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Exhibit 10.31  

APN:
162-16-510-001, 162-16-510-002,

162-16-510-003, 162-16-510-004,162-16-510-005,

162-16-510-006, 162-16-511-008,

162-16-510-007, 162-16-510-008, 162-16-510-009

162-16-510-010, 162-16-510-011, 162-16-510-012,

162-16-510-013, 162-16-510-014, 162-16-510-015,

162-16-510-016, 162-16-510-017, 162-16-510-018,

162-16-510-021, 162-16-510-022, 162-16-510-024,

162-16-510-025, 162-16-510-028, 162-16-510-029,

162-16-510-030, 162-16-510-031, 162-16-511-009,

162-16-610-008, 162-16-610-009, 162-16-610-010,

162-16-610-011, 162-16-610-012, 162-16-610-013,

162-16-610-014, 162-16-610-015, 162-16-610-017,

162-16-610-018, 162-16-610-019, 160-16-610-021,

160-16-610-022, 160-16-610-028, 160-16-610-029,

160-16-610-030, 162-16-611-001, 162-16-611-002,

162-16-611-003, 162-16-611-004, 162-16-611-005,

162-16-611-006, 162-16-611-007, 162-16-611-008

162-16-611-009, 162-16-611-010, 162-16-611-012,

162-16-611-013, 162-16-611-014 

Recording
requested by and when recorded mail to:

Schreck Brignone

300 South Fourth Street, Suite 1200

Las Vegas, Nevada 89101

Attn: L.T. Jones, Esquire 

Mail
tax bills to:

Wynn Resorts Holdings, LLC &

Valvino Lamore, LLC

3145 Las Vegas Boulevard South,

Las Vegas, Nevada 89109

Attention: Legal Department 

 
 

EASEMENT AGREEMENT    
  

        This Easement Agreement ("Agreement") made as of this 21st day of October, 2002 by and among WYNN RESORTS HOLDINGS,
LLC a Nevada limited liability company ("Holdings") and VALVINO LAMORE, LLC, a Nevada limited liability company ("Valvino" and
together with Holdings, "Grantors"), and WYNN LAS VEGAS, LLC, a Nevada limited liability company ("Grantee"). 

RECITALS  

        Holdings is the owner of the real property described in Exhibit "A" attached hereto ("Holdings' Property"). 

        Valvino
is the owner of the real property described in Exhibit "B" attached hereto ("Valvino's Property" and together with Holdings' Property, "Grantors' Property"). 

        Grantee
is the owner of approximately 55.17 acres of real property located adjacent to Grantors' Property, and identified as "Le Reve" on the Plan, which property is more particularly
described on 

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Exhibit "C" attached hereto (the "Benefitted Property") and upon which Grantee intends to develop a large scale luxury resort hotel and related amenities (the "Hotel"). 

        Grantee
has requested that Grantors grant Grantee certain easements over the areas of Grantors' Property more particularly described and depicted in Exhibit "D" (the "Initial Access
Area") and such other areas on Grantors' Property as may be necessary, from time to time, to permit a shuttle bus for Hotel employees, patrons, visitors and guests to traverse the Grantors' Property
in order to travel between the Benefitted Property and the pedestrian crossing and improvements related thereto (the "Crossing") located or to be located at the southwest corner of the intersection of
Paradise Road and the Desert Inn Arterial. Such areas together with the Initial Access Area are collectively referred to herein as the "Easement Area". 

        Grantors
desire to grant such easements to Grantee, on the terms and conditions herein set forth. 

AGREEMENT  

        NOW, THEREFORE, for consideration each to the other paid and in consideration of the actions and agreements set forth in this Agreement, the receipt and
sufficiency of which are hereby acknowledged by each of the parties, the parties hereto act and agree as follows: 

        1.
Temporary Construction Easement. Grantors, by these presents, do hereby grant to Grantee, its successors, assigns, agents, employees,
servants, contractors, licensees and invitees, a temporary, non-exclusive easement appurtenant to the Benefitted Property and a right-of-way in, upon, over and
across the Easement Area (a) for the purpose of constructing a roadway which permits shuttle bus access across the Easement Area, including, without limitation, grading, paving, curbing,
fencing, landscaping, lighting, and installing utilities (the "Improvements"); (b) to restore the Easement Area, Holdings' Lots and Valvino's Lots disturbed by the construction of the
Improvements (the "Restoration Work"); and (c) for reasonable access, ingress, and egress reasonably necessary to accomplish the foregoing (the "Construction Easement"). It is anticipated that
the Improvements shall be located on the Initial Access Area but all or portions of the Improvements may be located in other portions of the Easement Area. Prior to engaging in any construction
activities, Grantee agrees to coordinate the schedule, design and construction of the Improvements with Grantors, obtain all necessary approvals from any governmental authorities and provide Grantors
with five (5) days prior written notice of the date on which construction of the Improvements is to commence (the "Construction Commencement Date"). Grantee agrees to construct the Improvements
and perform the Restoration Work (v) at Grantee's sole cost and expense, (w) in a good and workmanlike manner, (x) in accordance with all laws, ordinances, codes and regulations
of governmental authorities having jurisdiction concerning the manner of construction of such facilities, (y) in a manner that minimizes disruption to Grantors, their employees and invitees;
and (z) in conformance with a construction schedule agreed upon between Grantors and Grantee. This Construction Easement shall terminate upon the later of the completion of the construction of
the Improvements or the completion of the Restoration Work, unless sooner agreed by Grantors and Grantee. 

        2.
Access Easement. Grantors, by these presents, do hereby grant to Grantee, its successors, assigns, an easement and
right-of-way appurtenant to the Benefited Property and a right-of-way in, upon, over and across the Easement Area for conducting shuttle bus service for
use by Grantee and its successors and assigns and their respective agents, employees, servants, contractors, licensees and invitees and for Hotel employees, patrons, visitors and guests to and from
the Benefitted Property upon, over and across                        the Easement Area. Grantors, by these presents, do hereby
grant to Grantee, its successors, assigns an easement and
right-of-way appurtenant to the Benefitted Property in, upon, over and across the Easement Area to maintain the Easement Area and maintain, repair and replace the Improvements
located thereon (the "Maintenance Easement" and together with the Access Easement, the "Access and Maintenance Easements" and together with the Construction Easement, the 

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"Easements"). Upon termination of the Construction Easement, Grantee shall, at Grantee's sole cost and expense, provide to Grantors a legal description and survey for the "as-built"
Improvements, including, without limitation, the portion of the roadway which permits vehicular access in the Easement Area (the "As-Built Legal Description and Survey"). Upon Grantors'
receipt of such As-Built Legal Description and Survey, Grantors and Grantee shall then promptly record an amendment to this
Agreement (the "Amendment") substituting the As-Built Legal Description and Survey for the legal description and depiction of the Easement Area currently set forth in Exhibit "E". 

        3.  Maintenance and Repair of Easement Area. Grantee shall pay all costs and perform all maintenance, repair and replacement necessary to
keep the Improvements in good and orderly condition. In addition, Grantee shall pay all costs of utilities furnished to the Improvements. Should maintenance, repair or replacement be necessary to any
of the Easement Area as a result of any intentional or negligent act or omission of Grantors or their agents, employees, servants, contractors, licensees, customers or invitees, Grantors shall be
solely responsible for the cost of said maintenance, repair or replacement. 

        4.
Easements Running with the Land. The Easements shall run with the land, do touch and concern the same, are intended to and do burden
Grantors' Property and benefit the Benefitted Property. The Easements, the restrictions hereby imposed and the agreements herein contained shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns, including, without limitation, all subsequent owners of either Grantors' Property or the Benefitted Property, and all persons claiming under them.
Each person or entity hereafter at any time granted or conveyed an interest in or to any part or portion of either Grantors' Property or the Benefitted Property shall be deemed to undertake
performance and compliance with all the terms, covenants and conditions of this Agreement and the Easements granted hereby, and such persons or entities shall in like manner receive the benefits of
the Easements and the terms, covenants and conditions of this Agreement, to the same extent as if such persons or entities were original parties hereto. 

        5.  Term. This easement shall remain in effect until a termination is recorded, executed by the parties or their
successors-in-interest. Provided, however, that the Easements may not be terminated prior to reconveyance of the deed(s) of trust. [Describe] 

        6.
No Dedication. Nothing contained in this Agreement shall be deemed to be a gift or dedication of any portion of the Easement Area to
the general public or for any public use or purpose whatsoever, it being the intention of the parties hereto and their successors and assigns that nothing in this Agreement, expressed or implied,
shall confer upon any person other than the parties hereto, and their successors and assigns, any rights or remedies under or by reason of this Agreement. No portion of the Easement Area shall be used
for, or allowed to become, a public forum for expressive activity of any kind, and Grantee shall use all reasonable efforts to prevent the Easement Area from being used as a public forum by Grantee,
or any of its agents, employees, servants, contractors, licensees, customers or invitees. 

        7.
Governing Law. The laws of the State of Nevada applicable to contracts made in that State, without giving effect to its conflict of law
rules, shall govern the validity, construction, performance and effect of this Agreement. Venue in any action to enforce this Agreement shall lie in a state or federal court of competent jurisdiction
in Clark County, Nevada. Each party consents to the jurisdiction of such court. 

        8.
Attorneys' Fees. Unless otherwise specifically provided for herein, each party hereto shall bear its own attorneys' fees incurred in
the negotiation and preparation of this Agreement and any related documents. In the event that any action or proceeding is instituted to interpret or enforce the terms and provisions of this
Agreement, however, the prevailing party shall be entitled to its costs and attorneys' fees, in addition to any other relief it may obtain or be entitled to. 

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        9.
Entire Agreement. This Agreement sets forth the entire understanding of the parties, and supersedes all previous agreements,
negotiations, memoranda, and understandings, whether written or oral, with respect to its subject matter. 

        10.
Authority to Execute/Record. Each person executing this Agreement represents and warrants that it is duly authorized to execute this
Agreement by the party on whose behalf it is so executing. Any party may record this Agreement against Grantors' Property and the Benefited Property in the official public records of Clark County,
Nevada. 

        11.
Additional Documents. Each party covenants and agrees to execute and deliver to the other such further documents or instruments as may
reasonably be required to fully effectuate the manifest intent of the parties and the transactions contemplated hereby. 

        12.
Modifications. This Agreement shall not be modified, amended or changed in any manner unless in writing executed by the parties
hereto. 

        13.  Waivers. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision,
whether or not similar, nor shall any waiver constitute a continuing waiver, and no waiver shall be binding unless evidenced by an instrument in writing and executed by the party making the waiver. 

        14.
Severability. If any term, provision, covenant or condition of this Agreement, or any application thereof, should be held by an
arbitrator or a court of competent jurisdiction to be invalid, void or unenforceable, that provision shall be deemed severable and all provisions, covenants, and conditions of this Agreement, and all
applications thereof not held invalid, void or unenforceable, shall continue in full force and effect and shall in no way be affected, impaired or invalidated thereby. 

        15.
Section Headings. The section headings herein are inserted only for convenience of reference and shall in no way define, limit or
prescribe the scope or intent of any provisions of this Agreement. 

        16.
Exhibits. Each exhibit referred to herein and attached hereto is an integral part of this Agreement and is incorporated herein by this
reference. 

        17.  Counterparts. This Agreement may be executed in multiple counterparts, which together shall constitute one and the same document.

[Signatures
appear on following page.] 

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        IN
WITNESS WHEREOF, the undersigned have hereunto affixed their signatures on the day and year set forth above. 

	"Grantor"	 	"Grantor"
	

Wynn Resorts Holdings, LLC
 a Nevada limited liability company	
 	
Valvino Lamore, LLC
 a Nevada limited liability company
	

By:	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

By:	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

By:	

Wynn Resorts, Limited,

a Nevada corporation,	
 	

By:	

/s/  MARC H. RUBINSTEIN      

	 	its sole member	 	 	Name:	Marc H. Rubinstein
	 	 	 	 	 	Title:	Senior Vice President, General Counsel and Secretary
	By:	/s/  MARC H. RUBINSTEIN      
	 	 	 	 
	 	Name:	Marc H. Rubinstein	 	 	 	 
	 	Title:	Senior Vice President, General Counsel and Secretary	 	 	 	 
	
"Grantee"	
 	

 	

 	

 
	

Wynn Las Vegas, LLC
 a Nevada limited liability company	
 	

 	

 	

 
	

By:	

Wynn Resorts Holdings, LLC

a Nevada limited liability company,

its sole member	
 	

 	

 	

 
	

By:	

Valvino Lamore, LLC

a Nevada limited liability company,

its sole member	
 	

 	

 	

 
	

By:	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 	

 	

 
	

By:	

/s/  MARC H. RUBINSTEIN      
	
 	

 	

 	

 
	 	Name:	Marc H. Rubinstein	 	 	 	 
	 	Title:	Senior Vice President, General Counsel and Secretary	 	 	 	 

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Exhibit 10.32    
  

GUARANTY AGREEMENT  

 made by  

 VALVINO LAMORE, LLC,  

 WYNN LAS VEGAS CAPITAL CORP.,  

 PALO, LLC,  

 WYNN RESORTS HOLDINGS, LLC,  

 DESERT INN WATER COMPANY, LLC,  

 WYNN DESIGN & DEVELOPMENT, LLC,  

 WORLD TRAVEL LLC,  

 LAS VEGAS JET, LLC  

 and  

 THE OTHER GUARANTORS FROM TIME TO TIME PARTY HERETO  

 in favor of  

 SECURED PARTIES (as defined herein)  

 Dated as of October 30, 2002

 
 
 

TABLE OF CONTENTS    
  

	Section
 
	 	Heading
	 	Page

	SECTION 1.	 	DEFINED TERMS	 	1
	 	Section 1.1.	 	Definitions	 	1
	 	Section 1.2.	 	Other Definitional Provisions	 	2
	

SECTION 2.	
 	

GUARANTEE	
 	

2
	 	Section 2.1.	 	Guarantee	 	2
	 	Section 2.2.	 	Rights of Reimbursement, Contribution and Subrogation	 	3
	 	Section 2.3.	 	Amendments, etc. with Respect to the Borrower Obligations	 	4
	 	Section 2.4.	 	Guarantee Absolute and Unconditional	 	4
	 	Section 2.5.	 	Reinstatement	 	5
	 	Section 2.6.	 	Payments	 	5
	

SECTION 3.	
 	

REPRESENTATIONS AND WARRANTIES	
 	

5
	 	Section 3.1.	 	Representations in Loan Agreement; Guarantor Representations	 	5
	

SECTION 4.	
 	

COVENANTS	
 	

5
	 	Section 4.1.	 	Covenants in Loan Agreement	 	5
	 	Section 4.2.	 	Further Documentation	 	5
	

SECTION 5.	
 	

THE COLLATERAL AGENT	
 	

5
	 	Section 5.1.	 	Authority of Collateral Agent	 	5
	 	Section 5.2.	 	Appointment of Co-Collateral Agents	 	6
	

SECTION 6.	
 	

MISCELLANEOUS	
 	

6
	 	Section 6.1.	 	Amendments in Writing	 	6
	 	Section 6.2.	 	Notices	 	6
	 	Section 6.3	 	No Waiver by Course of Conduct; Cumulative Remedies	 	6
	 	Section 6.4.	 	Enforcement Expenses; Indemnification	 	6
	 	Section 6.5.	 	Successors and Assigns	 	7
	 	Section 6.6.	 	Set-Off	 	7
	 	Section 6.7.	 	Counterparts	 	7
	 	Section 6.8.	 	Severability	 	7
	 	Section 6.9.	 	Section Headings	 	7
	 	Section 6.10.	 	Integration	 	7
	 	Section 6.11.	 	Governing Law	 	7
	 	Section 6.12.	 	Submission to Jurisdiction; Waivers	 	8
	 	Section 6.13.	 	Acknowledgments	 	8
	 	Section 6.14.	 	Additional Guarantors	 	8
	 	Section 6.15.	 	Releases	 	8
	 	Section 6.16.	 	Waiver of Jury Trial	 	9
	 	Section 6.17.	 	Regulatory Matters	 	9

	Schedule 1 —	 	Notice
	Annex 1 —	 	Assumption Agreement

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        This GUARANTY AGREEMENT, dated as of October 30, 2002, is made by each of the signatories hereto (together with any other entity that may become a party hereto as provided herein,
the "Guarantors"), in favor of the Secured Parties (as hereinafter defined). 

 
 

RECITALS:    
  

        WHEREAS, pursuant to the Loan Agreement dated as of October 30, 2002 (as amended, supplemented or otherwise modified from time to time, the  "Loan
Agreement") by and among Wynn Las Vegas, LLC, a Nevada limited liability company (the "Borrower"),
Wells Fargo Bank Nevada, National Association, not in its individual capacity but solely as Collateral Agent (the "Collateral Agent") and the Persons
listed on Schedule IA thereto, as Lenders (the "Lenders"), the Lenders have severally agreed to make loans to the Borrower on each Advance Date upon the
terms and subject to the conditions set forth therein; 

        WHEREAS,
the Borrower is a member of an affiliated group of companies that includes each Guarantor; 

        WHEREAS,
the Borrower and the other Guarantors are engaged in related businesses, and each Guarantor will derive substantial direct and indirect benefit from the making of the loans
under the Loan Agreement; and 

        WHEREAS,
it is a condition precedent to the obligation of the Lenders to make their respective loans to the Borrower under the Loan Agreement that the Guarantors shall have executed and
delivered this Agreement (as hereinafter defined) to the Secured Parties (as hereinafter defined); 

        NOW,
THEREFORE, in consideration of the premises and to induce the Collateral Agent and the Lenders to enter into the Loan Agreement and to induce the Lenders to make their respective
loans to the Borrower thereunder, each Guarantor hereby agrees with the Secured Parties (as hereinafter defined), as follows: 

SECTION 1.    DEFINED TERMS.

        Section 1.1.    Definitions.    (a) Any capitalized terms used in this Agreement which are not otherwise
defined herein shall have the meaning ascribed to such terms in the Disbursement Agreement (as defined below) and, if not defined therein, the meaning ascribed to such terms in the Loan Agreement;  provided, that upon termination of the Disbursement Agreement, any defined terms used herein having meanings given to such terms in the Disbursement
Agreement shall continue to have the meanings given to such terms in the Disbursement Agreement immediately prior to such termination. 

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

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

        "Borrower Obligations":    the collective reference to the Obligations (as defined in the Loan Agreement). 

        "Disbursement Agreement":    that certain Master Disbursement Agreement dated as of October 30, 2002 among the Borrower,
the Collateral Agent and the other parties signatory thereto, as the same may hereafter be amended or modified in accordance with its terms and the terms of the Loan Agreement. 

        "Guarantor Obligations":    with respect to any Guarantor, all obligations and liabilities of such Guarantor which may arise
under or in connection with this Agreement (including, without limitation, under Section 2) or any other Loan Document to which such Guarantor is
a party, in each case whether on account of guarantee obligations, reimbursement obligations, fees, 

1

 

indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to any Secured Party that are required to be paid by such Guarantor pursuant to the
terms of this Agreement or any other Loan Document). 

        "Obligations":    (i) in the case of the Borrower, the Borrower Obligations, and (ii) in the case of each
Guarantor, its Guarantor Obligations. 

        "Secured Parties":    collectively, the Arrangers, the Collateral Agent and the Lenders. 

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

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

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

SECTION 2.    GUARANTEE.

        Section 2.1.    Guarantee.    (a) Each of the Guarantors hereby, jointly and severally, unconditionally and
irrevocably, guarantees to the Secured Parties, and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether
at the stated maturity, by acceleration or otherwise) of the Borrower Obligations. 

        (b)  If
and to the extent required in order for the Obligations of any Guarantor to be enforceable under applicable federal, state and other laws relating to the insolvency
of debtors, the maximum liability of such Guarantor hereunder shall be limited to the greatest amount which can lawfully be guaranteed by such Guarantor under such laws, after giving effect to any
rights of contribution, reimbursement and subrogation arising under Section 2.2. Each Guarantor acknowledges and agrees that, to the extent not
prohibited by applicable law, (i) such Guarantor (as opposed to its creditors, representatives of creditors or bankruptcy trustee, including such Guarantor in its capacity as debtor in
possession exercising any powers of a bankruptcy trustee) has no personal right under such laws to reduce, or request any judicial relief that has the effect of reducing, the amount of its liability
under this Agreement, (ii) such Guarantor (as opposed to its creditors, representatives of creditors or bankruptcy trustee, including such Guarantor in its capacity as debtor in possession
exercising any powers of a bankruptcy trustee) has no personal right to enforce the limitation set forth in this Section 2.1 or to reduce, or
request judicial relief reducing, the amount of its liability under this Agreement and (iii) the limitation set forth in this Section 2.1
may be enforced only to the extent required under such laws in order for the obligations of such Guarantor under this Agreement to be enforceable under such laws and only by or for the benefit of a
creditor, representative of creditors or bankruptcy trustee of such Guarantor or other Person entitled, under such laws, to enforce the provisions thereof. 

        (c)  Each
Guarantor agrees that the Borrower Obligations may at any time and from time to time be incurred or permitted in an amount exceeding the maximum liability of such
Guarantor under Section 2.1 without impairing the guarantee contained in this Section 2 or
affecting the rights and remedies of any Secured Party hereunder. 

        (d)  The
guarantee contained in this Section 2 shall remain in full force and effect until payment in full of the
Obligations, notwithstanding that from time to time during the term of the Loan Agreement the Borrower may be free from any Borrower Obligations. 

2

 

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

        Section 2.2.    Rights of Reimbursement, Contribution and Subrogation.    In case any payment is made on
account of the Obligations by any Guarantor or is received or collected on account of the Obligations from any Guarantor or its property: 

        (a)  If
such payment is made by a Guarantor or from its property, such Guarantor shall be entitled, subject to and upon payment in full of the Obligations, (A) to
demand and enforce reimbursement for the full amount of such payment from the Borrower and (B) to demand and enforce contribution in respect of such payment from each other Guarantor which has
not paid its fair share of such payment, as necessary to ensure that (after giving effect to any enforcement of reimbursement rights provided hereby) each Guarantor pays its fair share of the
unreimbursed portion of such payment. For this purpose, the fair share of each Guarantor as to any unreimbursed payment shall be determined based on an equitable apportionment of such unreimbursed
payment among all Guarantors based on the relative value of their assets and any other equitable considerations deemed appropriate by the court. 

        (b)  All
rights and claims arising under this Section 2.2 or based upon or relating to any other right of
reimbursement, indemnification, contribution or subrogation that may at any time arise or exist in favor of any Guarantor as to any payment on account of the Obligations made by it or received or
collected from its property shall be fully subordinated in all respects to the prior payment in full of all of the Obligations. Until payment in full of the Obligations, no Guarantor shall demand or
receive any payment or distribution whatsoever (whether in cash, property or securities or otherwise) on account of any such right or claim. If any such payment or distribution is made or becomes
available to any Guarantor in any bankruptcy case or receivership, insolvency or liquidation proceeding, such payment or distribution shall be delivered by the person making such payment or
distribution directly to the Secured Parties, for application to the payment of the Obligations. If any such payment or distribution is received by any Guarantor, it shall be held by such Guarantor in
trust, as trustee of an express trust
for the benefit of the Secured Parties, and shall forthwith be transferred and delivered by such Guarantor to the Secured Parties, in the exact form received and, if necessary, duly endorsed. 

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

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        (d)  Each
Guarantor reserves any and all other rights of reimbursement, contribution or subrogation at any time available to it as against any other Guarantor, but
(i) the exercise and enforcement of such rights shall be subject to this Section 2.2 and (ii) no Secured Party shall ever have any
duty or liability whatsoever in respect of any such right. 

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

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

4

 

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

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

        Section 2.6.    Payments.    Each Guarantor hereby guarantees that payments pursuant to  Sections 2.1 and 6.4 hereof will be paid to the Collateral Agent without set-off or
counterclaim in Dollars in immediately available funds at the office of the Collateral Agent specified in the Loan Agreement. 

SECTION 3.    REPRESENTATIONS AND WARRANTIES.

        To
induce the Collateral Agent and the Lenders to enter into the Loan Agreement and to induce the Lenders to make their respective loans to the Borrower thereunder, each Guarantor hereby
represents and warrants to the Secured Parties that: 

        Section 3.1.    Representations in Loan Agreement; Guarantor Representations.    The representations and
warranties set forth in Section 5 of the Loan Agreement as they relate to such Guarantor or to the Loan Documents to which such Guarantor is a party, each of which is hereby incorporated herein
by reference and shall apply to each Guarantor mutatis mutandis, are true and correct, and the Secured Parties shall be entitled to rely on each of them
as if they were fully set forth herein, provided that each reference in each such representation and warranty to the Borrower's knowledge shall, for the purposes of this  Section 3.1, be deemed to
be a reference to such Guarantor's knowledge. 

SECTION 4.    COVENANTS.

        Each
Guarantor covenants and agrees with the Secured Parties that, from and after the date of this Agreement until the Obligations shall have been paid in full: 

        Section 4.1.    Covenants in Loan Agreement.    Each Guarantor shall take, or shall refrain from taking, as the
case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking
such action by such Guarantor or any of its Subsidiaries and each provision of the Loan Agreement that relates to such Guarantor (whether directly, indirectly, through the Borrower's obligation to
cause such Guarantor to take or not take actions or otherwise) is hereby incorporated herein by reference and shall apply to such Guarantor mutatis
mutandis to the same extent as if the Loan Agreement had been executed by such Guarantor and such provisions had been made the direct obligations of such Guarantor. 

        Section 4.2.    Further Documentation.    At any time and from time to time, upon the written request of the
Collateral Agent, and at the sole expense of such Guarantor, such Guarantor will promptly and duly execute and deliver such further instruments and documents and take such further actions as the
Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted. 

SECTION 5.    THE COLLATERAL AGENT.

        Section 5.1.    Authority of Collateral Agent.    Each Guarantor acknowledges that the rights and
responsibilities of the Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any
request, judgment or 

5

 

other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the other Secured Parties, be governed by the Loan Agreement and by
such other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Guarantors, the Collateral Agent shall be conclusively presumed to be
acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Guarantor shall be under any obligation, or entitlement, to make any inquiry respecting
such authority. 

        Section 5.2.    Appointment of Co-Collateral Agents.    At any time or from time to time, in order
to comply with any Requirement of Law, the Collateral Agent may appoint another bank or trust company or one of more other persons, either to act as co-agent or agents on behalf of the
Secured Parties with such power and authority as may be necessary for the effectual operation of the provisions hereof and which may be specified in the instrument of appointment (which may, in the
discretion of the Collateral Agent, include provisions for indemnification and similar protections of such co-agent or separate agent). 

SECTION 6.    MISCELLANEOUS.

        Section 6.1.    Amendments in Writing.    None of the terms or provisions of this Agreement may be waived,
amended, supplemented or otherwise modified except in accordance with Section 13.5 of the Loan Agreement. 

        Section 6.2.    Notices.    All notices, requests and demands to or upon the Secured Parties or any Guarantor
hereunder shall be effected in the manner provided for in Section 13.6 of the Loan Agreement; provided that any such notice, request or demand to
or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1. 

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

        Section 6.4.    Enforcement Expenses; Indemnification.    (a) Each Guarantor agrees to pay or reimburse each
Secured Party for all its costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or
otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel
to each Secured Party. 

        (b)  Each
Guarantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all
stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with any of the transactions contemplated by this Agreement. 

        (c)  Each
Guarantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Borrower
would be required to do so pursuant to Section 12 of the Loan Agreement. 

6

 

        (d)  The
agreements in this Section shall survive repayment of the Borrower Obligations and all other amounts payable under the Loan Agreement and the other Loan Documents. 

        (e)  Each
Guarantor agrees that the provisions of Section 12.2 of the Loan Agreement are hereby incorporated herein by reference, mutatis
mutandis, and each Secured Party shall be entitled to rely on each of them as if they were fully set forth herein. 

        Section 6.5.    Successors and Assigns.    This Agreement shall be binding upon the successors and assigns of
each Guarantor and shall inure to the benefit of the Secured Parties and their successors and assigns; provided that no Guarantor may assign, transfer
or delegate any of its rights or obligations under this Agreement without the prior written consent of the Secured Parties. 

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

        Section 6.7.    Counterparts.    This Agreement may be executed by one or more of the parties to this Agreement
on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

        Section 6.8.    Severability.    Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        Section 6.9.    Section Headings.    The Section headings used in this Agreement are for convenience of
reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

        Section 6.10.    Integration.    This Agreement and the other Loan Documents represent the agreement of the
Guarantors and the Secured Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Secured Party relative to
subject matter hereof and thereof not expressly set forth or referred to herein or in the other Loan Documents. 

        Section 6.11.    Governing Law.    SUBJECT TO COMPLIANCE WITH APPLICABLE NEVADA GAMING LAWS, THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

7

 

        Section 6.12.    Submission to Jurisdiction; Waivers.    Each Guarantor hereby irrevocably and unconditionally:
(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of
any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York, the
courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 

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

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

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

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

        Section 6.13.    Acknowledgments.    Each Guarantor hereby acknowledges that: 

        (a)  it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party; 

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

        (c)  no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or
among the Guarantors and the Secured Parties. 

        Section 6.14.    Additional Guarantors.    Each Subsidiary of Valvino that is required to become a party to
this Agreement pursuant to Section 6.11 of the Loan Agreement shall become a Guarantor for all purposes
of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 

        Section 6.15.    Releases.    (a) At such time as the Guarantor Obligations shall have been paid in full, this
Agreement and all obligations (other than those expressly stated to survive such termination) of each Guarantor hereunder shall terminate, all without delivery of any instrument or performance of any
act by any party. 

        (b)  At
the request and sole expense of the Borrower, a Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock of such Guarantor
shall be Disposed of in a transaction permitted by the Loan Agreement; provided, that the Borrower shall have delivered to the Secured Parties, at least
ten Business Days prior to the date of the proposed release, a written request for release identifying the relevant Guarantor and the terms of the Disposition in reasonable detail, including the price
thereof and any expenses in connection therewith, together with a certification by each Borrower stating that such transaction is in 

8

 

compliance with the Loan Agreement and the other Loan Documents and that the Proceeds of such Disposition will be applied in accordance therewith. 

        Section 6.16.    WAIVER OF JURY TRIAL.    (A) EACH GUARANTOR AND THE SECURED PARTIES HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

        Section 6.17.    Regulatory Matters.    Each Secured Party acknowledges and agrees that the approval by the
applicable Nevada Gaming Authorities of this Agreement shall not act or be construed as the approval, either express or implied, for such Secured Party to take any actions or steps provided for in
this Agreement for which prior approval of the Gaming Board is required, without first obtaining such prior and separate approval of the applicable Nevada Gaming Authorities to the extent then
required applicable Nevada Gaming Laws. 

9

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

	 	 	VALVINO LAMORE, LLC,

a Nevada limited liability company,
	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	 	 	Title:	 	Chief Executive Officer

	

 	
 	
WYNN LAS VEGAS CAPITAL CORP.,

a Nevada corporation,
	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	Title:	 	President

10

 

	 	 	PALO, LLC,

a Delaware limited liability company,
	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	 	 	 	 	 	 	Title:	 	Chief Executive Officer

	

 	
 	
DESERT INN WATER COMPANY, LLC,

a Nevada limited liability company,
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	 	 	 	 	 	 	Title:	 	Chief Executive Officer

11

 

	 	 	WYNN RESORTS HOLDINGS, LLC,

a Nevada limited liability company,
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	 	 	 	 	 	 	Title:	 	Chief Executive Officer

	 	 	WYNN DESIGN & DEVELOPMENT, LLC,

a Nevada limited liability company,
	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	 	 	 	 	Title:	 	Chief Executive Officer

12

 

	 	 	WORLD TRAVEL, LLC,

a Nevada limited liability company,
	

 	
 	

By:	
 	

Wynn Las Vegas, LLC,

a Nevada limited liability company,
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	 	 	 	 	Title:	 	Chief Executive Officer

	

 	
 	
LAS VEGAS JET, LLC,

a Nevada limited liability company,
	

 	
 	

By:	
 	

Wynn Las Vegas, LLC,

a Nevada limited liability company,
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	 	 	 	 	Title:	 	Chief Executive Officer

13

  

 
 

Schedule I    
  

 
 

NOTICE ADDRESSES OF GUARANTORS    
  

	Name of Guarantor
	 	Notice Address

	Valvino Lamore, LLC	 	Valvino Lamore, LLC

c/o Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Marc Rubinstein

Telecopy: (702) 733-4596

Telephone: (702) 733-4556

  

(with a copy to Irell & Manella LLP at its notice address first set forth below)
	Wynn Las Vegas Capital Corp.	 	Wynn Las Vegas Capital Corp.

c/o Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Ron Kramer

Telecopy: (702) 791-0167

Telephone: (702) 733-4123

  

(with a copy to Irell & Manella LLP at its notice address first set forth below)
	Palo, LLC	 	Palo, LLC

c/o Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Marc Rubinstein

Telecopy: (702) 733-4596

Telephone: (702) 733-4556

 

(with a copy to Irell & Manella LLP at its notice address first set forth below)
	Wynn Resorts Holdings, LLC	 	Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Ron Kramer

Telecopy: (702) 791-0167

Telephone: (702) 733-4123

  

(with a copy to Irell & Manella LLP at its notice address first set forth below)
	Desert Inn Water Company, LLC	 	Desert Inn Water Company, LLC

c/o Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Marc Rubinstein

Telecopy: (702) 733-4596

Telephone: (702) 733-4556

  

(with a copy to Irell & Manella LLP at its notice address first set forth below)

I-1

 

	Wynn Design & Development, LLC	 	Wynn Design & Development, LLC

c/o Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Kenneth Wynn

Telecopy: (702) 733-4738

Telephone: (702) 733-4814 and

Attention: Todd Nisbet

Telecopy: (702) 733-4715

Telephone: (702) 733-4497

  

(with a copy to Irell & Manella LLP at its notice address first set forth below)
	World Travel, LLC	 	World Travel, LLC

c/o Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Marc Rubinstein

Telecopy: (702) 733-4596

Telephone: (702) 733-4556

  

(with a copy to Irell & Manella LLP at its notice address first set forth below)
	Las Vegas Jet, LLC	 	Las Vegas Jet, LLC

c/o Wynn Resorts Holdings, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Marc Rubinstein

Telecopy: (702) 733-4596

Telephone: (702) 733-4556

 

(with a copy to Irell & Manella LLP at its notice address first set forth below)

   

Notice Address of Irell & Manella LLP: 

Irell &
Manella LLP

1800 Avenue of the Stars, Suite 900

Los Angeles, California 90067

Attention: C. Kevin McGeehan, Esq.

Telecopy: (310) 282-5610

Telephone: (310) 203-7110 

I-2

        ASSUMPTION AGREEMENT, dated as of                        ,
200    , made by                        ,
a                        (the "Additional
Guarantor"), in favor of the Secured Parties (as defined below). All capitalized terms not defined herein shall have the meaning ascribed to them in such Loan Agreement. 

 
 

RECITALS:    
  

        WHEREAS, Wynn Las Vegas, LLC (the "Borrower"), the Lenders and the Collateral Agent have entered into a Loan
Agreement, dated as of October    , 2002 (as amended, supplemented, replaced or otherwise modified from time to time, the "Loan Agreement"); 

        WHEREAS,
in connection with the Loan Agreement, the Affiliates (other than the Additional Guarantor) have entered into the Guaranty Agreement, dated as of October            , 2002
(as amended, supplemented or otherwise modified from time to time, the "FF&E Guaranty") in favor of the Secured Parties; 

        WHEREAS,
the Loan Agreement requires the Additional Guarantor to become a party to the FF&E Guaranty; and 

        WHEREAS,
the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the FF&E Guaranty; 

        NOW,
THEREFORE, It Is Agreed: 

        Section 1.    FF&E Guaranty.    By executing and delivering this Assumption Agreement, the Additional
Guarantor, as provided in Section 6.14 of the FF&E Guaranty hereby becomes a party to the FF&E Guaranty as a Guarantor thereunder with the same force and effect as if originally named therein
as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. The information set forth in Annex
1-A hereto is hereby added to the information set forth in Schedules                        to the FF&E Guaranty. The
Additional Guarantor hereby represents and warrants that each of the
representations and warranties contained in Section 3 of the FF&E Guaranty is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as
of such date. 

        Section 2.    GOVERNING LAW.    SUBJECT TO COMPLIANCE WITH APPLICABLE NEVADA GAMING LAWS, THIS ASSUMPTION
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

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

ANNEX
I TO

FF&E Guaranty 

	 	 	[ADDITIONAL GUARANTOR]
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

QuickLinks

Exhibit 10.32

TABLE OF CONTENTS

RECITALS

Schedule I

NOTICE ADDRESSES OF GUARANTORS

RECITALS

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