Document:

Unofficial English translation of Land Concession Contract

 Exhibit 10.8 
  
 Reference Number: 113/DATSEA/2004 
  
 LAND CONCESSION CONTRACT 
  
 (English Translation) 
  
 CLAUSE ONE 
 OBJECT OF THE CONTRACT 
  
 1. By the present contract the Macau Special Administrative Region, hereinafter called
(“First Party”), grants to Wynn Resorts (Macau) S.A, a company holder of a license to operate games of Chance and other games in casinos in the Macau Special Administrative Region, hereinafter called (“Second Party”), by way of
leasing and without public tender, a plot of land with the area of 64,518 (sixty four thousand five hundred and eighteen square meters), named Lot B1 , located in Macau at Zone B in NAPE, Rua Cidade de Sintra, Avenida de Sagres e Avenida 24 de
Junho, with the registered value of $319 360 971.00 (three hundred and nineteen million three hundred and sixty thousand nine hundred and seventy one patacas), marked with the letters “B”, “B/a”,, “B/b”,
“B/c”, “B/g”, “B/h”, “B/i”, in the cartographic plan N0.4672/1994, annexed to this contract, issued on March 2, 2004 by the Macau Cartographic Department, hereinafter called (“the land”). 

 
 2. The “land” is formed by several plots which are registered as follows: the
plot marked with “B” is not registered with the CRP and corresponds to the area occupied by part of the roads named Rua Cidade de Santarem, Rua Cidade de Evora, and by part of the roads named Rua Cidade de Coimbra and Avenida Zheng Guang
Ying these roads returned to the private domain of the Macau SAR by the Dispatch of the Secretary for Transports and Public Works no. 54/2004, published in the Macau Official Gazette No.22 on 02/06/2004; the plots marked “B/a”,
“B/c”, “B/h”, are not registered in the Macau Real Estate Registration (“CRP”); the plot marked “B/b”, “ B/g” and “B/i” are registered in CRP under the numbers 22 322, 22 324 and 22 325
respectively and in favor of the RAEM under the numbers 83630G, 83629G and 15744G. 
  
 CLAUSE TWO 
 RENTAL PERIOD 
  
 1. The rental shall be valid for a period of 25 (twenty five) years, from the date of the publication in the Official Bulletin of the
dispatch that lays out the present contract. 
  
 2. The rental period, established
in the previous number, may be successively renewed, in accordance with the terms of the applicable legislation. 
  

 CLAUSE THREE 
 UTILIZATION AND PURPOSE OF THE LAND 
  
 1.
The land, to be developed in two phases, shall be used for the construction of a “Hotel-Resort-Casino” by the Second Party under the legal regime of a condominium, with the following gross construction areas: 
  

				
	 a)      First Phase
	  	 	 
	 1.      5 stars Hotel
	  	114,007	 m2
	 2.      Casino
	  	8,214	 m2
	 3.      Temporary Parking
	  	15,648	 m2
	 4.      Landscaping
	  	21,401	 m2
	 b)      Second Phase
	  	 	 
	 1.      Hotel
	  	62,800	 m2
	 2.      Parking
	  	12,200	 m2
	 3.      Landscaping
	  	5,305	 m2

  
 2. The land usage shall comply with
the conditions defined in the Official Boundaries Plan n.2003A017 issued on February 17, 2004 by the Land, Public Works and Transport Department (DSSOPT) and with the projects, to be prepared and submitted by the Second party and approved by the
First party. 
  
 3. The projects to be prepared by the Second party must be
according to the terms stipulated in Clause thirty five number 2 item 4 of the concession agreement for the operation of games of chance in Macau SAR, signed on June 24, 2002 and registered at pages 82 to 149v of Book 337 and pages 2 to 11v of Book
338 of the Macau Finance Department, and must follow any other of the conditions referred in that Clause in what concerns projects and construction. 
  
 CLAUSE FOUR 
 CONSTRUCTION PERIOD

  
 1. The construction of first phase shall be completed by December 31, 2006
as per the terms of the “Investment Plan” annexed to the “Concession Contract “ identified in item 3 above. 
  
 2. The second phase of construction shall be competed until July 3, 2009. 
  
 3. The period of time established in the previous numbers includes the deadlines necessary for the submission of the projects by the Second party and their approval by
the First party. 
  

 2 

 CLAUSE FIVE 
 FINES 
  
 1. In the case of non-compliance
with the deadline established in Clause four for phase one and phase two, the Second party shall be subject to a fine, that can go up to 5,000.00 (five thousand) patacas, for each day of delay up to 60 (sixty) days; for a delay of more than 60 and
up to a total maximum of 120 (one hundred and twenty) days, the Second party shall be subject to a fine up to the double of that amount, except if there are special reasons that can be dully justified and are accepted by the First party. 

 
 2. The Second party shall be exempt of the responsibility referred to in the previous
number in case of force majeure or of other relevant facts that are undoubtedly beyond the Second party’s control. 
  
 3. Cases of force majeure are those that result exclusively from unpredictable and uncontrollable events. 
  
 4. For purposes of the provisions of number two of this Clause, the Second party shall inform the First party in writing, as soon as
possible, of the occurrence of the referred events. 
  
 CLAUSE
SIX 
 RENT 
  
 1. Before conclusion of the second Phase’s construction the Second party shall pay to the First party a yearly rent of $2,203,805.00 (two million two hundred and
three thousand eight hundred and five patacas) resulting from the application of the following values: 
  

						
	 a)      5 Stars Hotel
	  	114,007 m2 x $15.00/ m2	  	$	1,710,105.00
	 b)      Casino
	  	8,214 m2 x $15.00/ m2	  	$	123,210.00
	 c)      Temporary Parking
	  	15,648 m2 x $10.00/ m2	  	$	156,480.00
	 d)      Landscaping (free area)
	  	21,401 m2 x $10.00/ m2	  	$	214,010.00

  
 2. After conclusion of the second
Phase’s construction the Second party shall pay to the First party a yearly rent of $3,164,375.00 (three million one hundred and sixty four thousand three hundred and seventy five patacas) resulting from the application of the following values:

  

						
	 a)      Hotel
	  	176,807 m2 x $15.00/ m2	  	$	2,652,105.00
	 b)      Casino
	  	8,214 m2 x MOP15.00/ m2	  	$	123,210.00
	 c)      Parking
	  	12,200 m2 x MOP$ 10.00/ m2	  	$	122,000.00
	 d)      Landscaping (free area)
	  	26,706 m2 x MOP$10.00/ m2	  	$	267,060.00

  

 3 

 3. The rent shall be reviewed every five years, from the date of publication in the Official Gazette of the dispatch that
lays out the present contract, without prejudice of the immediate implementation of new rents as established by any legislation that may be published during the life of the contract. 
  
 CLAUSE SEVEN 
 GUARANTEE 
  
 1. In accordance with the terms of the provisions of
article 26 of Law Nr. 6/80/M, of the 5th of July, the Second party shall furnish a guarantee in the amount of $2,203,805.00 (two million two hundred and three thousand eight hundred and five patacas), by means of a deposit or bank guarantee that
acceptable by the First party. 
  
 2. The amount of the guarantee referred to in
the previous number, shall always keep up with the value of the respective annual rent. 
  
 CLAUSE EIGHT 
 SPECIAL OBLIGATIONS 
  
 1. The special obligations to be paid exclusively by the Second party are: 
  

	 	1.	The diversion and/or removal of all the existing infrastructures existing on the “land” and adjacent areas, namely the drainage, swage, power and telecommunications
networks 

  

	 	2.	The pavement works of roads and sidewalks of the area around the “land”. 

  

	 	3.	The landscaping of the area around the “land”. 

  
 2. The projects relating to the works referred above shall be done by the Second party and approved by the First party. 
  
 3. The Second party shall guarantee the good performance and quality of the materials and
equipment to be applied in the works referred to in numbers 1. 1) and 1. 2), for the period of two years from the date of the provisional delivery of the work, and shall repair and correct any deficiencies that may appear during that period, and to
the works referred to in 1. 3) for all the concession period 
  
 CLAUSE NINE 
 CONTRACT PREMIUM 
  

1. The Second party shall pay the First party, as premium for the contract, corresponding to the first phase of construction, the total amount of $202 610 874.00 (two
hundred and two million six hundred and ten thousand eight hundred and seventy four patacas) in the following terms: 
  

	 	a)	$25,000,000.00 Twenty five thousand patacas) before the publishing of the Concession Dispatch in the Official Gazette. 

  

 4 

	 	b)	The remaining, in the amount of $177 610 874.00 (one hundred and seventy seven million six hundred and ten thousand eight hundred and seventy four patacas) bearing interest at the
yearly rate of 5%, in five semester installments on the amount of $38 230 183.00 (thirty eight million two hundred and thirty thousand one hundred and eighty three patacas) each installment. The first installment is due 6 months after the
publication of the Concession Dispatch Official Gazette. 

  
 2. The
Second party shall pay the First party, as premium for the contract, corresponding to the second phase of construction, the total amount of $116 750 097.00 (one hundred and sixteen million seven hundred and fifty thousand and ninety seven patacas)
and bearing interest at the yearly rate of 5%, in five semester installments on the amount of MOP$25 130 092.00 (twenty five million one hundred and thirty thousand and ninety two patacas) each installment. The first installment is due 36 months
after the publication of the Concession Dispatch Official Gazette 
  
 CLAUSE TEN 
 REMOVAL OF MATERIALS 
  
 1. The Second party can not remove from the “land”, without the written consent of the First party any materials such as land,
rocks, sand resulting from excavation or leveling of the “site”. 
  
 2.
The First party will only allow the removal of the materials that can not be reused for any purpose in the “site”. 
  
 3. The materials allowed to be removed from the “site” should be deposit in the place indicated by the First party. 
  
 4. In case of violation of this clause and notwithstanding the payment of a compensation to
be determined by Land, Public Works and Transport Department, the Second party is subject to the payment of the following fines: 
  

	 	a)	In the first violation: MOP$20,000.00 to MOP$50,000.00 

  

	 	b)	In the second violation: MOP$51,000.00 to MOP$$100.000.00 

  

	 	c)	In the third violation: MOP$101,000.00 to MOP$200,000.00 

  

	 	d)	From the forth violation onwards, the Second party has the right to rescind the concession contract. 

  

 5 

 CLAUSE ELEVEN 
 LICENSE OF UTILIZATION 
  
 1. The license
for utilization of the first phase of construction will only be issued after submission of proof that the premium referred on item 1.of Clause nine is fully paid and that the obligations under items 1 and 2 of Clause eight number 1 are fulfilled.

  
 2. The First party may issue licenses of utilization for parts of the first
phase of construction if the Second party proves that no payment of installments, under clause nine is due at the moment the license is required. 
  
 3. The license for utilization of the second phase of construction will only be issued after submission of proof that the premium referred on Clause nine is fully paid
and that the special obligations referred in Clause eight were fulfilled. 
  
 CLAUSE TWELVE 
 PARTIAL CONVERSION 
  
 Upon production of evidence that the development of the first phase has been completed, pursuant to articles 132 and 133 of Law n.o
6/80/M, of 5 July, the concession shall become definitive for the part relative to that phase, the Second Party remaining obliged to fulfill parking regulations set out by law. 
  
 CLAUSE THIRTEEN 
 ASSIGNMENT 
  
 1. Given its nature, the assignment of this
concession, shall be dependent on the prior authorization of the First party and shall subject the assignee to the revision of the conditions of the present contract. 
  
 2. To guarantee the necessary financing to the construction, the Second party is hereby allowed to mortgage the leasing rights granted under
this contract to any financial institution, in accordance with the terms of provisions of article 2 of Decree-Law Nr. 51/83/M, of the 26th of December. 
  
 CLAUSE FOURTEEN 
 INSPECTION

  
 During the period of construction, the Second party shall give free access
to the land and to the works, to the representatives of the Government Departments, who may visit the site while performing their inspection duties, and shall offer them all the assistance and means required for the successful performance of their
duties. 
  

 6 

 CLAUSE FIFTEEN 
 TERMINATION 
  
 1. The present contract
shall terminate in the following cases: 
  

	 	a)	When the deadline of the aggregated fines, foreseen in number one of Clause five ends; 

  

	 	b)	Any unauthorized change of the purpose of the concession, while the construction has not been completed; 

  

	 	c)	Any interruption in the construction for a period of over 90 (ninety) days, except for special reasons dully justified and accepted by the first party. 

  
 2. The termination of the contract is declared by dispatch of the Head of the Executive of
the RAEM (Special Administrative Region of Macau), to be published in the Official Bulletin. 
  
 3. When the concession has already been converted into a definitive one for the part relative to the first phase and, for any reason concerning the second phase, there are grounds for termination, the dispatch
referred to in the preceding paragraph shall declare the termination of the second phase only and the reduction of the concession contract to the part relative to the first phase, remaining the Second Party with the obligation to fulfill the parking
regulations set out by law. 
  
 4. The termination of the contract determines the
total or the partial reversion to the first party of the “land”, with the improvements, and the second party shall not have the right to any indemnity. 
  
 CLAUSE SIXTEEN 
 RESCISSION 
  
 1. The present contract may be rescinded whenever
any of the following events occur: 
  

	 	a)	The rent is not paid on time; 

  

	 	b)	Any unauthorized change in the usage of the land and/or the purpose of the concession, if construction has been completed; 

  

	 	c)	The assignment of situations resulting from the concession, with violation of the provisions of Clause twelve; 

  

	 	d)	Violation of Clause eight and Clause nine; 

  

	 	e)	Continuous violation of clause ten, after the forth violation. 

  
 2. The rescission of the contract shall be declared by dispatch of the Head of the Executive of the RAEM (Macau Special Administrative Region), to be published in the
Official Bulletin. 
  

 7 

 3. If the concession has already been converted into a definitive one for the part relative to the first phase and, for
any reason concerning the second phase, there are grounds for rescission, the dispatch referred to in the preceding paragraph shall declare the rescission of the second phase only and the reduction of the concession contract to the part relative to
the first phase, remaining the first party with the obligation to fulfill the parking regulations set out by law. 
  
 CLAUSE SEVENTEEN 
 CASINO REVERSION 
  
 The termination of the concession agreement to operate games of chance in casinos granted to
the Second party on its term or by any of the reasons stipulated on the Agreement executed on June 24, 2002, implies the automatic reversion, free of any liens or encumbrances of the Casino only and all equipments and utensils used in gaming located
inside and outside the Casino. 
  
 CLAUSE EIGHTEEN

 JURISDICTION 
  
 The Macau SAR Courts shall have the exclusive jurisdiction to resolve any litigation that may arise from the present contract. 
  
 CLAUSE NINETEEN 
 APPLICABLE LEGISLATION 
  
 The present contract shall be governed, in case of omission, by Law Nr. 6/80/M, of the 5th of July and other applicable legislation. 
  

 8 

 Declaration of Acceptance of the Terms of the Land Contract 
  
 (English Translation) 
  
 Wynn Resorts (Macau), S.A., a company incorporated in the Special Administrative Region of
Macau, with its registered office at 429, Avenida da Praia Grande, 18th floor, Praia Grande Commercial Centre, Macau SAR, herein represented by Grant Ronald Bowie, a married, Australian national residing in Macau at Phoenix Terrace, Rotunda D. Joao
Bosco, 14 floor, in his capacity as President and Managing Director, hereby accepts the terms and conditions of the contract annexed to the letter 112/DATSEA/2004 dated July 1, 2004. 
  

	
	 Macau July 8, 2004

	
	 /s/ Grant Ronald Bowie

	 Grant Ronald Bowie

  

	
	
	 /s/ Notary PublicUnderwriting Agreement, dated June 1, 2004

			
	

	  	

  
 Exhibit 10.9

  
 Mr. Ronald J. Kramer 
 President 
 Wynn Resorts, Limited 
 3131 Las Vegas Boulevard South 
 Las Vegas, Nevada 89109 
 U.S.A. 
  
 Mr. Matt Maddox 
 Chief Financial Officer 
 Wynn Resorts
(Macau), S.A. 
 429, Avenida da Praia Grande 
 18th Floor, Praia Grande Commercial Building 
 Macau 
  
 June 4, 2004 
  
 Gentlemen, 
  
 Wynn Resorts (Macau), S.A. – Underwriting Agreement 
  
 This letter agreement (the “Underwriting Agreement”) confirms the terms and
conditions on which Deutsche Bank AG, Hong Kong Branch and Société Générale Asia Limited (each individually a “Bank” and collectively the “Banks”) agree with Wynn Resorts, Limited and
Wynn Resorts (Macau), S.A. (each individually a “Company” and collectively the “Companies”) to jointly act as Global Coordinating Lead Arrangers and to arrange and underwrite a senior bank debt financing (the
“Financing”) as described in Sections 3 and 5 of this Underwriting Agreement in relation to the proposed development of Phase I of a luxury hotel and destination casino resort and retail/entertainment complex located on the Macau
Peninsula adjacent to the Hotel Lisboa on a portion of an approximately 16-acre site in the Chinese Special Administrative Region of Macau (the “Project”). 
  
 This Underwriting Agreement supersedes the engagement letter dated 25 July 2003 entered into by the Companies and the Banks (the
“Engagement Letter”). 
  

	1.	Definitions 

  

	1.1	In this Underwriting Agreement, capitalised terms have the following meaning: 

  
 “Act” has the meaning given thereto in Section 17.2. 
  
 “Additional Project Funding” has the meaning given thereto in
Section 4.1. 
  
 “Affiliate” means in relation to any
party to this Underwriting Agreement, any company or entity that directly or indirectly controls or is controlled by, or is under common control with, that party, where control is the ability to or right to control 50% or more of the voting rights
at a general meeting of shareholders or a right to appoint the majority of directors. 
  

			
	

	  	

  

 “Bank” or “Banks” has the meaning given thereto in the first paragraph of this
Underwriting Agreement. 
  
 “Borrower” means Wynn
Resorts (Macau), S.A. 
  
 “Claims” has the meaning
given thereto in Section 11.1. 
  
 “Company” or
“Companies” has the meaning given thereto in the first paragraph of this Underwriting Agreement. 
  
 “Engagement Letter” means the engagement letter dated 25 July 2003 entered into by the Companies and the Banks. 
  
 “Existing DB Confidentiality Undertaking” has the meaning given
thereto in Section 10.1. 
  
 “Existing SG Confidentiality
Undertaking” has the meaning given thereto in Section 10.1. 
  
 “First Drawdown Date” means the date when all conditions precedent have been met in full or waived and funds are available to be drawn under the Senior Term Loan. 
  
 “Financing” has the meaning given thereto in the first paragraph of this Underwriting Agreement. 
  
 “Financing Documentation” means the finance and security
documentation entered into for the Senior Bank Debt. 
  
 “Indemnified Parties” has the meaning given thereto in Section 11.1. 
  
 “Indemnifying Parties” has the meaning given thereto in Section 11.1. 
  
 “Losses” has the meaning given thereto in Section 11.1. 
  
 “Project” has the meaning given thereto in the first paragraph of this Underwriting Agreement. 
  
 “Senior Bank Debt” means the Senior Term Loan and the Revolving
Credit Facility. 
  
 “Senior Term Loan” means the
Senior Term Loan as described in Section 2.1. 
  
 “Services” means the senior bank debt arranging and underwriting as described in Sections 3 and 5. 
  
 “Signing Date” means the date of execution of the Financing Documentation. 
  
 “Term Sheet” means the detailed summary terms and conditions for the Financing provided at Appendix 3 to this
Underwriting Agreement. 
  
 “Third Party Beneficiary”
has the meaning given thereto in Section 17.2. 
  

 2 

			
	

	  	

  

 “Underwriting Agreement” means this letter agreement. 
  
 “Underwritten Senior Bank Debt” means the Senior Term Loan and the
Revolving Credit Facility. 
  
 “Revolving Credit
Facility” means the Revolving Credit Facility as described in Section 2.1. 
  

	2.	Financial Plan 

  

	2.1	The financial plan for the Project is as follows: 

  

					
	 Facility

	  	 Amount

	  	 
	 Senior Bank Debt
	  	 	  	 
	Base Debt	  	USD 352 million1,2	  	 
	Contingent Debt	  	USD 30 million1,2	  	 
	Total Senior Term Loan	  	USD 382 million	  	 
	Revolving Credit Facility	  	HKD 117 million1	  	 
	 Subordinated Debt
	  	 	  	 
	Performance Bond Facility	  	MOP 700 million	  	 
	 Equity
	  	 	  	 
	Base Equity	  	USD 230 million	  	 
	Subordinated Funding	  	USD 122 million	  	 
	Contingent Equity	  	USD 30 million3	  	 

	1	Or equivalent in other currencies as provided for in the Term Sheet 

  

	2	To be broken into project and hotel facilities as provided for in the Term Sheet 

  

	3	Which may be increased as provided for in the Term Sheet 

  

	2.2	Further information on the financial plan for the Project is contained in the Term Sheet provided at Appendix 3 to this Underwriting Agreement. 

  

	3.	Underwriting 

  

	3.1	The Banks hereby agree, on a several basis and subject to the conditions in Section 3.2, to underwrite the Underwritten Senior Bank Debt as follows: 

  

					
	(a)	  	Deutsche Bank AG, Hong Kong Branch	  	USD 198,500,000 or its equivalent in HKD.
			
	(b)	  	Société Générale Asia Limited	  	USD 198,500,000 or its equivalent in HKD.

  

 3 

			
	

	  	

  

	3.2	The underwriting commitment given by the Banks in Section 3.1 is subject to: 

  

	 	(a)	Compliance by the Companies with the terms and conditions of this Underwriting Agreement; 

  

	 	(b)	Execution of documentation of the Financing in form and substance satisfactory to the Banks (acting reasonably) and consistent with the terms and conditions of the Financing as
detailed in the Term Sheet and satisfaction of conditions therein; 

  

	 	(c)	This Underwriting Agreement not having been terminated in accordance with Section 12; 

  

	 	(d)	All Special Administrative Region of Macau and corporate approvals for the Project and the Financing having been obtained (other than those which by their nature cannot be obtained
prior to the Signing Date); and 

  

	 	(e)	Evidence acceptable to the Banks of the enactment of legislation providing for casino operators in Macau to be the grantors of credit to patrons. 

  

	3.3	The Banks confirm they have received final credit approval to underwrite the Underwritten Senior Bank Debt subject only to the conditions provided in Section 3.2.

  

	4.	Other Agreements 

  

	4.1	Additional Project Funding: 

  
 Except as set forth in the next sentence, the Companies hereby covenant that from the date hereof until the Signing Date, no additional equity or
equity-like instruments (other than the Base Equity, Contingent Equity and Subordinated Funding referred to in Section 2.1, which Subordinated Funding is being provided by Aruze Corp. or a majority owned subsidiary or holding company or any majority
owned subsidiary of any holding company of Aruze Corp.) and/or subordinated debt or any debt or other form of financing (other than the Performance Bond Facility referred to in Section 2.1) in addition to the Senior Bank Debt (collectively,
“Additional Project Funding”) will be raised by the Companies or their Affiliates for the purpose of financing the Project. The foregoing description of Additional Project Funding and the covenant in this Section 4.1 is not intended
to preclude the Companies from arranging a substitute for the Subordinated Funding by another person identified by the Companies. 
  

	4.2	Interest Rate Risk Management: 

  

	 	(a)	 The Companies agree that the Borrower shall manage its interest rate risk on the Senior Term Loan by fixing, by way of interest rate swap, interest rate cap,
interest rate collar or other agreed hedging products, the base interest rate payable on a portion of the Senior Term Loan as provided for in Part B of the Term Sheet. The Companies agree that each of the Banks shall have the right to provide half
of such interest rate risk management products to the Borrower pursuant, in the case of interest rate swaps, interest rate caps and, where relevant, in respect of other hedging products, to an ISDA Master Agreement (version to be agreed) and the

  

 4 

			
	

	  	

  

	 	 
Schedule thereto, together with a confirmation, in substantially identical form and acceptable to the Banks, at the following price levels:

  

	 	(i)	In the case of interest rate swaps, the prevalent market swap rate (which will be a common rate among the Banks) plus a swap margin of 0.20% p.a. 

  

	 	(ii)	In the case of interest rate caps, the cap premium will be calculated as the prevalent market rate (which will be a common rate among the Banks) plus a one time commercial margin of
USD 25,000 per Bank based on a cap notional amount per Bank of USD 5 million (in USD and/or HKD equiv.) – to be increased or reduced pro rata for any cap notional amount higher or lower than USD 5 million (in USD and/or HKD equiv.).

  

	 	(iii)	In the case of other interest rate risk management products, the Borrower and the Banks shall act in good faith to reasonably agree the applicable price levels having regard to,
inter alia, the pricing levels agreed in Sections 4.2(a)(i) and 4.2(a)(ii) and the price levels the Banks would normally apply to such products for clients of a similar credit standing to the Borrower. 

  

	 	(b)	The Banks confirm they have received final credit approval to provide the interest rate swaps described in Section 4.2(a)(i) subject only to (i) agreement on the ISDA Master
Agreement and Schedule thereto and (ii) the conditions in Section 3.2. 

  

	5.	Advisers; Division of Work; Timetable 

  

	5.1	Advisers: 

  

	 	(a)	Pursuant to the Engagement Letter, the Banks have engaged certain advisers. The Banks shall continue to take the necessary steps to coordinate the supervision of the relevant
advisers to the Banks and in due course the other senior bank lenders. As at the date of this Underwriting Agreement the following advisers have been appointed to the Banks and in due course the other senior bank lenders with the approval of the
Companies: 

  

	 	(i)	Lenders’ International Legal Counsel = Clifford Chance. 

  

	 	(ii)	Lenders’ Macanese Legal Counsel = Henrique Saldanha. 

  

	 	(iii)	Lenders’ Technical Adviser = Mott Connell. 

  

	 	(iv)	Lenders’ Insurance Adviser = Jardine Lloyd Thompson Limited. 

  

	 	(v)	Market Study = The Innovation Group. 

  

	 	(b)	Subject to Section 5.1(c), the Banks reserve the right to appoint such other advisers as may be required for the financing including but not limited to a tax/financial model
consultant. 

  

 5 

			
	

	  	

  

	 	(c)	The Companies’ approval will be required for the appointment of any other advisers to the Banks and the terms of the engagement of such advisers. Such approval shall be
evidenced by the Companies’ countersignature on the engagement letter between each adviser and the Banks. Subsequent to their appointment, however, the selected advisers will have a duty of care and reporting to the Banks. In the case of a
tax/financial model consultant the Companies hereby agree to the appointment of such adviser provided such adviser is appointed on reasonable commercial terms. 

  

	 	(d)	The fees and expenses of the Banks’ advisers shall be for the account of the Companies pursuant to the terms of the engagement signed with such advisers. The Banks shall
request that potential advisers submit fee caps as part of their proposal to undertake an advisory engagement. 

  

	5.2	Division of Work: 

  
 The Companies expect the Banks to provide seamless coordination between themselves on all aspects of the roles to be performed by the Banks. In
particular, the Banks understand that the Companies require that the Banks, and the Banks agree to, act as one team, to closely coordinate their work and to share all information relating to the Project. 
  

	5.3	Work Roles: 

  
 The allocation of work roles between the Banks shall be as follows: 
  

			
	 Role

	  	 Responsibility

		
	Joint Bookrunners	  	Deutsche Bank AG, Hong Kong Branch and Société Générale Asia Limited
		
	Technical/Insurance/Due Diligence Banks	  	Deutsche Bank AG, Hong Kong Branch and Société Générale Asia Limited
		
	Documentation Bank	  	Société Générale Asia Limited
		
	Market Documentation/Modelling Bank	  	Deutsche Bank AG, Hong Kong Branch

  

	5.4	Other Titles: 

  
 For publicity purposes the Banks shall collectively refer to themselves as the Global Coordinating Lead Arrangers. Any other titles, and any titles given
to other senior bank debt lenders, shall be determined in consultation with the Companies. 
  

	5.5	Publicity: 

  

	 	(a)	The Companies agree that: 

  

	 	(i)	Prior to the Signing Date with the prior consent of the Companies; and 

  

 6 

			
	

	  	

  

	 	(ii)	Commencing upon the Signing Date without the prior consent of the Companies, 

  

the Banks will have the right to place advertisements in financial and other newspapers and journals, at their own individual and as the case may be,
separate expense, describing the Services to the Companies. 
  

	 	(b)	The Banks agree that: 

  

	 	(i)	At any time where compelled or required to do so in order to comply with their regulatory filing obligations; 

  

	 	(ii)	Prior to the Signing Date with the prior written consent of the Banks; and 

  

	 	(iii)	Commencing upon the Signing Date without the prior consent of the Banks, 

  
 the Companies will have the right to issue, or arrange for the issue of any document or announcement in relation to the Financing or this engagement which
refers, either expressly or by implication, to any Bank or its Affiliates. 
  

	5.6	Timetable: 

  
 The Banks acknowledge that an objective of the Companies is to achieve the Signing Date as soon as possible. The Banks agree to work with the Companies in good faith to achieve this objective. The Companies
acknowledge and agree that there may arise circumstances outside the control of the Banks that may impact the time required to achieve the Signing Date. The Companies acknowledge that their support and cooperation shall be critical factors in
achieving the Signing Date and agree to work with the Banks in good faith to assist the Banks to provide the Services in accordance with the provisions of this Underwriting Agreement and to, inter alia, respond to requests for information and
clarification during the Banks’ documentation and syndication processes in a timely and complete manner. 
  

	5.7	Implementation: 

  
 Each of the Banks acknowledges that they, or one of more of their Affiliates, have participated in other recent financings with the Companies or their
Affiliates. To the extent the Banks believe there are appropriate similarities between such financings and the Financing, the Banks shall use their reasonable efforts to work efficiently and avoid duplication in their activities, including without
limitation, their performance of the Services, due diligence and implementation of the Financing. 
  

	6.	Project Teams and Communication 

  

	6.1	Bank Teams: 

  
 Each Bank has formed a transaction team for the Project to work with the Companies for the duration of the engagement. Changes to the transaction team may be made upon prior written notice to the Companies. The Banks
shall ensure that any additional members of 

  

 7 

			
	

	  	

  

 
the team have at least equivalent skills and experience as the existing members and relevant to the tasks to be performed by them so that the Banks can
reasonably discharge their obligation to provide the Services without affecting the overall timing of the transaction. As at the date of this Underwriting Agreement, the Banks’ team members and contact information are provided at Appendix 1 to
this Underwriting Agreement. 
  

	6.2	Company Teams: 

  
 The Companies shall advise the Banks of their team members by written notice from time to time. As at the date of this Underwriting Agreement, the
Companies’ team members and contact information are provided at Appendix 1 to this Underwriting Agreement. 
  

	6.3	Communication: 

  
 Official communications between the parties will be made through the nominated representatives of the Companies and the Banks, which may be changed from
time to time by the written notice to the other parties. As at the date of this Underwriting Agreement, official communication should be addressed to: 
  
 WYNN RESORTS, LIMITED 
  
 Mr. Ronald J. Kramer 
 President 

Wynn Resorts, Limited 
 3131 Las Vegas
Boulevard South 
 Las Vegas, Nevada 89109 
 U.S.A. 
 Tel:     +1 702 733 4123 
 Fax:    +1 702 791 0167 
 Email: Ron.Kramer@wynnresorts.com 
  
 With a copy to:

  
 Mr. Marc Rubinstein 
 Senior Vice President, General Counsel & Secretary 
 Wynn Resorts, Limited 
 3131 Las Vegas Boulevard South 
 Las Vegas, Nevada 89109 
 U.S.A. 

Tel:     +1 702 770 2111 
 Fax:    +1 702 770 1020 
 Email: Marc.Rubinstein@wynnresorts.com 
  

 8 

			
	

	  	

  

 WYNN RESORTS (MACAU), S.A. 
  
 Mr. Matt Maddox 
 Chief Financial Officer 
 Wynn Resorts (Macau), S.A. 
 429, Avenida da Praia Grande 
 18th Floor, Praia Grande Commercial Building 
 Macau

 Tel:     +853 889 966 
 Fax:    +853 329 966 
 Email: Matt.Maddox@wynnmacau.com 
  
 DEUTSCHE BANK AG, HONG KONG BRANCH 
  
 Mr. Jonathan Robinson 
 Co-Head of Debt Products, Asia 
 Deutsche Bank
AG, Hong Kong Branch 
 55/F Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 
 Tel:     +852 2203 7436 
 Fax:    +852 2203 7212 
 Email: jonathan.robinson@db.com 
  
 SOCIETE GENERALE ASIA LIMITED 
  
 Mr. David Gore 
 Director, Project Finance & Advisory 
 Société Générale Asia Limited 
 42/F Edinburgh Tower 
 15 Queen’s Rd Central 
 Hong Kong

 Tel:     +852 2166 5610 
 Fax:    +852 2804 6215 
 Email: david.gore@sgcib.com 
  

	7.	Fees 

  

	7.1	Work or other fees payable individually to each of the Banks or their Affiliates for their performance of roles other than as set out in Section 5.3 or otherwise in connection with
the Project, including, inter alia, paying agency, security agency and/or trustee (if applicable), shall be set out in separate correspondence between the Companies and the relevant Bank. 

  

	7.2	A front end arranging/underwriting fee of 3.00% flat of the amount of the Senior Bank Debt shall be paid to the Banks on the earlier of First Drawdown Date and the date 30 days from
the Signing Date. 

  

 9 

			
	

	  	

  

	7.3	The front end fee set out in Section 7.2 shall be shared equally between the Banks, less the participation fees payable to participating senior bank lenders in the Underwritten
Senior Bank Debt, which are included within the front end fee to be paid to the Banks as set out in Section 7.2 and which shall be distributed by the Banks to the participating senior bank lenders in accordance with arrangements agreed between them.

  

	8.	Expenses 

  
 The Companies hereby agree to reimburse the Banks for all reasonable costs and expenses incurred in respect of the provision of the Services under this Underwriting Agreement and the Engagement Letter commencing from
the date of the Engagement Letter until termination of this Underwriting Agreement in accordance with the terms hereof. Such expenses shall include, but not be limited to, the reasonable costs of business class travel, hotel accommodation, general
syndication (including costs of any roadshow and printing of any information memorandum), communication and meals, provided however that any trans-Pacific travel shall be subject to prior approval by the Companies and expenses for advisers to the
Banks shall be subject to the prior approval of the Companies of the engagement of such adviser pursuant to Section 5.1. 
  

	9.	Information 

  
 The Companies shall use reasonable efforts to ensure that any information provided to the Banks, whether provided orally or in writing and including expressions of opinion, shall, to the best of their knowledge and
belief, be true, fair, accurate and not misleading and the Companies shall promptly notify the Banks if the status of any such information may change. 
  

	10.	Confidentiality 

  

	10.1	 Unless compelled or required by judicial process, law or applicable regulation (whether or not having the force of law) or requested by a bank examiner, the Banks,
their directors, officers and employees will keep confidential all non-public information (save as to the extent such information (i) becomes public following receipt otherwise than by reason of (a) a breach of the terms of this Section 10, (b) in
the case of Société Générale Asia Limited or any of its Affiliates, a breach of the terms of the confidentiality agreement dated 8 May 2003 between Wynn Resorts, Limited and SG Cowen Securities Corporation (the
“Existing SG Confidentiality Undertaking”) or (c) in the case of Deutsche Bank AG or any of its Affiliates, a breach of the confidentiality agreement dated 27 May 2002, between Deutsche Bank Trust Company and Valvino Lamore,
LLC (the “Existing DB Confidentiality Undertaking”), (ii) is in the possession of the Bank(s) prior to disclosure of such information by the Companies or their representatives otherwise than by reason of (a) a breach of the terms of
this Section 10, (b) in the case of Société Générale Asia Limited or any of its Affiliates, a breach of the terms of the Existing SG Confidentiality Undertaking or (c) in the case of Deutsche Bank AG or any of its
Affiliates, a breach of the terms of the Existing DB Confidentiality Undertaking or (iii) is received by the Bank(s) from a third party who was under no obligation of confidentiality) supplied by the Companies or any of their representatives and
will only disclose such information to their respective head office, other branches and Affiliates, or the respective directors, officers, employees and advisers of the Banks and their Affiliates, in each case, who have a need to know such
information in order to provide the Services. Société Générale Asia Limited also acknowledges and agrees that the Existing SG Confidentiality Undertaking and Deutsche Bank AG also acknowledges and agrees that the Existing
DB Confidentiality 

  

 10 

			
	

	  	

  

	 	 
Undertaking is in addition to and not superceded by this Underwriting Agreement and shall remain effective to the extent it imposes additional or further
obligations on Société Générale Asia Limited or its Affiliates or Deutsche Bank AG or its Affiliates beyond those set forth in this Underwriting Agreement. Following termination of a Bank’s engagement under this
Underwriting Agreement, the confidentiality obligations of that Bank under this Section 10 will remain in force for a period of three years from the date of this Underwriting Agreement. 

  

	10.2	Notwithstanding any other provision of this Underwriting Agreement, any party (and each of its respective officers, directors, employees, agents and professional advisers) is and
has been from the commencement of discussions with respect to the Financing permitted to disclose to any person, without limitation of any kind, the “tax structure” and “tax treatment” (in each case within the meaning of Treasury
Regulations Section 1.6011-4 of the Internal Revenue Service of the United States of America) of the Financing and all materials of any kind (including opinions or other tax analysis) related to such tax structure and tax treatment.

  

	11.	Liability 

  

	11.1	Each of the Companies (the “Indemnifying Parties”) agrees jointly and severally to indemnify the Banks, their respective Affiliates, the respective agents,
officers, directors and employees of the Banks and their Affiliates (the “Indemnified Parties”) from and against any and all actions, claims, demands, proceedings, investigations, liabilities or judgements (collectively
“Claims”) and any and all losses, damages, costs, charges and expenses, including all costs, expenses and fees connected with the investigating, preparing or defending any such claim (collectively “Losses”) which
any Indemnified Party may suffer or incur relating to or arising out of the provision of the Services, except to the extent such losses are due to the gross negligence or willful misconduct of any Indemnified Party and additionally each Indemnifying
Party will reimburse each Indemnified Party for all reasonable costs and expenses which are properly incurred by that Indemnified Party in connection with litigation or investigation in which any Indemnified Party is involved (as principal or
witness) arising out of the Services, except to the extent such losses are due to the gross negligence or willful misconduct of any Indemnified Party. 

  

	11.2	No Indemnifying Party will be responsible for any Claims or Losses to the extent that they are directly or indirectly a result of a default by an Indemnified Party or its Affiliates
or the result of the gross negligence or willful misconduct of any Indemnified Party or any of its Affiliates. 

  

	11.3	 Each Indemnified Party will, as soon as reasonably practicable, notify the Indemnifying Party upon becoming aware of any Claim or threatened Claims of any kind
which may give rise to a liability on the part of the Indemnifying Party under this Section 11; provided, however, that the failure so to notify the Indemnifying Parties shall not relieve the Indemnifying Parties of any liability that they may have
to such Indemnified Parties pursuant to this Section 11, unless the delay in notification has prejudiced the Indemnifying Party, but in any event shall not relieve the Indemnifying Parties from any liability which they may have otherwise than on
account of this Section11. Notwithstanding the above, following such notification, the Indemnifying Parties may elect in writing to assume the defense of such action or proceeding, and, upon such election, it shall not be liable for any legal costs
subsequently incurred by such Indemnified Party 

  

 11 

			
	

	  	

  

	 	 
(other than the reasonable costs of investigation or providing evidence) in connection therewith, unless (i) the Indemnifying Parties have failed to provide
counsel reasonably satisfactory to such Indemnified Party in a timely manner, (ii) counsel which has been provided by the Indemnifying Parties reasonably determines that its representation of such Indemnified Party would present it with a conflict
of interest or (iii) the Indemnified Party reasonably determines that there may be legal defenses available to it which are different from or in addition to those available to the Indemnifying Parties. It is understood that the Indemnifying Parties
shall jointly and severally reimburse such fees and expenses as they are incurred in respect of (i), (ii) and (iii). The Indemnifying Parties shall not be liable for any settlement of any such proceeding effected without its (or their) written
consent (provided that such consent shall not be unreasonably withheld or delayed), but if settled with such consent (or without such consent in circumstances where such consent shall have been unreasonably withheld or delayed as aforesaid) or if
there be a final judgment for the plaintiff, the Indemnifying Parties agree to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgement. The Indemnifying Parties will not settle any proceeding
without the written consent of the relevant Indemnified Party unless such settlement includes an unconditional release of such Indemnified Party on claims that are the subject matter of such proceeding and does not include a statement as to an
admission of fault, culpability or failure to act by or on behalf of any Indemnified Party. Each Indemnified Party and the Indemnifying Party in the conduct of litigation shall have regard to the legitimate interests of the other and avoid
unnecessarily prejudicing such interests and shall give to the other notice of all material developments in the conduct of any Claim including notice of any proposed, actual or received offer of compromise. 

  

	12.	Entry into Force and Termination 

  

	12.1	Entry into Force and Termination: 

  
 This Underwriting Agreement will enter into force upon execution by all parties hereto. Unless otherwise agreed in writing by all parties hereto, this
Underwriting Agreement shall terminate on the date which is the earlier of: 
  

	 	(a)	The Signing Date; 

  

	 	(b)	The expiry of 30 days written notice by any of the Banks to the Companies stating that either of the Companies has failed to comply to a material extent with any of the terms of
this Underwriting Agreement (whether by negligence, willful misconduct or otherwise), provided that during such 30 day period, the Companies may cure such failure to the satisfaction of such Bank(s); 

  

	 	(c)	The expiry of 30 days written notice by the Companies to the Banks stating that either of the Banks has failed to comply to a material extent with any of the terms of this
Underwriting Agreement (whether by negligence, willful misconduct or otherwise) provided that during such 30 day period, the Banks may cure such failure to the satisfaction of the Companies; 

  

	 	(d)	The date upon which the Companies give written notice to the Banks that they are withdrawing from or otherwise ceasing to pursue the Project; 

  

 12 

			
	

	  	

  

	 	(e)	The date a Bank gives written notice to the Companies that it must cease providing the Services due to illegality; 

  

	 	(f)	At the option of the Companies or either of the Banks, the date of service of a written notice of termination if the Signing Date is not achieved by 31 July 2004;

  

	 	(g)	At the option of the Companies or either of the Banks, the date of service of a written notice of termination if the Companies and the Banks are unable to agree on any changes to
the pricing, structure, terms and/or tenor of the Underwritten Senior Bank Debt pursuant to Section 21.5; 

  

	 	(h)	The date either of the Banks gives written notice to the Companies regarding the occurrence of any material adverse change in: 

  

	 	(i)	The operations, business, properties, condition or prospects (financial or otherwise) of either of the Companies; 

  

	 	(ii)	The economic or technical viability of the Project; 

  

	 	(iii)	The domestic, Asian or international debt capital or loan syndication markets; or 

  

	 	(iv)	The political, financial, currency exchange or exchange control, economic situation or sovereign rating (as may be applicable) in Macau, People’s Republic of China or Hong
Kong. 

  

	 	(i)	At the option of the Companies, the date of service of a written notice of termination to the Banks if the Banks are seeking Additional Project Funding or credit support from the
Companies or their Affiliates as a condition to the Signing Date or First Drawdown Date. 

  

	12.2	Effect of Termination: 

  

	 	(a)	Only the obligations of the Banks under Sections 10, 11, 12, 15 and 18 and of the Companies under Sections 4.2(a), 7, 8, 11, 12, 15 and 18 shall survive such termination, in the
case of Sections 7, 8 and 11 limited to existing claims and accrued liabilities subject in the case of the Companies to the Borrower assuming such obligations under the Financing Documentation and in relation to Section 4.2(a) the obligations of the
Companies shall only survive in the event of a termination pursuant to Section 12.1(a), and no other obligation or liability under this Underwriting Agreement shall continue. 

  

	 	(b)	In the event of termination, the total liability of the Companies to the Banks for such termination shall be the prompt payment, pursuant to Sections 7, 8, 13 and 14, of all accrued
and unpaid fees, costs and expenses in connection with the Services rendered up to and including the date of termination. 

  

 13 

			
	

	  	

  

	13.	Invoicing 

  

	13.1	The Banks and the Banks’ advisers shall invoice the Companies for amounts then payable and due under this Underwriting Agreement. 

  

	13.2	All payments will be made within 30 days of receipt by the Companies of the related invoice subject to: 

  

	 	(a)	Deductions for specific amounts which are disputed in good faith by the Companies by notice in writing to the relevant Bank or Bank adviser (copied to the Banks) within 30 days of
receipt of the related invoice; and 

  

	 	(b)	The provisions of this Underwriting Agreement. 

  

	13.3	The Banks will be entitled to suspend provision of the Services, without any liability whatsoever, in the event that an invoice is not paid by the time provided for in Section 13.2.

  

	13.4	The Company may make good faith enquiries in relation to the relevant invoice by notice in writing to the relevant Bank or Bank adviser (copied to the Banks).

  

	14.	Withholding Taxes 

  

	14.1	All payments to the Banks pursuant to this Underwriting Agreement (i) are payable in US Dollars, (ii) shall not be subject to counterclaim or set-off for, or be otherwise affected
by, any claim or dispute relating to any other matter and (iii) shall, save as required by law, be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings. The
Companies shall pay such additional amount which is required by law to be deducted to the relevant authorities as required so that the Banks will receive the net amount after such deduction equal to the amount which would otherwise have been
receivable by them had no such deduction been required and hereby indemnify each of the Indemnified Parties for any loss, cost or expense suffered by any of them by reason of any failure by the Companies to make such deductions or make payment to
the relevant authorities. 

  

	14.2	Any goods and services tax or other value added taxes payable shall be for the account of the Companies and are not included in the fees referred to in Section 7 or the expenses
referred to in Section 8. 

  

	14.3	The Banks will cooperate with the Companies to the extent within their reasonable control, in order to avoid or minimise any such taxes, levies, imposts, deductions, charges,
withholdings, including without limitation invoicing, providing the Services or undertaking other activities through alternative offices or branches of the Banks. However, in no event will any Bank be obliged to arrange its business or its tax
affairs, or disclose any information regarding its business or its tax affairs. 

  

 14 

			
	

	  	

  

	15.	Assignment 

  
 No party to this Underwriting Agreement may assign or transfer its rights and/or obligations under this Underwriting Agreement without the prior written consent of all parties hereto. 
  

	16.	Amendments; Counterparts; Notices; No Agency 

  

	16.1	No implied duties, functions or responsibilities shall be imposed upon the Banks in connection with their engagement hereunder. 

  

	16.2	This Underwriting Agreement may not be amended or modified except in writing signed by all parties hereto. 

  

	16.3	This Underwriting Agreement may be executed in any number of counterparts which when taken together will constitute one agreement. 

  

	16.4	Any notices that are required to be given or made hereunder shall be made in writing and shall be made by fax or letter, in accordance with Section 6.3. 

  

	16.5	Nothing in this Underwriting Agreement shall be construed as constituting the Banks as the agent of the Companies for any purpose whatsoever, and the Banks shall not have the
authority or power to bind the Companies or to contract in the name or create a liability against the Companies in any way for any purpose save as expressly provided herein. 

  

	17.	Binding Effect and Third Party Beneficiary 

  

	17.1	Save as provided below, this Underwriting Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns and no
other person (except for Indemnified Parties) is intended to nor shall acquire or have any rights under or by virtue of this Underwriting Agreement. Each of the parties hereto confirms that the Indemnified Parties shall be entitled to the benefit of
this Underwriting Agreement without any prior or specific notice being given to any of the other parties hereto. 

  

	17.2	Section 11 of this Underwriting Agreement confers a benefit on each Bank’s Affiliates (and its and their respective control persons, directors, officers, employees and agents)
(each a “Third Party Beneficiary”) and subject to the relevant Third Party Beneficiary obtaining the prior written consent of such Banks, are intended to be enforceable by each such Third Party Beneficiary by virtue of the Contracts
(Rights of Third Parties) Act 1999 (the “Act”). Subject to the foregoing, the parties to this Underwriting Agreement do not intend that any term of this Underwriting Agreement shall be enforceable, by virtue of the Act, by any
person who is not a party to this Underwriting Agreement. Notwithstanding the foregoing, this Underwriting Agreement may be varied in any way and at any time by the parties to this Underwriting Agreement without the consent of any Third Party
Beneficiary. 

  

 15 

			
	

	  	

  

	18.	Governing Law and Jurisdiction 

  

	18.1	This Underwriting Agreement is governed by and shall be construed in accordance with English law. 

  

	18.2	In the event of any disputes arising out of or in connection with this Underwriting Agreement, or its existence, breach, termination or invalidity, if not settled after good faith
consultation between the parties, shall be referred to and finally settled through submission by the parties to the exclusive jurisdiction of the courts of England. 

  

	18.3	To the extent that any of the Companies or the Banks has or hereafter may acquire any immunity from jurisdiction of any court or from any set-off or legal process (whether through
service or notice, attachment prior to judgement, execution or otherwise) with respect to itself or its property, each of the Companies and the Banks hereby irrevocably waives such immunity, to the extent permitted by law, in respect of its
obligations under this Underwriting Agreement. 

  

	19.	Exclusivity 

  
 Other than with respect to the Performance Bond Facility described in Section 2.1 and any refinancing of the Senior Bank Debt following the Signing Date, the Companies agree that neither they nor any Affiliates will,
so long as this Underwriting Agreement is in effect, appoint any other party or parties to arrange, underwrite or otherwise provide any senior bank debt financing for the Project. 
  

	20.	Nature of the Banks’ Obligations 

  
 Save that if the Companies terminate one Bank pursuant to Section 12 they shall be entitled to terminate both Banks, the obligations of each Bank under this Underwriting
Agreement shall be several and failure by one Bank to perform its obligations hereunder shall not prejudice the rights of the other Bank hereunder. Neither of the Banks shall be responsible for the obligations of the other Bank hereunder.

  

	21.	General Syndication 

  

	21.1	The Companies acknowledge and agree that the Banks may syndicate the Underwritten Senior Bank Debt. The strategy for the general syndication of the Underwritten Senior Bank Debt
shall be determined by the Banks in consultation with the Companies and shall be agreed between the Banks prior to the execution of this Underwriting Agreement. The Companies acknowledge and agree that the Banks shall have the right, following
consultation with the Companies, to amend, modify or adjust the syndication strategy if necessary in the opinion of the Banks. 

  

	21.2	The Companies acknowledge and agree that the Banks may at their discretion and following consultation with the Companies, commence general syndication at any time following the
execution of this Underwriting Agreement. 

  

	21.3	 The Companies agree to generally provide all reasonable and customary assistance to the Banks in the general syndication of the Underwritten Senior Bank Debt
including (a) 

  

 16 

			
	

	  	

  

	 	 
providing all information reasonably requested by the Banks, (b) assisting in the preparation of an information memorandum to be used in connection with the
general syndication of the Underwritten Senior Bank Debt and agreeing to such information memorandum for the purposes of warranting information under the Financing Documentation (subject to customary exceptions) and (c) making available senior
representatives of the Companies from time to time to attend and make presentations regarding the business and prospects of the Project or the Companies to prospective participants in the Underwritten Senior Bank Debt, as requested by the Banks. The
Banks will provide the Companies with a copy of the information memorandum for review and approval prior to the distribution thereof to prospective participants. 

  

	21.4	The Companies acknowledge and agree that the Banks may syndicate the Underwritten Senior Bank Debt to commercial banks or to any other entity on the list attached at Appendix 2 to
this Underwriting Agreement or to any other entity approved by the Companies (such approval not to be unreasonably withheld). The amount of participation of each participant in the Underwritten Senior Bank Debt will be determined by the Banks at
their discretion in consultation with the Companies. 

  

	21.5	The commitment of each of the Banks under Section 3.1 is subject to the Banks’ entitlement, jointly, after consultation with the Companies, to change the structure, terms,
amount or pricing of the Senior Term Loan if the syndication is not completed to the satisfaction of the Banks and if the Banks determine between them that such changes are advisable in order to ensure the successful syndication of the Senior Term
Loan. Any change to pricing terms shall not be greater than 25% of the all-in pricing terms comprising interest margin and front-end fees, calculated in aggregate on a per annum yield basis. Any reduction in the amount of the Senior Term Loan shall
not be greater than an amount equal to 10% of the Underwritten Senior Bank Debt. Any change in the tenor of the Senior Term Loan shall not reduce the average loan life of the Senior Term Loan to less than 4.5 years. Each Bank’s commitment to
lend under the Senior Term Loan shall be subject to the agreement of the Companies to any such change(s) made under this Section 21.5. 

  

	21.6	The Companies acknowledge and agree that it is the intention of the Banks to syndicate the Revolving Credit Facility to a bank or banks with a banking license in Macau and that such
facility may be provided in Macau Patacas notwithstanding that it has been underwritten by the Banks, under Section 3.1, in HKD. The Companies agree to use reasonable endeavours to assist the Banks in their discussions with the target bank or banks
for the Revolving Credit Facility. 

  

	21.7	The Banks agree to use reasonable endeavours to ensure that general syndication of the Underwritten Senior Bank Debt is completed in a timely and efficient manner.

  

	21.8	 Except with the prior written consent of the Banks, from the date of this Underwriting Agreement until the earlier of (a) completion of general syndication of the
Underwritten Senior Bank Debt (as determined by the Banks) or (b) the date falling three months after the Signing Date, the Companies or their Affiliates will not syndicate or issue, attempt to syndicate or issue, announce or authorise the
announcement of the syndication or issuance of, or initiate the private placement of any senior or subordinated debt (or guarantee) facility or senior or subordinated debt security (including any renewals thereof) for the Project which, in the
reasonable judgment of either of the Banks, could be likely to 

  

 17 

			
	

	  	

  

	 	 
adversely impact the successful general syndication of the Underwritten Senior Bank Debt, except for the following: 

  

	 	(a)	The Performance Bond Facility described in Section 2.1; and 

  

	 	(b)	Any Additional Project Funding not excluded by Section 4.1. 

  
 Please indicate your acceptance to the provisions hereof by signing the enclosed copy of this Underwriting Agreement and returning it to the undersigned. 
  
 Yours faithfully, 
  

					
	 DEUTSCHE BANK AG, HONG KONG BRANCH
	 	 	 	 
			
	 /s/ Frank V. Nash
	 	 	 	 /s/ Philip Crotty

	 Mr. Frank V. Nash
	 	 	 	 Mr. Philip Crotty

	 Managing Director, Asia Pacific
	 	 	 	 Managing Director, Asia Pacific

	 Head of Global Corporate Finance, Asia Pacific
	 	 	 	 Global Corporate Finance, Asia Pacific

  

					
	 SOCIETE GENERALE ASIA LIMITED
	 	 	 	 
			
	 /s/ Ashley C. Wilkins
	 	 	 	 /s/ David Gore

	 Mr. Ashley C. Wilkins
	 	 	 	 Mr. David Gore

	 Managing Director
	 	 	 	 Director

	 Head of Project Finance & Advisory
	 	 	 	 Project Finance & Advisory

  

 18 

			
	

	  	

  

 WE HEREBY CONFIRM OUR ACCEPTANCE OF AND AGREEMENT TO THE TERMS OF THIS UNDERWRITING AGREEMENT: 
  

					
	 for and on behalf of WYNN RESORTS, LIMITED
	 	 	 	 
			
	 /s/ Stephen A. Wynn
	 	 	 	 /s/ Ronald J. Kramer

	 Mr. Stephen A. Wynn
	 	 	 	 Mr. Ronald J. Kramer

	 Chairman and Chief Executive Officer
	 	 	 	 President

  

					
	 for and on behalf of WYNN RESORTS (MACAU), S.A.
	 	 	 	 
			
	 /s/ Stephen A. Wynn
	 	 	 	 /s/ Matt Maddox

	 Mr. Stephen A. Wynn
	 	 	 	 Mr. Matt Maddox

	 Chairman
	 	 	 	 Chief Financial Officer

  

 19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]