive works only for part of
a holiday year during the Term the Executive’s holiday entitlement for that year will be pro rated to the length of his/her service. Any accrued but unused holiday entitlement shall be deemed to be taken during any period of Garden Leave. Any
accrued and unused vacation time shall be paid to the Executive in cash promptly following the expiration of the Term unless the Employment is terminated for gross misconduct or in accordance with Section 5. If the Executive/Employee has taken
in excess of his/her pro rata entitlement of holiday as at the Termination Date the Company may deduct salary in respect of the excess days from the Executive’s/Employee’s final salary payment. 
 (i) Fringe Benefits. During the Term, the Executive/Employee will be entitled to participate in the company fringe benefits programmes applicable
to the Executive’s/Employee’s level. 
  

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 (j) Settling-in Assistance. (Applicable for Expat Staff only) The Company shall pay or
reimburse the Executive the reasonable costs incurred in connection with the relocation of the Executive, his family and their furniture and personal belongings to Macau to include (i) the cost of one round trip by the Executive and his spouse
for the purposes of identifying a suitable residence and (ii) up to a maximum amount of HK$/MOP$40,000 for any miscellaneous expenses reasonably and properly incurred in connection with the relocation (“the Relocation Costs”) upon
production of satisfactory proof of payment by the Executive. If the Executive terminates the Employment pursuant to Section 5(a) within 12 months after the Employment Commencement Date he will refund to the Company 100% of the Relocation
Costs. If the Executive terminates the Employment pursuant to Section 5(a) after 12 months after the Employment Commencement Date but before 24 months after the Employment Commencement Date he will refund to the Company 50% of the Relocation
Costs. 
 (k) Home Leave. (Applicable for Expat Staff only) For each whole year during the Term, the Company shall pay for one
round-trip [                    ] class airline tickets from Hong Kong to the
[                    ] for each of the Executive, his spouse and dependent children under 18 years of age. 
 (l) Rental Reimbursement. (Applicable for Expat Staff only) During the Term the Executive/Employee shall be entitled to a rental
reimbursement of up to
[                                        ] per
month to reimburse him/her for the costs of leasing accommodation in Macau or Hong Kong for him/her and his/her family at a residence of the Executive’s/Employee’s choice. The rental reimbursement shall be paid to the Executive/Employee
with his Base Salary. The monthly rental reimbursement covers monthly rent and monthly management fees. The Company shall pay all brokerage/commission/agency fees in connection with leasing the accommodation but not monthly utility charges, which
shall be borne by the Executive/Employee. For the purposes of Hong Kong or Macau Salaries Tax, upon production of a stamped lease or other rental agreement, rental receipts and, where appropriate, the invoice for government rates and management fees
amounting to at least the above rental expenses reimbursement, the sum paid will be reported as if the accommodation were provided by the Company to the Executive/Employee. If the Executive/Employee is not able to produce any or all such
documentation or the monthly rent, rates and management fees fall short of the rental expenses reimbursement paid to him/her, payment of either the whole sum of rental expenses reimbursement paid to the Executive/Employee or the unspent balance, as
the case may be, will be made as cash allowance for Hong Kong/Macau Salaries Tax purposes and will be reported by the Company (and must be reported by the Executive) as if it were additional income. 
 (m) Income Tax. It is the Company’s principal that all employees have to take full responsibility of their income tax according to the tax
rules of the working location or the jurisdiction governing this agreement 
  

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 (n) Indemnification. During the Term and for such period following the Term as a third-party
claim could be asserted against the Executive/Employee in respect of his/her service as a director, officer or employee of any member of the Company Group, the Company shall maintain directors and officers liability insurance covering the Executive.
Such policy shall provide liability and fiduciary insurance coverage in an amount comparable to the coverage provided to officers and directors under the policies of United States companies of a similar size and capitalization as the Company.

 3. Surveillance. The Executive/Employee acknowledges that the Company will operate surveillance devices in and about the business
properties of the Company Group. The Executive/Employee agrees to the lawful (i) audio, optical and other surveillance of the Executive’s/Employee’s activities while on the business premises of the Company, including monitoring and
recording the Executive’s/Employee’s conversations; and (ii) use and disclosure by the Company, with the Executive’s/Employee’s consent, which shall not be unreasonably withheld, of audio, optical and any other surveillance
records, or the Executive’s/Employee’s activities on the business premises of the Company Group for the purpose of the Company’s business or as otherwise required by law; provided, however, such surveillance and use and
disclosure shall be limited only to actions and communications of the Executive/Employee on the business premises of the Company Group and shall not apply to any activity of the Executive/Employee not conducted on the business premises of the
Company Group. The Company shall not be permitted at any time to engage in any surveillance or monitoring activities at the Executive’s/Employee’s residence, of his/her residence telephone or residence internet connections, of his/her
cellular telephone or of any activity of the Executive/Employee not directly related to the business of the Company Group. 
 4.
Limitation on Gambling. Except with the written permission of the CEO or his authorized delegate, the Executive/Employee acknowledges and agrees that during the Term and for a six month period following the expiration of the Term, the
Executive/Employee shall be prohibited from gambling at any gaming facility or operation (including any electronic or internet-based gaming facility or operation) operated or offered by any Group Company. 
 5. Termination of Employment. 
 (a)
Termination of Employment; Notice. The Company may terminate the Executive’s/Employee’s employment, and the Executive/Employee may resign his/her employment with the Company by giving to the other not less than
[                                        
        ] months’ prior written notice to expire at any time. 
 (b) Termination of
Employment: Cause. The Company may terminate the Employment immediately for Cause in which event the Executive/Employee will have no claim for damages or any other remedy against the Company. The Company may 
  

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 suspend the Executive/Employee from the Employment on full Base Salary at any time for a reasonable period to
investigate any matter in which the Company reasonably believes the Executive/Employee is implicated or involved (whether directly or indirectly) and which might amount to Cause. 
 (c) Termination Due to Death or Disability. The Executive’s/Employee’s employment with the Company shall terminate automatically on the
date of the Executive’s/Employee’s death. In the event of the Executive’s/Employee’s Disability (as hereinafter defined), the Company shall be entitled to terminate his/her employment. In the event of termination of the
Executive’s/Employee’s employment by reason of Executive’s/Employee’s death or Disability, the Company shall pay to the Executive/Employee (or his estate, as applicable), the accrued amounts in relation to the
Executive’s/Employee’s employment with the Company. 
 (d) Notice of Termination. Any termination of employment by the
Company or the Executive/Employee shall be communicated by a written “Notice of Termination” to the other party hereto given in accordance with Section 18 of this Agreement. 
 (e) Obligations on Termination. The Executive/Employee shall on termination of the Employment or, if earlier, at the start of a period of Garden
Leave (i) (subject to Section 5(e)(ii)) deliver to the Company all materials, records and other information (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and
wherever located) made, compiled or acquired by him/her during the Employment and relating to the Company or any Group Company or its or their business contacts, any keys, credit cards and any other property of the Company or any Group Company
including any car provided by the Company which is in his/her possession, custody, care or control, (ii) where the Executive/Employee is on Garden Leave he/she shall not be required to return to the Company any property provided to him/her as a
contractual benefit, (iii) irretrievably delete any information relating to the business of the Company or any Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in his/her
possession, custody, care or control outside the premises of the Company, (iv) resign from (a) any officer or employee position the Executive/Employee has with the Company or any other Group Company and (b) all fiduciary positions
(including as a trustee) the Executive/Employee holds with respect to any employee benefit plans or trusts established by the Company and (v) confirm in writing his/her compliance with his/her obligations under this Section 5(d) if
requested to do so by the Company and shall provide it with such reasonable evidence of compliance as it may request. 
  

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 (f) Definitions: 
 “Cause” shall mean (A) the Executive’s/Employee’s (i) continued failure to perform the duties and responsibilities of his/her position as
[                    ] of the Company to the standard reasonably required by the Board or to follow a lawful order or direction of the CEO or the
Board, other than any such failure resulting from Executive’s/Employee’s sickness or Disability, (ii) fraud, dishonesty, embezzlement, or any other serious criminal act committed by the Executive/Employee; (iii) gross misconduct,
willful act or omission not done in good faith or in furtherance of the interests or business of the Company, (iv) misconduct, such conduct being inconsistent with the due and faithful discharge of his/her duties under this Agreement, or
(v) habitual neglect of his/her duties hereunder, or (B) any other ground on which the Company is entitled to terminate his/her Employment without notice at common law. 
 “Disability” shall mean the Executive’s/Employee’s absence from employment with the Company for a consecutive period of at
least 180 days. 
 6. Confidentiality. 
 (a) Confidential Information. Without limiting the Executive’s/Employee’s duties under the law, and in addition thereto, the Executive/Employee shall not, during the Term or thereafter (unless in the
course of the Executive’s/Employee’s employment and necessary for the performance of the Executive’s/Employee’s duties, or unless with the written consent of the Company), directly or indirectly divulge, disclose, or communicate
to any person, firm or corporation in any manner whatsoever any information of any kind, nature, or description concerning any matter affecting or relating to the business of the Company or any other Group Company, or any matter affecting or
relating to its or their customers, including without limitation, any trade secrets or any correspondence, accounts, connections or dealings of the Company or any other Group Company or any knowledge gained in relation thereto during the
Executive’s/Employee’s employment and any information whatsoever concerning any past or present customer of the Company or another Group Company (“Confidential Information”). 
 (b) In the event that the Executive/Employee becomes legally compelled to disclose any Confidential Information, the Executive/Employee shall provide the
Company with prompt written notice so that the Company or the relevant other Group Company may seek a protective order or other appropriate remedy. In the event that such protective order or other remedy is not obtained, the Executive/Employee shall
furnish only that portion of such Confidential Information or take only such action as is legally required by binding order and shall exercise his reasonable efforts to obtain reliable assurance that confidential treatment shall be accorded any such
Confidential Information. The Company shall promptly pay (upon receipt of invoices and any other documentation as may be requested by the Company) all reasonable expenses and fees incurred by the Executive/Employee, including attorneys’ fees,
in connection with his compliance with the immediately preceding sentence. 
  

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 (c) Exclusive Property. The Executive/Employee confirms that all Confidential Information is and
shall remain the exclusive property of the relevant Group Company. All business records, papers and documents kept or made by the Executive/Employee relating to the business of the Company or any other Group Company shall be and remain the property
of the relevant Group Company. Upon the request and at the expense of the relevant Group Company, the Executive/Employee shall promptly make all disclosures, execute all instruments and papers and perform all acts reasonably necessary to vest and
confirm in the relevant Group Company, fully and completely, all rights created or contemplated by this Section 6. 
 7. Restrictions
After Termination of Employment. 
 (a) The Executive/Employee is likely to obtain trade secrets and confidential information and personal
knowledge of and influence over suppliers, customers, consultants and employees of the Group during the course of the Employment. To protect these interests of the Company, the Executive/Employee agrees with the Company that he/she will not during
the Restricted Period, directly or indirectly: 
 (i) be engaged or concerned or interested in or serve as a director, employee or consultant
of any business carried on within the Restricted Area wholly or partly in competition with any Restricted Business (save as the holder as a passive investor only of not more than 5% of the issued ordinary shares of any company listed on NASDAQ or
any other recognized investment exchange); 
 (ii) on his/her own account or on behalf of or in association with any other third party,
solicit or seek in any capacity whatsoever, any business orders or custom which is similar to or in competition with any Restricted Business from any Customer; and 
 (iii) on his/her own account or on behalf of or in association with any other third party, induce, solicit or entice or endeavor to induce, solicit or entice away from the Company any Employee or offer employment or
engagement to any Employee with a view to the specific knowledge or skills of such person being used by or for the benefit of any person carrying on business which is similar to or in competition with the Restricted Business. 
 (b) Each of the paragraphs contained in Section 7(a) constitutes an entirely separate and independent covenant. If any covenant is found to be
invalid this will not affect the validity or enforceability of any of the other covenants. While the restrictions set out in Section 7(a) are considered by the Executive/Employee and the Company to be reasonable in all the circumstances, it is
agreed that if any one or more of such restrictions shall either taken by itself or themselves together be adjudged to go beyond what is reasonable in all the circumstances for the protection of the legitimate interests of the Company but would be
adjudged reasonable if 
  

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 any particular restriction or restrictions were deleted or if any part or parts of the wording thereof were deleted,
restricted or limited in a particular manner, then the restrictions set out in Section 7(a) shall apply with such deletions or restrictions or limitations as the case may be. 
 (c) Following the Termination Date, the Executive/Employee will not represent himself/herself as being in any way connected with the businesses of the
Company or of any other Group Company (except to the extent agreed by such a company). 
 (d) Any benefit given or deemed to be given by the
Executive/Employee to any Group Company under the terms of Section 7 is received and held on trust by the Company for the relevant Group Company. The Executive/Employee will enter into appropriate restrictive covenants directly with other Group
Companies if asked to do so by the Company. 
 8. Data Privacy. For the purposes of the Personal Data (Privacy) Ordinance the
Executive/Employee gives his/her consent to the collection and use of his personal data by the Company and other Group Companies for all purposes relating to the Employment including, but not limited to: administering and maintaining personnel
records; paying and reviewing salary and other remuneration and benefits; providing and administering benefits (including if relevant, pension, life assurance, permanent health insurance and medical insurance); undertaking performance appraisals and
reviews; maintaining sickness and other absence records; taking decisions as to the Executive’s/Employee’s fitness for work; providing references and information to future employees, and if necessary, governmental and quasi-governmental
bodies for mandatory provident fund and other purposes, the Inland Revenue; providing information to future purchasers and potential future purchasers of the Company or any other Group Companies or of the business(es) in which the Executive works;
transferring information concerning the Executive/Employee outside Hong Kong; and the lawful monitoring of communications via the Company’s or any other Group Company’s system: 
 9. No Conflicting Agreement. The Executive/Employee represents and warrants to the Company that (a) the Executive/Employee has not taken,
and/or will return or (with the consent of his former employer) destroy without retaining copies, all proprietary and confidential materials of his former employer; (b) the Executive/Employee has not used any confidential, proprietary or trade
secret information in violation of any contractual or common law obligation to his/her former employer; (c) except as previously disclosed to the Company in writing, the Executive/Employee is not party to any agreement, whether written or oral,
that would prevent or restrict him/her from engaging in activities competitive with the activities of his/her former employer, from directly or indirectly soliciting any employee, client or customer to leave the employ of, or transfer its business
away from, his/her former employer or, if the Executive is subject to such an agreement or policy, he/she has complied with it; and (d) the 
  

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 Executive is not a party to any agreement, whether written or oral, that would be breached by or would prevent or
interfere with the execution by the Executive/Employee of this Agreement or the fulfillment by the Executive/Employee of the Executive’s/Employee’s obligations hereunder. The Company represents and warrants to the Executive/Employee that
(a) upon execution, this Agreement will constitute a valid and binding obligation of the Company, (b) the Company is not party to any agreement, whether written or oral, that would prevent or restrict it from entering into this Agreement
or performing its obligations under this Agreement in accordance with the terms hereof and (c) the Company is not a party to any agreement, whether written or oral, that would be breached by or would prevent or interfere with the execution by
the Company of this Agreement or the fulfillment by the Company of its obligations hereunder. 
 10. Garden Leave. Following service
of notice to terminate the Employment by either party, or if the Executive/Employee purports to terminate the Employment in breach of contract, the Company may by written notice require the Executive/Employee not to perform any services (or to
perform only specified services) for the Company or any Group Company until the termination of the Employment. Any period of Garden Leave shall not normally exceed six months. During any period of Garden Leave the Company shall be under no
obligation to provide any work to, or vest any powers in, the Executive/Employee, who shall have no right to perform any services for the Company or any Group Company. During any period of Garden Leave the Executive shall (i) continue to
receive his Base Salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement, (ii) remain an employee of the Company and be bound by the terms of this agreement, (iii) not, without the prior
written consent of the CEO or the Board attend his place of work or any other premises of the Company or any Group Company, (iv) not, without the prior written consent of the CEO or the Board, contact or deal with (or attempt to contact or deal
with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company or any Group Company; and (v) (except during any periods taken as holiday in the usual way)
ensure that the CEO knows where he/she will be and how he can be contacted during each working day. 
 11. Nonassignability; Binding
Agreement. 
 (a) By the Executive. Neither this Agreement nor any or all of the rights, duties, obligations or interests hereunder
shall be assignable or delegable by the Executive. 
 (b) By the Company. This Agreement and all of the Company’s rights and
obligations hereunder shall not be assignable by the Company except as incident to a reorganization, merger or consolidation, or transfer of all or substantially all of the Company’s assets, but no such assignment by the Company shall relieve
the Company of its obligations hereunder without the Executive’s consent. 
  

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 (c) Binding Effect. This Agreement shall be binding upon, and inure to the benefit of, the
parties hereto, any successors to or assigns of the Company and the Executive’s/Employee’s heirs and the personal representatives of the Executive’s/Employee’s estate. 
 12. Tax Matters; Withholding. Any payments made or benefits provided to the Executive/Employee under this Agreement shall be reduced by any
applicable withholding taxes or other amounts required to be withheld by law. 
 13. Amendment; Waiver. This Agreement may not be
modified, amended or waived in any manner, except by an instrument in writing signed by both parties hereto. The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a
waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement. 
 14.
Governing Law. All matters affecting this Agreement, including the validity thereof, are to be governed by, and interpreted and construed in accordance with, the laws of Hong Kong. The parties hereby agree to submit to the non-exclusive
jurisdiction of the courts of Hong Kong as regards any claim or matter arising under this Agreement. 
 15. Entire Agreement; Supersedes
Previous Agreements. This Agreement contains the entire agreement and understanding of the parties hereto with respect to the matters covered herein and supersedes all prior or contemporaneous negotiations, commitments, agreements and writings
with respect to the subject matter hereof. All such other negotiations, commitments, agreements and writings shall have no further force or effect, and the parties to any such other negotiation, commitment, agreement or writing shall have no further
rights or obligations thereunder. The Executive/Employee acknowledges that he/she has not been induced to enter into this Agreement by any representation, warranty or undertaking not expressly incorporated into it. The Executive/Employee agrees and
acknowledges that his/her only rights and remedies in relation to any representation, warranty or undertaking made or given in connection with this Agreement (unless such representation, warranty or undertaking was made fraudulently) will be for
breach of the terms of this Agreement, to the exclusion of all other rights and remedies (including those in tort or arising under statute). 
 16. Counterparts. This Agreement may be executed by either of the parties hereto in counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

 17. Headings. The headings of Sections herein are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement. 
  

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 18. Notices. All notices or communications hereunder shall be in writing, addressed as follows:

 To the Company: c/o Melco PBL Entertainment (Macau) Limited, 36/F, The Centrium, 60 Wyndam Street, Central, Hong Kong. 
 To the Executive: [Executive’s/Employee’s Correspondence Address]. 
 All such notices shall be conclusively deemed to be received and shall be effective (i) if sent by hand delivery, upon receipt or (ii) if sent by electronic mail or facsimile, upon confirmation of receipt by
the sender of such transmission. 
 19. Interpretation. In this Agreement: 
 (a) “Board” means the board of directors of the Company from time to time or anyone/any person or committee nominated by the board of directors
as its representative for the purposes of this agreement; 
 (b) “Customer” means any person with whom the Executive/Employee or
anyone working under the supervision or control of the Executive/Employee deals personally who, at the Termination Date, is negotiating with the Company or any Group Company for Restricted Business or with whom the Company or any Group Company has
conducted any Restricted Business at any time during the final 12 months of the Employment; 
 (c) “Employment” means the
employment governed by this Agreement; 
 (d) “Garden Leave” means any period during which the Company has exercised its rights
under the first sentence of Section 10 of this Agreement; 
 (e) “Group” means together (i) the Company and
(ii) every company which is for the time being a subsidiary of the Company or in respect of which the Company holds at least 30% of the voting rights; 
 (f) “Group Company” means a member of the Group and the expression “Group Companies” will be interpreted accordingly; 
 (g) “holding company” and “subsidiary” have the meanings given in section 2 of the Companies Ordinance, Cap 32; 
 (h) “Restricted Area” means Macau, Australia and any other country, territory or region in which the Company or any Group Company carries on or intends to carry on any Restricted Business as at the
Termination Date; 
  

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 (i) “Restricted Business” means and includes the operation of gaming machines and the
ownership and/or management of gaming venues or casinos and all other commercial activities carried on or to be carried on by the Company or any Group Company in which the Executive/Employee worked or about which the Executive knew Confidential
Information to a material extent at any time during the final two years of his Employment; 
 (j) “Restricted Period” means the
period of six months after the Termination Date; and 
 (k) “Termination Date” means the date on which the Employment terminates.

 IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by its officer pursuant to the authority of its Board, and the
Executive/Employee has executed this Agreement, as of the day and year first written above. 
  

			
	MELCO PBL ENTERTAINMENT (MACAU) LIMITED
		
	By	 	  

	Name:	 	
	
	EXECUTIVE/EMPLOYEE
	
	  

  

 14Subconcession Contract

 Exhibit 10.4 
 (English Translation) 
 SUBCONCESSION CONTRACT FOR OPERATING CASINO GAMES OF CHANCE 

OR GAMES OF OTHER FORMS IN THE MACAU SPECIAL ADMINISTRATIVE REGION 
 Between 
 Wynn Resorts (Macau), S.A., , henceforth simply referred as the “Concessionaire”, with its registered
office in Macau at Alameda Dr. Carlos D’Assumpção, no. 335-341, Edifício Hotline, 9th
Floor, registered with the Macau Commercial Registry under no. 14917 (SO), duly represented by its Director(s), Stephen Alan Wynn, married, of American nationality, holder of United States of America passport number 055142925 issued on 20/01/1998,
with address at One Shadow Creek Drive, North Las Vegas, Nevada 89031, United States of America, with powers for this effect 
 PBL Diversões (Macau)
, S.A. henceforth simply referred as the “Subconcessionaire”, with registered office in Macau at Av. Dr. Mário Soares, n.° 25, Edificio Montepio, 1.o andar, comp. 13, registered with the Macau Commercial Registry under
no. 24325 (SO), duly represented by its Director(s), Rowen Bruce Craigie, married, of Australian nationality, holder of Australian Passport number L6696463, issued on 20/08/1998 with address on 8 Whiteman Street, Southbank, VIC 3006, Australia, with
powers for this effect 
 Whereas: 
 It was granted by the Macau
SAR to the Concessionaire a concession to operate games of chance and other games in casino, through an administrative concession contract to operate games of chance and other games in casino in Macau SAR on June 24th 2002, which was amended on 8th September 2006; 
 Wynn Resorts (Macau) S.A.. was authorized to sign this subconcession contract, under
the provisions of Clause seventy five, number one of the concession contract executed between the Macau SAR and the Concessionaire; 
 It is agreed by the
parties the this administrative subconcession contract to exploit games of fortune and other games in casino, which shall be governed by the following provisions: 
 CHAPTER 1 
 SUBJECT MATTER, TYPE AND TERM OF THE SUBCONCESSION 
 Article 1 
 Subject Matter of the
Subconcession 
 1. The subject matter of the subconcession granted under this Subconcession Contract is the operation of games of chance and other games
in casino in the Macau SAR of the People’s Republic of China (hereinafter the “Macau SAR”). 
 2. The Subconcession is based on the
Concession granted to the Concessionaire for the operation of games of chance and other games in casino and is partial, as far as the Concession is concerned; the Concessionaire is exempted of its liabilities as far as the Subconcessionaire’s
obligations regards, and in the terms referred to in this contract. 

 3. The Subconcession does not include the following gaming activities: 
 (1) mutual bets; 
 (2) gaming activities provided to the public,
except under article 3, paragraph 7 of Law 16/2001; 
 (3) interactive gaming; and 
 (4) games of chance or any other gaming, betting or gambling activities on board ships or planes, except under article 5, paragraph 3, subparagraph 1) and paragraph 4, of Law 16/2001. 
 Article 2 
 Purposes of the
Subconcession 
 The Subconcessionaire undertakes to: 
 1. ensure the proper exploitation and operation of games of chance and other games in casino; 
 2. employ only persons that have
appropriate qualifications to perform their activities and to assume relevant responsibilities for the management and operation of games of chance and other games in casino; 
 3. exploit and operate games of chance and other games in casino in a fair and honest manner without the influence of criminal activities; and 
 4. safeguard and ensure the Macau SAR’s interests in the collection of tax revenue from the operation of casinos and other gaming areas. 
 Article 3 
 Governing Law and Competent Jurisdiction 
 1. This Subconcession Contract shall be exclusively governed by the laws of the Macau SAR. 
 2. The Concessionaire and the Subconcessionaire recognize and accept the exclusive jurisdiction of the court of the Macau SAR to settle any potential dispute or conflict of interests arising between themselves or
against the Macau SAR, separately or jointly with any third parties, and therefore waive their right to file lawsuit in any court outside the Macau SAR. 
 Article 4 
 Compliance with the Laws of the Macau SAR 
 The Concessionaire and the Subconcessionaire undertake to comply with the applicable laws of the Macau SAR and waive their right to apply regulations of a place other
than the Macau SAR, inter alia to exempt themselves from performing obligations or acts that must be performed by them or that are imposed on them. 
  

 2 

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

 1. The Subconcessionaire must immediately inform the Government of the Macau SAR, hereinafter the Government, of its participation, of the
participation of any of its directors, of any dominant shareholder, including the ultimate dominant shareholder, or any shareholder of the Subconcessionaire holding, directly or indirectly 10% or more of its share capital, including participation in
the operation through a management agreement, in the operation of casino games of chance or games of other forms in any other jurisdictions. 
 2. For
the purpose mentioned in number 1 above, the Subconcessionaire undertakes to submit and provide or cause to submit and provide to the Government, as the case may be, any documents, information or data that may be requested by the Government, except
those considered confidential by law. 
 Article 6 
 Concession System 
 1. To this subconcession contract the legal framework of the concession regime consisting of the
legal framework which comprises the legal system for operating casino games of chance or games of other forms as approved by the Law No. 16/2001, the Administrative Regulatios No. 26/2001, the implementing rules for operating games of
chance (specifically the rules stated in Article 55 of the Law No. 16/2001 and other supplemental regulations stated in the Law No. 16/2001) as well as the Concession Contract executed between the Macau SAR and the Concessionairs,
shall apply. 
 2. Without prejudice of the obligations arising from this subconcession contract, the Subconcessionaire undertakes, before the Government, to
comply with all such similar obligations as those of the Concessionaires of games of chance and other games in casino from time to time arising from the legal framework referred to in the above number one. 
 Article 7 
 Operation of the Conceded
Business 
 The Subconcessionaire undertakes to operate the subconcession in accordance with the terms and conditions set forth in this Subconcession
Contract. 
 Article 8 
 Term of the Subconcession 
 1. The term of the Subconcession granted hereunder shall be June 26th 2022. 
 2. The provision of the preceding paragraph
shall not prejudice the survival of certain provisions contained herein after the termination of the subconcession. 
  

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 CHAPTER 2 
 PLACES FOR OPERATING AND RUNNING CASINOS AND OTHER GAMING AREAS 
 Article 9 
 Places for Operating the Subconcession 
 1. In the
operation of its business, the Subconcessionaire may only operate games of chance or games of other forms in the casinos and other gaming areas previously authorized and categorized by the Government. 
 2. The use of any other places to operate the subconcession is subject to approval of the government. 
 Article 10 
 Types of Games, Gaming Tables and Electrical or Mechanical Gaming
Machines 
 1. The Subconcessionaire is authorized to operate all games of chance that the Concessionaire is authorized to, as well as any other
games to be authorized by an Order of the Secretary for Economy and Finance, upon request by the Subconcessionaire and after consulting the Gaming Inspection and Coordination Bureau (the “GICB”). The rules for operating these other games
shall be approved by Order of the Secretary for Economy and Finance, after proposal of the GICB. The Subconcessionaire is also authorized to operate any electrical or mechanical gaming machines, including slot machines, in accordance with the law.

 2. The Subconcessionaire undertakes to submit to the “GICB” in December of each year, a list setting forth the number of gaming tables
and electrical or mechanical gaming machines, including slot machines, that it intends to operate during the following year, together with their respective location. 
 3. The number of gaming tables and electrical or mechanical gaming machines, including slot machines, to be operated by the Subconcessionaire may be amended by prior notification to the GICB. 
 4. The Subconcessionaire undertakes to maintain and operate in its casinos a minimum diversity of games, as per the instructions of the GICB. 
 Article 11 
 Continuous Operation of
Casinos 
 1. The Subconcessionaire undertakes to open its casinos for business everyday of every year. 
 2. Without prejudice to the preceding paragraph, the Subconcessionaire may determine the daily period during which its casinos and its activities therein will be open to
the public. 
 3. The set up of daily business hours during which the casinos and its activities therein are open to the public should be notified to the
government in advance and should be posted on the entrance of the casinos. 
 4. The change of the daily business hours during which the casinos and its
activities therein are open to the public should be notified to the Government at least three days in advance. 
  

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 Article 12 
 Suspension of the Operation of Casinos and Other Gaming Areas 
 1. The Subconcessionaire undertakes to request from
the Government authorization to suspend the operation of one or more of its casinos and other gaming areas for one or several days at least three days in advance. 
 2. The authorization set forth in the preceding paragraph is not required in case of emergency or force majeure, inter alia, in case of serious accident, catastrophes or natural disasters that seriously endanger the security of any
person, and the Subconcessionaire shall promptly inform the Government and the Concessionaire of the suspension of the operation of its casinos or other gaming areas. 
 Article 13 
 Electronic Monitoring and Surveillance Equipment 
 1. The Subconcessionaire undertakes to install high international quality standard electronic monitoring and surveillance equipment approved by the GICB in the casinos
and other gaming areas. For this purpose, the Subconcessionaire shall submit to the said authority a written application identifying the equipment it proposes to install together with the relevant technical specifications. Notwithstanding, the GICB
may at any time request models or samples of abovementioned equipment. 
 2. If so requested by the GICB, the Subconcessionaire also undertakes to install
the approved electronic monitoring and surveillance equipment in other areas adjacent to casinos and other gaming areas or other access areas or areas connecting with casinos and other gaming areas. 
 3. When reasonably requested by the GICB, in particular in order to ensure the high international quality standard mentioned in the first paragraph, the
Subconcessionaire undertakes to cause the instation of new electronic monitoring and surveillance equipment approved by the GICB. 
 4. The Subconcessionaire
undertakes to immediately report to the relevant public authorities any criminal facts or acts or illegal administrative acts as well as other illegal acts that it deems as serious as soon as it is aware of the same. 
 CHAPTER 3 
 SUBCONCESSIONAIRE

 Article 14 
 Business, Address and Form of the Company 
 1. The Subconcessionaire undertakes to have as scope of business solely the operation of casino
games of chance or other games in the casino. 
 2. Subject to the authorization of the Government, the scope of business of the Subconcessionaire may
include activities correlated to the operation of casino games of chance or other games in the casino. 
 3. The Subconcessionaire undertakes to maintain its
head office in the Macau SAR and its status of company limited by shares. 
  

 5 

 Article 15 
 Share Capital and Shares 
 1. The Subconcessionaire undertakes to maintain a share capital in an amount no less than
MOP200,000,000. 
 2. The Subconcessionaire undertakes to increase its sharecapital if and when the Chief Executive so determines due to justifiable
supervening circumstances. 
 3. All share capital of the Subconcessionaire shall be exclusively represented by certificates representative of nominative
shares. 
 4. The increase of share capital of the Subconcessionaire by means of public offering is be subject to authorization from the government.

 5. The issuance of preferential shares by the Subconcessionaire is subject to authorization from the government. 
 6. Without prejudice of the preceding paragraph, the establishment or issuance of types or categories of shares representing the share capital of the Subconcessionaire
or the modification of such shares is subject to authorization from the government. 
 7. The Subconcessionaire undertakes to take necessary measures to
ensure that all share capital of legal persons that hold shares of the Subconcessionaire, legal persons that hold capital contributions of the above legal person shareholders, up to the ultimate shareholders (both natural persons and legal persons)
that hold capital contributions of the above shareholders are represented only by nominative shares, save for those legal persons that are listed companies with regard to the shares that are traded on a stock market. 
 Article 16 
 Transfer of Shares and
Creation of Encumbrances 
 1. Any inter vivos transfer of or creation of encumbrances over the ownership of or rights over shares
representing the share capital of the Subconcessionaire, as well as any act involving the granting of voting rights or other shareholders’ rights to persons other than the original owners, are subject to authorization of the government.

 2. For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall have the obligation to refuse, under any circumstances,
to record or recognize the shareholding of any entity which possesses or owns shares representing its shareholding in the share capital in violation of the provisions contained herein or the law, and it shall not expressly or implicitly recognize
any effect to the above mentioned inter vivos transfer or creation of encumbrances. 
 3. Any transfer mortis causa of the ownership of or rights
over shares representing the share capital of the Subconcessionaire shall be promptly notified to the government. The Subconcessionaire at the same time undertakes to take the necessary measures to record such transfer in its share register book.

  

 6 

 4. Upon obtaining the permission referred to in the first paragraph, if an owner of shares representing the ownership of
the share capital of the Subconcessionaire or other rights relating to such shares transfers or creates encumbrance over such ownership or rights, or grants the voting rights or other shareholders’ rights to other persons, he shall promptly
notify the Subconcessionaire of the relevant fact. After the Subconcessionaire makes the relevant record in its registers or completes similar procedures, it shall notify the GICB within 30 days and shall submit a copy of the document legalizing the
relevant legal acts and provide detailed information relating to any other stipulated provisions and terms. 
 5. The Subconcessionaire shall also take
measures to obtain the permission of the government with regard to the following acts: any transfer inter vivos of the ownership of shares or other rights relating to such shares of its shareholders (both natural persons and legal persons), any
transfer inter vivos of shares of the above legal person company (both natural persons and legal persons), and so on up to the transfer inter vivos of the shares of ultimate shareholders (both natural persons and legal persons) provided that such
shares shall be directly or indirectly equal to 5% or more of capital contributions of the Subconcessionaire, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market. 
 6. The Subconcessionaire shall promptly notify the government after it is aware of the following acts: any transfer mortis causa of the ownership of 5% or more of
the shares or other rights relating to such shares of its shareholders (both natural persons and legal persons), any transfer mortis causa of 5% or more of shares of the above shareholders (both natural persons and legal persons), and so on up
to the transfer mortis causa of the shares of ultimate shareholders (both natural persons and legal persons). 
 7. The Subconcessionaire shall also
promptly notify the government after it is aware of the following acts: the creation of any encumbrance over the shares representing the share capital of its shareholders, the creation of any encumbrance over the shares owned by the above
shareholders, so on up to the encumbrance over the share capital of ultimate shareholders provided that such shares shall be indirectly equal to 5% or more of share capital of the Subconcessionaire, save that this paragraph shall not apply to a
listed company’s shares that are traded on a stock market. 
 8. The provisions of the preceding paragraph shall also apply to the granting of voting
rights or other shareholders’ rights to persons other than the original owners of such rights, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market. 
 9. The provisions of the paragraph 4, after necessary amendments, shall apply to the act of transfer of the ownership of capital contributions of share capital or other
rights relating to such contributions as referred to in paragraph 5. 
 10. If a dominant shareholder of the Subconcessionaire, having received written
instructions of a gaming control entity in another jurisdiction in which such dominant shareholder is licensed to operate casino games of chance or games of other forms, does not wish to continue to be a shareholder of the Subconcessionaire, then,
the Government may authorize the dominant shareholder to transfer its shares on the Subconcessionaire share capital, provided that the written instructions received by the dominant shareholder are not due to any facts for which both the
Subconcessionaire or its dominant shareholder are liable. Still, permission of the Government for the acquisition of those shares needs to be obtained. 
  

 7 

 Article 17 
 Issue of Bonds 
 Issue of bonds by the Subconcessionaire is subject to authorization from the government. 

Article 18 
 Listing on a Stock
Exchange 
 1. The Subconcessionaire or a company in which the Subconcessionaire holds majority shares may not be listed on the stock exchange, except
with the permission of the government. 
 2. The Subconcessionaire shall also have the obligation to take measures to ensure that legal persons that are
controlling shareholders of the Subconcessionaire and whose major business is to directly or indirectly implement projects set forth in the investment plans attached hereto will not, without prior notice given to the government, apply for listing on
a stock exchange or conduct any act aiming at being accepted for listing on a stock exchange. 
 3. An application requesting the permission referred to in
the paragraph 1 above and the prior notice referred to in paragraph 2 above shall be made by the Subconcessionaire and all the necessary documents shall be attached thereto, and the government shall not be prevented from requesting the provision of
additional documents, material and information. 
 Article 19 
 Shareholding Structure and Share Capital 
 1. The Subconcessionaire must submit to the
government in December of each year a document with the latest information of its shareholding structure and the structure of the share capital of a legal person, especially the companies owning 5% or more of the share capital of the
subconcessionaire, the share capital of a legal person owning 5% or more of the share capital of such legal person, and so on up to the share capital of a natural person or legal person that is an ultimate shareholder, save that this paragraph shall
not apply to a listed company’s shares that are traded on a stock market, or it must submit a statement evidencing that there is no change in the structure of such shareholders or the share capital. 
 2. The Subconcessionaire shall also take measures to obtain and submit to the government properly-certified statements that are signed by each of the shareholders of the
Subconcessionaire and the persons mentioned in the preceding paragraph. The contents of such statements shall state the amount of share capital owned by such shareholders and shall also state that such share capital is represented by nominative
shares. Such statements shall be submitted together with copies of certificate evidencing capital contributions, as well as the latest information or statement set forth in the preceding paragraph 1. 
 Article 20 
 Forbiddance of Holding
Being Concurrent Member in Corporate Bodies 
 1. As to the operation of casino games of chance or games of other forms, the Subconcessionaire shall have
the obligation not to appoint a person holding posts in the offices of the other concessionaire, or of any subconcessionaire operating in the Macau SAR or the management company of a certain concessionaire operating in the Macau SAR to serve on the
Board, the shareholders’ meetings, the supervisory board or other corporate bodies of the above referred companies. 
  

 8 

 2. The Subconcessionaire must promptly notify the government of the appointment of any person to the Board, the
shareholders’ meetings, the supervisory board or other corporate bodies. 
 3. As to the operation of casino games of chance or games of other forms,
the government must promptly notify the Subconcessionaire of the appointment of any person to boards of directors, shareholders’ meetings, supervisory boards or other corporate bodies of other concessionaires operating casino games of chance or
games of other forms, or of other subconcessionaires or of other managing companies operating casino games of chance or games of other forms in Macao SAR. 
 Article 21 
 Management 
 1. Granting of the management power of the Subconcessionaire, including the appointment and the scope of authority of the managing director, the term of such delegation and any amendment to such delegation, especially
amendments involving the temporary or definitive replacement of the managing director, shall be subject to the permission of the government. For such purpose, the Subconcessionaire shall submit a draft of the resolution of the Board of Directors of
the Subconcessionaire to the government including the proposal of the Subconcessionaire on the granting of management power, including identity information of the managing director, the scope of authority of the managing director and the term of
delegation, also a description regarding the replacement in case of failure of the managing director to perform his duties for any reason and any resolution regarding the temporary replacement or the definitive replacement of the managing director.
The granting of the management power to the managing director of the Subconcessionaire shall not take effect prior to the permission by the government in connection with the management power. 
 2. If the government does not approve one or several matters of the above delegation, the Subconcessionaire shall submit a newly drafted resolution within 15 days upon
its receipt of the non approval of the government and, if the Government does not accept the Managing Director appointed by the Subconcessionaire, the Subconcessionaire shall submit to the Government Annex II of the Administrative Regulation
26/2001 dully compiled by the new Managing Director. 
 3. Unless it is permitted by the government, the Subconcessionaire shall have the obligation not to
give a power of attorney or to appoint a representative so as to grant, on the basis of a stable relationship, the right to establish the legal acts relating to the operation of the enterprise in the name of the Subconcessionaire, save that this
paragraph shall not apply to the power to handle daily matters, especially with public departments or authorities. 
 Article 22

 Articles of Association and Shareholders’ Agreements 
 1. Any amendment to the Articles of Association (the “Articles”) of the Subconcessionaire is subject to approval from the government. 
  

 9 

 2. The draft amendments to the Articles of the Subconcessionaire shall be submitted to the government for its approval at
least 30 days prior to the date of the shareholders’ meeting for reviewing the relevant amendments. 
 3. The Subconcessionaire shall submit to the
government a copy of the certified notarization of the document within 30 days after its approval on the said meeting regarding any amendments to the Articles. 
 4. The Subconcessionaire shall inform the government of any proposed shareholders agreement that it has knowledge of. For such purpose, apart from taking other necessary measures, the Subconcessionaire shall also make inquiries to its
shareholders whether there is any proposed agreement, especially the proposed agreement regarding the exercise of voting rights or other shareholders’ rights, 15 days prior to any shareholders’ meeting or during a shareholders’
meeting in case that such shareholders’ meeting is convened without a prior notice, and it shall inform the government of the results of taking such measures. 
 5. Within sixty days, the Government shall notify the Subconcessionaire whether it approves the amendments to the Articles of Association of the Subconcessionaire as well as its shareholders agreements. 
 Article 23 
 Obligation to Provide
Information 
 1. Apart from the obligation to provide information as stipulated for the Concessionaires in the concession system set forth in
Article 6, the Subconcessionaires shall have the obligations: 
 (1) to promptly notify the government of any situation of which it has actual knowledge
that will materially affect the normal operation of the Subconcessionaire, e.g. situations regarding the liquidity and solvency of the Subconcessionaire, any material court cases instituted against the Subconcessionaire, any of its directors, any
shareholders holding 5% or more of the share capital of the Subconcessionaire or any key employees of casinos, any criminal behaviors or administrative violations in its casinos and other gaming areas that the Subconcessionaire is aware of, any
hostile behaviors of any senior officer or staff of the public administrative authority of the Macau SAR, including officers of the security team and law enforcement office, towards the Subconcessionaire or senior officers of its corporate bodies;

 (2) to promptly notify the government of the following events: all events that may materially affect or hinder the punctual and complete performance of
any obligations or that may impose exceedingly onerous liabilities under this Subconcession Contract or all events which may constitute a reason for termination of the subconcession in accordance with the provisions of Chapter 19; 
 (3) to promptly notify the government of any of the following facts or matters: 
 1. the fixed or contingent, regular or special reward received by the directors of the Subconcessionaire, financiers of the Subconcessionaire and major employees who hold key posts in the casinos in the form of wages,
remuneration, salaries or service fees or in other forms and the mechanism of profit sharing of the Subconcessionaire by the aforesaid entities (if any); 
  

 10 

 2. the benefits existing or to be established, including profit distribution; 
 3. the management contracts and services contracts existing or offered by the Subconcessionaire. 
 (4) to promptly submit to the government certified copies of the following documents: 
 1. evidence or contracts or other documents describing the reward set forth in the preceding subparagraph 1; 
 2. evidence or contracts or other documents describing the benefits existing or to be established or profit distribution; 
 3. the
management contracts and services contracts existing or offered by the Subconcessionaire. 
 (5) to promptly notify the Government of any imminent or
predictable material adverse changes in the economic and financial situation of the Subconcessionaire of which it has knowledge as well as material changes in the economic and financial aspects of any of the following entities: 
 1. the controlling shareholders of the Subconcessionaire; 
 2. the entities having closely associated with the Subconcessionaire, especially those undertaking or warranting that they will provide finance to the investment to be made or obligations to be borne by the
Subconcessionaire in accordance with the provisions of contracts; 
 3. the shareholders owning 5% or more of the Subconcessionaire’s
share capital who undertook or warrant to provide finance to the investment to be made or obligations to be borne by the Subconcessionaire. 
 (6) to
promptly notify the Government that the annual turnover between the Subconcessionaire and a third party has reached MOP 250 million or above; 
 (7) to
submit to the GICB in January of each year documents setting forth all bank accounts of the Subconcessionaire and their balances; 
 (8) to promptly
provide supplemental or additional information as requested by the government; 
 (9) to promptly provide the GICB and the Finance Department with materials
and information as required for the full performance of their duties. 
 2. The government may determine that the obligations set forth in subparagraphs
(3) and (4) should be performed once a year. 
  

 11 

 CHAPTER 4 
 MANAGEMENT COMPANY 
 Article 24 
 Notification Obligation 
 1. The Subconcessionaire shall inform the Government, with a minimum
90 (ninety) days prior notice, of its intention to contract a Management Company to manage activities not related to casino games of chance or games of other forms. 
 2. For the applicability of the preceding paragraph, the Subconcessionaire shall send to the Government a certified copy of the Articles of Association of the Management Company or similar document as well as a copy
of the draft of the Management Contract. 
 3. The Subconcessionaire shall not celebrate contracts under the provisions of which another company gains
management powers over the Subconcessionaire as to the operation of casino games of chance or games of other forms. 
 4. Non-compliance with number three
above, without prejudice of other sanctions or penalties, shall imply the payment of a penalty of MOP 500.000.000,00 (five hundred million patacas) to the Macau SAR. 
 CHAPTER 5 
 APPROPRIATE QUALIFICATIONS 
 Article 25 
 Suitability of the Subconcessionaire 
 1. The Subconcessionaire shall maintain its suitability during the subconcession term, in accordance with the law. 
 2. For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall accept the permanent and continuous monitoring and supervision of the
government, in accordance with the law. 
 3. The Subconcessionaire will promptly pay the costs of the suitability processes; for such purpose, GICB will
issue a document with the referred costs. This document will be considered as enough evidence of such costs. 
 Article 26 

Suitability of the Shareholders, Directors and Major Employees of the Subconcessionaire 
 1. Shareholders who own 5% or more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the
casinos shall maintain their suitability during the subconcession term, in accordance with the law. 
 2. For the applicability of the provisions of the
preceding paragraph, shareholders who own 5% or more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos shall accept the permanent and continuous monitoring and
supervision exercised by the government, in accordance with the law. 
 3. The Subconcessionaire shall take measures to cause shareholders who own 5% or more
of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos to maintain their suitability during the subconcession term, and is fully aware that the said suitability
reflects on the suitability of the Subconcessionaire. 
  

 12 

 4. The Subconcessionaire shall request shareholders who own 5% or more of the share capital of the Subconcessionaire,
directors of the Subconcessionaire and key employees holding important posts in the casinos to notify the government promptly of any facts which may materially affect the suitability of the Subconcessionaire or of the above shareholders, directors
and key employees. 
 5. For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall question shareholders who own 5% or
more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos every six months if they are aware of any facts that may materially affect their suitability or that of
the Subconcessionaire. This shall not prevent the Subconcessionaire from notifying the government immediately upon obtaining knowledge of any material facts. 
 6. The Subconcessionaire undertakes to promptly notify the Government of any facts that may materially affect the suitability of shareholders who own 5% or more of the share capital of the Subconcessionaire, directors of the
Subconcessionaire and key employees holding important posts in the casinos. 
 7. Number 3 of the preceding Clause is applicable to the suitability process
of the shareholders who own 5% or more of the share capital of the Subconcessionaire, and to those of its directors and its key employees on the casino. 
 Article 27 
 Special Obligations of Cooperation 
 In addition to the general obligation of cooperation of Article 67, the Subconcessionaire shall have the obligation to provide promptly any documents, information
or materials that the government deems necessary to examine whether the Subconcessionaire has appropriate suitability. 
 Article 28

 Special Obligations of Notification 
 1. The Subconcessionaire shall promptly notify the government in case of any termination of license or concession to operate casino games of chance or games of other forms in any other jurisdiction held by any shareholders who own 5% or
more of the share capital of the Subconcessionaire. 
 2. The Subconcessionaire shall promptly notify the government, after receiving knowledge of the same,
of any investigation relating to a fact that may give rise to the possibility of a gambling regulator in another jurisdiction to punish, suspend or affect in any other way the license or concession to operate casino games of chance or games of other
forms held by any of the shareholders holding 5% or more of the share capital of the Subconcessionaire in such jurisdiction. 
  

 13 

 CHAPTER 6 
 FINANCIAL CAPACITY AND FINANCING 
 Article 29 
 Financial Capacity of the Subconcessionaire 
 1. The
Subconcessionaire shall maintain its financial capacity to operate the subconcession, and to fully and punctually perform its obligations relating to its business, to the investment and obligations provided herein or that the Subconcessionaire
undertook, in particular the investments plan attached to this Subconcession Contract. 
 2. For the applicability of the provisions of the preceding
paragraph, the Subconcessionaire and its shareholders who own 5% or more of the share capital are subject to the permanent and continuous monitoring and supervision of the government, in accordance with the law. 
 3. The Subconcessionaire shall promptly pay the costs of its financial suitability process and the financial suitability process of its shareholders who own 5% or more
of its share capital; for such purpose, GICB will issue a document with the referred costs. This document will be considered as enough evidence of those costs. 
 Article 30 
 Loans and Similar Contracts 
 1. The Subconcessionaire shall inform the government of any loans given to a third party and of any contracts of the same kind that exceed the amount of MOP30 million.

 2. The Subconcessionaire undertakes not to give any loans or to enter into similar contracts with its directors, shareholders or key employees holding
important posts in the casinos, unless otherwise permitted by the government. 
 3. The Subconcessionaire undertakes not to enter into any contract with
commercial enterprise owners, which will vest in them the power to manage or participate in the management of the Subconcessionaire, including “step in rights” contracts, except as permitted by the government. 
 Article 31 
 Risk Undertaking

 1. The Subconcessionaire expressly undertakes all the obligations and full and exclusive liability incurred in connection with all inherent risks of
the subconcession in connection with the financial capacity and financing of the Subconcessionaire, without prejudice to the applicability of the provisions of Article 40. 
 2. The Macau SAR is not subject to any obligation, does not undertake any responsibility or risk in connection with the financing of the Subconcessionaire. 
 Article 32 
 Financing 
 1. The Subconcessionaire undertakes to obtain the necessary financing to fully and punctually perform its obligations related to any of its activities, investments and
to any obligations that it has validly assumed or for which the Subconcessionaire is, under this contract, obliged to perform, in particular for the investment plans attached to this Subconcession Contract. 
  

 14 

 2. Any defense or counterplea resulting from contractual relations between the Subconcessionaire and third parties
(including entities that provide financing and shareholders of the Subconcessionaire) in connection with the above financing shall not be evocable against the Macau SAR. 
 Article 33 
 Legal Reserves 
 The Subconcessionaire undertakes to keep reserves as required by the law. 
 Article 34 
 Special Obligations of Cooperation 
 1. Without
prejudice of the general obligation of cooperation stipulated in Article 67, the Subconcessionaire undertakes to provide promptly any documents, information or materials that the government deems necessary to determine whether the
Subconcessionaire has appropriate financial capacity. 
 2. The Subconcessionaire undertakes to promptly inform the government of any loan, mortgage, debt
instrument, guarantee or other obligation that equals or exceeds the amount of MOP8 million assumed or to be assumed in order to obtain financing for any aspect of its business. 
 3. The Subconcessionaire shall promptly provide the government with certified copies of documents relating to any loan, mortgage, debt instrument, guarantee or obligation assumed or to be assumed in order to obtain
financing for any aspect of its business. 
 4. The Subconcessionaire undertakes to take the necessary measures to obtain and submit to the government a
statement signed by each of its controlling shareholders (including ultimate controlling shareholders), pursuant to which each of such shareholders agrees to be bound by the above special obligations of cooperation. Accordingly, upon the request of
the government, each of such shareholders shall provide all documents, information, materials or evidence and give any permission. 
 CHAPTER 7 
 INVESTMENT PLANS 
 Article 35 
 Investment Plans 
 1. The Subconcessionaire undertakes to implement the investment plan attached to this Subconcession Contract under the terms therein stated. 
 2. The Subconcessionaire undertakes, inter alia, to: 
 (1) use qualified labour in all its projects; 
 (2) give priority to corporations with permanent activity or incorporated in the Macau SAR and to Macau SAR residents when retaining enterprises and recruiting workers
for implementing the projects set forth in the investment plan attached to this Subconcession Contract; 
  

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 (3) comply with technical rules and regulation applicable in the Macau SAR, in particular the Land Technical Rules
approved by Decree No. 47/96/M of August 26, and the Rules for Safety and Loading of Building Structure and Bridge Structure approved by Decree No. 56/96/M of September 16, as well as the specifications and homologations issued
by the official authorities and instructions from the manufacturers or patent owners during its conception of the construction projects related with the projects set forth in the investment plan attached to this Subconcession Contract,; 

(4) submit the projects set forth in the investment plan attached to this Subconcession Contract to the Land and Public Works and Transportation Department
(“DSSOPT”) together with a quality control manual prepared by an entity with recognized experience in identical services of the same type, and recognized and approved by such Department, in addition to a operating plan and a financial and
operating records works and the resumes of professionals in charge of each construction area, further to all other documents required by the applicable legislation (in particular the Decree No. 79/85/M of August 21). If the
Subconcessionaire fails to submit a quality control manual or the quality control manual submitted is not approved, the Subconcessionaire must comply with the quality control manual prepared by a professional entity designated by the DSSOPT;

 (5) complete the construction strictly based on the approved projects and in accordance with applicable laws and regulations and in accordance with
internationally recognized standards for similar construction work or supplies and the industry best practice; 
 (6) comply with the construction and
opening periods for the projects set forth in the investment plans attached to this Subconcession Contract; 
 (7) use materials, systems and equipment
certified and approved by recognized entities and in accordance with international standards and generally recognized as having high international quality during the implementation of the projects set forth in the investment plan attached to this
Subconcession Contract; 
 (8) maintain the quality of all projects set forth in the investment plans attached to this Subconcession Contract according to a
high international quality standard; 
 (9) ensure that the quality standard of the commercial facilities therein is of high international quality standard;

 (10) maintain a modern, high efficient and high-quality management according to a high international quality standard; 
 (11) promptly inform the Government of any situation that causes or may cause material changes to the normal development of construction or operation of the facilities
of the Subconcessionaire, or in the case of structural anomalies relating to the building structure of the facilities of the Subconcessionaire or any other unusual conditions by submitting a detailed report stating such conditions and reasons. The
report shall state the assistance provided by other entities that are generally recognized as qualified and prestigious and the measures taken or to be taken to solve the relevant situatuations or anomalies. 
 3. The Subconcessionaire shall be liable to the Macau SAR and third parties for any damage caused by error or serious negligence and for which the Subconcessionaire is
responsible in the design and dimension of the project, implementation of construction work, and maintenance of the constructions set forth in the investment plan attached to this Subconcession Contract. 
  

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 4. The government may authorize that the periods mentioned in subparagraph (6) be amended without amending this
Subconcession Contract. 
 5. The government undertakes to enable the Subconcessionaire to directly or indirectly implement the projects set forth in the
investment plan attached to this Subconcession Contract in accordance with laws. 
 Article 36 
 Amendments to the Projects set forth in the Investment Plans 
 1. During the implementation of the investment plan attached to this Subconcession Contract, the government may request the Subconcessionaire to provide any document or to amend the implementation of projects contained in the investment
plans to ensure compliance with current technical norms or rules and the required quality standard. 
 2. The government may not impose any amendment to the
above projects that may result in an increase of the total amount mentioned in Article 39. 
 Article 37 
 Inspection 
 1. In accordance with the contents of the
investment plan attached to this Subconcession Contract and the applicable regulations, the government may, in particular through the DSSOPT, supervise and inspect the implementation of the construction work, in particular the implementation of work
plans and the quality of materials, systems and equipment. 
 2. The DSSOPT shall inform the Subconcessionaire of the representative designated by it for
supervision and inspection purpose. If more than one representative is designated to supervise and inspect the implementation of construction work, one of them shall be appointed as the supervisor. 
 3. For the purposes of the above paragraph no. 1, the Subconcessionaire must provide a detailed report on a monthly basis regarding the progress of implementing the
investment plan attached to this Subconcession Contract. Such monthly report shall include at least the following: 
 (1) important events, number of
personnel and quantity of relevant materials, systems and equipment involved; 
 (2) work progress of various work plans (progress control); 
 (3) updated financial records and implementation records; 
 (4) demand for
projects, supply, resources, materials, systems and equipment; 
 (5) major measures to be taken to ensure the compliance with the work plans; and

 (6) things to be done to correct errors. 
  

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 4. When necessary, especially when the normal work progress of the investment plan attached to this Subconcession
Contract is affected, the Subconcessionaire undertakes to submit a detailed special written report. 
 5. Upon the request of the government, the
Subconcessionaire undertakes to submit any document within a stipulated period, especially written and graphic information relating to the investment plan attached to this Subconcession Contract. 
 6. The Subconcessionaire shall also provide all required supplemental statements and information relating to the documents referred to in the preceding paragraph.

 7. If the government has any doubt about work quality, it may force the Subconcessionaire to conduct any tests in addition to scheduled tests. When
necessary, the government may seek the opinion of the Subconcessionaire about the decision-making rules applicable to such tests. 
 8. The expenses for
conducting the above tests and correcting the defects found during such tests shall be borne by the Subconcessionaire. 
 9. Orders, circulars or notices
with a technical nature in connection with the implementation of construction work may be directly sent by the government, namely through the DSSOPT, to the chief technical officer of the construction site. 
 10. The chief technical officer shall constantly monitor the relevant work and shall arrive at the construction site upon request. 
 11. If it is found that the implementation of construction work is not in compliance with the approved project plan or is in breach of applicable laws, regulations or
contracts, the government may, through the DSSOPT suspend and ban the implementation of construction work in accordance with the law. 
 12. The right to
inspect the performance of obligations provided hereunder shall not result in any liability to the Macau SAR in connection with the implementation of construction work. The Subconcessionaire shall be solely liability for all imperfections or defects
in connection with the planning, implementation or performance of construction work, unless such imperfections or defects are caused by decisions of the government. 
 Article 38 
 Contracting and Subcontracting 
 Third parties contracting and subcontracting shall not exempt the Subconcessionaire from performing its statutory obligations or contractual obligations. 
 Article 39 
 Use of Outstanding
Amount of the Investment set forth in the Investment Plan 
 If, after the completion of construction set forth in the investment plan attached to this
Subconcession Contract, the total amount of expenses made directly or, subject to prior approval from the Government, indirectly by the Subconcessionaire is lower than MOP 4.000.000.000,00, the Subconcessionaire must use the remaining amount on
correlated projects to be designated by the Subconcessionaire and accepted by the government and or on projects that are designated by the government with significant public benefit to the Macau SAR. 
  

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 Article 40 
 Insurance 
 1. The Subconcessionaire must enter into and renew the necessary insurance contracts to ensure that
inherent risks of the subconcesssion are effectively and fully covered by insurance. The relevant insurance contracts must be entered into with insurance companies permitted to operate in the Macau SAR. If it is not feasible to purchase insurance
with such kind of insurance companies or such purchase brings an excessive burden to the Subconcessionaire, upon permission of the government, the relevant insurance contracts may be entered into with insurance companies outside the Macau SAR.

 2. The Subconcessionaire shall especially ensure that the following insurance contracts shall be entered into and the effectiveness of such contracts
shall be maintained: 
 (1) work-related accidents and occupational illnesses insurance for workers of the Subconcessionaire; 
 (2) vehicles civil liability insurance for all the vehicles owned by the Subconcessionaire; 
 (3) ships, planes or other aeronautical devices civil liability insurance for those owned by the Subconcessionaire or leased to the Subconcessionaire; 
 (4) civil liability insurance for fixing advertising material; 
 (5) general civil liability insurance in connection with
the operation of casino games of chance or games of other forms in the Macau SAR and the development of other businesses covered in the subconcession, but not covered by any other insurance contracts; 
 (6) other insurance for loss and damages in buildings, furniture, equipment and other assets used in the subconcession; 
 (7) construction insurance (all risks, including civil liability) in relation to conducting any work in buildings related to the subconcession or conducting any work in
such buildings. 
 3. The insurance policies referred in paragraph (6) above shall be “multi-risk”, including, at least, the following:

 (1) fire, thunder and lightning, or explosion (of any kind); 
 (2) pipe rupture or leakage or spillage of water storage tanks, boilers, water pipes, underground water storage, sinks or other water-conveying equipment; 
 (3) flood, typhoons, tropical storms, volcano eruptions, earthquake, or any other natural disaster; 
 (4) crash or impact of planes or other flying
devices or objects fallen or thrown from planes or other flying devices; 
  

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 (5) impact of vehicles; 
 (6) burglary or robbery; 
 (7) strikes, assaults, riots, public disorder or any other acts of the same nature. 
 4. The insurance amount or the minimum protection for the insurance referred to in paragraph 2 above, shall be: 
 (1) in accordance with the applicable laws and regulations for the insurance referred to in paragraphs (1) to (4); 
 (2) the amount to be determined by the government after considering the volume of business of the subconcession and incidence rate for the previous year and other
parameters, for the insurance referred in paragraph (5) above; 
 (3) equal to the net value of the assets, for insurance referred to in paragraph 2(6)
above, the net value shall mean the gross value minus accumulated depreciation; and 
 (4) the total value of the construction, for insurance referred to in
paragraph 2(7). 
 5. The Subconcessionaire shall ensure that any entity with which the Subconcessionaire concludes a contract has purchased valid insurance
for work-related accidents and occupational illnesses. 
 6. The Subconcessionaire shall submit evidence to the government of that fully effective insurance
contracts have been entered into. Upon execution of insurance contracts or renewal of such insurance contracts, the Subconcessionaire shall deliver copies of such insurance contracts to the government. 
 7. Before copies of insurance contracts set forth in the preceding paragraph are delivered to the government, the Subconcessionaire shall have the obligation not to
start any construction or work. 
 8. The Subconcessionaire may not cancel, suspend, amend or replace any insurance except with the permission of the
government. However, if it is only a case of change of insurance company, the Subconcessionaire shall promptly inform the government of such circumstances. 
 9. If the Subconcessionaire fails to pay its insurance premium, the government may directly pay such insurance premium on behalf of the Subconcessionaire by using the guarantee deposit made for the compliance of the Subconcessionaire’s
statutory or contractual obligations. 
 10. The insurance policies that the Concessionaire is responsible for to provide under the Concession Contract
signed between the Government and the Concessionaire, do not include nor replace those referred to in this Clause. 
  

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 CHAPTER 8 
 ASSESTS 
 Article 41 
 Assets of the Macau SAR 
 1. The Subconcessionaire shall ensure that the assets of the Macau SAR
obtained or to be obtained for the operation of the subconcession by means of the temporary transfer of the right to interest, income and use are in perfect condition or replaced in accordance with the instructions of the GICB. 
 2. The Subconcessionaire shall ensure that the land and natural resources under the administration of the government in accordance with the provisions of Article 7
of the Basic Law of the Macau SAR provided or to be provided through leases or concessions due to the operation of the subconcession are in perfect conditions. 
 Article 42 
 Other Assets 
 1. The casinos, as well as the equipment and utensils used for gaming business shall be located in properties owned by the Subconcessionaire. No encumbrances shall be created over such casinos, equipment and utensils,
except for those authorized by the government. 
 2. Notwithstanding the authorization specified in the preceding paragraph, the Subconcessionaire shall
cause the casinos and the equipment and utensils used for gaming business, including the equipment and utensils located outside the casinos, not to be charged or encumbered upon the termination of this Subconcession Contract. 
 3. Except when authorized by the Government, the casinos shall not be located at any properties where the right of use is created by lease contracts or contracts of
similar nature or by any other type of contracts which do not grant the full ownership of the property to the Subconcessionaires, even if such contracts are non-typical contracts. The mentioned authorization may stipulate as condition precedent that
the Subconcessionaire acquires the units where the casinos are located 180 prior to the date set out in paragraph 1 of clause 43, unless the subconcession terminates prior to such date and in such case, that such units shall be acquired by the
Subconcessionaire in the shortest time possible, namely to allow the transfer of ownership of the casinos to the Macau SAR. 
 4. When duly authorized, the
Subconcessionaire shall submit to the government copies of the contracts specified in the preceding paragraph and all amendments to and alternations of such contracts, notwithstanding that such amendments and alternations may have a retroactive
effect. 
 5. The Subconcessionaire shall locate all of its casinos in buildings or complex of buildings with registered strata title even though such
buildings or complex of buildings constitute one economic and functional unit, so that the casinos constitute one or more independent units, which area should be precisely identified and defined. 
 6. For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall promptly submit to the government the property registration
certificate regarding strata title of the property, which shall set forth the description of all individual units and enclose a plan confirming and defining the relevant areas. 
 7. The Subconcessionaire shall register any amendments to the strata title and promptly submit the relevant property registration certificate to the government through the Finance Services Bureau. 
  

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 8. The Subconcessionaire shall also submit to the government the rules and regulations of the condominium applicable to
the units registered under strata title for approval. 
 Article 43 
 Reversion of the Casinos and of the Equipment and Utensils used for Gaming Business 
 1. On
June 26th 2022, except when termination occurs prior to that date, the casinos and the equipment and utensils
used for gaming business, including the equipment and utensils located outside the casinos, shall automatically revert to the Macau SAR without compensation. Upon the delivery of the aforesaid assets, the Subconcessionaire shall ensure that such
assets are good maintenance and operation condition except for fair wear and tear resulting from the use in compliance with the provisions of this subconcession Contract and free from charge or encumbrance. 
 2. The Subconcessionaire shall immediately deliver the assets specified in the preceding paragraph. 
 3. In case that the Subconcessionaire does not deliver the assets specified in paragraph 1, the government shall immediately have administrative possession over such assets. The relevant expenses shall be paid from
the guarantee deposit provided by the Subconcessionaire to guarantee performance of statutory or contractual obligations. 
 4. On the date referred to in
number 1 above, the government shall inspect the assets as specified in Articles 41 and 42 to examine the conditions of custody and maintenance of such assets and prepare a record note of the inspection. At the time of inspection, a representative
of the Subconcessionaire may participate in such inspection. 
 5. Upon the dissolution or liquidation of the Subconcessionaire, the division of assets of
the Subconcessionaire shall not be carried out if the government has not proved that the assets are in good maintenance and operation condition through the mandatory listing of assets procedures specified in the following article or if the
Subconcessionaire fails to ensure that the payment of damages or any amounts payable to the Macau SAR may be satisfied by any guarantees acceptable to the government. 
 6. The provision of the last part of paragraph 1 shall not interfere with the normal renovation of the equipment and utensils used in the gaming business. 
 Article 44 
 List of Assets Used in the Subconcession 
 1. The Subconcessionaire shall prepare a list in triplicate of all assets and rights belonging to the Macau SAR and used for the conceded business and all revertible
assets and update such list of assets. Accordingly, the Subconcessionaire shall update the relevant list in case of any changes by no later than May 31 of each year, and submit copies of such list to the GICB and the Finance Department
respectively. 
 2. In the year of the termination of the subconcession, the aforesaid list shall be mandatorily prepared sixty days prior to the termination
of the subconcession. 
  

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 3. Under other situations of termination of the Subconcession Contract, the listing of assets specified in the first
paragraph shall be conducted on the date and at the time as specified by the government. 
 Article 45 
 Improvement 
 The improvements of whatever nature made
to the assets mentioned in Article 41 as well as the revertible assets do not entitle the Subconcessionaire and/or the Concessionaire to any compensation or damages and do not need to be removed. 
 Article 46 
 Concession of Land to be
used by the Subconcessionaire 
 1. The regime of the concession of land to be used by the Subconcessionaire especially for the operation of the conceded
business shall be stipulated in the relevant land concession contract. 
 2. The terms of the land concession contract to be executed between the government
and the Subconcessionaire shall be subject to the provisions of this Subconcession Contract, to the applicable extent. 
 CHAPTER 9

 PREMIUM 
 Article
47 
 Premium 
 1. The
subconcessionaire undertakes to pay to the Macau SAR during the term of the Subconcession an annual premium, in return for the grant of the Subconcession for operating casino games of chance or games of other forms. 
 2. The annual amount of the premium to be paid by the Subconcessionaire has a variable portion and a fixed portion. 
 3. The fixed portion of the annual premium payable by the Subconcessionaire shall be of MOP30 million per year. 
 4. The variable portion of the premium payable yearly by the Subconcessionaire will be calculated in accordance with the number of gaming tables and the number of
electrical or mechanical gaming machines, including slot machines operated by the Subconcessionaire. 
 5. For the applicability of the provisions of the
preceding paragraph: 
 (i) For each gaming table located in special gaming halls or areas reserved exclusively to certain kind of games or to certain
players, the Subconcessionaire shall pay MOP300,000; 
 (ii) For each gaming table not reserved exclusively to certain kind of games or to certain players,
the Subconcessionaire shall pay MOP 150,000; 
  

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 (iii) For each electrical or mechanical gaming machine, including the slot machine, the Subconcessionaire shall pay
MOP1,000 each year; 
 6. Independently of the number of gaming tables that the Subconcessionaire has in each moment in operation, the amount of the variable
portion of the annual premium may not be less than the amount for the permanent operation of 100 gaming tables located in special gaming halls or areas reserved exclusively to certain kinds of games or to certain players and the permanent operation
of 100 gaming tables not reserved exclusively to certain kind of games or to certain players. 
 7. The Subconcessionaire shall pay the fixed portion of the
annual premium by no later than January 10th of the relevant year. The government may also provide payment by
monthly installments. 
 8. The Subconcessionaire shall pay the variable portion of the annual premium monthly by no later than the 10th day of the month immediately following the relevant month in connection with the operation of the gaming tables and the
electrical and mechanical gaming machines including the “slot machines” in the previous month. 
 9. For the purpose of calculating the amount of
variable portion of the annual premium referred to in the preceding paragraph, the number of days in the relevant month in which the Subconcessionaire operates each gaming table and each electrical and mechanical gaming machine including the
“slot machines” shall be taken into consideration. 
 10. The payment of premium shall be made by submission of the relevant payment slip to the
cashier of the Finance and Tax Department of the Macau SAR. 
 CHAPTER 10 
 CONTRIBUTIONS 
 Article 48 
 Contribution for a Public Foundation 
 1. The
Subconcessionaire shall contribute to the Macau SAR an amount equivalent to 1.6% of the gross revenue of the gaming business. Such contribution shall be delivered to a public foundation designated by the government which scope is to promote, develop
or study culture, society, economy, education and science and engage in academic and charity activities. 
 2. The contribution referred to in the preceding
paragraph shall be paid monthly by the Subconcessionaire with the relevant payment slip given to the cashier office of the Finance and Tax Department of the Macau SAR by no later than the tenth day of the month immediately following the relevant
month. 
 3. The contribution referred to in the first paragraph shall have its own budget record made by the Macau SAR. 
  

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 Article 49 
 Contribution for Urban Development, Tourism Promotion and Social Security 
 1. The Subconcessionaire shall contribute
to the Macau SAR with an amount equivalent to 2.4% of the gross revenue of the gaming business for the development of urban construction and tourism promotion of and the provision of social security to the Macau SAR. 
 2. The contribution referred to in the preceding paragraph shall be paid monthly by the Subconcessionaire with the relevant payment slip given to the cashier office of
the Finance and Tax Department of the Macau SAR by no later than the tenth day of the month immediately following the relevant month. 
 3. The contribution
referred to in the first paragraph shall have its own budget record made by the Macau SAR. 
 4. The government may designate one or more entities as the
beneficiary entities to receive the paid contributions in part or in whole. 
 5. The government and the Subconcessionaire may agree to the direct
contribution of an amount up to 1.2% of the gross revenue resulting from the operation of casinos games of chance or games of other forms to be used in one or more specific projects or by one or more specific entities. In such a case, the amount of
contribution to be delivered directly to the relevant entity, and the contribution mentioned in paragraph one above to be paid with the finance and tax department of the Macau SAR shall be reduced accordingly. 
 CHAPTER 11 
 TAXATION OBLIGATIONS AND
DELIVERY OF DOCUMENTS 
 Article 50 
 Special Gaming Tax 
 1. The Subconcessionaire shall pay special gaming tax to the Macau SAR in accordance with the
law. Such tax shall be paid by twelve installments, which shall be paid to the government monthly by no later than the 10th day of the month immediately following the relevant month. 
 2. Special gaming tax may be paid in patacas or in other currency accepted by the government. 
 3. Special gaming tax paid
in patacas shall be paid directly to the treasury of the Macau SAR. 
 4. Special gaming tax paid in a currency other than pataca accepted by the government
shall be paid to the Macau Monetary Authority. Macau Monetary Authority will deliver the exchanged amount in patacas to the treasury of the Macau SAR. 
 Article 51 
 Withholding Taxes 
 1. The Subconcessionaire shall collect and pay the statutory taxes on junket commissions or other remuneration paid to the gaming intermediaries through withholding the definitive amount of such taxes. The relevant
taxes shall be paid monthly to the cashier office of the finance and taxation department of the Macau SAR by no later than the tenth day of the month immediately following the relevant month. 
  

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 2. The Subconcessionaire shall collect and pay the employment tax provided by law in connection with the staff of the
Subconcessionaire through withholding the definitive amount of such taxes. The relevant tax shall be paid to the cashier office of the finance and taxation department of the Macau SAR in accordance with the law. 
 Article 52 
 Payment of Other Due
Taxes, Levies, Expenses and Fees 
 The Subconcessionaire shall pay the due and non-exempted taxes, levies, expenses and fees provided by the laws and
regulations of the Macau SAR. 
 Article 53 
 Document Evidencing that no Liabilities are due to the Treasury of the Macau SAR 
 1. The Subconcessionaire shall
annually submit to the government a certificate issued by the Finance Services Bureau by no later than March 31, to prove that the Subconcessionaire does not owe the Macau SAR any levies, taxes, penalties or additional payments of the precedent
year. Additional payments shall include compensatory interest, default interest and 3% over debts. 
 2. The Subconcessionaire shall annually submit by no
later than March 31 the document stating the tax status of the precedent year of its managing director, the member of its corporate bodies and shareholders holding 5% or more of the share capital of the Subconcessionaire to the government.

 Article 54 
 Document
Evidencing that no Liabilities are due to Social Security Fund of the Macau SAR 
 The Subconcessionaire shall submit to the government certifying
documents issued by the social security fund of the Macau SAR to evidence that the contributions made by the Subconcessionaire to the social security fund of the Macau SAR are in compliance with the law, by no later than March 31 of each year.

 Article 55 
 Duty to
Provide Information 
 1. The Subconcessionaire shall submit quarterly a trial balance of the previous quarter to the government by no later than the
last day of the month immediately following the end of the relevant quarter, and the trial balance of the last quarter of each year shall be submitted by no later than the last day of February in the following year. 
 2. The Subconcessionaire shall also submit the following information to the government at least 30 days before the date of the annual shareholders’ meeting to
approve the accounts: 
  

	(1)	All the accounting and statistic statements of the previous year; 

 (2)
Full names of members who served on the Board or the supervisory board, of any representatives appointed and of the person in charge of the accounting department in the relevant business year and the various language versions of such names;

  

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 (3) A copy of the report and accounts of the Board enclosed with the opinion of the supervisory board and external
auditors. 
 Article 56 
 Accounting and Internal Audit 
 1. The Subconcessionaire shall establish its own accounting system, sound administrative organization and
appropriate internal auditing procedures, and shall comply with the instructions of the government issued on such matters, especially through instructions issued by the GICB and the Finance Department. 
 2. The Subconcessionaire shall only adopt the Official Accounting Plan applicable in the Macau SAR in its compilation and submission of the accounts. Notwithstanding,
the Chief Executive, upon the proposal of the head of the GICB or the Finance Department, may stipulate special accounting rules to be complied with by the Subconcessionaire as well certain accounting books, documents or other information required
to be adopted by the Subconcessionaire in recording its business activities and compilation and submission of the accounts. 
 Article 57

 External Audit of Annual Accounts 
 The Subconcessionaire shall submit its accounts to an independent external entity with internationally recognized reputation and previously approved by the GICB and the Finance Department for auditing, and shall provide to such entity in
advance all necessary documents, namely the documents referred to in Article 34 of Law 16/2001. 
 Article 58 
 Special Audit 
 When the GICB or the Finance Services
Bureau think necessary or appropriate, at any time and with or without prior notice, the Subconcessionaire shall accept a special audit conducted by an independent external entity or other entities with internationally recognized reputation.

 Article 59 
 Compulsory Announcement 
 1. The Subconcessionaire undertakes to publish the following information referring to the previous business year
ended December 31 on the Official Gazette of the Macau SAR and two newspapers that have the largest circulation among other newspapers (one in Chinese and the other in Portuguese) published in the Macau SAR by no later than April 30 each
year: 
 (1) The balance sheet, the profit and loss account and annexes; 
 (2) The business consolidation report; 
 (3) The opinion of the supervisory board; 
 (4) The consolidated opinion of external auditors; 
  

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 (5) The list of qualified shareholders holding 5% or more of the share capital of the Subconcessionaire and the numerical
value of the relevant percentage during any period of that year; 
 (6) The names of members of its corporate bodies. 
 2. The Subconcessionaire shall submit to the government copies of all the information referred to in the preceding paragraph and other information required to be
published under the concession legal regime as set forth in Article 6 by no later than 10 days prior to the of publication. 
 3. The Concessionaire and
the Subconcessionaire undertake to publish jointly the information referred to in number 1 above. 
 Article 60 
 Special Duty of Cooperation 
 In addition to the
general duty of cooperation foreseen in Article 67, the Subconcessionaire shall have the obligation to cooperate with the government, especially with the GICB and the Finance Department, and provide the material and information required for
conducting special audits, assist such departments in analyzing or examining its accounts and perform all the obligations provided by the concession legal regime as set forth in Article 6. 
 CHAPTER 12 
 GUARANTEE

 Article 61 
 Guarantee Deposit as Performance Guarantee of the 
 Subconcessionaire’s Statutory and Contractual Obligations

 1. The guarantee deposit to guarantee the performance of legal and contractual obligations by the Subconcessionaire shall be provided by any means as
specified by law and acceptable to the government. 
 2. In order to ensure the performance of the following obligations, the Subconcessionaire must maintain
a “first demand” bank guarantees issued by Banco Nacional Ultramarino, S.A. with the government as the beneficiary: 
  

	(1)	accurate and punctual performance its statutory and contractual obligations; 

  

	(2)	accurate and punctual payment of the premium, payable by the Subconcessionaire to the Macau SAR under Article 47; 

 (3) payment of fines or other monetary penalties that may be imposed on the Subconcessionaire in accordance with the law or the provisions contained herein; and

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

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 3. The Subconcessionaire must maintain in favour of the Government the “first demand” bank guarantee set forth
in the preceding paragraph in a maximum amount of MOP 500,000,000 from the date hereof to 8th September, 2011
and in a maximum amount of MOP 300,000,000 from that date until the 180th day after the termination date of this Subconcession, referred to in Clause 8.. 
 4. The Subconcessionaire must take all necessary actions and to perform all obligations necessary to maintain the validity of the “first demand” bank guarantee mentioned in paragraph 2 above. 
 5. If the Subconcessionaire fails to perform any of its statutory and contractual obligations, accurately and timely pay the premium payable by it or pay fines or other
monetary penalties imposed in accordance with the law or the provisions contained herein, and it fails to raise its objection within a legally-prescribed period, the government may draw on the “first demand” bank guarantee set forth in
paragraph 2 of this Article, regardless whether or not a judicial award has been made. In case of any damages arising from the contractual obligation in connection with any damage or loss of benefits caused by the Subconcessionaire’s failure to
perform all or a part of its obligations hereunder, the government may also draw on the “first demand” bank guarantee set forth in paragraph 2 of this Article. 
 6. If the government draws on the “first demand” bank guarantee set forth in paragraph 2 of this Article, the Subconcessionaire must, within fifteen days after the date on which it receives a notice in
connection with the draw of such “first demand” bank guarantee, take all necessary measures to restore the full validity of such “first demand” bank guarantee. 
 7. The “first demand” bank guarantee set forth in paragraph 2 of this Article may be discharged only upon the permission of the government. 
 8. The government may permit amendments made to the provisions or terms set forth in paragraphs 3 to 6, and may also permit other means stipulated by the law in lieu of the “first demand” bank guarantee
referred to in paragraph 2 for the provision of a guarantee to secure the performance of statutory and contractual obligations by the Subconcessionaire. 
 9. All expenses incurred in connection with the issuance, maintenance and discharge of the guarantee to secure the performance of statutory and contractual obligations by the Subconcessionaire shall be borne by the Subconcessionaire.

 Article 62 
 Special
Bank Guarantee for the Payment of Special Gaming Tax 
 1. If the government has reasons to believe that the Subconcessionaire will not pay the special
gaming tax anticipated to be payable each month, the Subconcessionaire shall provide a “first demand” bank guarantee in accordance with the time limit, provisions, terms and amounts stipulated by the government with the government as the
beneficiary in order to guarantee the payment of the above-mentioned amount. 
 2. Without the permission of the government, the terms and conditions of the
first demand guarantee set forth in the preceding paragraph of this Article must not be amended. The Subconcessionaire shall strictly comply with the terms as stipulated in providing the guarantee and to perform all obligations undertaken or to
be undertaken in maintaining the validity of the guarantee. 
  

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 3. If the Subconcessionaire fails to pay the special gaming tax payable to the Macau SAR in accordance with the laws and
the provisions contained herein, the government may draw on the first demand guarantee set forth in the first paragraph of this Article, regardless whether or not a judicial award has been made. 
 4. If the government draws on the first demand bank guarantee set forth in the first paragraph of this Article, the Subconcessionaire must, within fifteen days after the
date on which it receives a notice in connection with the use of such first demand guarantee, take all necessary measures to restore the full validity of such guarantee. 
 5. The guarantee set forth in the first paragraph of this Article may be discharged by the Subconcessionaire only 180 days after the termination of the subconcession and upon authorization from the government.

 6. All expenses incurred in connection with the issuance, maintenance and discharge of the first demand guarantee set forth in the first paragraph of this
Article shall be borne by the Subconcessionaire. 
 Article 63 
 Guarantee to be provided by the Controlling Shareholders or 
 Shareholders of
the Subconcessionaire 
 1. The government may request a guarantee to be provided by the controlling shareholder of the Subconcessionaire, in terms
acceptable by the government, to ensure that the Subconcessionaire performs its undertakings and obligations; in case there is no controlling shareholder, the government may ask the shareholders of the Subconcessionaire to provide the same.

 2. The guarantee referred to in the preceding paragraph, may be demanded, namely, when there is a justified concern that the Subconcessionaire will not be
able to perform its undertakings and obligations. 
 3. The guarantee referred to in paragraph 1 above may be provided through cash deposit, bank guarantee,
guaranteed insurance or any means specified in Article 619 of Civil Code, within the timeframe, terms and conditions and amount to be specified by the Order of the Chief Executive. 
 4. If the Subconcessionaire fails to perform the undertakings and obligations in accordance with the laws and the provisions contained herein, the government may draw on the guarantee provided according to this
Article, regardless of any judicial award. 
 5. If the government draws on the guarantee provided according to this Article, the Subconcessionaire shall
cause its controlling shareholder or the relevant shareholders to, within 15 days after it receives a notice regarding the approval order given with respect to the use of such guarantee, take all necessary measures to restore the full validity of
such guarantee. 
 6. The guarantee provided according to this Article may not be amended without the permission of the government. 
  

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 CHAPTER 13 
 SUPERVISION OF THE PERFORMANCE OF THE SUBCONCESSIONAIRE’S OBLIGATIONS 
 Article 64

 Supervision, Monitoring and Inspection by the Government 
 1. The power for the supervision, monitoring and inspection of the performance of the Subconcessionaire’s obligations shall be exercised by the government, especially through the GICB and the Finance Department.

 2. For appropriate effectiveness and upon the request of the government, without prior notification, the Subconcessionaire shall allow the government or
any other entities specifically and duly authorized and identified by the government to freely enter into any part of the facilities of the Subconcessionaire and review and examine freely the accounts or books of the Subconcessionaire, including any
trading records, books, minutes, accounts and other records or documents and the management statistic materials and records used. In addition, it shall provide to the government or entities authorized by the government copies of the materials which
the entities deem necessary. 
 3. The Subconcessionaire shall comply with and implement the decisions of the government within the scope of its power for
inspection and supervision, especially the instructions made by the GICB, including the decision to suspend the operation of the casinos and other gaming area. 
 4. In operating the subconcession, the Subconcessionaire shall be subject to the permanent supervision and inspection of the GICB in accordance with the provisions of the applicable laws. 
 Article 65 
 Daily Supervision on
Gross Income of Gaming Operation 
 The Subconcessionaire shall accept the daily supervision of the government on the gross income of the gaming
operation exercised in accordance with the law by the GICB. 
 CHAPTER 14 
 GENERAL OBLIGATIONS OF COOPERATION 
 Article 66 
 Government’s and Concessionaire General Obligation of Cooperation 
 The government and the Concessionaire shall cooperate with the Subconcessionaire so that the Subconcessionaire may fulfill its legal and contractual obligations. 
 Article 67 
 Subconcessionaire’s
General Obligation of Cooperation 
 1. For the applicability of the provisions of this Subconcession Contract, the Subconcessionaire undertakes to
cooperate with the government, and accordingly, upon the request of the government, undertakes to provide all documents, information, materials, evidence or authorizations. 
 2. The Subconcessionaire shall also cooperate with the Concessionaire so that the Concessionaire may fulfill its legal or contractual obligations. 
  

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 CHAPTER 15 
 OTHER OBLIGATIONS OF THE SUBCONCESSIONAIRE 
 Article 68 
 Operation of Casinos and Other Premises and other Adjacent Properties 
 The Subconcessionaire shall operate all ancillary facilities in the casinos and other premises and the adjacent properties used for operating the subconcession in a normal way and for the original purposes or
authorized purposes. 
 Article 69 
 General Obligations of the Subconcessionaire 
 1. The Subconcessionaire shall undertake the special obligations to procure and require all
entities retained for developing the business covered by the subconcession to abide by all rules that ensure the proper organization and operation and the special security measures designed for the customers and staff of the casinos and other gaming
areas and other people holding positions in the casinos and other gaming areas of the Subconcessionaire. 
 2. In order to develop the business covered by
the subconcession, the Subconcessionaire must retain entities that have appropriate licenses and permits and have appropriate professional and technical abilities in the relevant areas. 
 Article 70 
 Other Government Permissions 
 Any replacement, cancellation or change of certificates and records which relate to the business of the Subconcessionaire or the acquisition of the gaming equipment and
instruments shall be subject to authorization of the government. 
 Article 71 
 Government’s Authorizations and Approvals 
 The authorizations and approvals from the
government or its refusal to grant an approval and authorization shall not exempt the Subconcessionaire’s obligation to timely perform its obligations under this Subconcession Contract and shall not result in any liability to the government,
except if the government’s action imposes liabilities or causes special and unusual damages to the Subconcessionaire. 
 CHAPTER 16

 LIABILITY OF THE SUBCONCESSIONAIRE AND OF THE CONCESSIONAIRE 
 Article 72 
 Civil Liability towards the Macau SAR 
 1. The Subconcessionaire shall be liable towards the Macau SAR for any damage caused by the non-performance of all or a part of the Subconcessionaire’s legal or
contractual obligations as a result of any fact for which the Subconcessionaire is responsible. 
  

 32 

 2. The Concessionaire is not liable for and does not share any liability towards the Macau SAR for the damages caused by
the non-performance of all or a part of the Subconcessionaire’s legal or contractual obligations as a result of any fact for which the Subconcessionaire is responsible. 
 Article 73 
 Exemption of the Macau SAR and of the Concessionaire from the

 Non-contractual Liabilities of the Subconcessionaire towards Third Parties 
 1. The Macau SAR shall not bear or share any liability of the Subconcessionaire as a result of an act taken by or behalf of the Subconcessionaire, involving or possibly
involving civil or other liabilities. 
 2. The Concessionaire shall not bear any liability of the Subconcessionaire as a result of an act taken by or on
behalf of the Subconcessionaire, involving or possibly involving civil or other liabilities. 
 3. The Subconcessionaire shall be also be liable in
accordance with the general provisions governing the principal-entrusted party legal regime, and be liable for losses caused by the entities appointed by the Subconcessionaire for the development of the subconcession. 
 CHAPTER 17 
 CHANGE OF THE ENTITY OF
THE SUBCONCESSION 
 Article 74 
 Assignment, Encumbrance, Conveyance and Transfer of Contract 
 1. Unless permission of the government is obtained, the Subconcessionaire
shall have an obligation not to, expressly or implicitly, formally or informally, assign, convey or transfer or otherwise create encumbrance over the operation of a casino or over the operation of any gaming area, or carry out any legal act that
will have the same effect. 
 2. Without prejudice to other applicable penalties or punishments, in case of an act in violation of the preceding paragraph,
the Subconcessionaire shall pay the following penalties: 
  

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

  

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

  

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

 3. Enclosed with its application for the permission set forth in paragraph 1 shall be all required documents clearly indicating any legal act contemplated by the
Subconcessionaire, without prejudice to the right of the government to request additional documents, materials or information. 
  

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 Article 75 
 Sub-Concession 
 1. The Subconcessionaire undertakes not to grant a sub-concession of all or a part of the casinos
granted under this subconcession or carry out any legal act that will have the same effect. 
 2. Without prejudice to other applicable penalties or
punishments, in case of an act in violation of the preceding paragraph, the Subconcessionaire shall pay a penalty of MOP 500,000,000 to the Macau SAR. 
 CHAPTER 18 
 NON-PERFORMANCE OF CONTRACT 
 Article 76 
 Non-performance of
Contract 
 1. The Subconcessionaire shall be liable to statutory or contractual punishment or penalty if the Subconcessionaire fails to perform its
responsibility or obligation hereunder or under government decisions as a result of any fact that the Subconcessionaire is to blame, without prejudice to the provisions of Articles 77 and 78. 
 2. Under the situations of force majeure or other facts that the Subconcessionaire is proved not to blame, the Subconcessionaire shall be exempted from the
responsibilities set forth in the preceding paragraph to the extent of actual hindrance of the timely and fully performance of the responsibilities or obligations. 
 3. Events that are unforeseeable, irresistible or beyond the control of the Subconcessionaire and that the occurrence of their consequences does not rely on the intention and personnel situations of the Subconcessionaire, especially wars,
terrorism, disruption of the public order, pestilence, atomic radiation, fire, thunder and lightening, serious flood, cyclones, hurricanes, earthquake and other natural disasters directly affecting the businesses covered by the concession, shall be
deemed to be the situations of force majeure and shall cause the consequences as specified in the following paragraph. 
 4. In case of the occurrence of
force majeure events, the Subconcessionaire shall immediately notify the government and promptly indicate the hindrance of its performance of the obligations under this Subconcession Contract caused by the occurrence of such events deemed by it and
shall specify the measures under the circumstances that such measures are proposed to be implemented by the Subconcessionaire for the purpose of minimizing the effects of such events and/or for the performance of such obligations in compliance with
the provisions. 
 5. In case of the occurrence of any of the situations specified in paragraph 3, the Subconcessionaire shall promptly reconstruct the
property damaged or recover the property damaged to its original status so as to resume the proper operation of the casino games of chance or games of other forms. If the Subconcessionaire does not have any economic benefit over the reconstruction
and/or recovery of the aforesaid property, it shall transfer the insurance benefits to the Macau SAR. 
 CHAPTER 19 
 REVOCATION AND TERMINATION OF THE SUBCONCESSION 
 Article 77 
 Discharge by Parties’ Agreement 
 1. The Concessionaire and the Subconcessionaire may discharge this Subconcession Contract at any time by the agreement of the parties. 
  

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 2. In case the government and the Subconcessionaire mutually agree to terminate this Subconcession Contract, the
Concessionaire hereby agrees with such termination. 
 3. The Subconcessionaire shall be fully responsible for the effectiveness of the termination of
contracts to which it is a party and the Macau SAR and the Concessionaire shall not bear any responsibilities in this regard unless it is agreed expressly otherwise. 
 Article 78 
 Redemption 
 1. From the 15th year of the Subconcession onwards, the government may redeem the subconcession by at least one year prior notice to the Subconcessionaire sent by registered post with return slip request unless the
laws stipulate otherwise. 
 2. By redeeming the Subconcession, the Macau SAR shall enjoy all rights and undertake all obligations incurred as a result of
the redemption from the lawful behaviors under any contracts effectively entered into by the Subconcessionaire before the date of notice set forth in the preceding paragraph. 
 3. As regards obligations created under any contracts entered into by the Subconcessionaire after the notice set forth in the first paragraph, the Macau SAR shall bear such obligations only if such contracts have
obtained permission from the government before their conclusion. 
 4. The Macau SAR shall be responsible for the obligations created by the
Subconcessionaire, without prejudice to its right to recourse against the Subconcessionaire for obligations created by the Subconcessionaire that exceeds the normal management of the conceded business. 
 5. Upon the redemption of the concession, the Subconcessionaire shall have the right to obtain reasonable and fair compensation/indemnity for losses due to the
redemption of its Resort — Hotel — Casino facilities referred to in the Investment Plan attached to this Subconcession contract. Standards for the calculation of the amount of compensation/indemnity shall be determined according to the
amount of the revenue of the said premises, generated during the tax year prior to the redemption, before deducting any amounts for interests, depreciation and redemption of equipment, multiplied by the number of years missing to the term referred
to in this Subconcession contract. 
 Article 79 
 Temporary Administrative Participation 
 1. In case of the occurrence or possible occurrence of the situation where
the Subconcessionaire terminates or suspends the operation of all or a part of the conceded business without permission and which is not caused by force majeure or in case of the occurrence of serious chaos in the overall organization and operation
of the Subconcessionaire or insufficiency of facilities and equipment which may affect the normal operation of the conceded business, the government may replace the Subconcessionaire directly or through a third party during the aforesaid termination
or suspension or subsistence of the aforesaid chaos and insufficiency and shall ensure the operation of the conceded business and cause the adoption of necessary measures to protect the subject matter of this Subconcession Contract. 
  

 35 

 2. During the period of temporary administrative participation, the expenses required for maintaining the normal
operation of the conceded business shall be borne by the Subconcessionaire. Accordingly, the government may draw on the guarantee for the performance of the statutory obligations and contractual obligations of the Subconcessionaire and the guarantee
provided by the controlling shareholder of the Subconcessionaire. 
 3. If the reasons for the temporary administrative participation no longer exist and if
the government deems appropriate, the government shall notify the Subconcessionaire to resume the normal operation of the conceded business within a prescribed period. 
 4. If the Subconcessionaire does not want to or is not able to resume operation of the conceded business, or even though the operation of the conceded business is resumed, serious chaos or insufficiency continues to
occur in its organization and operation, the government, may announce to discharge this Subconcession Contract unilaterally on the basis that this Subconcession Contract is not performed. 
 Article 80 
 Unilateral Discharge 
 1. In case of the Subconcessionaire’s failure to perform its basic obligations in accordance with the laws or the provisions contained herein, the government,
without having to consult the Concessionaire, may terminate the concession by unilateral discharge of this Subconcession Contract due to failure to perform. 
 2. Major reasons for unilateral discharge of this Subconcession Contract shall be, especially: 
  

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

  

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

  

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

  

	 	(4)	failure to pay the taxes, premiums, levies or other returns payable to the Macau SAR as stipulated in the concession system specified in .Article 6 and not impugned within the
statutory time limit; 

  

	 	(5)	refusal or failure of the Subconcessionaire to re-gain the subconcession in accordance with the provisions of paragraph (4) of the preceding Article or subsistence of
conditions that may lead to temporary administrative participation notwithstanding that the subconcession has been re-gained; 

  

 36 

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

  

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

  

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

  

	 	(9)	bankruptcy or insolvency of the Subconcessionaire; 

  

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

  

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

  

	 	(12)	granting to any other legal person managing powers over the Subconcessionaire in order to operate casino games of chance or any other games in casino, or granting a subconcession,
in whole or in part, of this Subconcession, or entering into any agreement to obtain the same effect. 

  

	 	(13)	The non compliance with the obligation referred to in Article 16(10) to transfer the shares, within ninety days, for which the controlling shareholder is liable for.

 3. Without prejudice to the provisions of Article 83, in the occurrence of any of the situations specified in the preceding paragraph or any
other situations which may cause the unilateral discharge of this Subconcession Contract in accordance with the provisions of this Article due to failure to perform, the government shall notify the Subconcessionaire to fully perform its obligations
and remedy or indemnify the results caused by its behaviors within a prescribed period, except for those situations which cannot be remedied. 
 4. If the
Subconcessionaire fails to perform its obligations or correct or indemnify the results caused by its behaviors in accordance with the provisions as stipulated by the government, the government may unilaterally discharge this Subconcession Contract
upon notification to the Subconcessionaire and to the Concessionaire. The government may also notify, in writing, the entity which has undertaken to provide finance to the investment to be made and the obligations to be borne by the
Subconcessionaire, in accordance with and for the purposes stated on the concessions legal framework referred to in Clause 6, related to the financial capacity. 
 5. Notice to the Subconcessionaire in connection with the decision to discharge this Subconcession Contract as specified in the preceding paragraph shall be effective immediately without going through any other procedures. 
  

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

 7. The Subconcessionaire shall be liable for damages to the Macau SAR as a result of the unilateral discharge of this Subconcession Contract in accordance
with the provisions of this Article due to failure to perform, the damages shall be calculated in accordance with the general provisions of the laws. 
 8.
The unilateral discharge of this Subconcession Contract due to failure to perform will result in the immediate attribution of the ownership of the casinos and the equipment and utensils used for gaming, even though they do not locate at the casinos,
to the Macau SAR without compensation. 
 Article 81 
 Expiration/Forfeiture 
 1.This Subconcession Contract shall become invalid at the expiration of the term as
stipulated in Article 8 and the contractual relationship between the parties to this Subconcession Contract shall terminate, without prejudice to the survival of applicable provisions contained herein after the expiration of the subconcession
term. 
 2. In case of the occurrence of the invalidity as stipulated in the preceding paragraph, the Subconcessionaire shall be fully responsible for the
effectiveness of the termination of the contracts to which it is a party and the Macau SAR shall not bear any responsibilities in this regard. 
 CHAPTER 20 
 AMENDMENT AND MODIFICATION OF CONTRACT 
 Article 82 
 Amendments To The Subconcession Contract 
 1. Notwithstanding the authorization of the Government, this Contract may be amended after negotiations between the Concessionaire and the Subconcessionaire, in
accordance with the law. 
 2. The Concessionaire hereby agrees with any future amendments to this Subconcession Contract agreed between the government and
the Subconcessionaire provided that they do not increase the obligations of the Concessionaire. 
 3. The amendment to this Subconcession Contract and to any
Amendments to this Subconcession Contract shall be made in compliance with the procedures set forth by the Government. 
  

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 CHAPTER 21 
 PHASES PRIOR TO LEGAL PROCEEDINGS 
 Article 83 
 Consultation Prior to Legal Proceedings 
 1. The
government, the Concessionaire and the Subconcessionaire, or the government and the subconcessionaire or the government and the Concessionaire shall resolve through consultation issues or disputes arising between the parties on the validity,
application, execution, interpretation of the rules governing this Subconcession Contract. 
 2. The occurrence of issues shall not exempt the
Subconcessionaire and/or the Concessionaire from timely and full performance of the provisions of this Subconcession Contract and the government decisions notified to the Subconcessionaire according to the provisions contained herein or permit the
Subconcessionaire to suspend the development of any aspect of its business. The relevant development shall continue to be made according to the provisions in effect on the date the issue is brought up. 
 3. The provisions of the preceding paragraph regarding the performance by the Subconcessionaire and/or the Concessionaire of the government decisions shall also apply to
the succeeding decisions made on the same matter even if such decisions are made after the date the consultation starts, provided that the first decision of such succeeding decisions is notified to the Subconcessionaire and/or the Concessionaire,
respectively, prior to the date the consultation starts. 
 CHAPTER 22 
 FINAL PROVISIONS 
 Article 84 
 Obtaining of Approvals, Licenses or Permits 
 1. This
Subconcession Contract shall not exempt the obligations of the Subconcessionaire to submit applications, pay fees and/or take measures for the purpose of obtaining the approvals, licenses or permits necessary for the operation of any aspect of its
business or the performance of its obligations hereunder and shall not exempt the Subconcessionaire from abiding by or compliance with all requirements necessary for obtaining such approvals, licenses or permits and maintaining the effectiveness
thereof. 
 2. If any approval, license or permit set forth in the preceding paragraph is revoked, void, suspended or abolished or no longer be effective due
to any reason, the Subconcessionaire shall notify the government immediately and state the measures taken or to be taken in order to re-gain such approval, license or permit or make such approval, license or permit effective again. 
 3. None of the provisions contained herein shall be construed as replacing the statutory provisions or contracts on obtaining any approval, license or permit.

 Article 85 
 Industrial Property Rights and Intellectual Property Rights 
 1. In operating its business, the Subconcessionaire shall respect the
industrial property rights and intellectual property rights according to the existing laws of the Macau SAR, and independently assume liabilities for infringement upon such property rights. 
 2. As a condition precedent to the issuance of approvals, licenses and permits, especially those relating to the performance of the investment plans attached to this
Subconcession Contract, the Subconcessionaire shall comply with all industrial property rights and intellectual property rights. 
  

 39 

 3. The Subconcessionaire shall assign to the Macau SAR free of charge, research, drafts, plans, drawings, documents or
other materials of any nature that are necessary or helpful for the Subconcessionaire to perform the duties hereunder or to exercise the rights granted hereunder. 
 4. Upon the request of the Macau SAR, the Subconcessionaire must prepare any kind of document or declaration to confirm or register the rights set forth in the preceding paragraph. 
 5. If the industrial property rights or intellectual property rights transferred or to be transferred to the Macau SAR according to this Article are infringed, and
the Subconcessionaire has not solved any dispute with a third person over such infringement, the Macau SAR may interfere with such dispute to safeguard such property rights. The Subconcessionaire shall provide all assistance required for such
purpose. 
 Article 86 
 Notices, Announcements, Permits and Approvals 
 1. Unless otherwise provided, the notices, announcements, permits and approvals as referred
to herein must be made in writing and delivered in the following method: 
  

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

  

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

  

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

 2. Permits granted
by the, government shall be prior permits and may be conditional. 
 3. No answers to the application for permits and approvals or other requests made by the
Subconcessionaire and/or the Concessionaire shall be deemed as being rejected; 
 4. For the applicability of the provisions of this Subconcession Contract,
the following address and place for receiving faxes shall be deemed as the domicile of the Government, the Concessionaire and Subconcessionaire hereto: 
 The Macau SAR: 
 Gambling Inspection and Coordination Bureau 
 21st Floor, China Plaza, 
 No. 762-804,
Av. da Praia Grande, Macau 
 Fax: 370296 
 Concessionaire: Wynn Resorts (Macau) S.A. 
 Address: Alameda Dr. Carlos D ́Assumpção, n.os 335 a 341,
Edificio Centro Hotline, 9o andar, Macau 
 Fax: 8965500 
 Subconcessionaire: PBL Diversôes (Macau) S.A. 
 Address: Av. Dr. Mario Soares, n.° 25,
Edificio Montepio, Apartamento 25, 1° andar, 
 Comp. 13, Macau. 
 Fax: 713883 
  

 40 

 5. Upon prior notice to the other parties, the Government, the Concessionaire and the Subconcessionaire may amend the
aforesaid address and place for receiving faxes. 
 Article 87 
 Prohibition of Act Limiting Competition 
 1. The Subconcessionaire must conduct its business in
positive and fair competition, subject to the inherent principles of market economy. 
 2. The Subconcessionaire has the obligation not to execute agreements
or conduct agreed acts with other concessionaires, or other Subconcessionaires or managing companies operating in Macao SAR, as to operating casino games of chance or games of other forms, or companies of the relevant group that may hinder, restrict
or jeopardize competition in any manner. 
 3. The Subconcessionaire has the obligation not to misuse the leading position it has in the market or the
considerable market share it has in order to hinder, restrict or jeopardize competition. 
 Article 88 
 Gaming Intermediaries 
 The Subconcessionaire must
assume liabilities to the government for the activities conducted in the casinos and other gaming areas by the gaming intermediaries registered in its company, its directors and cooperative parties. Accordingly, it shall supervise the activities of
such intermediaries, directors and cooperative parties. 
 Article 89 
 Promotion of the Facilities of the Subconcessionaire 
 1. The Subconcessionaire has the
obligation to conduct publicity and marketing activities with respect to its facilities, especially the casinos, within and outside the Macau SAR. 
 2. The
government and the Subconcessionaire shall have the obligations to coordinate the work and activities in promoting Macau outside the territory of Macau when they conduct their publicity and marketing work and activities. 
 3. Without permission of the government, the Subconcessionaire has the obligation not to allow the use of the image of its casinos or other places and adjacent areas,
for operating the conceded business or a large amount of introductory explanations implying the same in the website or website address of the Internet or any other place used for promoting interactive gambling. 
 Article 90 
 Contents Incorporated in
the Subconcession Contract 
 The content of the executive summary submitted by the Subconcessionaire to the Government shall be deemed as being
incorporated in this Subconcession Contract, except to the extent expressly or implicitly overriden by this Subconcession Contract. 
  

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 Article 91 
 Chips Used in the Operation of Conceded Business 
 1. The Subconcessionaire must abide by the guidance of the
government when it issues chips of any kind or nature and puts them into circulation. 
 2. Without prejudice of the maximum amount being determined by the
government, the amount of chips issued and put in circulation does not depend upon permission of the government. 
 3. The Subconcessionaire guarantees to
pay by cash, check or equivalent credit proof for the chips put into circulation. 
 4. With respect to all chips put into circulation, the Subconcessionaire
must provide cash and proof of high solvency to maintain solvency ratio, establish reserve funds and abide by the prudent rules stipulated by the government at any time in order to ensure the prompt payment for the chips. 
 Article 92 
 Confidentiality

 1. Documents prepared by the Government, the Concessionaire and the Subconcessionaire for the implementation of the concessions legal framework
referred to in Article 6 or performance of the provisions of this Subconcession Contract shall have the nature of confidentiality, which may be provided to a third party only upon the permission of the Government. 
 2. The government, the Concessionaire and the Subconcessionaire shall take necessary measures so that their staff is bound by the obligation of confidentiality.

 3. The government, the Concessionaire and the Subconcessionaire shall urge others who are able to get access to or may get access to confidential
documents to comply with the obligation of confidentiality, especially those being able to do so through consultant contracts, labor provision contracts or other contracts. 
 4. The Concessionaire and the Subconcessionaire shall keep the confidentiality of this contract, and of any other documents that may reveal its content, and shall only reveal it to third parties upon permission of the
government. 
 5. It is not included within the confidentiality referred in number 1 and 4 above, any documents, information or materials that may be
reasonably requested by judicial order, by any gaming regulator agency of other jurisdiction or by a stock regulator agency; however, the Concessionaire or the Subconcessionaire, as the case may be, must inform the government. 
 6. The Concessionaire and the Subconcessionaire are also exempted of this confidentiality obligation referred in number 1 and 4 above, for any documents, information or
materials that they deem necessary to present to any financial institution, lawyer, accountant, or consulting entity, provided that this confidentiality is extended to those parties. 
 7. After obtaining authorization referred in number 4 above, the Concessionaire or the Subconcessionaire, as the case may be, shall urge to take all necessary actions in order to guarantee that anyone that has or will
become aware of the content of this Subconcession Contract, including any related documents that may reveal its content, are bind to this confidentiality. 
  

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 Article 93 
 Complaint Book 
 1. The Subconcessionaire shall set up a complaint book particularly for complaints in connection
with the operation of casino games of chance or games of other forms, and ensure such complaint book for use by customers in the casinos and other gaming areas. 
 2. The Subconcessionaire shall post notices in the casinos and other gaming areas in an outstanding manner, stating the existence of the complaint book. 
 3. The Subconcessionaire shall submit a copy of the complaints written in the complaint book to the government in 48 hours, together with a report on such complaints prepared by the Subconcessionaire. 
 Article 94 
 Termination of the
Concession 
 1. The termination of the concession granted to the concessionaire before the date foreseen in article 8 of this Subconcession Contract
shall not determine the termination of the subconcession granted under this Subconcession contract. 
 2. In the case mentioned in the preceding paragraph,
the Government shall use its best efforts to transfer the position of the concessionaire in this Subconcession Contract to another concessionaire for the operation of games of chance and other games in casino. 
 CHAPTER 23 
 TRANSITIONAL PROVISIONS

 Article 95 
 Occupational Training Plan 
 1. The Subconcessionaire must prepare the occupational training plan for employees who hold posts in the
operation of the business covered by the subconcession within the time limit prescribed by the government. 
 2. The Subconcessionaire must deliver to the
government any other additional documents or materials with respect to the plan referred to in the preceding paragraph within the stipulated time limit. 
 Article 96 
 Deposit of the Company‘s Share Capital 
 The Subconcessionaire shall undertake to keep its share capital deposited with a local credit institution or a branch or subsidiary of a credit institution permitted to
be operated in the Macau SAR and such share capital shall not be transferred before the commencement of business of the Subconcessionaire. The date which is expressly acknowledged by the government through the order of the Secretary for Economy and
Finance to be the date of the commencement of business of a Subconcessionaire shall be deemed to be the date of the commencement of business of such Subconcessionaire. 
  

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 Article 97 
 Managing Director Designated 
 1. The government shall, by no later than fifteen days after the conclusion of this
Subconcession Contract, notify the Subconcessionaire whether to permit the candidate specified in Annex 1 of the Administrative Regulations No. 26/2001 submitted by the Subconcessionaire to act as the managing director of the
Subconcessionaire. 
 2. The provisions of paragraphs 1 and 2 of Article 21 are applicable to the act of granting the management power of the
Subconcessionaire for the first time to the managing director after the conclusion of this Subconcession Contract. 
 Article 98

 Bank Accounts 
 The
Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession Contract, submit to the government the documents setting forth all bank accounts and the relevant balance in the name of the Subconcessionaire to the
government. 
 Article 99 
 Declaration of the Obligations of Cooperation 
 The Subconcessionaire shall take measures to obtain a declaration executed by every
shareholder holding 5% or more of the capital of the Subconcessionaire, every director and major employee holding key post in the casinos and every controlling shareholder, including the ultimate controlling shareholders of the Subconcessionaire,
stating that such persons are willing to be bound by a special obligation to cooperate with the government. Accordingly, they shall undertake to provide any documents, information, materials or evidence and give any permission upon request. The
Subconcessionaire shall submit to the government such declaration by no later than fifteen days after the execution of this Subconcession Contract. 
 Article 100 
 Fixed Portion and the Variable Portion of the Premium 
 1. The due portion of the fixed part of the annual premium referred to in Article 47, will only be due from June 26’ of the year 2009, unless, until then,
the Subconcessionaire begins to operate a casino or a gaming area within the Resort-Hotel-Casino referred to in the investment plans attached to this Subconcession contract. If so, the fixed part of the premium shall be due from that moment on.

 2. The payment of the variable part of the annual premium referred to in Clause 47 will only be due after the date the Subconcessionaire begins operating
either in temporary facilities or in the facility referred to in the preceding paragraph; to allow the Government to calculate the variable part of the annual premium, the Subconcessionaire shall, within ten days before opening its first casino or
first gaming area, submit to the government a list which will set forth the number of gaming tables and the number of electrical or mechanical gaming machines including “slot machines” and the locations proposed to be operated by the
Subconcessionaire in that year. 
  

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 3. If the Subconcessionaire opens its first casino or gaming area in a temporary facility, the amount of the variable
part of the annual premium cannot be less than the amount that the long-term operation of 20 gaming tables, namely of those located in special gaming halls or areas reserved exclusively to certain kinds of games or to certain players and the
long-term operation of 20 gaming tables not reserved exclusively to certain kind of games or to certain players, until the opening of the casino or gaming area on the facility referred to in paragraph I above. 
 4. The amounts of the variable part of the annual premium referred to in Article 47(5) will be subject to renegotiations between the government and the
Subconcessionaire from the third year after the conclusion of this Subconcession contract on. 
 Article 101 of the Articles of Association
and of the Shareholders Agreement 
 The government shall, by no later than sixty days after the conclusion of this Subconcession contract, notify the
Subconcessionaire whether the Articles of Association of the Subconcessionaire and its shareholders agreement have been approved. 
 Article 102 
 Proxy and Powers of Attorney 
 The Subconcessionaire shall, by no later than fifteen days after the conclusion of this Subconcession contract notify the government of all and any existing power of attorney or appointment of representatives for
granting, on the basis of a stable relationship, the right to establish the legal acts relating to the operation of the enterprise in the name of the Subconcessionaire, so that the government may grant its permission. Save that this paragraph shall
not apply to the power to handle routine matters especially with public departments or authorities, or to provide, within the same time frame referred to above, a statement certifying its non existence. 
 Article 103 
 Existing Participation
in the Operation of Casino Games of Chance 
 and Gaming of Other Forms in Other Jurisdiction 
 The Subconcessionaire shall, by no later than fifteen days after the conclusion of this Subconcession contract notify the government of the existing participation in the
operation of casino games of chance or gaming of other forms in any other jurisdiction by any of its directors and controlling shareholders, including the ultimate controlling shareholders, or all shareholders directly or indirectly holding
“the equivalent of 10% or more of the share capital of the Subconcessionaire, including the participation through a management contract. 
 Article 104 
 Composition of the Corporate Bodies of the Subconcessionaire 
 The Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession contract notify the government of the composition of its Board of
Directors, shareholders’ meetings and Supervisory Board and other corporate bodies on the day of execution of this Subconcession Contract. 
  

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 Article 105 
 Structure of Shareholders and Share Capital 
 1. The Subconcessionaire shall, by no later than seven days after the
conclusion of this Subconcession contract, submit to the government a document with the shareholders’ structure of the Subconcessionaire on the day of execution of this Subconcession Contract. 
 2. The Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession contract, submit to the government the structure of share capital
of a legal person, especially a company, owning 5% or more of the share capital of the Subconcessionaire, and the share capital of a legal person owning 5% or more of the share capital of such legal person, and so on up to the share capital of a
natural person or legal person that is an ultimate shareholder on the day of execution of this Subconcession Contract. 
 3. The Subconcessionaire shall, by
no later than fifteen days after the conclusion of this Subconcession contract, submit to the government a declaration for the year 2006 as specified in paragraph 2 of Article 19. 
 Article 106 
 “Most favorable nation” 
 If the Macau SAR grants new concessions for operating casino games of chance or games of other forms under conditions that are, in global terms, more favorable than
those specified in this Subconcession Contract, then the Macau SAR shall also extend them to the Subconcessionaire by amending this Subconcession Contract. 
 Article 107 
 Amendment to the Percentage of Allocation 
 The percentages specified in Articles 48 and 49 shall be amended by the government and the Subconcessionaire in 2010. 
 Article 108
 Effectiveness

 This Subconcession Contract shall be written in the two official languages and become effective as of 8 September, 2006. 
 This Contract has been read by the signatories present and the contents of this Contract have been explained and, as it corresponds to their will, it is going to be
signed. 
 This Subconcession Contract is going to be executed in three counterparts, one of which will be to the Concessionaire, another to the
Subconcessionaire and the other to the government of the Macau SAR. 
 Macau, 8 September, 2006. 
  

 46 

					
	For and on behalf of the Concessionaire	 		 	For and on behalf of the Subconcessionaire
			
	 Stephen Wynn
	 		 	 Rowen Craigie

	Certified Signature	 		 	Certified Signature

  

 47 

 ANNEX TO THE SUBCONCESSION CONTRACT 
 Investment Plans 
 Without prejudice of Clause 39 of this Subconcession Contract, the
Subconcessionaire shall implement, namely: 
  

	 	•	 	One Resort-Hotel-Casino complex, to be concluded and open to the public in December 2010; 

  

	 	•	 	One “City Club”, in Taipa. 

 Total amount: 4.000.000.000,00
(Four Billion Patacas) to be invested within a maximum of 7 (seven) years counting from the signature of this Subconcession Contract. 
  

 48

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