Document:

EX-10.7

 Exhibit 10.7 

[TRANSLATION] 
 SUBCONCESSION CONTRACT FOR
OPERATING CASINO GAMES OF CHANCE OR GAMES OF OTHER FORMS IN THE MACAU SPECIAL ADMINISTRATIVE REGION 
 Between 

 

			
	Party A:	  	Galaxy Casino Company Limited, henceforth simply referred as the “Concessionaire”, with its headquarters at Avenida da Praia Grande, n.o 409, Edif. “China Law”, 25°, Macau, and its registration number in
the Company and Moveable Assets Registration Bureau 15066, duly represented by its Directors Mr. Fan Siu Pang, married, holder of the Hong Kong Identity Card no. B452583(9), issued on 30/05/1990, living at Flat C, 1/F, Sunrise Court, 95 Blue
Pool Road, Hong Kong, and Mr. Lui Che Woo, married, holder of the Hong Kong Identity Card no. A481605(9), issued on 26/06/1990, living at 29/F, Ka Wah Centre, 191 Java Road, Hong Kong, with powers to bind the company.
		
	And Party B:	  	Venetian Macau, S.A., henceforth simply referred as the “Subconcessionaire”, with its headquarters at Av. Dr. Mário Soares, n.° 25, Edificio Montepio, Apt. 25 – 2°, in Macau, and its registration
number in the Company and Moveable Assets Registration Bureau 15702 (SO), duly represented in this contract by its Director Mr. David Friedman, married, holder of U.S. Passport no. 153577147, issued on 30/11/1995, living at Las Vegas
Boulevard South, Las Vegas, Nevada 89109, United States of America, with powers to bind the company;

 Considering that: 
  

	 	•	 	 It was granted by Macau SAR to the Concessionaire a concession to operate casino games of chance or games of
other forms, through an administrative concession contract to operate casino games of chance or games of other forms in Macau SAR on June 26th 2002, which was amended on December 19th 2002; 

  

	 	•	 	 Galaxy Casino, S.A. was authorized to sign this subconcession contract, under the provisions of Clause seventy
five, number one of the concession contract; 

 Based on the above statements and upon consultation of the Parties, it is agreed to
conclude this Subconcession Contract. This Subconcession Contract includes the following provisions: 
 CHAPTER 1 

SUBJECT MATTER, TYPE AND TERM OF THE SUBCONCESSION 

Article 1 Subject Matter of the Subconcession 
  

	1.	 The subject matter of the subconcession granted under this Subconcession Contract shall be the operation of
casino games of chance or games of other forms in the Macau SAR of the People’s Republic of China (the “PRC”). 

  

	2.	 The Subconcession is based on the Concession granted to the Concessionaire for the operation of casino games of
chance or games of other forms and is granted, as far as the Concession is concerned, for a part of it; the Concessionaire is exempted of its liabilities as far as the Subconcessionaire’s obligations regards, and in the terms referred to in
this contract. 

  
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	3.	 The Subconcession does not include the following gaming activities: 

 

	 	(1)	 mutual bets; 

  

	 	(2)	 gaming activities provided to the public, except under article 3, paragraph 7 of Law 16/2001;

  

	 	(3)	 interactive gaming; and 

 

	 	(4)	 games of chance or any other gaming, betting or gambling activities on ships or planes, except under article 5,
paragraph 3, subparagraph 1) and paragraph 4, of Law 16/2001. 

 Article 2 Purposes of the Subconcession 

The Subconcessionaire shall have the following obligations: 
  

	1.	 ensure the proper operation and conduct of casino games of chance or games of other forms in casino;

  

	2.	 regarding the management and conduct of casino games of chance or games of other forms, to employ only people
that have appropriate qualifications to do their jobs and to assume relevant responsibilities; 

  

	3.	 operate and conduct casino games of chance or games of other forms in a fair and honest manner without the
influence of criminal activities; and 

  

	4.	 safeguard and ensure the Macau SAR’s interests in tax revenue from the operation of casinos and other
gaming areas of the Concessionaire. 

  
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 Article 3 Governing Law and Court of Competent Jurisdiction 

 

	1.	 This Subconcession Contract shall be exclusively governed by the laws of the Macau SAR. 

 

	2.	 The Concessionaire and the Subconcessionaire recognize and accept the exclusive jurisdiction of the court of
the Macau SAR in case of any potential dispute or conflict of interests between themselves or with the Executive of the Macau SAR or any third parties and therefore waive their right to file lawsuit in any court outside the Macau SAR.

 Article 4 Compliance with Laws of the Macau SAR 

The Concessionaire and the Subconcessionaire must comply with applicable laws of the Macau SAR and waive their right to apply regulations of a place other
than the Macau SAR which exempt themselves from performing obligations or acts that must be performed by them or that are imposed on them. 

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

 

	1.	 If the Subconcessionaire wishes to participate in the operation of casino games of chance or games of other
forms in any other jurisdictions, including participation in the operation through a management contract, it must inform the government of such intent. If the Subconcessionaire is aware that any of its directors or controlling shareholders,
including the ultimate controlling shareholders, or any company investor that directly or indirectly holds the equivalent of 10% or more of its share capital has such intent, it must also inform the government immediately.

  
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	2.	 For the purpose mentioned in number 1 above, the Subconcessionaire shall submit to the Government or make due
diligence to obtain and submit to the Government, as the case may be, any documents, information or data that might be requested by the Government, except as to those considered by law as confidential. 

Article 6 Concession System 
  

	1.	 The legal framework of the concession system consists of the following laws and regulations: the legal system
for operating casino games of chance or games of other forms as approved by the Law No. 16/2001, the Administrative Regulations No. 26/2001, the implementing rules for operating games of chance (especially the rules stated in
Article 55 of the Law No. 16/2001 and other supplemental regulations stated in the Law No. 16/2001) and the Concession Contract. This legal framework is applicable to this subconcession contract. 

 

	2.	 Without prejudice of the obligations arisen to the Subconcessionaire from this contract, the Subconcessionaire
must also perform all such similar obligations as those of the Concessionaires as arisen from time to time from the legal framework referred to in the above number one. 

  
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 Article 7 Operation of the Conceded Business 

The Subconcessionaire must operate the conceded business in accordance with the provisions and conditions set forth in this Subconcession Contract. 

Article 8 Term of the Subconcession 
  

	1.	 The term of the Subconcession granted hereunder shall be June 26th 2022. 

  

	2.	 The provisions of the preceding paragraph shall not operate to the prejudice of the survival of certain
provisions contained herein after the termination of the subconcession. 

 CHAPTER 2 

PLACES FOR OPERATING AND RUNNING CASINOS AND 

OTHER GAMING AREAS 

Article 9 Places for Operating the Conceded Business 
  

	1.	 During the operation of its business, the Subconcessionaire may only operate games of chance or games of other
forms in casinos and other gaming areas previously authorized and categorized by the government. 

  

	2.	 The use of any other places to operate the conceded business must be subject to the approval of the government.

 Article 10 Types of Games, Gaming Tables and Electrical or Mechanical Gaming Machines 

 

	1.	 The Subconcessionaire is allowed to operate all games of chance that the Concessionaire is allowed to, as well
as any other games to be authorized by Order of the Secretary for Economy and Finance, under request of the Subconcessionaire and after consulting the Gambling Inspection and Coordination Bureau (the “GICB”). The rules for operating these
other games will be approved by Order of the Secretary for Economy and Finance, after proposal of the GICB. The Subconcessionaire is also allowed to operate any electrical or mechanical gaming machines, including slot machines, in accordance with
law. 

  
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	2.	 The Subconcessionaire must submit a list to the “GICB” in December of each year, setting forth
the number of gaming tables and electrical or mechanical gaming machines, including slot machines, that it intends to operate during the following year, together with their location. 

 

	3.	 The number of gaming tables and electrical or mechanical gaming machines, including slot machines, to be
operated by the Subconcessionaire may be modified by prior notification to the GICB. 

  

	4.	 The Subconcessionaire must maintain and operate in its casinos a minimum types of games as per the instructions
of the GICB. 

 Article 11 Continuous Operation of Casinos 

 

	1.	 The Subconcessionaire must open its casinos for business everyday. 

 

	2.	 Without prejudice to the applicability of the preceding paragraph, the Subconcessionaire can establish the
daily period during which its casinos and the activities therein will be open to the public. 

  
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	3.	 The set up of daily business hours during which the casinos and the activities therein are open to the public
must be communicated to the government in advance and shall be posted on the entrance of each casino. 

  

	4.	 If the Subconcessionaire wishes to change the daily business hours during which the casinos and the activities
therein are open to the public, it shall inform the government at least three days in advance. 

 Article 12 Suspension
of the Operation of Casinos and Other Gaming Areas 
  

	1.	 If the Subconcessionaire wishes to suspend the operation of one or more of its casinos and other gaming areas
during one or several days, it must ask for permission of the government by submitting a written application stating the reasons therefor at least three days in advance. 

 

	2.	 The permission set forth in the preceding paragraph is not required in case of emergency or force majeure,
especially in case of serious incidents, catastrophes or natural disasters that seriously endanger human lives. Under the above conditions, the Subconcessionaire shall promptly inform the government and the Concessionaire of the suspension of the
operation of its casinos or other gaming areas. 

 Article 13 Electronic Monitoring and Surveillance Equipment 

 

	1.	 The Subconcessionaire must install electronic monitoring and surveillance equipment approved by the GICB and of
a high international quality standard in casinos and other gaming areas. For this purpose, the Subconcessionaire shall submit a written application stating the proposed equipment and relevant technical specifications. The GICB may at any time
request models or samples of such equipment. 

  
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	2.	 If so requested by the GICB, the Subconcessionaire shall also install electronic monitoring and surveillance
equipment at other areas adjacent to casinos and other gaming areas or other areas leading to or connecting with casinos and other gaming areas. 

  

	3.	 When reasonably requested by the GICB, in particular in order to ensure that the electronic monitoring and
surveillance equipment can maintain a high international quality standard as mentioned in the first paragraph, the Subconcessionaire must install new electronic monitoring and surveillance equipment approved by the GICB. 

 

	4.	 If the Subconcessionaire is aware of any criminal acts or illegal administrative acts as well as other illegal
acts that it deems as serious, it must immediately report the same to the competent authorities. 

 CHAPTER 3 

SUBCONCESSIONAIRE 

Article 14 Business, Address and Form of the Company 
  

	1.	 The business operated by the Subconcessionaire must be solely the operation of casino games of chance or other
games in the casino. 

  
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	2.	 Subject to the permission of government, the business operated by the Subconcessionaire may include related
facilities/activities to the operation of casino games of chance or other games in the casino. 

  

	3.	 The Subconcessionaire must maintain its office in the Macau SAR and must maintain its status as a company
limited by shares. 

 Article 15 Share Capital and Shares 

 

	1.	 The Subconcessionaire must maintain a share capital in an amount no less than MOP 200,000,000.

  

	2.	 If due to the situation afterwards, it is necessary for the Chief Executive to order to increase the share
capital, the Subconcessionaire must increase its share capital. 

  

	3.	 All share capital of the Subconcessionaire shall be represented by nominative shares. 

 

	4.	 The increase of share capital of the Subconcessionaire by means of public offering must be subject to the
permission of the government. 

  

	5.	 The issuance of preferential shares by the Subconcessionaire must be subject to the permission of the
government. 

  

	6.	 Without prejudice to the applicability of the preceding paragraph, the establishment or issuance of types or
categories of shares representing the share capital of the Subconcessionaire or the transfer of such shares must be subject to the permission of the government. 

  
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	7.	 The Subconcessionaire must take measures to ensure that all share capital of legal persons that hold shares of
the Subconcessionaire, legal persons that hold capital contributions of the above legal person shareholders and so on up to the ultimate shareholders (both natural persons and legal persons) that hold capital contributions of the above shareholders
shall be represented only by nominative shares, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market. 

Article 16 Transfer of Shares and Creation of Encumbrances 
  

	1.	 Any inter vivos transfer of or creation of encumbrances over the ownership of shares representing the
share capital of the Subconcessionaire or other rights relating to such shares, and any act involving the granting of voting rights or other shareholders’ rights to persons other than the original owners, shall be subject to the permission of
the government. 

  

	2.	 For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall have the
obligation to refuse, under any circumstances, to record the shareholding of any entity which obtains or owns shares representing its shareholding in the share capital in violation of the provisions contained herein or the law, shall not regard such
entity as a shareholder, and it shall not expressly or implicitly recognize any validity of the above inter vivos transfer or creation of encumbrances. 

  
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	3.	 Any transfer mortis causa of the ownership of shares representing the share capital
of the Subconcessionaire or other rights relating to such shares shall be promptly notified to the government. The Subconcessionaire must also take measures at the same time to record such transfer in its registers. 

 

	4.	 Upon obtaining the permission referred to in the first paragraph, if an owner of shares representing the
ownership of the share capital of the Subconcessionaire or other rights relating to such shares transfers or creates encumbrance over such ownership or rights, or grants the voting rights or other shareholders’ rights to other persons, he shall
promptly notify the Subconcessionaire of the relevant fact. After the Subconcessionaire makes the relevant record in its registers or completes similar procedures, it shall notify the GICB within 30 days and shall submit a copy of the document
legalizing the relevant legal acts and provide detailed information relating to any other stipulated provisions and terms. 

  

	5.	 The Subconcessionaire shall also take measures to obtain the permission of the government with regard to the
following acts: any transfer inter vivos of the ownership of shares or other rights relating to such shares of its shareholders (both natural persons and legal persons), any transfer inter vivos of shares of the above legal person
company (both natural persons and legal persons), and so on up to the transfer inter vivos of the shares of ultimate shareholders (both natural persons and legal persons) provided that such shares shall be directly or indirectly equal to 5%
or more of capital contributions of the Subconcessionaire, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market. 

  
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	6.	 The Subconcessionaire shall promptly notify the government after it is aware of the following acts: any
transfer mortis causa of the ownership of 5% or more of the shares or other rights relating to such shares of its shareholders (both natural persons and legal persons), any transfer mortis causa of
5% or more of shares of the above shareholders (both natural persons and legal persons), and so on up to the transfer mortis causa of the shares of ultimate shareholders (both natural persons and legal persons).

  

	7.	 The Subconcessionaire shall also promptly notify the government after it is aware of the following acts: the
creation of any encumbrance over the shares representing the share capital of its shareholders, the creation of any encumbrance over the shares owned by the above shareholders, so on up to the encumbrance over the share capital of ultimate
shareholders provided that such shares shall be indirectly equal to 5% or more of share capital of the Subconcessionaire, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market.

  

	8.	 The provisions of the preceding paragraph shall also apply to the granting of voting rights or other
shareholders’ rights to persons other than the original owners of such rights, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market. 

  
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	9.	 The provisions of the paragraph 4, after necessary amendments, shall apply to the act of transfer of the
ownership of capital contributions of share capital or other rights relating to such contributions as referred to in paragraph 5. 

  

	10.	 If a dominant shareholder of the Subconcessionaire, having received written instructions of a gaming control
entity in another jurisdiction in which such dominant shareholder is licensed to operate casino games of chance or games of other forms, does not wish to continue to be a shareholder of the Subconcessionaire, then, the Government may authorize the
dominant shareholder to transfer its shares on the Subconcessionaire share capital, provided that the written instructions received by the dominant shareholder are not due to any facts for which both the Subconcessionaire or its dominant shareholder
are liable. Still, permission of the Government for the acquisition of those shares needs to be obtained. 

 Article 17
Issue of Bonds 
  

	Issue	 of bonds by the Subconcessionaire shall obtain the permission of the government. 

Article 18 Listing on a Stock Exchange 
  

	1.	 The Subconcessionaire or a company in which the Subconcessionaire holds majority shares may not be listed on
the stock exchange, except with the permission of the government. 

  
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	2.	 The Subconcessionaire shall also have the obligation to take measures to ensure that legal persons that are
controlling shareholders of the Subconcessionaire and whose major business is to directly or indirectly implement projects set forth in the investment plans attached hereto will not, without prior notice given to the government, apply for listing on
a stock exchange or conduct any act aiming at being accepted for listing on a stock exchange. 

  

	3.	 An application requesting the permission referred to in the paragraph 1 above and the prior notice referred to
in paragraph 2 above shall be made by the Subconcessionaire and all the necessary documents shall be attached thereto, and the government shall not be prevented from requesting the provision of additional documents, material and information.

 Article 19 Structures of the Shareholders and Share Capital 

 

	1.	 The Subconcessionaire must submit to the government and to the Concessionaire in December of each year
document with the latest information of its shareholders’ structure and the structure of the share capital of a legal person, especially a company, owning 5% or more of the share capital of the subconcessionaire, the share capital of a legal
person owning 5% or more of the share capital of such legal person, and so on up to the share capital of a natural person or legal person that is an ultimate shareholder, save that this paragraph shall not apply to a listed company’s shares
that are traded on a stock market, or it must submit a statement evidencing that there is no change in the structure of such shareholders or the share capital. 

  
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	2.	 The Concessionaire must submit to the Subconcessionaire in December of each year the latest information of
its shareholders’ structure and the structure of the share capital of a legal person, especially a company, owning 5% or more of the share capital of the Concessionaire, the share capital of a legal person owning 5% or more of the share capital
of such legal person, and so on up to the share capital of a natural person or legal person that is an ultimate shareholder, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market, or it must
submit a statement evidencing that there is no change in the structure of such shareholders or the share capital. 

  

	3.	 The Subconcessionaire shall also take measures to obtain and submit to the government properly-certified
statements that are signed by each of the shareholders of the Subconcessionaire and the persons mentioned in the preceding paragraph. The contents of such statements shall state the amount of share capital owned by such shareholders and shall also
state that such share capital is represented by nominative shares. Such statements shall be submitted together with copies of certificate evidencing capital contributions, as well as the latest information or statement set forth in the preceding
paragraph 1. 

 Article 20 Holding Concurrent Posts in Corporate Bodies is Forbidden 

 

	1.	 As to the operation of casino games of chance or games of other forms, the Subconcessionaire shall have the
obligation not to appoint a person holding posts in the offices of the other concessionaire, or of any subconcessionaire operating in the Macau SAR or the management company of a certain concessionaire operating in the Macau SAR to serve on the
Board, the shareholders’ meetings, the supervisory board or other corporate bodies of the above referred companies. 

  
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	2.	 The Subconcessionaire must promptly notify the government and the Concessionaire of the appointment of any
person to the Board, the shareholders’ meetings, the supervisory board or other corporate bodies. 

  

	3.	 The Concessionaire must promptly notify the Subconcessionaire, of the appointment of any person to boards of
directors, shareholders’ meetings, supervisory boards or other corporate bodies of other concessionaires operating casino games of chance or games of other forms. 

 

	4.	 As to the operation of casino games of chance or games of other forms, the government must promptly notify the
Subconcessionaire of the appointment of any person to boards of directors, shareholders’ meetings, supervisory boards or other corporate bodies of other concessionaires operating casino games of chance or games of other forms, or of other
subconcessionaires or of other managing companies operating casino games of chance or games of other forms in Macao SAR. 

  
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 Article 21 Management 

 

	1.	 Granting of the management power of the Subconcessionaire, including the appointment and the scope of authority
of the managing director, the term of authorization and any amendment to such authorization, especially amendments involving the temporary or definitive replacement of the managing director, shall be subject to the permission of the government. For
such purpose, the Subconcessionaire shall submit a draft of the resolution of the Board of Directors of the Subconcessionaire to the government, enclosed therewith the proposal of the Subconcessionaire on the granting of management power, including
identity information of the managing director, the scope of authority of the managing director and the term of authorization, also a description regarding the replacement in case of failure of the managing director to perform his duties for any
reason and any resolution regarding the temporary replacement or the definitive replacement of the managing director. The granting of the management power of the Subconcessionaire shall not take effect prior to the permission by the government in
connection with the management power. 

  

	2.	 If the government disapproves one or several matters of the above authorization, the Subconcessionaire shall
submit a newly drafted resolution within 15 days upon its receipt of the disapproval of the government and, if the Government does not accept the Managing Director appointed by the Subconcessionaire, the Subconcessionaire shall submit to the
Government Annex II of the Administrative Regulation 26/2001 dully compiled by the newly appointed Managing Director. 

  
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	3.	 Unless it is permitted by the government, the Subconcessionaire shall have the obligation not to give a power
of attorney or to appoint a representative so as to grant, on the basis of a stable relationship, the right to establish the legal acts relating to the operation of the enterprise in the name of the Subconcessionaire, save that this paragraph shall
not apply to the power to handle routine matters, especially with public departments or authorities. 

 Article 22
Articles of Association and Shareholders’ Agreements 
  

	1.	 No amendments shall be made to the Articles of Association (the “Articles”) of the Subconcessionaire
without the approval of the government. 

  

	2.	 The draft amendments to the Articles of the Subconcessionaire shall be submitted to the government for its
approval at least 30 days prior to the date of the shareholders’ meeting for reviewing the relevant amendments. 

  

	3.	 The Subconcessionaire shall submit to the government a copy of the certified notarization of the document
within 30 days after its approval on the said meeting regarding any amendments to the Articles. 

  

	4.	 The Subconcessionaire shall inform the government of any proposed shareholders agreement that it has knowledge
of. For such purpose, apart from taking other necessary measures, the Subconcessionaire shall also make inquiries to its shareholders whether there is any proposed agreement, especially the proposed agreement regarding the exercise of voting rights
or other shareholders’ rights, 15 days prior to any shareholders’ meeting or during a shareholders’ meeting in case that such shareholders’ meeting is convened without a prior notice, and it shall inform the government of the
results of taking such measures. 

  
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	5.	 Within sixty days, the Government shall notify the Subconcessionaire whether it approves the amendments to the
Articles of Association of the Subconcessionaire as well as its shareholders agreements. 

 Article 23 Obligation of the
Subconcessionaire to Provide Information 
  

	1.	 Apart from the obligation to provide information as stipulated in the concession system set forth in
Article 6, for the Concessionaires, the Subconcessionaires shall have the obligations: 

  

	 	(1)	 to promptly notify the government of any situation of which it has actual knowledge that will materially affect
the normal operation of the Subconcessionaire, e.g. situations regarding the settlement ability or repayment ability of the Subconcessionaire, any material court cases instituted against the Subconcessionaire, any of its directors, any shareholders
holding 5% or more of the share capital of the Subconcessionaire or any key employees of casinos, any criminal behaviors or administrative violations in its casinos and other gaming areas that the Subconcessionaire is aware of, any hostile behaviors
of any senior officer or staff of the public administrative authority of the Macau SAR, including officers of the security team and law enforcement office, towards the Subconcessionaire or senior officers of its corporate bodies;

  
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	 	(2)	 to promptly notify the government of the following events: all events that may materially affect or hinder the
punctual and complete performance of any obligations as a result of this Subconcession Contract or all events that may impose exceedingly onerous liabilities on the Subconcessionaire or all events which may constitute a reason for revocation of the
subconcession in accordance with the provisions of Chapter 19; 

  

	 	(3)	 to promptly notify the government of any of the following facts or matters: 

 

	 	(a)	 the fixed or contingent, regular or special reward received by the directors of the Subconcessionaire, finance
provider to the Subconcessionaire and major employees who hold key posts in the casinos in the form of wages, remuneration, salaries or service fees or in other forms and the mechanism of profit sharing of the Subconcessionaire by the aforesaid
entities (if any); 

  

	 	(b)	 the benefits existing or to be established, including the form of profit distribution; 

  
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	 	(c)	 the management contracts and labor provision contracts existing or suggested by the Subconcessionaire.

  

	 	(4)	 to promptly submit to the government certified copies of the following documents: 

 

	 	(a)	 evidence or contracts or other documents describing the reward set forth in Article 23(3)(a);

  

	 	(b)	 evidence or contracts or other documents describing the benefits existing or to be established or the form of
profit distribution; 

  

	 	(c)	 the management contracts and labor provision contracts existing or suggested by the Subconcessionaire.

  

	 	(5)	 to promptly notify the Government of any imminent or predictable material adverse changes in the economic and
financial aspects of the Subconcessionaire of which it has actual knowledge as well as material changes in the economic and financial aspects of any of the following entities: 

 

	 	(a)	 the controlling shareholders of the Subconcessionaire; 

 

	 	(b)	 the entities having close contacts with the Subconcessionaire, especially those undertaking or warranting that
they will provide finance to the investment to be made or obligations to be borne by the Subconcessionaire in accordance with the provisions of contracts; 

  
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	 	(c)	 the shareholders owning 5% or more of the Subconcessionaire’s share capital who undertake or warrant to
provide finance to the investment to be made or obligations to be borne by the Subconcessionaire. 

  

	 	(6)	 to promptly notify the Government that the annual turnover between the Subconcessionaire and a third party has
achieved MOP 250 million or above; 

  

	 	(7)	 to submit to the GICB in January of each year documents setting forth all bank accounts of the
Subconcessionaire and their balances; 

  

	 	(8)	 to promptly provide supplemental or additional information as requested by the government;

  

	 	(9)	 to promptly provide the GICB and the Finance Services Bureau with materials and information as required for the
smooth performance of their duties. 

  

	2.	 The government may provide that the obligations set forth in Articles 23.1(3) and (4) should be performed
once a year. 

  
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 CHAPTER 4 

MANAGEMENT COMPANY 

Article 24 Forbiddance 
  

	1.	 The Subconcessionaire shall inform the Government, with a minimum 90 (ninety) days prior notice, of its
intention to contract a Management Company to manage activities not related to casino games of chance or games of other forms. 

  

	2.	 For the applicability of the preceding paragraph, the Subconcessionaire shall send to the Government a
notarized copy of the Articles of Association of the Management Company or similar document as well as a copy of the draft of the Management Contract. 

  

	3.	 The Subconcessionaire shall not celebrate contracts under the provisions of which another company gains
management powers over the Subconcessionaire as to the operation of casino games of chance or games of other forms. 

  

	4.	 Non-compliance with number three above, without prejudice of other
sanctions or penalties, shall imply the payment of a penalty of MOP 500.000.000,00 (five hundred million patacas) to Macau SAR. 

CHAPTER 5 
 APPROPRIATE
QUALIFICATIONS 
 Article 25 Appropriate Qualifications of the Subconcessionaire 

 

	1.	 The Subconcessionaire shall maintain its appropriate qualifications during the subconcession term, in
accordance with the law. 

  

	2.	 For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall accept the
persistent and long-term inspection and supervision of the government, in accordance with the law. 

  
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	3.	 The Subconcessionaire will promptly pay the costs of the suitability processes; for such purpose, GICB will
issue a document with the referred costs. This document will be considered as enough evidence of such costs. 

 Article
26 Appropriate Qualifications of the Shareholders, 
 Directors and Major Employees of the Subconcessionaire 

 

	1.	 Shareholders who own 5% or more of the share capital of the Subconcessionaire, directors of the
Subconcessionaire and key employees holding important posts in the casinos shall maintain their due qualifications during the subconcession term, in accordance with the law. 

 

	2.	 For the applicability of the provisions of the preceding paragraph, shareholders who own 5% or more of the
share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos shall accept the persistent and long-term inspection and supervision exercised by the government, in accordance with
the law. 

  

	3.	 The Subconcessionaire shall take measures to cause shareholders who own 5% or more of the share capital of the
Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos to maintain their appropriate suitability qualifications during the subconcession term, and is fully aware that the said appropriate
suitability qualifications reflect on the suitability of the Subconcessionaire itself. 

  
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	4.	 The Subconcessionaire shall request shareholders who own 5% or more of the share capital of the
Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos to notify the government promptly of any facts which may be material to the appropriate qualifications of the Subconcessionaire or the
above shareholders, directors and key employees. 

  

	5.	 For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall inquire
shareholders who own 5% or more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos every six months if they are aware of any facts that may be material to their
appropriate qualifications or those of the Subconcessionaire. This shall not prevent the Subconcessionaire from notifying the government immediately upon obtaining knowledge of any material facts. 

 

	6.	 If the Subconcessionaire is aware of any facts that may be material to the appropriate qualifications of
shareholders who own 5% or more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos, it shall notify the government immediately. 

 

	7.	 Number 3 of the preceding Clause is applicable to the suitability processes of the shareholders who own 5% or
more of the share capital of the Subconcessionaire, and to those of its directors and its key employees on the casino. 

  
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 Article 27 Special Obligations of Cooperation 

In addition to the general obligation of cooperation of Article 67, the Subconcessionaire shall have the obligation to provide promptly any documents,
information or materials that the government deems necessary to examine whether the Subconcessionaire has appropriate suitability. 

Article 28 Special Obligations of Notification 
  

	1.	 The Subconcessionaire shall promptly notify the government in case of any termination of approval or concession
to operate casino games of chance or games of other forms in any jurisdiction of any shareholders who own 5% or more of the share capital of the Subconcessionaire. 

 

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

CHAPTER 6 
 FINANCIAL
CAPACITY AND FINANCING 
 Article 29 Financial Capacity of the Subconcessionaire 

 

	1.	 The Subconcessionaire shall maintain its financial capacity to operate the conceded business, and as provided
herein, in particular the investment plans attached to this Subconcession Contract, to timely and fully perform any obligations relating to its business and make investments or assume other obligations provided herein. 

  
 27 

	2.	 For the applicability of the provisions of the preceding paragraph, the Subconcessionaire and its shareholders
who own 5% or more of the share capital shall accept the persistent and long-term inspection and supervision of the government exercised, in accordance with the law. 

 

	3.	 The Subconcessionaire shall promptly pay the costs of its financial capacity process and the financial capacity
process of its shareholders who own 5% or more of its share capital; for such purpose, GICB will issue a document with the referred costs. This document will be considered as enough evidence of those costs. 

Article 30 Loans and Similar Contracts 
  

	1.	 The Subconcessionaire shall inform the government of any loans given to a third party and of any contracts of
the same kind that exceed the value of MOP30 million. 

  

	2.	 The Subconcessionaire shall have the obligation not to provide any loans or to enter into similar contracts
with its directors, shareholders or key employees holding important posts in the casinos, unless otherwise permitted by the government. 

  

	3.	 The Subconcessionaire shall have the obligation not to enter into any contract, including “step in
rights” contracts, with commercial enterprise owners, which will vest in them the power to manage or participate in the management of the Subconcessionaire, except as permitted by the government. 

  
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 Article 31 Undertaking Risks 

 

	1.	 The Subconcessionaire expressly represents that it shall undertake all the obligations and full and exclusive
liabilities incurred in connection with all inherent risks of the subconcession and all risks in connection with the financial capacity and financing of the Subconcessionaire, without prejudice to the applicability of the provisions of
Article 40. 

  

	2.	 The Macau SAR is not subject to any obligation, responsibility or risk in connection with the financing of the
Subconcessionaire. 

 Article 32 Financing 

 

	1.	 The Subconcessionaire shall obtain the necessary financing to fulfill its/to perform the obligations related to
any of its activities, its investments and to any obligations that it has validly assumed or for which the Subconcessionaire is, under this contract, obliged to perform, in particular for the investment plans attached to this Subconcession Contract.

  

	2.	 Any defense or counterplea resulted from contractual relations between the Subconcessionaire and third parties
(including entities that provide financing and shareholders of the Subconcessionaire) in connection with the above financing shall not be used against the Macau SAR. 

  
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 Article 33 Legal Reserves 

 

	The	 Subconcessionaire shall keep reserves as required by the law. 

Article 34 Special Obligations of Cooperation 
  

	1.	 Without prejudice of the general obligation of cooperation of Article 67, the Subconcessionaire shall have
the obligation to provide promptly any documents, information or materials that the government deems necessary to examine whether the Subconcessionaire has appropriate financial capacity. 

 

	2.	 The Subconcessionaire shall promptly inform the government of any loan, mortgage, claim for obligation,
guarantee or obligation that equals to or exceeds the value of MOP8 million assumed or to be assumed in order to obtain financing for any aspect of its company business. 

 

	3.	 The Subconcessionaire shall promptly provide the government with certified copies of documents relating to any
loan, mortgage, claim for obligation, guarantee or obligation assumed or to be assumed in order to obtain financing for any aspect of its company business. 

  

	4.	 The Subconcessionaire must take measures to obtain and submit to the government a statement signed by each of
its controlling shareholders (including ultimate controlling shareholders), pursuant to which each of such shareholders agrees to be bound by the above special obligations of cooperation. Accordingly, upon the request of the government, each of such
shareholders shall provide all documents, information, materials or evidence and give any permission. 

  
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 CHAPTER 7 

INVESTMENT PLANS 

Article 35 Investment Plans 
  

	1.	 The Subconcessionaire must implement the investment plans in accordance with the provisions of the investment
plans attached to this Subconcession Contract, being transferred for all legal purposes and without prejudice of paragraphs 6 to 9 below, the obligation of the Concessionaire as to the implementation of Numbers 2, 3 and 4 (as regards one of the
mentioned “city clubs”) of the investment plans attached to the Concession Contract signed by Macao SAR and he Concessionaire, up to the amount referred to in Clause 39. 

 

	2.	 The Subconcessionaire shall in particular have the following obligations: 

 

	 	(1)	 use qualified labors in all projects; 

 

	 	(2)	 give priority to enterprises doing business in the Macau SAR on a long-term basis or local enterprises and to
local workers of the Macau SAR when retaining enterprises and recruiting workers for implementing the projects set forth in the investment plans attached to this Subconcession Contract; 

 

	 	(3)	 during its formulation of the construction projects in connection with the projects set forth in the investment
plans attached to this Subconcession Contract, comply with existing technical restrictions and technical rules of the Macau SAR, in particular the Land Technical Rules promulgated under the Decree No. 47/96/M dated August 26, and the Rules for
Safety and Loading of Building Structure and Bridge Structure promulgated under the Decree No. 56/96/M dated September 16, and specifications and approval documents of government authorities and instructions of manufacturers or patent owners;

  
 31 

	 	(4)	 when submitting the projects set forth in the investment plans attached to this Subconcession Contract to the
Land, Public Construction and Transportation Bureau (“DSSOPT”) for approval, in addition to other documents required by existing laws (in particular the Decree No. 79/85/M dated August 21), provide a quality control manual prepared by
an entity recognized as technically qualified by the Land, Public Construction and Transportation Bureau and able to show its experience in the same or similar kind of works, and approved by the Land, Public Construction and Transportation Bureau,
an operating plan and relevant financial and operating records, samples of important materials and resumes of professionals in charge of each construction work. If the Subconcessionaire fails to submit a quality control manual or the quality control
manual submitted by it is not approved, the Subconcessionaire must comply with the quality control manual prepared by a professional entity designated by the Land, Public Construction and Transportation Bureau; 

  
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	 	(5)	 carry out construction strictly based on approved projects and in accordance with existing laws and
regulations, internationally recognized standards for similar construction work or supplies and industrial norms; 

  

	 	(6)	 adhere to the construction period for the projects set forth in the investment plans attached to this
Subconcession Contract and the period during which such projects shall be open to the public; 

  

	 	(7)	 use materials, systems and equipment certified and approved by recognized entities and in accordance with
international standards and generally recognized as having high international quality during the implementation of the projects set forth in the investment plans attached to this Subconcession Contract; 

 

	 	(8)	 maintain the quality of all projects set forth in the investment plans attached to this Subconcession Contract
according to a high international quality standard; 

  

	 	(9)	 ensure that the quality standard of the commercial facilities therein reaches a high international quality
standard; 

  

	 	(10)	 according to a high international quality standard, maintain a modernized, highly efficient and high-quality
management; 

  
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	 	(11)	 in the case of conditions that cause or may cause major changes to the normal development of construction or
operation during the construction of the facilities of the Subconcessionaire, or in the case of unusual conditions relating to building structure of the facilities of the Subconcessionaire or any other unusual conditions, promptly inform the
government of such conditions by submitting a detailed report stating such conditions and reasons therefor. The report shall state the assistance provided by other entities that are generally recognized as qualified and prestigious and the measures
taken or to be taken to solve the relevant problems. 

  

	3.	 The Subconcessionaire shall be liable to the Macau SAR and third parties for any damage caused by the design
and scope of project, implementation of construction work, insufficient maintenance of buildings set forth in the investment plans attached to this Subconcession Contract, errors or serious negligence and for which the Subconcessionaire is to blame.

  

	4.	 The government may permit change in the period mentioned in paragraph 2(6) without amending this Subconcession
Contract. 

  

	5.	 The government undertakes to enable the Subconcessionaire to directly or indirectly implement the projects set
forth in the investment plans attached to this Subconcession Contract in accordance with laws. 

  

	6.	 The total amount of the expenses done by the Subconcessionaire for the implementation of the projects referred
to on the investment plans attached to this Subconcession Contract, up to the amount referred in Clause 39, will be taken into account to determine the global amount referred to in Clause 39 of the Concession Contract for which the Concessionaire is
liable for. 

  
 34 

	7.	 Without prejudice of the preceding paragraph, the Concessionaire shall only be liable for the difference
between the amounts spent by the Subconcessionaire for implementing the projects referred to in the investment plans attached to this Subconcession Contract and the global amount referred to in Clause 39, until the opening to the public of the
Resort-Hotel-Casino referred to in the investment plans attached to this Subconcession Contract. 

  

	8.	 If the Government decides to draw the guarantee deposit provided by the Subconcessionaire, as a guarantee for
the compliance with its legal and contractual obligations and referred to in Clause 61, for reasons connected with the Investment Plans attached to this Subconcession Contract, the amount drawn will be added to the amount of the expenses done by the
Subconcessionaire for the purposes referred to in the preceding paragraph. 

  

	9.	 If the Subconcessionaire, for any reason, does not open to the public the Resort-Hotel-Casino referred to in
the investment plans attached to this Subconcession Contract, the government will notify the Concessionaire the total amount of the expenses done by the Subconcessionaire for implementing the projects referred to in the investment plans attached to
this Subconcession Contract. 

 Article 36 Changes to Projects Contained in the Investment Plans 

 

	1.	 During the implementation of the investment plans attached to this Subconcession Contract, the government may
request the Subconcessionaire to provide any document or force the Subconcessionaire to make any change in connection with the implementation of projects contained in the investment plans to ensure compliance with current technical norms or rules
and the required quality standard. 

  

	2.	 The government cannot force the Subconcessionaire to make any change to the above projects that may result in
an increase of the total amount mentioned in Article 39. 

 Article 37 Inspection 

 

	1.	 In accordance with the contents of the investment plans attached to this Subconcession Contract and the
applicable regulations, the government may, in particular through the Land, Public Construction and Transportation Bureau, supervise and inspect the implementation of construction work, in particular the implementation of work plans and the quality
of materials, systems and equipment. 

  
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	2.	 The Land, Public Construction and Transportation Bureau shall inform the Subconcessionaire of the
representative designated by it for supervision and inspection purpose. If more than one representative is designated to supervise and inspect the implementation of construction work, one of them shall be appointed as the supervisor.

  

	3.	 For the applicability of the first paragraph of this Article, the Subconcessionaire must provide a detailed
report on a monthly basis regarding the progress of implementing the investment plans attached to this Subconcession Contract. Such monthly report shall include at least the following: 

 

	 	(1)	 important events, number of personnel and quantity of relevant materials, systems and equipment;

  

	 	(2)	 work progress of various work plans (progress control); 

 

	 	(3)	 updated financial records and work records; 

 

	 	(4)	 projects, supply, measures that should be taken and demands for materials, systems and equipment;

  

	 	(5)	 major measures to be taken to ensure the implementation of work plans; and 

 

	 	(6)	 things to be done to correct errors. 

  
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	4.	 When necessary, especially when the normal work progress of the investment plans attached to this Subconcession
Contract is affected, the Subconcessionaire must submit a detailed special written report. 

  

	5.	 Upon the request of the government, the Subconcessionaire must submit any document within a stipulated period,
especially written and graphic information relating to the investment plans attached to this Subconcession Contract. 

  

	6.	 The Subconcessionaire shall also provide all required supplemental statements and information relating to the
documents referred to in the preceding paragraph. 

  

	7.	 If the government has any doubt about work quality, it may force the Subconcessionaire to conduct any tests in
addition to scheduled tests. When necessary, the government may seek opinions from the Subconcessionaire about decision-making rules used in such tests. 

  

	8.	 The expenses for conducting the above tests and correcting defects found during such tests shall be borne by
the Subconcessionaire. 

  

	9.	 Orders, circulars or notices with a technical nature in connection with the implementation of construction work
may be directly sent by the government, namely through the Land, Public Construction and Transportation Bureau, to the chief technical officer of the construction work. 

 

	10.	 The chief technical officer shall constantly monitor the relevant work and shall arrive at the construction
site upon request. 

  
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	11.	 If it is found out that the implementation of construction work is not in compliance with the approved project
plan or is in breach of applicable laws, regulations or contracts, the government may, through the Land, Public Construction and Transportation Bureau, suspend and ban the implementation of construction work in accordance with the law.

  

	12.	 The right to inspect the performance of obligations provided hereunder shall not result in any liability to the
Macau SAR in connection with the implementation of construction work. The Subconcessionaire shall solely assume liability for all imperfections or defects in connection with the planning, implementation or performance of construction work, unless
such imperfections or defects are caused by decisions of the government. 

 Article 38 Contracting and Subcontracting

 Third person contracting and subcontracting shall not exempt the Subconcessionaire from performing its statutory obligations or contractual
obligations. 
 Article 39 Use of Remaining Amount Left from the Investment Provided in the Investment Plans 

After the completion of construction set forth in the investment plans attached to this Subconcession Contract, if the total amount of expenses made directly
or, subject to prior approval of the Government, indirectly by the Subconcessionaire is lower than MOP 4.400.000.000,00 the Subconcessionaire must use the remaining amount on projects that are designated by it and accepted by the government and are
in connection with the business of the Subconcessionaire or on projects that are designated by the government and that will bring significant public benefit to the Macau SAR. 

  
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 Article 40 Insurance 

 

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

  

	2.	 The Subconcessionaire shall especially ensure that the following insurance contracts shall be entered into and
the effectiveness of such contracts shall be maintained: 

  

	 	(1)	 work-related accidents and occupational illnesses insurance of staff of the Subconcessionaire;

  

	 	(2)	 civil liability insurance in connection with vehicles for all the vehicles belonging to the Subconcessionaire;

  

	 	(3)	 civil liability insurance in connection with ships, planes or other flying objects belonging to the
Subconcessionaire or leased to the Subconcessionaire; 

  
 39 

	 	(4)	 civil liability insurance for fixing propaganda stuff and advertisements; 

 

	 	(5)	 general civil liability insurance in connection with the operation of casino games of chance or games of other
forms in the Macau SAR and the development of other businesses covered in the subconcession, but not covered by any other insurance contracts; 

  

	 	(6)	 other insurance for loss and damages in buildings, furniture, equipment and other assets used in the conceded
business; 

  

	 	(7)	 construction insurance (all risks, including civil liability) in relation to conducting any work of the
buildings related to the conceded business or conducting any work in such buildings. 

  

	3.	 The insurance policies referred in paragraph 2(6) above shall be
“all-risks”, including, at least, the following: 

  

	 	(1)	 fire, thunder and lightning, or explosion (of any kind); 

 

	 	(2)	 burst of pipes, or leakage or spillage of water storage tanks, boilers, water pipes, underground water storage,
sinks or other water-conveying equipment; 

  

	 	(3)	 flood, rainstorm, hurricane, volcano eruption, earthquake, or any other natural disaster;

  

	 	(4)	 crash or impact of planes or other flying vehicles or objects fallen or thrown from planes or other flying
vehicles; 

  

	 	(5)	 impact of vehicles; 

  
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	 	(6)	 burglary or robbery; 

 

	 	(7)	 strikes, attacks, riots, public disorder or any other acts of the same kind. 

 

	4.	 The insurance amount or the minimum protection for the insurance referred to in paragraph 2 above, shall be:

  

	 	(1)	 handled in accordance with the current laws and regulations for the insurance referred to in paragraphs 2(1) to
(4); 

  

	 	(2)	 the amount to be determined by the government after considering the volume of business of the conceded business
and incidence rate for the previous year and other parameters, for the insurance referred in paragraph 2(5) above; 

  

	 	(3)	 equal to the net value of the assets, for insurance referred to in paragraph 2(6) above, the net value shall
mean the gross value minus accumulative depreciation; and 

  

	 	(4)	 the total amount of the construction, for insurance referred to in paragraph 2(7). 

 

	5.	 The Subconcessionaire shall ensure that any entity with which the Subconcessionaire concludes a contract has
purchased valid insurance for work-related accidents and occupational illnesses. 

  

	6.	 The Subconcessionaire shall prove to the government that fully effective insurance contracts have been entered
into. Upon execution of insurance contracts or renewal of such insurance contracts, the Subconcessionaire shall deliver copies of such insurance contracts to the government. 

  
 41 

	7.	 Before copies of insurance contracts set forth in the preceding paragraph are delivered to the government, the
Subconcessionaire shall have the obligation not to start any construction or work procedures. 

  

	8.	 The Subconcessionaire may not cancel, suspend, amend or replace any insurance except with the permission of the
government. However, if it is only a case of change in the insurance company, the Subconcessionaire shall promptly inform the government of the matter under such circumstances. 

 

	9.	 If the Subconcessionaire fails to pay its insurance premium, the government may directly pay such insurance
premium calculated for the Subconcessionaire by using the guarantee deposit paid for the Subconcessionaire’s performance of its statutory obligations or contractual obligations. 

 

	10.	 The assurance policies that the Concessionaire is responsible for to provide under the Concession Contract
signed between the Government and the Concessionaire, do not include nor replace those referred to in this Clause. 

CHAPTER 8 
 PROPERTIES

 Article 41 Properties of the Macau SAR 
  

	1.	 The Subconcessionaire shall ensure that the properties of the Macau SAR obtained or to be obtained due to the
operation of the conceded business and by means of the temporary transfer of the right to interest, income and use are in perfect condition or replaced in accordance with the instructions of the GICB. 

  
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	2.	 The Subconcessionaire shall ensure that the land and natural resources under the administration of the
government in accordance with the provisions of Article 7 of the Basic Laws of the Macau SAR and provided or to be provided through leases or concessions due to the operation of the conceded business in perfect conditions.

 Article 42 Other Properties 
  

	1.	 The casinos and the equipment and utensils used for gaming business shall locate at all the real estate under
the ownership of the Subconcessionaire. No encumbrance shall be created over such casinos, equipment and utensils, except for those permitted by the government. 

 

	2.	 Notwithstanding that the permission specified in the preceding paragraph is given, the Subconcessionaire shall
cause the casinos and the equipment and utensils used for gaming business, including the equipment and utensils used outside the casinos, not to be under any encumbrance upon the termination of this Subconcession Contract. 

  
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	3.	 The casinos shall not locate at the real estate where use and income are created under lease contracts of any
nature or under any other kinds of contracts which do not grant the full ownership of the real estate to the Subconcessionaires, even though such contracts are non-typical contracts, unless permission of the
government is obtained. Conditions may be specified in such permission, namely to allow the transfer of ownership of the casinos to the Macau SAR. In particular, it can be provided that the independent units where the casinos are located shall be
acquired by the Subconcessionaire at least 180 days prior to the term referred to in Clause 43(1), unless the subconcession is withdrawn prior to such date and in that case, such units shall be acquired by the Subconcessionaire in the shortest time
possible. 

  

	4.	 After obtaining the due permission, the Subconcessionaire shall submit to the government copies of the
contracts specified in the preceding paragraph and all amendments to and alternations of such contracts, notwithstanding that such amendments and alternations may have retrospective effect. 

 

	5.	 The Subconcessionaire shall locate all of its casinos in the buildings or complex under the system of unit
ownership in building property even though such buildings or complex constitute one economic and functional unit, so that the casinos constitute one or more independent units which can be identified and whose area can be defined precisely.

  

	6.	 For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall promptly submit
to the government the property registration certificate regarding the creation of the unit ownership in building property, which shall set forth the description of all independent units and attach a plan confirming and defining the relevant area.

  
 44 

	7.	 The Subconcessionaire shall register any amendments to the proof of the creation of the unit ownership in
building property and promptly submit the relevant property registration certificate to the government through the Finance Services Bureau. 

  

	8.	 The Subconcessionaire shall also submit to the government the rules and regulations of the condominium of the
unit ownership in building property for prior approval. 

 Article 43 Ownership of the Casinos and the Equipment and
Utensils used for 
 Gaming Business 
  

	1.	 On June 26th 2022, except when termination occurs
prior to that date, the casinos and the equipment and utensils used for gaming business, including. the equipment and utensils [used] outside the casinos, shall be transferred automatically to the Macau SAR without compensation. Upon the delivery of
the aforesaid properties, the Subconcessionaire shall ensure that such properties are in the state of good maintenance and operation except for fair wear and tear resulting from the use in compliance with the provisions of this Concession Contract.
Furthermore, it shall be ensured that no encumbrance is attached to such properties. 

  

	2.	 The Subconcessionaire shall immediately deliver the assets specified in the preceding paragraph.

  
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	3.	 In case that the Subconcessionaire does not deliver the assets specified in paragraph 1, the government shall
immediately have administrative possession over such assets. The relevant expenses shall be paid from the guarantee deposit provided by the Subconcessionaire to guarantee performance of statutory obligations or contractual obligations.

  

	4.	 On the date referred to in number 1 above, the government shall inspect the assets as specified in Articles 41
and 42 so as to examine the conditions of custody and maintenance of such assets and prepare a record for the inspection. At the time of inspection, a representative of the Subconcessionaire may participate in such inspection on the spot.

  

	5.	 Upon the dissolution or liquidation of the Subconcessionaire, division of assets of the Subconcessionaire shall
not be carried out if the government has not proved that the assets are under good maintenance and operation through the mandatory listing of assets procedures specified in the following article or if the Subconcessionaire fails to ensure that the
payment of damages or any amounts payable to the Macau SAR can be satisfied by any guarantees acceptable to the government. 

  

	6.	 The provision of the last part of paragraph 1 shall not interfere with the normal upgrading of the equipment
and utensils used in the casino business. 

  
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 Article 44 List of Assets Used for the Conceded Business 

 

	1.	 The Subconcessionaire shall prepare a list in triplicate of all assets and rights belonging to the Macau SAR
and used for the conceded business and all assets to be owned by the Macau SAR and update information of the asset list. Accordingly, the Subconcessionaire shall update the relevant list in case of any changes by no later than May 31 of each
year, and submit copies of such list to the GICB and the Finance Services Bureau respectively. 

  

	2.	 In the year of the termination of the concession, the aforesaid list shall be mandatorily prepared sixty days
prior to the termination of the subconcession. 

  

	3.	 Under other situations of termination of the Subconcession Contract, the listing of assets specified in the
first paragraph shall be conducted on the date and at the time as specified by the government. 

 Article 45 Improvement

 The improvements made during the concession and transferred to the Macau SAR under Article 41 upon the expiration of the Subconcession Contract,
as well as those made in the assets that shall revert to the Macau SAR, will not entitle the Subconcessionaire and/or the Concessionaire to any compensation or damages and do not need to be removed. 

Article 46 Concession of Land to be Used by the Subconcessionaire 

 

	1.	 The system for the concession of land to be used by the Subconcessionaire especially for the operation of the
conceded business shall be stipulated in the relevant land concession contract. 

  
 47 

	2.	 Terms of the land concession contract between the government and the Subconcessionaire shall be subject to the
part of applicable provisions of this Subconcession Contract. 

 CHAPTER 9 

PREMIUM 
 Article 47
Premium 
  

	1.	 A premium shall be paid yearly by the Subconcessionaire to the Macau SAR during the term of the Subconcession,
in return for the grant of the Subconcession for operating casino games of chance or games of other forms. 

  

	2.	 The annual amount of the premium to be paid by the Subconcessionaire has a variable portion and a fixed
portion. 

  

	3.	 The fixed portion of the annual premium payable by the Subconcessionaire shall be MOP30 million per year.

  

	4.	 The variable portion of the premium payable yearly by the Subconcessionaire will be calculated in accordance
with the number of gaming tables and the number of electrical or mechanical gaming machines, including slot machines operated by the Subconcessionaire. 

  

	5.	 For the applicability of the provisions of the preceding paragraph: 

 

	 	(i)	 For each gaming table, especially those located in special gaming halls or areas reserved exclusively to
certain kind of games or to certain players, the Subconcessionaire shall pay MOP300,000; 

  
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	 	(ii)	 For each gaming table not reserved exclusively to certain kind of games or to certain players, the
Subconcessionaire shall pay MOP 150,000; 

  

	 	(iii)	 For each electrical or mechanical gaming machine, including the slot machine, the Subconcessionaire shall pay
MOP1,000 each year; 

  

	6.	 Independently of the number of gaming tables that the Subconcessionaire has in each moment in operation, the
amount of the variable portion of the annual premium cannot be less than the amount that the long-term operation of 100 gaming tables, namely of those located in special gaming halls or areas reserved exclusively to certain kinds of games or to
certain players and the long-term operation of 100 gaming tables not reserved exclusively to certain kind of games or to certain players. 

  

	7.	 The Subconcessionaire shall pay the fixed portion of the annual premium by no later than January 10th of the relevant year. The government may also provide payment by monthly installments. 

  

	8.	 The Subconcessionaire shall pay the variable portion of the annual premium monthly by no later than the 10th day of the month immediately following the relevant month in connection with the operation of the gaming tables and the electrical and mechanical gaming machines including the “slot
machines” in the previous month. 

  
 49 

	9.	 For the purpose of calculating the amount of variable portion of the annual premium referred to in the
preceding paragraph, the number of days in the relevant month in which the Subconcessionaire operates each gaming table and each electrical and mechanical gaming machine including the “slot machines” shall be taken into consideration.

  

	10.	 The payment of premium shall be made by submission of the relevant payment slip to the cashier of the Finance
and Tax Department of the Macau SAR. 

 CHAPTER 10 

CONTRIBUTIONS 
 Article
48 Contribution for a Public Foundation 
  

	1.	 The Subconcessionaire shall contribute to the Macau SAR an amount equivalent to 1.6% of the gross revenue of
the gaming business. Such contribution shall be delivered to a public fund designated by the government whose goal is to promote, develop or study culture, society, economy, education and science and engage in academic and charity activities.

  

	2.	 The contribution referred to in the preceding paragraph shall be paid monthly by the Subconcessionaire with the
relevant payment slip given to the cashier office of the Finance and Tax Department of the Macau SAR by no later than the tenth day of the month immediately following the relevant month. 

 

	3.	 The contribution referred to in the first paragraph shall have its own budget record made by the Macau SAR.

  
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 Article 49 Contribution for Urban Development, Tourism Promotion and Social Security

  

	1.	 The Subconcessionaire shall contribute to the Macau SAR with an amount equivalent to 2.4% of the gross revenue
of the gaming business for the development of urban construction and tourism promotion of and the provision of social security to the Macau SAR. 

  

	2.	 The contribution referred to in the preceding paragraph shall be paid monthly by the Subconcessionaire with the
relevant payment slip given to the cashier office of the Finance and Tax Department of the Macau SAR by no later than the tenth day of the month immediately following the relevant month. 

 

	3.	 The contribution referred to in the first paragraph shall have its own budget record made by the Macau SAR.

  

	4.	 The government may designate one or more entities as the beneficiary entities to receive the paid contributions
in part or in whole. 

  

	5.	 The government and the Subconcessionaire may agree to the direct contribution of an amount up to 1.2% of the
gross revenue resulting from the operation of casinos games of chance or games of other forms to be used in one or more specific projects or by one or more specific entities. In such a case, the amount of contribution to be delivered directly to the
relevant entity and the cashier order of the finance and tax department of the Macau SAR referred to in the first paragraph shall be decreased accordingly. 

  
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 CHAPTER 11 

TAXATION OBLIGATIONS AND DELIVERY OF DOCUMENTS 

Article 50 Special Gaming Tax 
  

	1.	 The Subconcessionaire shall pay special gaming tax to the Macau SAR in accordance with the law. Such tax shall
be paid by twelve installments, which shall be paid to the government monthly by no later than the 10th day of the month immediately following the relevant month. 

 

	2.	 Special gaming tax may be paid in patacas or in other currency accepted by the government.

  

	3.	 Special gaming tax paid in patacas shall be paid directly delivered to the treasury of the Macau SAR.

  

	4.	 Special gaming tax paid in a foreign currency other than patacas and accepted by the government shall be paid
to the Macau Monetary Authority. Macau Monetary Authority will, then, deliver the exchanged amount in patacas to the treasury of the Macau SAR. 

Article 51 Withholding Taxes 
  

	1.	 The Subconcessionaire shall collect and pay the statutory taxes on junket commissions or other remuneration
paid to the gaming intermediaries through withholding the definitive amount of such taxes. The relevant taxes shall be paid monthly to the cashier office of the finance and taxation department of the Macau SAR by no later than the tenth day of the
month immediately following the relevant month. 

  
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	2.	 The Subconcessionaire shall collect and pay the employment tax provided by law in connection with the staff of
the Subconcessionaire through withholding the definitive amount of such taxes. The relevant tax shall be paid to the cashier office of the finance and taxation department of the Macau SAR in accordance with the law. 

Article 52 Payment of Other Payable Taxes, Levies, Expenses and Handling Fees 

The Subconcessionaire shall pay the payable and non-exemptible taxes, levies, expenses and handling fees provided by
the laws and regulations of the Macau SAR. 
 Article 53 Documents Proving No Liabilities Payable to the Public Currency 

Note Bureau of the Macau SAR 
  

	1.	 The Subconcessionaire shall submit to the government a certificate issued by the Finance Services Bureau by no
later than March 31 annually to prove that the Subconcessionaire does not owe the Macau SAR any levies, taxes, penalties or additional payments of the precedent year. Additional payments shall include compensatory interest, default interest and
3% of debts. 

  

	2.	 The Subconcessionaire shall submit by no later than March 31 annually the document stating the tax status
of the precedent year of its managing director, senior officers of its corporate bodies and shareholders holding 5% or more of the share capital of the Subconcessionaire to the government. 

  
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 Article 54 Document Proving No Liabilities Payable to the Macau SAR 

with respect to Social Security 
 The
Subconcessionaire shall submit to the government certifying documents issued by the social security fund of the Macau SAR to prove that the contributions made by the Subconcessionaire in connection with the social security of the Macau SAR are in
compliance with the law by no later than March 31 of each year. 
 Article 55 Provision of Information 

 

	1.	 The Subconcessionaire shall submit quarterly a trial balance of the previous quarter to the government by no
later than the last day of the month immediately following the end of the relevant quarter, and the trial balance of the last quarter of each year shall be submitted by no later than the last day of February in the following year.

  

	2.	 The Subconcessionaire shall submit the following information to the government at least 30 days before the date
when the annual shareholders’ meeting is held to adopt the accounts: 

  

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

 

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

  
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	 	(3)	 A copy of the report of the Board and accounts enclosed with the opinion of the supervisory board and external
auditors. 

 Article 56 Accounting and Internal Audit 

 

	1.	 The Subconcessionaire shall establish its own accounting system, sound administrative organizations and
appropriate internal auditing procedures, and shall comply with the instructions of the government issued on such matters, especially instructions issued through the GICB and the Finance Services Bureau. 

 

	2.	 The Subconcessionaire shall adopt the current standards of the generally accepted accounting format in its
compilation and submission of the accounts, but without prejudice to the Chief Executive, upon the suggestions of the head of the GICB or the Finance Services Bureau, stipulating special rules to be complied with by the Subconcessionaire relating to
accounting books, accounting documents or other accounting information required, the standards to be adopted by the Subconcessionaire in recording its business activities and compilation and submission of the accounts. 

Article 57 External Audit of Annual Accounts 

The Subconcessionaire shall submit its accounts to an independent external entity with internationally recognized reputation previously approved by the GICB
and the Finance Services Bureau for auditing, and shall provide to such entity in advance all necessary documents, namely the documents referred to in Article 34 of Law 16/2001. 

  
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 Article 58 Special Audit 

When the GICB or the Finance Services Bureau thinks necessary or appropriate and at any time and with or without prior notice, the Subconcessionaire shall
accept the special audit conducted by an independent external entity or other entities with internationally recognized reputation. 

Article 59 Compulsory Announcement 
  

	1.	 The Subconcessionaire undertakes to announce the following information of the previous business year ended
December 31 on the Bulletin of the Macau SAR and two newspapers that have the largest circulation among other newspapers (one in Chinese and the other in Portuguese) published in the Macau SAR by no later than April 30 each year:

  

	 	(1)	 The balance sheet, the profit and loss statement and annexes; 

 

	 	(2)	 The business consolidation report; 

 

	 	(3)	 The opinion of the supervisory board; 

 

	 	(4)	 The consolidated opinion of external auditors; 

 

	 	(5)	 The name list of major shareholders holding 5% or more of the share capital of the Subconcessionaire and the
numerical value of the relevant percentage during any period of that year; 

  

	 	(6)	 The names of senior management of its corporate bodies. 

 

	2.	 The Subconcessionaire shall submit to the government copies of all the information referred to in the preceding
paragraph and other information required to be announced by the concession system as set forth in Article 6 by no later than 10 days prior to the announcement. 

  
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	3.	 The Concessionaire and the Subconcessionaire undertake to publish jointly the information referred to in number
1 above. 

 Article 60 Obligations of Cooperation 

In addition to the general obligations of cooperation of Article 67, the Subconcessionaire shall have the obligation to cooperate with the government,
especially with the GICB and the Finance Services Bureau, and provide the material and information required for conducting special audit, assist such departments in analyzing or examining the accounting system of the Subconcessionaire and perform
all the obligations provided by the concession system as set forth in Article 6. 
 CHAPTER 12 

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

 

	1.	 The guarantee deposit to guarantee performance of legal and contractual obligations by the Subconcessionaire
shall be provided by any means as specified by law and acceptable to the government. 

  

	2.	 In order to ensure the performance of the following obligations, the Subconcessionaire must maintain
“first demand” guarantees issued by Banco Nacional Ultramarino, S.A. with the government as the beneficiary: 

  

	 	(1)	 accurately and timely perform its statutory obligations and contractual obligations; 

  
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	 	(2)	 accurately and timely pay the premium under Article 47 payable by the Subconcessionaire to the Macau SAR;

  

	 	(3)	 pay fines or other monetary penalties imposed in accordance with the law or the provisions contained herein;
and 

  

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

  

	3.	 The Subconcessionaire must maintain the “first demand” guarantees set forth in the preceding
paragraph in a maximum amount of MOP 500,000,000 from the date hereof to December 26th, 2007 and in a maximum amount of MOP 300,000,000 from that date until the 180th day after the
termination date of this Subconcession, referred to in Clause 8, and the government shall be the beneficiary of such first demand guarantees. 

  

	4.	 The Subconcessionaire must take all actions and perform all obligations necessary to maintain the validity of
the above “first demand” guarantees. 

  

	5.	 If the Subconcessionaire fails to perform its statutory obligations and contractual obligations, accurately and
timely pay the premium payable by it or pay fines or other monetary penalties imposed in accordance with the law or the provisions contained herein, and it fails to raise its objection within a legally-prescribed period, the government may draw on
the “first demand” guarantees set forth in paragraph 2 of this Article, regardless whether or not a judicial award has been made. In case of any damages arising from the contractual obligation in connection with any damage or loss of
benefits caused by the Subconcessionaire’s failure to perform all or a part of its obligations hereunder, the government may also draw on the “first demand” guarantees set forth in paragraph 2 of this Article. 

  
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	6.	 If the government draws on the “first demand” guarantees set forth in paragraph 2 of this Article,
the Subconcessionaire must, within fifteen days after the date on which it receives a notice in connection with the use of such “first demand” guarantees, take all necessary measures to restore the full validity of such “first
demand” guarantees. 

  

	7.	 The “first demand” guarantees set forth in paragraph 2 of this Article may be discharged only
upon the permission of the government. 

  

	8.	 The government may permit amendments made to the provisions or terms set forth in paragraphs 3 to 6, and may
also permit other means stipulated by the law in lieu of the “first demand” guarantee referred to in paragraph 2 for the provision of guarantee to guarantee the performance of statutory and contractual obligations by the Subconcessionaire.

  

	9.	 All expenses incurred in connection with the issuance, maintenance and discharge of the guarantee payment to
guarantee performance of statutory and contractual obligations by the Subconcessionaire shall be borne by the Subconcessionaire. 

  
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 Article 62 Special Bank Guarantee for the Payment of Special Gaming Tax 

 

	1.	 If the government has reasons to believe that the Subconcessionaire will not pay the special gaming tax
anticipated to be payable each month, the Subconcessionaire shall provide a “first demand” guarantee in accordance with the time limit, provisions, terms and amounts stipulated by the government with the government as the beneficiary in
order to guarantee the payment of the above-mentioned amount. 

  

	2.	 Without the permission of the government, the terms and conditions of the first demand guarantee set forth in
the preceding paragraph of this Article must not be amended. The Subconcessionaire shall strictly comply with the terms as stipulated in providing the guarantee and to perform all obligations that incur or may incur in maintaining the validity
of the guarantee. 

  

	3.	 If the Subconcessionaire fails to pay the special gaming tax payable to the Macau SAR in accordance with the
laws and the provisions contained herein, the government may draw on the first demand guarantee set forth in the first paragraph of this Article, regardless whether or not a judicial award has been made. 

 

	4.	 If the government draws on the first demand guarantee set forth in the first paragraph of this Article, the
Subconcessionaire must, within fifteen days after the date on which it receives a notice in connection with the use of such first demand guarantee, take all necessary measures to restore the full validity of such guarantee. 

  
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	5.	 The guarantee set forth in the first paragraph of this Article may be discharged by the Subconcessionaire
only 180 days after the termination of the subconcession and the permission of the government. 

  

	6.	 All expenses incurred in connection with the issuance, maintenance and discharge of the first demand guarantee
set forth in the first paragraph of this Article shall be borne by the Subconcessionaire. 

 Article 63 Guarantee
to be Provided by the Controlling Shareholders or 
 Shareholders of the Subconcessionaire 

 

	1.	 The government may ask for a guarantee to be provided by the controlling shareholder of the Subconcessionaire,
in terms acceptable by the government, to ensure that the Subconcessionaire performs its undertakings and obligations; in case there is no controlling shareholder, the government may ask the shareholders of the Subconcessionaire to provide it.

  

	2.	 The guarantee referred to in the preceding paragraph, may be demanded, namely, when there is a justified
concern that the Subconcessionaire will not be able to perform its undertakings and obligations. 

  

	3.	 The guarantee referred to in paragraph 1 above may be provided through deposit of cash, bank guarantee,
guaranteed insurance or any means specified in Article 619 of Civil Code, within the timeframe, terms and conditions specified by Order of the Chief Executive. 

  
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	4.	 If the Subconcessionaire fails to perform the undertakings and obligations in accordance with the laws and the
provisions contained herein, the government may draw on the guarantee provided according to this Article, regardless whether or not judicial award has been made. 

 

	5.	 If the government draws on the guarantee provided according to this Article, the Subconcessionaire shall cause
its controlling shareholder or the relevant shareholder to, within 15 days after it receives a notice regarding the approval order given with respect to the use of such guarantee, take all necessary measures to restore the full validity of such
guarantee. 

  

	6.	 The guarantee provided according to this Article cannot be amended without the permission of the
government. 

 CHAPTER 13 

SUPERVISION OF THE PERFORMANCE 

OF THE SUBCONCESSIONAIRE’S OBLIGATIONS 

Article 64 Supervision, Monitoring and Control by the Government 

 

	1.	 The power for the supervision, monitoring and control of the performance of the Subconcessionaire’s
obligations shall be exercised by the government, especially through the GICB and the Finance Services Bureau. 

  

	2.	 For appropriate effectiveness and upon the request of the government, without prior notification, the
Subconcessionaire shall allow the government or any other entities specifically and duly authorized and identified by the government to enter into any part of the facilities of the Subconcessionaire freely and review and examine freely the accounts
or books of the Subconcessionaire, including any trading records, books, minutes, accounts and other records or documents and the management statistic materials and records used. In addition, it shall provide to the government or entities authorized
by the government copies of the materials they deem necessary. 

  
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	3.	 The Subconcessionaire shall comply with and implement the decisions made by the government within the scope of
its power for inspection and supervision, especially the instructions made by the GICB, including the decision to suspend the operation of the casinos and other gaming area. 

 

	4.	 In operating the conceded business, the Subconcessionaire shall be subject to the long-term supervision and
inspection of the GICB in accordance with the provisions of the applicable laws. 

 Article 65 Daily Supervision on
Gross Income of Gaming Operation 
 The Subconcessionaire shall accept the daily supervision of the government on the gross income of the gaining
operation exercised in accordance with the law through GICB. 
 CHAPTER 14 

GENERAL OBLIGATIONS OF COOPERATION 

Article 66 Government’s General Obligations of Cooperation 

The government and the Concessionaire shall cooperate with the Subconcessionaire so that the Subconcessionaire may fulfill its legal and contractual
obligations. 

  
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 Article 67 Subconcessionaire’s General Obligations of Cooperation 

 

	1.	 For the applicability of the provisions of this Subconcession Contract, the Subconcessionaire shall cooperate
with the government, and accordingly, upon the request of the government, provide all documents, information, materials or evidence and shall give any permission. 

 

	2.	 The Subconcessionaire shall also cooperate with the Concessionaire so that the Concessionaire may fulfill its
legal or contractual obligations. 

 CHAPTER 15 

OTHER OBLIGATIONS OF THE SUBCONCESSIONAIRE 

Article 68 Operation of Casinos and Other Premises and other Adjacent Property 

The Subconcessionaire shall operate all ancillary facilities in the casinos and other premises and the adjacent property used for operating the conceded
business in a normal way for the original purposes or authorized purposes. 
 Article 69 General Obligations of the Subconcessionaire

  

	1.	 The Subconcessionaire shall assume special obligations to procure and require all entities retained for
developing of the business covered by the concession to abide by all rules that ensure healthy organization and operation and the special security measures designed for the customers and staff of the casinos and other gaming areas and other people
holding positions in the casinos and other gaming areas of the Subconcessionaire. 

  

	2.	 In order to develop the business covered by the subconcession, the Subconcessionaire must retain entities that
have appropriate licenses and permits and have appropriate professional and technical abilities in the relevant areas. 

  
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 Article 70 Other Government Permissions 

Any replacement, cancellation or change of certificates and records which relate to the business of the Subconcessionaire or obtaining the gaming equipment
and instruments shall be subject to the permission of the government. 
 Article 71 Government Permission and Approval 

An approval and permission of the government or its refusal to grant an approval and permission shall not exempt the Subconcessionaire’s obligation to
timely perform its obligations under this Subconcession Contract and shall not result in any liability to the government, except that the government’s action will impose liabilities on or cause special and unusual damages to the
Subconcessionaire. 
 CHAPTER 16 

RESPONSIBILITIES OF THE SUBCONCESSIONAIRE AND OF THE CONCESSIONAIRE 

Article 72 Assumption of Civil Liability to the Macau SAR 
  

	1.	 The Subconcessionaire shall be liable to the Macau SAR for any damage caused by the non-performance of all or a part of the Subconcessionaire’s legal or contractual obligations as a result of any fact that the Subconcessionaire is to blame. 

 

	2.	 Save as otherwise provided in Clause 35, the Concessionaire is not liable for and does not share any
liabilities for the Macau SAR for the damages caused by the non-performance of all or a part of the Subconcessionaire’s legal or contractual obligations as a result of any fact that the Subconcessionaire
is to blame. 

  
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 Article 73 Exemption of the Macau SAR and of the Concessionaire from 

Undertaking the Non-contractual Liabilities of the Subconcessionaire to a Third Party 

 

	1.	 The Macau SAR shall not bear or share any liabilities of the Subconcessionaire that may constitute as a result
of an act taken by the Subconcessionaire or taken by the Subconcessionaire for its benefits, involving or possibly involving civil liabilities or other liabilities. 

 

	2.	 The Concessionaire does not undertake and shall not bear any liabilities that may constitute as a result of an
act taken by the Subconcessionaire or taken by the Subconcessionaire for its benefits, involving or possibly involving civil liabilities or other liabilities. 

 

	3.	 The Subconcessionaire shall comply with the general provisions of the relationship between the principal and
the entrusted party and be liable for losses caused by the entities appointed by the Subconcessionaire for the development of the businesses covered by the subconcession. 

CHAPTER 17 
 CHANGE OF
THE ENTITY OF THE SUBCONCESSION 
 Article 74 Assignment, Encumbrance, Conveyance and Transfer of Contract 

 

	1.	 Unless permission of the government is obtained, the Subconcessionaire shall have an obligation not to,
expressly or implicitly, formally or informally, assign, convey or transfer or otherwise create encumbrance over the operation of a casino or over the operation of any gaming area, or carry out any legal act that will have the same effect.

  
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	2.	 Without prejudice to other applicable penalties or punishments, in case of an act in violation of the preceding
paragraph, the Subconcessionaire shall pay the following penalties: 

  

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

  

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

  

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

  

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

Article 75 Sub-Concession 

 

	1.	 The Subconcessionaire undertakes not to grant a sub-concession of all
or a part of the casinos granted under this subconcession or carry out any legal act that will have the same effect. 

  

	2.	 Without prejudice to other applicable penalties or punishments, in case of an act in violation of the preceding
paragraph, the Subconcessionaire shall pay a penalty of MOP 500,000,000 to the Macau SAR. 

  
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 CHAPTER 18 

NON-PERFORMANCE OF CONTRACT 

Article 76 Non-performance of Contract 

 

	1.	 The Subconcessionaire shall be liable to statutory or contractual punishment or penalty if the
Subconcessionaire fails to perform its responsibility or obligation hereunder or under government decisions as a result of any fact that the Subconcessionaire is to blame, without prejudice to the provisions of Articles 77 and 78.

  

	2.	 Under the situations of force majeure or other facts that the Subconcessionaire is proved not to blame, the
Subconcessionaire shall be exempted from the responsibilities set forth in the preceding paragraph to the extent of actual hindrance of the timely and fully performance of the responsibilities or obligations. 

 

	3.	 Events that are unforeseeable, irresistible or beyond the control of the Subconcessionaire and that the
occurrence of their consequences does not rely on the intention and personnel situations of the Subconcessionaire, especially wars, terrorism, disruption of the public order, pestilence, atomic radiation, fire, thunder and lightening, serious flood,
cyclones, hurricanes, earthquake and other natural disasters directly affecting the businesses covered by the concession, shall be deemed to be the situations of force majeure and shall cause the consequences as specified in the following paragraph.

  
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	4.	 In case of the occurrence of force majeure events, the Subconcessionaire shall immediately notify the
government and promptly indicate the hindrance of its performance of the obligations under this Subconcession Contract caused by the occurrence of such events deemed by it and shall specify the measures under the circumstances that such measures are
proposed to be implemented by the Subconcessionaire for the purpose of minimizing the effects of such events and/or for the performance of such obligations in compliance with the provisions. 

 

	5.	 In case of the occurrence of any of the situations specified in paragraph 3, the Subconcessionaire shall
promptly reconstruct the property damaged or recover the property damaged to its original status so as to resume the proper operation of the casino games of chance or games of other forms. If the Subconcessionaire does not have any economic benefit
over the reconstruction and/or recovery of the aforesaid property, it shall transfer the insurance benefits to the Macau SAR. 

CHAPTER 19 
 REVOCATION
AND TERMINATION OF THE SUBCONCESSION 
 Article 77 Discharge by Parties’ Agreement 

 

	1.	 The Concessionaire and the Subconcessionaire may discharge this Subconcession Contract at any time by the
agreement of the parties. 

  

	2.	 In case the government and the Subconcessionaire, after the opening to the public of the Resort-Hotel-Casino
referred to in the investments plan attached to this Subconcession contract, agree to discharge this Subconcession Contract by agreement of the parties, the Concessionaire undertakes to accept that discharge from now on and gives its agreement to
it. 

  
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	3.	 The Subconcessionaire shall be fully responsible for the effectiveness of the termination of contracts to which
it is a party and the Macau SAR and the Concessionaire shall not bear any responsibilities in this regard unless it is agreed expressly otherwise. 

Article 78 Redemption 
  

	1.	 From the 15th year of the Subconcession onwards, the government may redeem the subconcession by at least one
year prior notice to the Subconcessionaire sent by registered post with return slip request unless the laws stipulate otherwise. 

  

	2.	 By redeeming the Subconcession, the Macau SAR shall enjoy all rights and undertake all obligations incurred as
a result of the redemption from the lawful behaviors under any contracts effectively entered into by the Subconcessionaire before the date of notice set forth in the preceding paragraph. 

 

	3.	 As regards obligations created under any contracts entered into by the Subconcessionaire after the notice set
forth in the first paragraph, the Macau SAR shall bear such obligations only if such contracts have obtained permission from the government before their conclusion. 

 

	4.	 The Macau SAR shall be responsible for the obligations created by the Subconcessionaire, without prejudice to
its right to recourse against the Subconcessionaire for obligations created by the Subconcessionaire that exceeds the normal management of the conceded business. 

  
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	5.	 Upon the redemption of the concession, the Subconcessionaire shall have the right to obtain reasonable and fair
compensation/indemnity for losses due to the redemption of its Resort — Hotel — Casino facilities referred to in the Investment Plan attached to this Subconcession contract. Standards for the calculation of the amount of
compensation/indemnity shall be determined according to the amount of the revenue of the said premises, generated during the tax year prior to the redemption, before deducting any amounts for interests, depreciation and redemption of equipment,
multiplied by the number of years missing to the term referred to in this Subconcession contract. 

 Article 79
Temporary Administrative Participation 
  

	1.	 In case of the occurrence or possible occurrence of the situation where the Subconcessionaire terminates or
suspends the operation of all or a part of the conceded business without permission and which is not caused by force majeure or in case of the occurrence of serious chaos in the overall organization and operation of the Subconcessionaire or
insufficiency of facilities and equipment which may affect the normal operation of the conceded business, the government may replace the Subconcessionaire directly or through a third party during the aforesaid termination or suspension or
subsistence of the aforesaid chaos and insufficiency and shall ensure the operation of the conceded business and cause the adoption of necessary measures to protect the subject matter of this Subconcession Contract. 

  
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	2.	 During the period of temporary administrative participation, the expenses required for maintaining the normal
operation of the conceded business shall be borne by the Subconcessionaire. Accordingly, the government may draw on the guarantee for the performance of the statutory obligations and contractual obligations of the Subconcessionaire and the guarantee
provided by the controlling shareholder of the Subconcessionaire. 

  

	3.	 If the reasons for the temporary administrative participation no longer exist and if the government deems
appropriate, the government shall notify the Subconcessionaire to resume the normal operation of the conceded business within a prescribed period. 

  

	4.	 If the Subconcessionaire does not want to or is not able to resume operation of the conceded business, or even
though the operation of the conceded business is resumed, serious chaos or insufficiency continues to occur in its organization and operation, the government, may announce to discharge this Subconcession Contract unilaterally on the basis that this
Subconcession Contract is not performed. 

 Article 80 Unilateral Discharge 

 

	1.	 In case of the Subconcessionaire’s failure to perform its basic obligations in accordance with the laws or
the provisions contained herein, the government, after consulting the Concessionaire, may terminate the concession by unilateral discharge of this Subconcession Contract due to failure to perform. 

  
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	2.	 Major reasons for unilateral discharge of this Subconcession Contract shall be, especially:

  

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

  

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

 

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

  

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

  

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

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

  

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

  

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

  

	 	(9)	 bankruptcy or insolvency of the Subconcessionaire; 

 

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

  

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

  

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

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

  

	3.	 Without prejudice to the provisions of Article 83, in the occurrence of any of the situations specified in
the preceding paragraph or any other situations which may cause the unilateral discharge of this Subconcession Contract in accordance with the provisions of this Article due to failure to perform, the government shall notify the
Subconcessionaire to fully perform its obligations and remedy or indemnify the results caused by its behaviors within a prescribed period, except for those situations which cannot be remedied. 

 

	4.	 If the Subconcessionaire fails to perform its obligations or correct or indemnify the results caused by its
behaviors in accordance with the provisions as stipulated by the government, the government may unilaterally discharge this Subconcession Contract upon notification to the Subconcessionaire and to the Concessionaire. The government may also notify,
in writing, the entity which has undertaken to provide finance to the investment to be made and the obligations to be borne by the Subconcessionaire, in accordance with and for the purposes stated on the concessions legal framework referred to in
Clause 6, related to the financial capacity. 

  
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	5.	 Notice to the Subconcessionaire in connection with the decision to discharge this Subconcession Contract as
specified in the preceding paragraph shall be effective immediately without going through any other procedures. 

  

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

  

	7.	 The Subconcessionaire shall be liable for damages to the Macau SAR as a result of the unilateral discharge of
this Subconcession Contract in accordance with the provisions of this Article due to failure to perform, the damages shall be calculated in accordance with the general provisions of the laws. 

 

	8.	 The unilateral discharge of this Subconcession Contract due to failure to perform will result in the immediate
attribution of the ownership of the casinos and the equipment and utensils used for gaming, even though they do not locate at the casinos, to the Macau SAR without compensation. 

Article 81 Expiration/Forfeiture 
  

	1.	 This Subconcession Contract shall become invalid at the expiration of the term as stipulated in Article 8
and the contractual relationship between the parties to this Subconcession Contract shall terminate, without prejudice to the survival of applicable provisions contained herein after the expiration of the subconcession term. 

  
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	2.	 In case of the occurrence of the invalidity as stipulated in the preceding paragraph, the Subconcessionaire
shall be fully responsible for the effectiveness of the termination of the contracts to which it is a party and the Macau SAR shall not bear any responsibilities in this regard. 

CHAPTER 20 
 AMENDMENT
AND MODIFICATION OF CONTRACT 
 Article 82 Amendments To The Subconcession Contract 

 

	1.	 Notwithstanding the authorization of the Government, this Contract may be amended after negotiations between
the Concessionaire and the Subconcessionaire, in accordance with the law. 

  

	2.	 The Concessionaire hereby agrees with any future amendments to this Subconcession Contract agreed between the
government and the Subconcessionaire provided that they do not increase the obligations of the Concessionaire. 

  

	3.	 Amendments to this Subconcession Contract and to any Amendment to this Subconcession Contract shall be made in
compliance with the procedures set forth by the Government. 

 CHAPTER 21 

PHASES PRIOR TO LEGAL PROCEEDINGS 

Article 83 Consultation Prior to Legal Proceedings 
  

	1.	 The government, the Concessionaire and the Subconcessionaire, or the government and the subconcessionaire or
the government and the Concessionaire shall resolve through consultation issues or disputes arising between the parties on the validity, application, execution, interpretation of or additions to the rules governing this Subconcession Contract.

  
 77 

	2.	 The occurrence of issues shall not exempt the Subconcessionaire and/or the Concessionaire from timely and full
performance of the provisions of this Subconcession Contract and the government decisions notified to the Subconcessionaire according to the provisions contained herein or permit the Subconcessionaire to suspend the development of any aspect of its
business. The relevant development shall continue to be made according to the provisions in effect on the date the issue is brought up. 

  

	3.	 The provisions of the preceding paragraph regarding the performance by the Subconcessionaire and/or the
Concessionaire of the government decisions shall also apply to the succeeding decisions made on the same matter even if such decisions are made after the date the consultation starts, provided that the first decision of such succeeding decisions is
notified to the Subconcessionaire and/or the Concessionaire, respectively, prior to the date the consultation starts. 

CHAPTER 22 
 FINAL
PROVISIONS 
 Article 84 Obtaining of Approvals, Licenses or Permits 

 

	1.	 This Subconcession Contract shall not exempt the obligations of the Subconcessionaire to submit applications,
pay fees and/or take measures for the purpose of obtaining the approvals, licenses or permits necessary for the operation of any aspect of its business or the performance of its obligations hereunder and shall not exempt the Subconcessionaire from
abiding by or compliance with all requirements necessary for obtaining such approvals, licenses or permits and maintaining the effectiveness thereof. 

  
 78 

	2.	 If any approval, license or permit set forth in the preceding paragraph is revoked, void, suspended or
abolished or no longer be effective due to any reason, the Subconcessionaire shall notify the government immediately and state the measures taken or to be taken in order to re-gain such approval, license or
permit or make such approval, license or permit effective again. 

  

	3.	 None of the provisions contained herein shall be construed as replacing the statutory provisions or contracts
on obtaining any approval, license or permit. 

 Article 85 Industrial Property Rights and Intellectual Property Rights

  

	1.	 In operating its business, the Subconcessionaire shall respect the industrial property rights and intellectual
property rights according to the existing laws of the Macau SAR, and independently assume liabilities for infringement upon such property rights. 

  

	2.	 As a condition precedent to the issuance of approvals, licenses and permits, especially those relating to the
performance of the investment plans attached to this Subconcession Contract, the Subconcessionaire shall comply with all industrial property rights and intellectual property rights. 

 

	3.	 The Subconcessionaire shall assign to the Macau SAR free of charge, research, drafts, plans, drawings,
documents or other materials of any nature that are necessary or helpful for the Subconcessionaire to perform the duties hereunder or to exercise the rights granted hereunder. 

  
 79 

	4.	 Upon the request of the Macau SAR, the Subconcessionaire must prepare any kind of document or declaration to
confirm or register the rights set forth in the preceding paragraph. 

  

	5.	 If the industrial property rights or intellectual property rights transferred or to be transferred to the Macau
SAR according to this Article are infringed, and the Subconcessionaire has not solved any dispute with a third person over such infringement, the Macau SAR may interfere with such dispute to safeguard such property rights. The Subconcessionaire
shall provide all assistance required for such purpose. 

 Article 86 Notices, Announcements, Permits and Approvals

  

	1.	 Unless otherwise provided, the notices, announcements, permits and approvals as referred to herein must be made
in writing and delivered in the following method: 

  

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

 

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

 

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

 

	2.	 Permits granted by the, government shall be prior permits and may be conditional. 

  
 80 

	3.	 No answers to the application for permits and approvals or other requests made by the Subconcessionaire and/or
the Concessionaire shall be deemed to be disapproval; 

  

	4.	 For the applicability of the provisions of this Subconcession Contract, the following address and place for
receiving faxes shall be deemed as the domicile of the Government, the Concessionaire and Subconcessionaire hereto: 

 The
Macau SAR: 
 Gambling Inspection and Coordination Bureau 

21st Floor, China Plaza, 
 No. 762-804, Av. da Praia Grande, Macau 
 Fax: 370296 

Concessionaire: Galaxy Casino Company Limited 

Address: Avenida da Praia Grande, n.° 409, Edif. “China Law”, 25, Macau 

Fax: 371199 
 Subconcessionaire:
Venetian Macau, S.A. 
 Address: Av. Dr. Mario Soares, n.° 25, Edificio Montepio, Apartamento 25, 2° andar, Macau. 

Fax: 712633 
  

	5.	 Upon prior notice, the Government, the Concessionaire and the Subconcessionaire may amend the aforesaid address
and place for receiving faxes. 

 Article 87 Prohibition of Act Limiting Competition 

 

	1.	 The Subconcessionaire must conduct its business in positive and fair competition, subject to the inherent
principles of market economy. 

  
 81 

	2.	 The Subconcessionaire has the obligation not to execute agreements or conduct agreed acts with other
concessionaires, or other Subconcessionaires or managing companies operating in Macao SAR, as to operating casino games of chance or games of other forms, or companies of the relevant group that may hinder, restrict or jeopardize competition in
any manner. 

  

	3.	 The Subconcessionaire has the obligation not to misuse the leading position it has in the market or the
considerable market share it has in order to hinder, restrict or jeopardize competition. 

 Article 88 Gaming
Intermediaries 
 The Subconcessionaire must assume liabilities to the government for the activities conducted in the casinos and other gaming areas by
the gaming intermediaries registered in its company, its directors and cooperative parties. Accordingly, it shall supervise the activities of such intermediaries, directors and cooperative parties. 

Article 89 Promotion of the Facilities of the Subconcessionaire 

 

	1.	 The Subconcessionaire has the obligation to conduct publicity and marketing activities with respect to its
facilities, especially the casinos, within and outside the Macau SAR. 

  

	2.	 The government and the Subconcessionaire shall have the obligations to coordinate the work and activities in
promoting Macau outside the territory of Macau when they conduct their publicity and marketing work and activities. 

  

	3.	 Without permission of the government, the Subconcessionaire has the obligation not to allow the use of the
image of its casinos or other places and adjacent areas, for operating the conceded business or a large amount of introductory explanations implying the same in the website or website address of the Internet or any other place used for promoting
interactive gambling. 

  
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 Article 90 Contents Incorporated in the Subconcession Contract 

The content of the executive summary attached to the tender proposal presented by the Concessionaire to the First Public Tender for granting three
concessions for the operation of casinos games of chance and other games shall be deemed as being incorporated in this Subconcession Contract, except as to those parts that are expressly or implicitly waived by this Subconcession Contract. 

Article 91 Chips Used in the Operation of Conceded Business 
  

	1.	 The Subconcessionaire must abide by the guidance of the government when it issues chips of any kind or nature
and puts them into circulation. 

  

	2.	 Without prejudice of the maximum amount being determined by the government, the amount of chips issued and put
in circulation, does not depend upon permission of the government. 

  

	3.	 The Subconcessionaire guarantees to pay by cash, check or equivalent credit proof for the chips put into
circulation. 

  

	4.	 With respect to all chips put into circulation, the Subconcessionaire must provide cash and proof of high
solvency to maintain solvency ratio, establish reserve funds and abide by the prudent rules stipulated by the government at any time in order to ensure the prompt payment for the chips. 

  
 83 

 Article 92 Confidentiality 

 

	1.	 Documents prepared by the Government, the Concessionaire and the Subconcessionaire for the implementation of
the concessions legal framework referred to in Article 6 or performance of the provisions of this Subconcession Contract shall have the nature of confidentiality, which may be provided to a third party only upon the permission of the others.

  

	2.	 The government, the Concessionaire and the Subconcessionaire shall take necessary measures so that their staff
are bound by the obligation of confidentiality. 

  

	3.	 The government, the Concessionaire and the Subconcessionaire shall urge others who are able to get access to or
may get access to the confidential documents to compile with the obligation of confidentiality, especially those being able to d9 so through consultant contracts, labor provision contracts or other contracts. 

 

	4.	 The Concessionaire and the Subconcessionaire shall keep the confidentiality of this contract, and of any other
documents that may reveal its content, and shall only reveal it to third parties upon permission of the government. 

  

	5.	 It is not included within the confidentiality referred in number 1 and 4 above, any documents, information or
materials that may be. reasonably requested by judicial order, by any gaming regulator agency of other jurisdiction or by a stock regulator agency; however, the Concessionaire or the Subconcessionaire, as the case may be, must inform the government.

  
 84 

	6.	 The Concessionaire and the Subconcessionaire are also exempted of this confidentiality obligation referred in
number 1 and 4 above, for any documents, information or materials that they deem necessary to present to any financial institution, lawyer, accountant, or consulting entity, provided that this confidentiality is extended to those parties.

  

	7.	 After obtaining authorization referred in number 4 above, the Concessionaire or the Subconcessionaire, as the
case may be, shall urge to take all necessary actions in order to guarantee that anyone that has or will become aware of the content of this Subconcession Contract, including any related documents that may reveal its content, are bind to this
confidentiality. 

 Article 93 Complaint Book 

 

	1.	 The Subconcessionaire shall set up a complaint book particularly for complaints in connection with the
operation of casino games of chance or games of other forms, and ensure such complaint book for use by customers in the casinos and other gaming areas. 

  

	2.	 The Subconcessionaire shall post notices in the casinos and other gaming areas in an outstanding manner,
stating the existence of the complaint book. 

  

	3.	 The Subconcessionaire shall submit a copy of the complaints written in the complaint book to the government in
48 hours, together with a report on such complaints prepared by the Subconcessionaire. 

  
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 Article 94 Termination of the Concession 

 

	1.	 The termination of the concession granted to the Concessionaire before the term referred to in Article 8
of this Subconcession Contract does not imply the termination of the Subconcession granted under this Subconcession Contract. 

  

	2.	 In case of the preceding paragraph, the government will make efforts to the transference of the position of the
Concessionaire in this Subconcession Contract to other of the Concessionaires granted with a license to operate casinos game of chance and games of other forms in casino. 

CHAPTER 23 
 TRANSITIONAL
PROVISIONS 
 Article 95 Occupational Training Plan 
  

	1.	 The Subconcessionaire must prepare the occupational training plan for employees who hold posts in the operation
of the business covered by the subconcession within the time limit prescribed by the government. 

  

	2.	 The Subconcessionaire must deliver to the government any other additional documents or materials with respect
to the plan referred to in the preceding paragraph within the stipulated time limit. 

 Article 96 Deposit of the
Company’s Capital 
 The Subconcessionaire shall maintain its capital to be deposited with a local credit institution or a branch or subsidiary of
a credit institution permitted to be operated in the Macau SAR and such capital shall not be transferred before the commencement of business of the Subconcessionaire. The date which is expressly acknowledged by the government through the order of
the Secretary for Economy and Finance to be the date of the commencement of business of a Subconcessionaire shall be deemed to be the date of the commencement of business of such Subconcessionaire. 

  
 86 

 Article 97 Managing Director Designated 

 

	1.	 The government shall, by no later than fifteen days after the conclusion of this Subconcession Contract, notify
the Subconcessionaire whether to permit the candidate specified in Annex 1 of the Administrative Regulations No. 26/2001 submitted by the Subconcessionaire to act as the managing director of the Subconcessionaire. 

 

	2.	 The provisions of paragraphs 1 and 2 of Article 21 are applicable to the act of granting the management
power of the Subconcessionaire for the first time to the managing director after the conclusion of this Subconcession Contract. 

Article 98 Bank Accounts 
 The
Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession Contract, submit to the government the documents setting forth all bank accounts and the relevant balance in the name of the Subconcessionaire to the
government. 
 Article 99 Declaration of the Obligations of Cooperation 

The Subconcessionaire shall take measures to obtain a declaration executed by every shareholder holding 5% or more of the capital of the Subconcessionaire,
every director and major employee holding key post in the casinos and every controlling shareholder, including the ultimate controlling shareholders of the Subconcessionaire, stating that such persons are willing to be bound by a special obligation
to cooperate with the government. Accordingly, they shall provide any documents, information, materials or evidence and give any permission upon request. The Subconcessionaire shall submit to the government such declaration by no later than fifteen
days after the conclusion of this Subconcession Contract. 

  
 87 

 Article 100 Fixed Portion and the Variable Portion of the Premium 

 

	1.	 The due portion of the fixed part of the annual premium referred to in Article 47, will only be due from
June 26’h of the year 2005, unless, until then, the Subconcessionaire begins to operate a casino or a gaming area within the Resort-Hotel-Casino referred to in the investment plans attached to this Subconcession contract. If so, the fixed
part of the premium shall be due from that moment on. 

  

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

  

	3.	 If the Subconcessionaire opens its first casino or gaming area in a temporary facility, the amount of the
variable part of the annual premium cannot be less than the amount that the long-term operation of 20 gaming tables, namely of those located in special gaming halls or areas reserved exclusively to certain kinds of games or to certain players
and the long-term operation of 20 gaming tables not reserved exclusively to certain kind of games or to certain players, until the opening of the casino or gaming area on the facility referred to in paragraph I above. 

  
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	4.	 The amounts of the variable part of the annual premium referred to in Article 47(5) will be subject to
renegotiations between the government and the Subconcessionaire from the third year after the conclusion of this Subconcession contract on. 

Article 101 of the Articles of Association and of the Shareholders Agreement 

The government shall, by no later than sixty days after the conclusion of this Subconcession contract, notify the Subconcessionaire whether the Articles of
Association of the Subconcessionaire and its shareholders agreement have been approved. 
 Article 102 Proxy and Powers of Attorney

 The Subconcessionaire shall, by no later than fifteen days after the conclusion of this Subconcession contract notify the government of all and any
existing power of attorney or appointment of representatives for granting, on the basis of a stable relationship, the right to establish the legal acts relating to the operation of the enterprise in the name of the Subconcessionaire, so that the
government may grant its permission. Save that this paragraph shall not apply to the power to handle routine matters especially with public departments or authorities, or to provide, within the same time frame referred to above, a statement
certifying its non existence. 

  
 89 

 Article 103 Existing Participation in the Operation of Casino Games of Chance 

and Gaming of Other Forms in Other Jurisdiction 

The Subconcessionaire shall, by no later than fifteen days after the conclusion of this Subconcession contract notify the government of the existing
participation in the operation of casino games of chance or gaming of other forms in any other jurisdiction by any of its directors and controlling shareholders, including the ultimate controlling shareholders, or all shareholders directly or
indirectly holding “the equivalent of 10% or more of the share capital of the Subconcessionaire, including the participation through a management contract. 

Article 104 Composition of the Corporate Bodies of the Subconcessionaire 

The Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession contract notify the government of the composition of its
Board of Directors, shareholders’ meetings and Supervisory Board and other corporate bodies on the day of execution of this Subconcession Contract. 

Article 105 Structure of Shareholders and Share Capital 
  

	1.	 The Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession contract,
submit to the government a document with the shareholders’ structure of the Subconcessionaire on the day of execution of this Subconcession Contract. 

  
 90 

	2.	 The Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession contract,
submit to the government the structure of share capital of a legal person, especially a company, owning 5% or more of the share capital of the Subconcessionaire, and the share capital of a legal person owning 5% or more of the share capital of such
legal person, and so on up to the share capital of a natural person or legal person that is an ultimate shareholder on the day of execution of this Subconcession Contract. 

 

	3.	 The Subconcessionaire shall, by no later than fifteen days after the conclusion of this Subconcession contract,
submit to the government a declaration for the year 2002 as specified in paragraph 2 of Article 19. 

 Article 106
“Most favorable nation” 
 If the Macau SAR grants new concessions for operating casino games of chance or games of other forms under
conditions that are, in global terms, more favorable than those specified in this Subconcession Contract, then the Macau SAR shall also extend them to the Subconcessionaire by amending this Subconcession Contract. 

Article 107 Amendment to the Percentage of Allocation 

The percentages specified in Articles 48 and 49 shall be amended by the government and the Subconcessionaire in 2010. 

  
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 Article 108 Effectiveness 

This Subconcession Contract shall be written in two official languages and become effective from the 26th December 2002 on. 

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

							
	Macau, December 19th 2002.	 		 	
				
	For and on behalf of the Concessionaire	 		 		 	For and on behalf of the Subconcessionaire
				
	 /s/ Lui Che Woo & Fan Siu Pang
	 		 		 	 /s/ David Friedman

  
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 ANNEX TO THE SUBCONCESSION CONTRACT 

Investment Plans 
 Without prejudice of
Clause 39 of this Subconcession Contract, the Subconcessionaire shall implement, namely: 
  

	1.	 One Resort-Hotel-Casino complex, with a “Venetian” theme, to conclude and open to the public in
June 2006; 

  

	2.	 One Convention Centre, to be completed and open to the public in December 2006; 

 

	3.	 One “City Club”, in Macau. 

Total amount: 4.400.000.000,00 (Four Billion Four Hundred Million Patacas) to be invested within a maximum of 7 (seven) years counting from the signature of
this Subconcession Contract. 

  
 93EX-10.8

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Exhibit 10.8 
 LAND
CONCESSION AGREEMENT 
 Considering that:(1) 

 
  

	(1)	 This is a summary of the recitals of the lease agreement, as published in the Macau Government Gazette,
supplement to issue no. 50, 2nd series, dated 10 December 2003. The clauses of the agreement are translated in full. 

  

	1.	 In June, 2002, the government has granted to Galaxy Casinos S.A. a gambling franchise, with the obligation of
it transferring its the management to Venetian Macau—Sociedade Gestora, S.A.; 

  

	2.	 In October 2002, Venetian Macau—Sociedade Gestora, S.A. requested for the lease of a plot of land
located at Avenida Dr. Sun lat Sen, for the purposes of building an entertainment centre, including casino, restaurants, commercial areas, entertainment and parking; 

 

	3.	 The request was reviewed by the competent government departments; 

 

	4.	 The Secretary for Lands, Public Works and Transportation has exceptionally authorized the starting of
construction works in order to allow the beginning of operations at the site as soon as possible; 

  

	5.	 In July 2003, the requesting party presented a new usage plan, incorporating substantial changes to the
internal layout of the building and usage areas, asking for an urgent decision as regards the premium price; 

  

	6.	 The Public Works Dept. prepared a draft lease agreement, proposing that the premium price be determined in
accordance with the purpose “5 star hotel” being the percentage of estimated profit 30% given the nature of the usage of the land as well as existing precedent for the same circumstances; 

 

	7.	 The criteria was approved by the Chief Executive and the requesting party was notified, being also given a
draft contract; 

  

	8.	 The requesting party, under its new name Venetian Macau S.A., proposed some changes to the draft, namely that
the lease be given to it directly, not as representative of another company, in accordance with the subconcession contract executed between Galaxy Casinos, S.A. and Venetian Macau, S.A. in December 2002; 

 

	9.	 These, and other changes were duly evaluated by the Government; 

 

	10.	 A new draft contract was issued and approved by all parties; 

 

	11.	 The Land Commission, on December 3, 2003, gave its opinion, approving the lease terms;

  

	12.	 The Land Commission’s opinion was accepted by the Chief Executive on December 8, 2003;

  

	13.	 The plot of land, with an area of 26082 m2, not registered in the Macau Land and Buildings Registry, is marked
with letters “A”, “B1” and “B2”, in the chart n.° 6086/2003, issued by the Surveying and Cartography Department on 27 August, 2003; 

 

	14.	 The terms of the lease were expressly accepted by the requesting party, as per a statement signed by Joaquim
Jorge Perestrelo Neto Valente, as director of Venetian Macau S.A.; 

 15. The premium pursuant to clause 9.2 of the lease contract was
paid on December 9, 2003; 
 CLAUSE FIRST—OBJECT 
 In
performance and execution of clause 3 of its Investment Plan, by this contract, the first party, grants to the second party, by way of lease and without a public tender, a plot of land, not registered in the Macau Land and Buildings Registry
with an area of 26 082m2 (twenty six thousand and eighty-two square meters), located in the Macau peninsula at Avenida Dr. Sun Yat Sen, next to the “Mandarin Hotel Resort”.
The leased land, valued at $160.137.280,00 (one hundred and sixty million, one hundred and thirty-seven thousand, two hundred and eighty patacas), which is marked with letters “A”, “B1” and “B2”, in the chart n.°
6086/2003, issued by the Surveying and Cartography Department on 27 August, 2003, which is a part of this contract, and is hereinafter named as the land. 

 CLAUSE SECOND—LEASE TERM 

1. The lease is valid for a period of 25 (twenty five) years, starting from the date in which the Chief Executive’s dispatch titling this
contract is published in the Government Gazette. 
 2. The lease term, as per above, may, in accordance with applicable legislation, be
successively renewed. 
 CLAUSE THIRD—LAND USE AND PURPOSE 
  

	1.	 The land is to be used for the construction of a building with the following gross construction areas and
purposes: 

  

					
	 1. Entertainment centre, commercial areas, restaurants and other support areas
	  	 	58.606m2	 
	 2. Gambling areas
	  	 	5.776m2	 
	 3. Parking
	  	 	27.124m2	 
	 4. Free area
	  	 	6.203m2	 

 2. The usage of the land must conform to the conditions contained in the Official Alignment Plan
no. 2003A036 issued on 11 August, 2003, by the Transportation and Public Works Department (DSSOPT) as well as the project to be drafted and presented by the second party and to be approved by the first party. 

CLAUSE FOURTH—TERM FOR USE 
 1. The use of
the land must take place within 30 (thirty) months, starting from the date in which the Chief Executive’s dispatch titling this contract is published in the Government Gazette. 

2. The term set out above includes the terms needed for the presentation of the projects by the second party and their review by the first
party. 
 CLAUSE FIFTH—FINES 
 1. As
penalty for the non compliance of the term contained in the previous clause, relating to the use of the land, the second party shall pay a fine of up to $5.000,00 (five thousand patacas) for each day of delay, up to 60 (sixty) days; beyond this
period, and up to the total maximum of 120 (one hundred and twenty days), it is subject to a fine of up to twice the above amount, except in duly justified circumstances, accepted by the first party. 

2. The second party is not liable in accordance with the above upon the occurrence of an event of force majeure or other relevant events which
are, justifiably, outside of its control. 
 3. An event shall be considered an event of force majeure if it results exclusively from
unpredictable and irresistible events. 
 4. For the purposes of no 2, above, the second party shall notify, in writing the first party, as
soon as possible, the occurrence of such events. 
 CLAUSE SIXTH—RENT 

1. During the term of the land use, the second party shall pay an annual rent in the amount of $30,00 (thirty patacas) per square meter of
leased land, totaling $782.460,00 (seven hundred and eighty-two thousand, four hundred and sixty patacas). 

  
 2 

 2. After the use of the land is concluded, the second party shall pay an annual rent in the
amount of $1.299.000,00 (one million, two hundred and ninety nine thousand patacas) calculated in accordance with the following usage and gross construction area: 
  

					
	 1. Entertainment centre, commercial areas, restaurants and other support areas: 58.606m2 X
$15,00/m2
	  	$	879.090,00	 
	 2. Gambling areas: 5.776m2 X 15,00/m2
	  	$	86.640,00	 
	 3. Parking: 27.124m2 X $10,00/m2
	  	$	271.240,00	 
	 4. Free area: 6.203m2 X 10,00/m2
	  	$	62.030,00	 

 3. The rents shall be reviewed every five years, starting from the date in which the Chief Executive’s
dispatch titling this contract is published in the Government Gazette, without prejudice as to the immediate applicability of new amounts in accordance with legislation which may be enacted during the term of this contract. 

CLAUSE SEVENTH—SURETY 
 1. In accordance
with article 126 of Law no. 6/80/M, enacted on July 5, 1980, the second party shall give surety in the amount of $782.460,00 (seven hundred and eighty-two thousand, four hundred and sixty
patacas) by way of a deposit or bank guarantee accepted by the first party. 
 2. The amount of surety, mentioned above, shall always follow
the amount of annual rent. 
 CLAUSE EIGHT—SPECIAL OBLIGATIONS 

1. The following are special obligations to be exclusively borne by the second party: 

1.1 The formation of the leased land, marked with letters “A”, “B1” and “B2” in the plan
no. 6086/2003, issued by the Surveying and Cartography Department on 27 August, 2003. 
 1.2 The rerouting and/or
removal of all existing infrastructures in the leased land and adjacent zones, namely sewage network, water supply, electrical grid and telecommunications. 

1.3 Paving of sidewalks and streets in the zone surrounding the leased land. 

1.4 Landscaping works around the leased land. 

2. For the purposes of executing the above works, the second party shall draft all construction projects, which must be approved by the first
party. 
 3. The second party warrants the due performance and the quality of the materials and equipment to be used in the works referred to
in points 1.2 and 1.3 of this clause for a period of two years, starting from the provisional delivery of such works, being under the obligation to repair and correct all deficiencies found during that period, and, in the works referred to in
no. 1.4, for the duration of the lease. 
 CLAUSE NINTH—PREMIUM 

The second party shall pay to the first party, as premium for this contract, the total amount of MOP$160.137.280,00 (one hundred and sixty million, one hundred
and thirty seven thousand, two hundred and eighty patacas), as follows: 
 1. $39.968.243,00 (thirty nine million, nine hundred and sixty
eight thousand, two hundred and forty three patacas) in kind for the execution of the works as per no. 1.1 and 1.2 of clause eighth; 

2. $15.000.000,00 (fifteen million patacas) which the first party has already received and hereby gives acquittal; 

  
 3 

 3. The remaining, in the amount of $105.169.037,00 (one hundred and five million, one
hundred and sixty nine thousand and thirty seven patacas), which shall accrue interest at the annual rate of 5%, shall be paid in 5 (three) half-yearly installments of equal amount in capital and interest, in the amount of $22.637.320,00 (twenty two
million, six hundred and thirty seven thousand, three hundred and twenty patacas), each, the first being due 6 (six) months after the date in which the Chief Executive’s dispatch titling this contract is published in the Government Gazette.

 CLAUSE TENTH—EXCESS LAND MATERIALS 
 1.
The second party is expressly prohibited from withdrawing from the leased land, without the prior written consent of the first party, any materials, such as earth, stones and sands, produced by excavations for the purpose of building the foundations
or ground leveling. 
 2. The first party shall only grant permits for the removal of such materials which cannot be used on the leased land
nor are suitable for any other use. 
 3. The materials removed with the first party’s authorization shall be always deposited in a
location to be indicated by the first party. 
 4. The second party shall be liable for the non performance of this clause, without prejudice
to the payment of an indemnity to be determined by experts from DSSOPT according to the materials effectively removed, as follows: 
 4.1
Upon the first violation: a fine of between $20.000,00 and $50.000,00; 
 4.2 Upon the second infraction: a fine of between $51.000,00 and
$100.000,00; 
 4.3 Upon the third infraction: a fine of between $101.000,00 and $200.000,00; 

4.4 Starting from the fourth infraction, the first party shall have the right to terminate this agreement. 

CLAUSE ELEVENTH—USAGE LICENSE 
 The usage license shall only
be issued after presentation of evidence of full payment of the premium as defined in clause nine and the full performance of the obligations contained in clause eight. 

CLAUSE TWELFTH—ASSIGNMENT 
 1. The
assignment of any rights resulting from this lease, given its nature, is dependent upon prior authorization by the first party and the assignee shall be subject to a revision of this contract. 

2. As security for financing the necessary construction works, the second party may mortgage the land lease right over the leased land in favor
of credit institutions, in accordance with article 2 of Decree-Law 51/83/M, enacted on December 26, 1983. 

CLAUSE THIRTEENTH—OVERSIGHT 
 During the construction
period, the second party must grant full access to the land and to the construction works to any government representatives overseeing the works, giving them all assistance and means necessary to ensure the proper discharge of their duties. 

CLAUSE FOURTEENTH—FORFEITURE 
 1. This
contract shall be forfeit in the following situations: 
 1.1 After the term of the aggravated fine as per no 1 of clause five; 

1.2 Change, without consent, of the purpose of the lease, while the construction is not concluded; 

  
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 1.3 Stoppage of construction for a period of over 90 (ninety) days, except
under special conditions duly justified and accepted as such by the first party; 
 2. The forfeiture of this contract is declared by a
decision from the Chief Executive, published in the Government Gazette. 
 3. The forfeiture of this contract shall result in the possession
of the land returning to the first party, with all construction works already made, without compensation to the second party. 
 CLAUSE
FIFTEENTH—RESCISSION 
 1. This contract may be rescinded upon the occurrence of any of the following events: 

1.1 Non payment of rent when due and payable; 

1.2 Change without consent in the usage of the land and/or the purpose of the lease, if the construction works are concluded, 

1.3 Assignment in violation of clause twelve, 

1.4 Non performance of the obligations contained in clauses eight and nine; 

1.5 Repeated non performance, after the forth infraction, of the obligations contained in clause tenth; 

2. The rescission shall be declared by decision of the Chief Executive to be published in the Government Gazette. 

CLAUSE SIXTEENTH—COMPETENT JURISDICTION 
 Any conflict
resulting from this contract shall be brought before the Court of First Instance of the Macau SAR. 
 CLAUSE SEVENTEENTH—APPLICABLE LAW 

Matters not provided for in this contract shall be governed by Law 6/80/M, enacted on July 5, 1980 and all other applibable legislation 

QuickLinks 
 LAND
 CONCESSION AGREEMENT 

  
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