Document:

Bank Guarantee Reimbursement Agreement (09/14/2004)

  
 Exhibit 10.30

  
 THIS BANK GUARANTEE REIMBURSEMENT AGREEMENT (this
“Agreement”) is made and entered into as of September 14, 2004, by and between Wynn Resorts (Macau) S.A., a company organized and existing in the Macau Special Administrative Region (the “Macau SAR”), having its
registered address at Avenida de Praia Grande, 429, 18th floor, Praia Grande Commercial Centre, Macau (the
“Company”) and Banco Nacional Ultramarino, S.A., a company organized and existing in the Macau Special Administrative Region, having its registered address at Avenida Almeida Ribeiro, No.22, Macau (“BNU”). The Company and
BNU are sometimes referred to in this Agreement individually as a “Party” and collectively as the “Parties”. 
  
 WHEREAS: 
  
 A. The Company has been granted a concession to operate games of chance or other games in casinos in the Macau SAR pursuant to a certain Concession Contract for the Operation of Games of Chance or Other Games in Casinos in the Macau SAR,
dated June 24, 2002, between the Macau SAR and the Company (the “Concession Contract”). 
  
 B. Pursuant to Clause 61 of the Concession Contract, the Company is required to deliver and maintain a certain bank guarantee issued by BNU in favor of the Macau SAR to guarantee the fulfillment of the Company’s
legal or contractual obligations under the Concession Contract. 
  
 C. BNU has, on behalf of the Company, issued a bank guarantee for MOP700,000,000 dated May 2, 2002 (the “Existing Guarantee”) to the Macau SAR to secure the performance of certain of the Company’s obligations as
provided under the Concession Contract. 
  
 D. The Company has requested that BNU
issue and maintain, and BNU is willing to issue and maintain (or continue to maintain), the Bank Guarantee in favor of the Macau SAR as required by the Concession Contract, upon the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, agreements and
covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows: 
  
 ARTICLE 1 
 DEFINITIONS AND INTERPRETATION 
  
 Section 1.1 Defined Terms. In this Agreement, the following capitalized terms will have the following meanings: 
  
 “Authorized Officer” means, with respect to the Company, a director, the president or the chief financial officer. 
  
 “Bank Guarantee” means the Existing Guarantee and any replacement bank
guarantee thereof issued by BNU under this Agreement and meeting the requirements of the Concession Contract. 
  
 “Business Day” means any day other than Saturday, Sunday and any other day on which commercial banks in Macau or Hong Kong are authorized or required to close. 
  

 “Cash Deposit” means US$50,000,000 (or its equivalent in Macau Patacas or Hong Kong dollars), which
amount constitutes part of the Base Equity. 
  
 “Common Terms
Agreement” means the Common Terms Agreement dated as of September 14, 2004, with the financial institutions defined therein as Hotel Facility Lenders, Project Facility Lenders and Revolving Credit Facility Lenders, the Hotel Facility Agent,
the Project Facility Agent, the Security Agent and the Intercreditor Agent, in order to finance the development, construction and operation of a hotel and casino resort project in the Macau SAR. 
  
 “Confirmation Letter” means a letter or other document issued by the Macau
SAR confirming that it will not draw any amounts under the Bank Guarantee during the construction of the Project. 
  
 “Effective Date” means the date on which all of the conditions specified in Section 2.1 are satisfied. 
  
 “MOP” means Macau Patacas. 
  
 “Senior Debt Interest Rate” means the blended interest rate under the Hotel
Facility Agreement and the Project Facility Agreement, based on the interest rates of the weighted average of amounts outstanding thereunder, or if no amounts are outstanding at the time of calculating an interest rate hereunder, 7.0% per annum.

  
 “Senior Unsecured Creditors” means any creditors other than
the Senior Secured Creditors as defined in the Common Terms Agreement. 
  
 In
addition, the following terms have the meaning as set forth in the Common Terms Agreement: “Deed of Appointment and Priority”, “Default”, “Event of Default”, “Facility Agreements”, “Permitted
Investments”, “Projects”, “Security”, “Security Agent”, “Security Documents”, “Senior Debt”, “Senior Finance Documents” and “Senior Secured Creditors.” 
  
 Section 1.2 Interpretation. Each of the following rules of usage and
interpretation shall apply to this Agreement unless otherwise required by the context or unless otherwise specified herein: 
  

	 	(a)	words denoting the singular shall include the plural; the word “or” shall not be interpreted as exclusive; and words denoting one gender shall include all others; and

  

	 	(b)	reference to any agreement means such agreement as amended, modified, extended or supplemented from time to time in accordance with the applicable provisions thereof.

  
 ARTICLE 2 
 BANK GUARANTEE 
  
 Section 2.1 Conditions to Effectiveness. The Effective Date of this Agreement shall occur upon the satisfaction of the conditions set out below:

  

	 	(a)	the Company shall have obtained its construction permit to commence construction of the Projects and shall have delivered a copy thereof to BNU; 

  

 2 

	 	(b)	the Company shall have caused the Cash Deposit to be deposited in an interest-bearing account with BNU; 

  

	 	(c)	the Company shall have signed or, simultaneously with the execution of this Agreement, will sign, the Senior Finance Documents; and 

  

	 	(d)	the Company shall have delivered to BNU: 

  

	 	(i)	a copy of the constitutional documents of the Company; 

  

	 	(ii)	a true copy of a board resolution of the Company approving the execution, delivery and performance of this Agreement, certified by a Macau notary; 

  

	 	(iii)	a certificate of an Authorized Officer setting out the names and signatures of the persons authorized to sign, on behalf of the Company, this Agreement and any documents to be
delivered by the Company pursuant hereto; 

  

	 	(iv)	a copy of the most recent audited financial statements of the Company; and 

  

	 	(v)	an endorsement and pledge of the Company’s certificate of deposit with respect to the Cash Deposit to BNU as security for the Bank Guarantee. 

  
 Section 2.2 Form of Bank Guarantee. Any Bank Guarantee issued or to be
issued by BNU under this Agreement shall be in the form of the Existing Guarantee, or in such other form as agreed by the Macau SAR, BNU and the Company. 
  
 Section 2.3 The Existing Guarantee. From the date hereof until the earlier of (a) a replacement Bank Guarantee (if any) on the same terms as the
Existing Guarantee having been issued and delivered by BNU, and the Macau SAR having confirmed that it has received and is satisfied with such replacement Bank Guarantee; and (b) 180 days after the termination of the Concession Contract, BNU shall
ensure that the Existing Guarantee remains in full force and effect. 
  
 Section 2.4 Payment of Annual Fees. For so long as the Bank Guarantee remains issued and outstanding to the Macau SAR, the Company shall pay to BNU an annual fee that is calculated as follows: 
  

	 	(a)	from the Effective Date until March 31, 2007, an amount equal to X plus Y or, if the Macau SAR delivers a Confirmation Letter, an amount equal to Z; and

  

	 	(b)	from April 1, 2007 until 180 days after the termination of the Concession Contract, an amount equal to X. 

  
 where: 
  
 X is calculated as follows: (i) from the Effective Date until the commencement of casino gaming activities, an amount
equal to either 0.75% of MOP300,000,000 (if and from the 

  

 3 

 
time the Macau SAR confirms that the maximum amount it may draw under the Bank Guarantee during construction is MOP400,000,000) or 1.75% of MOP300,000,000
(if no such confirmation is received from the Macau SAR); and (ii) from the commencement of casino gaming activities until 180 days after the termination of the Concession Contract, an amount equal to 1.75% of MOP300,000,000. 
  
 Y equals either 0.5% of MOP400,000,000 (if the Cash Deposit remains
on deposit with and for the benefit of BNU) or 1.75% of MOP400,000,000 (if the Cash Deposit is no longer held on deposit with and for the benefit of BNU). 
  
 Z equals 0.61% of MOP700,000,000. 
  
 Section 2.5 Payment of the Annual Fees. Commencing on the earlier of (i) the date of signing and closing of the financing contemplated by the
Common Terms Agreement, and (ii) September 15, 2004, the Company shall pay the annual fees calculated in accordance with Section 2.4 by way of quarterly payments (pro-rated for any partial calendar quarter), not later than the first Business Day of
the respective calendar quarter. 
  
 Section 2.6 Debits on the
Company Account. The Company allows BNU to debit the Company’s operating account at BNU for the amounts due in payment of the Annual Fees in accordance with Section 2.5. 
  
 ARTICLE 3 
 CREDIT FACILITY 
  
 Section 3.1 Reimbursement
Upon Discharge of the Senior Debt. If (a) the Senior Debt shall have been discharged in full and (b) any amount covered by the Bank Guarantee shall have been drawn by the Macau SAR, BNU may, by giving written notice to the Company, demand the
immediate repayment of such drawn amount. Upon receipt of a notice issued in accordance with this Section 3.1, the Company shall immediately repay the amount so drawn by the Macau SAR; provided, however, that the Company is not obligated to
repay any principal to BNU until after the Senior Debt shall have been discharged in full. The Company shall, within ninety (90) days after the Senior Debt having been discharged in full, repay all amounts owed to BNU under this Agreement.

  
 Section 3.2 Mandatory Reimbursement. If the Senior
Secured Creditors shall have waived an Event of Default under either the Senior Finance Documents or the Security Documents that is caused by the Bank Guarantee having been drawn by the Macau SAR, the Company may, to the extent permitted by Clause
5.2(b)(ii) of the Deed of Appointment and Priority and subject to the application of Section 5.3 hereof, repay BNU any amounts owed by the Company under this Agreement within thirty (30) days of receiving such waiver. 
  
 Section 3.3 Optional Reimbursement. The Company may (but is not
obligated to), from time to time and without any penalty, repay BNU any amounts owed by the Company under this Agreement. 
  
 Section 3.4 Interest. If any amount covered by the Bank Guarantee is drawn by the Macau SAR and is not repaid upon written demand by BNU, such
amount shall accrue interest at the Senior Debt Interest Rate until repayment thereof. 
  

 4 

  
 ARTICLE 4 

SECURITY INTEREST; RANKING 
  
 Section 4.1 Security Interest. As security for the performance of the Company’s obligations under this Agreement, the Company agrees (a) that
this Agreement with BNU also constitutes a pledge agreement over the Cash Deposit to BNU, and (b) to enter into the Deed of Appointment and Priority pursuant to which the Security Agent will hold for and on behalf of BNU, as Second Ranking Finance
Party, an interest over the Security. 
  
 Section 4.2
Ranking. The Company shall ensure that, for so long as the Bank Guarantee is in place, the security interests granted to BNU under the Security Documents shall rank ahead of all claims of Senior Unsecured Creditors of the Company to the
extent and as provided in the Deed of Appointment and Priority, the Common Terms Agreement and the other Security Documents but shall be fully subordinated to those security interests granted to the Senior Secured Creditors pursuant to the
Senior Finance Documents. 
  
 Section 4.3 Deed of Appointment
and Priority. BNU agrees to enter into a Deed of Appointment and Priority with the Senior Secured Creditors and the Company covering such matters as subordination, repayment, exercise of remedies, declaration of defaults and voting. In the event
of any conflict between the Deed of Appointment and Priority and this Agreement, the Deed of Appointment and Priority will control. 
  
 Section 4.4 Waivers, Consents and Approvals. The covenants of Schedule 5 of the Common Terms Agreement (or the covenants of any amended,
supplemented, refinanced or replacement Senior Finance Documents) shall apply mutatis mutandis to BNU where the context permits such construction, and to the extent the context does not permit such construction, such provisions shall apply as
closely as possible under the circumstances. Any and all waivers, including of a Default or of an Event of Default, consents or approvals made or given, or deemed given, by the holders of the Senior Debt (or any agent or adviser acting on their
behalf) under the Facility Agreements shall apply to BNU with the same effect as if the waiver had been given by BNU. 
  
 ARTICLE 5 
 CASH DEPOSIT

  
 Section 5.1 Accrued Interest. BNU shall, from time
to time and upon the request of the Company, release any and all interest accrued on the Cash Deposit to the Company. 
  
 Section 5.2 Release of the Cash Deposit. BNU shall release the Cash Deposit and any pledge or assignment of the investment and investment rights
thereon to the Company free of any claim, charge, lien, security interest or similar interest upon the earlier of: 
  

	 	(a)	certification by an Authorized Officer of the Company to BNU that (i) the Company has utilized all of its total Base Equity (other than the Cash Deposit) and (ii) the Cash Deposit
will be used to fund Project Costs (together, the “Cost Certification”); and 

  

	 	(b)	cancellation of the Bank Guarantee by the Macau SAR. 

  
 Section 5.3 Set-off of the Cash Deposit. If any amount owed by the Company to BNU is not repaid within fourteen (14) days after a notice having
been validly issued and 

  

 5 

 
delivered to the Company in accordance with Section 3.1, BNU may set off such amount against any remaining Cash Deposit. Upon set off by BNU against any of
the assets of the Company, any amount owed by the Company under this Agreement shall be reduced by such set-off amount. 
  
 Section 5.4 Permitted Investments. The Company and BNU shall discuss and agree on the type of investments in which the Company may, from time to
time, invest any and all of the Cash Deposit (including any accrued interest thereon), provided that (a) the investment rights are assigned to BNU by way of pledge or endorsement and subject to the terms of this Agreement, (b) BNU shall not
unreasonably withhold its approval on any investments proposed by the Company and (c) such investments shall be limited to those that are Permitted Investments. 
  

ARTICLE 6 
 REPRESENTATIONS AND
WARRANTIES 
  
 On the Effective Date, the Company will confirm
the following representations and warranties to BNU: 
  
 Section
6.1 Corporate Existence. The Company is a limited liability company duly organized and existing under the laws of the Macau SAR with power to enter into this Agreement and to exercise its rights and perform its obligations hereunder.

  
 Section 6.2 Due Authorization; Consent. The Company has
full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution of this Agreement by the Company does not require any filing with, or approval of, any government entity in the Macau
SAR. 
  
 Section 6.3 Valid, Binding and Enforceable. This
Agreement has been duly executed and delivered by the Company and, assuming due and valid authorization, execution and delivery by BNU, is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms
except (a) as limited by applicable bankruptcy, insolvency, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and (b) the availability of the remedy of specific performance
or injunctive or other forms of equitable relief may be subject to equitable defenses and would be subject to the discretion of the court before which any proceeding therefore may be brought. 
  
 Section 6.4 No Conflicts. None of the execution, delivery or
performance of this Agreement by the Company will materially conflict with, or result in any material breach of, any provision of the constitutional documents of the Company. 
  
 Section 6.5 Full Disclosure. The Company is not aware of any material information having been provided to BNU
relating to this Agreement which contains an untrue statement of material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not
misleading. 
  
 Section 6.6 No Material Litigation. There
is no material action, suit or proceeding by or before any court pending against or involving the Company that calls into question or challenges the Company’s authority to enter into this Agreement or perform its obligations hereunder.

  

 6 

  
 ARTICLE 7 

UNDERTAKINGS 
  
 Commencing on and after the Effective Date, the following undertakings shall apply: 
  
 Section 7.1 Compliance with Laws. The Company shall, at all times during the term of this Agreement, comply with
applicable laws of the Macau SAR where a failure to do so is likely to have a material adverse effect on the financial condition of the Company. 
  
 Section 7.2 No Merger. The Company shall not voluntarily enter into any merger, amalgamation or consolidation with any other entity without
BNU’s consent. 
  
 Section 7.3 Business. The Company
shall continue to carry on the business of developing, constructing, owning or operating casino and hotel resorts. 
  
 Section 7.4 Taxes. The Company shall promptly pay, or caused to be paid, all taxes as they fall due, and all penalties, surcharges, additional
interest and levies imposed on the Company in connection with the Company’s failure to promptly discharge its liabilities under this Section 7.4 (other than such taxes that the Company is disputing in good faith with the relevant governmental
authorities). 
  
 Section 7.5 Corporate Existence. The
Company shall preserve and keep in full force and effect its existence as a limited liability company under the laws of the Macau SAR. 
  
 Section 7.6 Books and Records. The Company shall keep and maintain (a) books and records in relation to its business and (b) adequate accounting,
management information and cost accounting systems for its business. 
  
 Section 7.7 Maintenance of Controlling Interest. The Company shall undertake to cause the existing controlling shareholders of the Company to, for so long as the Bank Guarantee is outstanding, maintain a controlling interest in the
Company. 
  
 ARTICLE 8 
 MISCELLANEOUS 
  
 Section 8.1 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the Macau SAR. 
  
 Section 8.2 No Set-Off. Except as expressly permitted in Section 5.3,
BNU may not set-off or otherwise appropriate or apply any and all deposits (general or special, time or demand, provisional or final) and any other indebtedness at any time held or owing by BNU (including by branches and agencies of BNU wherever
located) to or for the credit or the account of the Company against and on account of any obligations of the Company then due and owing to BNU under this Agreement. 
  
 Section 8.3 Notices. All notices, requests and demands to or upon the respective Parties to be effective shall be in
writing and delivered or sent to the relevant Party at its address or facsimile number set out below (or such other address or facsimile number as a Party has by five (5) days’ prior written notice specified to the other Party). 
  
 To the Company: 
  
 Wynn Resorts (Macau) S.A. 
 429, Avenida da Praia Grande, 
  

 7 

 18th Floor, Praia Grande Commercial Building, 
 Macau 
 Facsimile No. (853) 336 057 
 Telephone No.
(853) 371 476 
 Attention: Chief Financial Officer 
  

with a copy to: 
  
 Wynn Resorts, Limited 
 Legal Department

 3145 Las Vegas Boulevard South 
 Las Vegas, Nevada 89109 
 USA 
 Facsimile No. (1 702) 733 4596 
 Attention: General Counsel 
  
 To BNU: 
  
 Banco Nacional Ultramarino, S.A. 
 Av. Almeida
Ribeiro, 22 
 Macau SAR 
 Attention: Dr. Herculano de Sousa 
  
 Any notice, demand or request so
addressed to the relevant Party shall be deemed to have been duly received by such Party (a) if given or made by letter via delivery-certified mail, three (3) days after dispatch to the relevant address, (b) if given or made by facsimile, when
dispatched with a simultaneous confirmation of transmission, and (c) if made personally, when delivered; provided, that if such day is not a working day in the place to which it is sent, such notice, demand or other communication shall be
deemed delivered on the next following working day at such place. 
  
 Section 8.4 Assignment. Neither Party may assign its rights or obligations under this Agreement to another entity. 
  
 Section 8.5 Language. All documents, notices, waivers and all other communications written or otherwise between the Parties in connection with this
Agreement shall be in the English language. 
  

 8 

 Section 8.6 Severability. In case any provision in or obligation under this Agreement shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired
thereby. 
  
 Section 8.7 Survival. The termination of this
Agreement shall not relieve any Party of any obligation that by its nature should survive such termination, and the obligations of each Party shall survive any restructuring or other reorganization of such Party. 
  
 Section 8.8 Entire Agreement. This Agreement constitutes the entire
agreement between the Parties concerning the subject matter hereof. All previous documents, drafts of documents, undertakings and agreements (including the term sheet dated March 15, 2004), whether verbal, written or otherwise, between the Parties
concerning the subject matter hereof are hereby cancelled and annulled, and shall not affect or modify any of the terms or conditions set forth in, or be used in the interpretation of, this Agreement. 
  
 [Signatures appear on following page] 
  

 9 

  
 IN WITNESS WHEREOF, the Parties have
caused this Agreement to be executed by their respective duly authorized signatories as of the day and year first written above. 
  

			
	WYNN RESORTS (MACAU) S.A.
		
	By:	 	/s/    MATT MADDOX        
	 Name:
	 	Matt Maddox
	 Title:
	 	Chief Financial Information

  

									
	BANCO NACIONAL ULTRAMARINO, S.A.	 	 	 	 
					
	By:	 	/s/    KAN CHEOK
KUAN        	 	 	 	 	 	/s/    JOAO DE BRITO
AUGUSTO        
	 Name:
	 	Kan Cheok Kuan	 	 	 	 	 	Joao de Brito Augusto
	 Title:
	 	Bank Officer	 	 	 	 	 	Bank OfficerNote Purchase Agreement (09/16/2004)

  
 Exhibit 10.31

  

  
 WYNN RESORTS (MACAU), S.A. 
  
 $122,000,000 
  
 7.5% Subordinated Notes 
  

  
 NOTE PURCHASE AGREEMENT 
  

  
 Dated September 14, 2004 
  

  
 TABLE OF CONTENTS 

 

					
	Section

	  	Page

			
	1.	  	AUTHORIZATION OF NOTES	  	4
			
	2.	  	SALE AND PURCHASE OF NOTES	  	4
			
	3.	  	CLOSING	  	4
			
	4.	  	CONDITIONS TO CLOSING	  	5
	 	  	4.1. Representations and Warranties	  	5
	 	  	4.2. Performance; No Default	  	5
	 	  	4.3. Compliance Certificates	  	5
	 	  	4.4. Purchase Permitted By Applicable Law, etc.	  	5
	 	  	4.5. Base Equity	  	6
	 	  	4.6. Litigation	  	6
			
	5.	  	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	6
	 	  	5.1. Organization; Power and Authority	  	6
	 	  	5.2. Authorization, etc.	  	6
	 	  	5.3. Enforceability	  	6
	 	  	5.4. No Material Adverse Change	  	6
			
	6.	  	REPRESENTATIONS OF THE PURCHASER	  	7
	 	  	6.1. Organization; Power and Authority	  	7
	 	  	6.2. Authorization, etc.	  	7
	 	  	6.3. Enforceability	  	7
			
	7.	  	PREPAYMENT OF THE NOTES	  	7
	 	  	7.1. Mandatory Prepayments	  	7
	 	  	7.2. Mandatory Disposition or Redemption Pursuant to Gaming Laws	  	7
	 	  	7.3. Optional Prepayments	  	8
	 	  	7.4. Maturity; Surrender, etc.	  	9
			
	8.	  	COVENANTS OF THE COMPANY	  	9
	 	  	8.1. Senior Loan Facilities Covenants	  	9
	 	  	8.2. Aggregate Principal Amount of Senior Indebtedness	  	9
			
	9.	  	COVENANTS OF THE HOLDERS OF NOTES	  	9
			
	10.	  	EVENTS OF DEFAULT	  	9
			
	11.	  	REMEDIES ON DEFAULT, ETC.	  	10
	 	  	11.1. Deed of Appointment and Priority	  	10
			
	12.	  	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	10
	 	  	12.1. Registration of Notes	  	10
	 	  	12.2. Transfer and Exchange of Notes	  	10

									
	 	  	12.3. Replacement of Notes	  	11
			
	13.	  	PAYMENTS ON NOTES	  	11
	 	  	13.1. Place of Payment	  	11
			
	14.	  	EXPENSES, ETC.	  	11
	 	  	14.1. Transaction Expenses	  	11
			
	15.	  	ENTIRE AGREEMENT	  	12
			
	16.	  	AMENDMENT AND WAIVER	  	12
	 	  	16.1. Requirements	  	12
	 	  	16.2. Binding Effect, etc.	  	12
			
	17.	  	NOTICES	  	12
			
	18.	  	CONFIDENTIAL INFORMATION	  	13
			
	19.	  	CROSS ACCELERATION	  	13
			
	20.	  	MISCELLANEOUS	  	13
	 	  	20.1. Security	  	13
	 	  	20.2. Subordination	  	13
	 	  	20.3. Successors and Assigns	  	13
	 	  	20.4. Payments Due on Non-Business Days	  	14
	 	  	20.5. Severability	  	14
	 	  	20.6. Construction	  	14
	 	  	20.7. Counterparts	  	14
	 	  	20.8. Governing Law	  	14
					
	 	  	SCHEDULE A	 	—	    	DEFINED TERMS	  	 
					
	 	  	SCHEDULE B	 	—	    	PURCHASE FOR INVESTMENT	  	 
					
	 	  	EXHIBIT 1	 	—	    	Form of 7.5% Subordinated Note	  	 

  
 Wynn Resorts (Macau), S.A.

 Avenida da Praia Grande, 429-18 andar 
 Edificio central comercial da Praia Grande 
 Macau 
  
 7.5% Subordinated Notes 
  
 September 14, 2004 
  
 Wynn Group Asia, Inc. 
 3131 Las Vegas Boulevard South 
 Las Vegas, Nevada 89109 
 USA 
  
 Ladies and Gentlemen: 
  
 Wynn Resorts (Macau), S.A., a company organized under the laws of the Macau Special Administrative Region of the
People’s Republic of China (the “Company”), agrees with Wynn Group Asia, Inc., a Nevada corporation (“you” or “Purchaser”) as follows: 
  

	1.	AUTHORIZATION OF NOTES 

  
 The Company will authorize the issuance and sale of at least $122,000,000 aggregate principal amount of its 7.5% Subordinated Notes (the
“Notes”, such term to include any such notes issued in substitution therefor pursuant to this Agreement). The Notes shall be substantially in the form set out in Exhibit 1, with such changes therefrom, if any, as may be agreed to by
you and the Company. Certain capitalized terms used in this Agreement are defined in Schedule A. References to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit to this Agreement.

  

	2.	SALE AND PURCHASE OF NOTES 

  
 Subject to the terms and conditions of this Agreement, the Company will issue and sell to you and you will purchase from the Company, at the Closing(s)
provided for in Section 3, Notes in $122,000,000 aggregate principal amount at the purchase price of 100% of the principal amount thereof. 
  

	3.	CLOSING 

  
 The sale and purchase of the Notes shall occur at the offices of the Company, in such amounts, on such days and at such times as requested by the Company
in one or more 

  

 
written notices (each, a “Drawdown Notice”) delivered to you at least 30 days prior to the requested date, at one or more closings (each, a
“Closing”), or in such other amount, at such other place, day or time as may be agreed upon by the Company and you. Each Drawdown Notice shall request a draw of $50,000,000; provided, that the final Drawdown Notice
shall request a draw of $22,000,000. At each Closing the Company will deliver to you the Note to be purchased by you at such Closing in the form of a single Note dated the date of such Closing and registered in your name, against delivery by you to
the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to account number
[                    ] at
[                    ] Bank, [Insert Bank address, ABA number for wire transfers, and any other relevant wire transfer information].

  

	4.	CONDITIONS TO CLOSING 

  
 Your obligation to purchase and pay for the Notes to be sold to you at the relevant Closing is subject to the fulfillment, prior to or at the relevant
Closing, of the following conditions: 
  

	4.1.	Representations and Warranties 

  
 The representations and warranties of the Company in this Agreement shall be true and correct in all material respects on the date of this Agreement and
at the time of the Closing (unless any such representation or warranty is expressly stated to be given as of a different date). 
  

	4.2.	Performance; No Default 

  
 The Company shall have performed and complied in all material respects with all agreements and conditions contained in this Agreement required to be
performed or complied with by it prior to or at the relevant Closing. There shall not have occurred and be continuing an Event of Default under this Agreement or the Senior Loan Facilities. 
  

	4.3.	Compliance Certificates 

  
 (a) Officer’s Certificate. The Company shall have delivered to you an Officer’s Certificate, dated the date of the Closing, certifying
that the conditions specified in Sections 4.1 and 4.2 have been fulfilled. 
  
 (b) Secretary’s Certificate. The Company shall have delivered to you a certificate certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution
and delivery of the Notes and the Agreement. 
  

	4.4.	Purchase Permitted By Applicable Law, etc. 

  
 On the date of the Closing your purchase of Notes shall (i) be permitted by the laws and regulations of the Macau Special Administrative Region of the
People’s Republic of China, the United States of America and the State of Nevada and (ii) not violate any applicable law or regulation that could reasonably be expected to restrain, prevent or otherwise impose materially adverse conditions on
the issuance of the Notes. 
  

	4.5.	Base Equity 

  
 Not less than $230,000,000 shall have been irrevocably and unconditionally contributed as “Base Equity” (as defined in the Common Terms
Agreement) to the Company. 
  

	4.6.	Litigation 

  
 There shall not be pending or, to our knowledge, threatened, any action, suit, investigation, litigation or proceeding in any court or before any
arbitrator or governmental instrumentality that would reasonably be expected to have a material adverse effect on the issuance of or performance of the Notes. 
  

	5.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

  
 The Company represents and warrants to you that: 
  

	5.1.	Organization; Power and Authority 

  
 The Company has been duly organized and is validly existing as a company under the laws of the Macau Special Administrative Region of the People’s
Republic of China, with power and authority to own or lease and operate its properties and conduct its business and to enter into and to perform its obligations under this Agreement and the Notes. 
  

	5.2.	Authorization, etc. 

  
 The execution and delivery of, and the performance by the Company of its obligations under, this Agreement and the Notes have been duly and validly
authorized by all necessary action on the part of the Company, and this Agreement has been, and each Note will be at the Closing, duly executed and delivered by the Company. 
  

	5.3.	Enforceability 

  
 Assuming due and valid authorization, execution and delivery thereof by you, this Agreement is, and when issued and delivered in accordance with the terms
of this Agreement, each Note will be, a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and (ii) the availability of the remedy of specific performance or injunctive or other forms of equitable relief may be subject to
equitable defenses and would be subject to the discretion of the court before which any proceeding therefor may be brought. 
  

	5.4.	No Material Adverse Change 

  
 There is no action, suit, claim or proceeding pending or, to the knowledge of the Company, threatened (A) against the Company or (B) that has as the
subject thereof any officer or director of, or property owned or leased by or to, the Company, in each case, before any court or administrative agency or otherwise where, in any such case, there is both a reasonable possibility of such action, suit
or proceeding being determined adversely to the Company and where any such action, suit, claim or proceeding, if so determined adversely, would reasonably be expected to result in a Material Adverse Change, or prevent, adversely 

  

 
affect, hinder or delay the consummation of the transactions contemplated by this Agreement or the performance by the Company of its obligations hereunder or
under the Notes. 
  

	6.	REPRESENTATIONS OF THE PURCHASER 

  
 You represent and warrant to the Company that: 
  

	6.1.	Organization; Power and Authority 

  
 Purchaser has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction of organization, with power
and authority to enter into and to perform its obligations under this Agreement. 
  

	6.2.	Authorization, etc. 

  
 The execution and delivery of, and the performance by Purchaser of its obligations under, this Agreement have been duly and validly authorized by all
necessary action on its part, and Purchaser has duly executed and delivered this Agreement. 
  

	6.3.	Enforceability 

  
 Assuming due and valid authorization, execution and delivery thereof by the Company, this Agreement is a valid and binding obligation of Purchaser
enforceable against Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of
creditors’ rights generally and (ii) the availability of the remedy of specific performance or injunctive or other forms of equitable relief may be subject to equitable defenses and would be subject to the discretion of the court before which
any proceeding therefor may be brought. 
  

	7.	PREPAYMENT OF THE NOTES 

  

	7.1.	Mandatory Prepayments 

  
 From and after the date on which all obligations under the Senior Loan Facilities have been discharged, the mandatory prepayment provisions of Schedule 9
of the Common Terms Agreement (or the prepayment provisions of any amended, supplemental, refinanced or replacement Senior Loan Facilities) shall apply mutatis mutandis to the Notes where the context permits such construction, and to the
extent the context does not permit such construction, such provisions shall apply as closely as possible under the circumstances. 
  

	7.2.	Mandatory Disposition or Redemption Pursuant to Gaming Laws 

  
 Notwithstanding any other provision hereof, if any Gaming Authority requires a holder or beneficial owner of Notes to be licensed, qualified or found
suitable under any applicable Gaming Law and the holder or beneficial owner (1) fails to apply for a license, qualification or finding of suitability within 30 days after being requested to do so (or such lesser period as required by the Gaming
Authority), or (2) is notified by a Gaming Authority that it shall not be licensed, qualified or found suitable, the Company shall have the right, at its option, to: 
  
 (a) require the holder or beneficial owner to dispose of its Notes within 30 days (or such lesser period as required by the
Gaming Authority) following the earlier of: 
  
 (1) the termination of the period described above for the holder or beneficial owner to apply for a license, qualification or finding of suitability; or 
  

 (2) the receipt of the notice from the Gaming Authority that the holder or beneficial
owner shall not be licensed, qualified or found suitable by the Gaming Authority; or 
  
 (b) redeem the Notes of the holder or beneficial owner at a redemption price equal to: 
  
 (1) the price determined by the Gaming Authority; or 
  
 (2) if the Gaming Authority does not determine a price, the lesser of: 
  
 (A) the principal amount of the Notes; and 
  
 (B) the price that the holder or beneficial owner paid for
the Notes, 
  
 and in the case of (A) or (B), together with accrued and unpaid
interest on the Notes to the earlier of (1) the date of redemption or such earlier date as is required by the Gaming Authority or (2) the date of the finding of unsuitability by the Gaming Authority, which may be less than 30 days following the
notice of redemption. Immediately upon a determination by a Gaming Authority that a holder or beneficial owner of Notes shall not be licensed, qualified or found suitable, the holder or beneficial owner shall not have any further rights with respect
to the Notes to: 
  
 (i) exercise, directly or indirectly, through
any Person, any right conferred by the Notes, this Agreement or the Deed of Appointment and Priority; or 
  
 (ii) receive any interest or any other distribution or payment with respect to the Notes, or any remuneration in any form from the Company for services
rendered or otherwise, except the redemption price of the Notes. 
  
 The Company is not required to pay or reimburse any holder or beneficial owner of Notes who is required to apply for such license, qualification or finding of suitability for the costs relating thereto. Those expenses shall be the
obligation of the holder or beneficial owner. 
  

	7.3.	Optional Prepayments 

  
 The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes at 100% of the
principal amount so prepaid, without premium. The Company will give you written notice of each optional prepayment under this Section 7.3 not less than 7 days and not more than 30 days prior to the date fixed for such prepayment. Each such notice
shall specify such date, the aggregate principal amount of the Notes to be prepaid on such date, and the interest to be paid on the prepayment date with respect to such principal amount being prepaid. 
  

	7.4.	Maturity; Surrender, etc. 

  
 In the case of each prepayment of Notes pursuant to this Section 7, the principal amount of each Note to be prepaid shall mature and become due and
payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the
interest, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled. 
  

	8.	COVENANTS OF THE COMPANY 

  

	8.1.	Senior Loan Facilities Covenants 

  
 The covenants of Schedule 5 of the Common Terms Agreement (or the covenants of any amended, supplemented, refinanced or replacement Senior Loan
Facilities) shall apply mutatis mutandis to the Notes where the context permits such construction, and to the extent the context does not permit such construction, such provisions shall apply as closely as possible under the circumstances.
Any and all waivers, consents or approvals made or given, or deemed given, by the holders of the Senior Indebtedness (or any agent or adviser acting on their behalf) under the Senior Loan Facilities shall apply to the Notes with the same effect as
if the waiver had been given by the holders of the Notes. 
  

	8.2.	Aggregate Principal Amount of Senior Indebtedness 

  
 Notwithstanding Section 8.1, the Company shall not amend, supplement, refinance or replace the Senior Loan Facilities such that the principal amount of
funded Senior Indebtedness outstanding at any time exceeds $800,000,000 (or if the Company incurs Financial Indebtedness (as defined in the Common Terms Agreement) permitted under paragraph 2(f) of Schedule 5 Part B of the Common Terms Agreement,
$800,000,000 plus an amount being 150% of the aggregate amount of such Financial Indebtedness incurred by the Company). 
  

	9.	COVENANTS OF THE HOLDERS OF NOTES 

  
 It is the express intention of the parties that the Company is entitled to have outstanding at any time up to $800,000,000 (or if the Company incurs
Financial Indebtedness (as defined in the Common Terms Agreement) permitted under paragraph 2(f) of Schedule 5 Part B of the Common Terms Agreement, $800,000,000 plus an amount being 150% of the aggregate amount of such Financial Indebtedness
incurred by the Company) aggregate principal amount of funded Senior Indebtedness. To this end, each holder of Notes shall cooperate with the Company in its incurrence of Senior Indebtedness by taking all actions requested by the Company to
facilitate such incurrence, including, without limitation, entering into intercreditor agreements that, taken as a whole, are not less favorable to the holders of Notes than the terms of the Deed of Appointment and Priority. 
  

	10.	EVENTS OF DEFAULT 

  
 The events of default in Schedule 10 of the Common Terms Agreement (or the events of default of any amended, supplemented, refinanced or replacement
Senior Loan Facilities) (each, an “Event of Default”) shall apply mutatis mutandis to the Notes where the 

  

 
context permits such construction, and to the extent the context does not permit such construction, such provisions shall apply as closely as possible under
the circumstances. Any and all waivers of a Default or an Event of Default given, or deemed given, by the holders of the Senior Indebtedness (or any agent or adviser acting on their behalf) under the Senior Loan Facilities shall apply to the Notes
with the same effect as if the waiver had been given by the holders of the Notes. 
  

	11.	REMEDIES ON DEFAULT, ETC. 

  

	11.1.	Deed of Appointment and Priority 

  
 No holder of Notes may exercise any rights or remedies or take any action in respect of the breach of any provision of this Agreement or the Notes or upon
the occurrence and continuation of an Event of Default except as provided in the Deed of Appointment and Priority (or the provisions of any amended, supplemented, refinanced or replacement agreement governing intercreditor arrangements). Any
proceeds from the exercise of remedies in accordance with the Deed of Appointment and Priority shall be applied in accordance with the terms of the Deed of Appointment and Priority (or the provisions of any amended, supplemented, refinanced or
replacement agreement governing intercreditor arrangements). 
  

	12.	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 

  

	12.1.	Registration of Notes 

  
 The Company shall keep at its principal executive office a register for the registration (and registration of transfers) of Notes. The name and address of
each holder of Notes, and, subject to Section 12.2, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. Prior to due presentment for registration of transfer, the Person in
whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. 
  

	12.2.	Transfer and Exchange of Notes 

  
 Except as provided in the Deed of Appointment and Priority or in Section 7.2 hereof, the rights of each holder of Notes under this Agreement and the Notes
may not be assigned or transferred without the consent of the holders of the Senior Indebtedness, such consent not to be unreasonably withheld. Except as provided in the Deed of Appointment and Priority, the rights of each holder of Notes under this
Agreement and the Notes may not be assigned or transferred without the prior written consent of the Company. Subject to compliance with applicable law, obtaining the requisite consents and to the execution of deeds of accession acceptable to the
holders of the Senior Indebtedness and the Company, upon surrender of any Note at the principal executive office of the Company for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or
accompanied by a written instrument of transfer duly executed by the registered holder of such Note or his attorney duly authorized in writing and accompanied by the address for notices of each transferee of such Note or part thereof), the Company
shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the
surrendered Note. Each such new Note 

  

 
shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1. Each such new Note shall be dated and bear
interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax
or governmental charge imposed in respect of any such transfer of Notes. Each Note may be transferred only in whole, and not in part. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to
have made the representations set forth in Schedule B as of the date of transfer and shall be deemed to have agreed to, and shall be subject to, all terms and provisions of this Agreement and the Notes. 
  

	12.3.	Replacement of Notes 

  
 Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note, and

  
 (a) in the case of loss, theft or destruction, of an indemnity
reasonably satisfactory to it, or 
  
 (b) in the case of
mutilation, upon surrender and cancellation thereof, 
  
 the Company at its own
expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or
mutilated Note if no interest shall have been paid thereon. 
  

	13.	PAYMENTS ON NOTES 

  

	13.1.	Place of Payment 

  
 The Company will pay, or arrange for payment of, all sums becoming due on such Note for principal and interest by wire transfer of immediately available
funds to an account specified in writing by the holder of such Note. Upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, you shall surrender such Note for cancellation,
promptly after any such request, to the Company at its principal executive office. Prior to any sale or other disposition of any Note held by you, you will surrender such Note to the Company in exchange for a new Note or Notes in accordance with
Section 12.2. 
  

	14.	EXPENSES, ETC. 

  

	14.1.	Transaction Expenses 

  
 All costs and expenses incurred by the Purchaser in connection with this Agreement and the consummation of the transactions contemplated hereby shall be
paid by the Purchaser, and all costs and expenses incurred by the Company in connection with this Agreement and the consummation of the transactions contemplated hereby shall be paid by the Company. 
  

	15.	ENTIRE AGREEMENT 

  
 This Agreement, the Notes and the Deed of Appointment and Priority, embody the entire agreement and understanding between you and the Company and
supersede all prior agreements and understandings relating to the subject matter hereof. 
  

	16.	AMENDMENT AND WAIVER 

  
 16.1. Requirements 
  
 Except as otherwise provided in Sections 8 and 10, this Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written
consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3 or 4 hereof will be effective as to you unless consented to by you in writing, and (b) no such amendment or waiver
may, without the written consent of the holder of each Note at the time outstanding affected thereby, (i) subject to the provisions of Sections 8 and 10, change the amount or time of any prepayment or payment of principal of, or reduce the rate or
change the time of payment or method of computation of interest on the Notes, or (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver. 
  

	16.2.	Binding Effect, etc. 

  
 Any amendment or waiver consented to as provided in this Agreement applies equally to all holders of Notes and is binding upon them and upon each future
holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No course of dealing between the Company and the holder of any Note nor any delay in exercising any rights hereunder or
under any Note shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.

  

	17.	NOTICES 

  
 All notices and communications provided for hereunder shall be in writing and sent (a) by facsimile if the sender on the same day sends a confirming copy
of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid). Any such
notice must be sent: 
  
 (i) if to you, at the address specified
on the first page of this Agreement, or at such other address as you shall have specified to the Company in writing, 
  
 (ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or

  
 (iii) if to the Company, to the Company at its address set
forth on the first page of this Agreement beginning hereof to the attention of the General Counsel, or at such other address as the Company shall have specified to the holder of each Note in writing. 

  

 
Notices under this Section 17 will be deemed given on the third Business Day after transmittal. 
  

	18.	CONFIDENTIAL INFORMATION 

  
 For the purposes of this Section 18, “Confidential Information” means information delivered to you or your representatives by or on
behalf of the Company in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature or confidential information of the Company or any Affiliate of the Company, provided, that
such term does not include information that (a) was publicly known prior to the time of such disclosure, or (b) subsequently becomes publicly known through no act or omission by you or any Person acting on your behalf. You will maintain the
confidentiality of such Confidential Information and not disclose it to any other Person; provided, that you may deliver or disclose Confidential Information to (i) your directors, officers, employees, agents, attorneys and affiliates
(to the extent such disclosure reasonably relates to the administration of the investment represented by your Notes), (ii) your financial advisors and other professional advisors who agree to hold confidential the Confidential Information
substantially in accordance with the terms of this Section 18, (iii) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation or order applicable to you, (B) in
response to any subpoena or other legal process, (C) in connection with any litigation to which you are a party, or (D) as may be provided for in the Deed of Appointment and Priority. 
  

	19.	CROSS ACCELERATION 

  
 If the maturity of the Senior Indebtedness is accelerated following the occurrence of an event of default thereunder, the maturity of the Notes shall be
accelerated to the maturity date of the Senior Indebtedness upon receipt by the Company of a written notice signed by the Required Holders stating their election to accelerate the maturity of the Notes. Any exercise of rights or remedies by the
holders of the Notes shall be subject to the provisions of Section 11. 
  

	20.	MISCELLANEOUS 

  
 20.1. Security 
  
 The
performance by the Company of its obligations under the Notes is secured as set forth in the Deed of Appointment and Priority. 
  

	20.2.	Subordination 

  
 The obligations of the Company under the Notes and this Agreement, and all security interests, liens and encumbrances granted to secure such obligations,
are subordinated as set forth in the Deed of Appointment and Priority. 
  

	20.3.	Successors and Assigns 

  
 All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their
respective permitted successors and assigns. 
  

	20.4.	Payments Due on Non-Business Days 

  
 Anything in this Agreement or the Notes to the contrary notwithstanding, any payment of principal or interest on any Note that is due on a date other than
a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day. 
  

	20.5.	Severability 

  
 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such
provision in any other jurisdiction. 
  

	20.6.	Construction 

  
 Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein,
so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is
prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 
  

	20.7.	Counterparts 

  
 This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one
instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
  

	20.8.	Governing Law 

  
 This Agreement and the Notes shall be governed by and construed in accordance with the internal laws of the State of New York including, without
limitation, Sections 5-1401 and 5-1402 of the New York general obligations law and Rule 327(b) of the New York Civil Practice Laws and Rules. The Company and Purchaser hereby irrevocably submit to the jurisdiction of any New York state court sitting
in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this Agreement or the Notes, and
irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts. The Company and Purchaser irrevocably waive, to the fullest extent they may effectively do so under applicable law,
any objection which they may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. 
  
 *    *    *    *    * 
  
 [Signatures Appear on Following Page] 
  

 If you are in agreement with the foregoing, please sign the form of agreement on the accompanying
counterpart of this Agreement and return it to the Company, whereupon the foregoing shall become a binding agreement between you and the Company dated as of the first day written above. 
  

			
	 Very truly yours,

	
	 WYNN RESORTS (MACAU), S.A.

		
	 By:
	 	/s/    MATT MADDOX        
	 Name:
	 	Matt Maddox
	 Title:
	 	Chief Financial Officer

  

			
	 ACKNOWLEDGED AND AGREED:

	
	 WYNN GROUP ASIA, INC.

		
	 By:
	 	/s/    MATT MADDOX        
	 Name:
	 	Matt Maddox
	 Title:
	 	Attorney

  

  
 SCHEDULE A 

 
 DEFINED TERMS 
  
 As used herein, the following terms have the respective meanings set forth
below or set forth in the Section hereof following such term: 
  
 “Affiliate” means, at any time, and with respect to any Person, (a) any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control
with, such first Person, and (b) any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or equity interests of the Company or any Subsidiary or any corporation of which the Company and its Subsidiaries
beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity interests. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference
to an Affiliate of the Company. 
  
 “Business
Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York or the Macau Special Administrative Region of the People’s Republic of China are required or authorized to be closed.

  
 “Closing” is defined in Section 3.

  
 “Common Terms Agreement” means the Common
Terms Agreement, dated as of September     , 2004, by and among the Company, the holders of the Senior Indebtedness and the other parties thereto, relating to the financing of the Company’s proposed hotel-casino
resort in Macau. 
  
 “Company” is defined in the
first paragraph of this Agreement. 
  
 “Confidential
Information” is defined in Section 18. 
  
 “Deed
of Appointment and Priority” means the Deed of Appointment and Priority, dated as of September     , 2004, by and among the Company, the Purchaser and the other parties thereto. 
  
 “Event of Default” is defined in Section 10. 
  
 “holder” means, with respect to any Note, the Person in
whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1. 
  
 “Gaming Authority” means any agency, authority, board, bureau, commission, department, office or instrumentality of any nature whatsoever
of the United States federal government, any foreign government, any state, province or city or other 

  

 
political subdivision or otherwise, whether now or hereafter in existence, including the Nevada Gaming Commission, the Nevada State Gaming Control Board, the
Clark County Liquor and Gaming Licensing Board, and similar or analogous agency or authority in the Macau Special Administrative Region of the People’s Republic of China, and any other applicable gaming regulatory authority or agency, in each
case, with authority to regulate any gaming operation (or proposed gaming operation) owned, managed or operated by the Company or any of its Affiliates. 
  
 “Gaming Law” means the gaming laws, rules, regulations or ordinances of any jurisdiction or jurisdictions to which the Company or any of
its Affiliates is, or may be at any time after the date hereof, subject. 
  
 “Material Adverse Change” means a material adverse change in the business, properties, assets, operations or financial condition of the Company and its subsidiaries taken as a whole, whether or not
occurring in the ordinary course of business. 
  
 “Notes” is defined in Section 1. 
  
 “Officer’s Certificate” means a certificate of the President, General Manager, Chief Financial Officer, Treasurer or any Vice President of the Company. 
  
 “Person” means an individual, partnership, corporation, limited liability company, association, trust,
unincorporated organization, or a government or agency or political subdivision thereof. 
  
 “Purchaser” is defined in the first paragraph of this Agreement. 
  
 “Required Holders” means, at any time, the holders of in excess of 50% in principal amount of the Notes at the time outstanding.

  
 “$” denotes the lawful currency of the United
States of America. 
  
 “Securities Act” means the
Securities Act of 1933, as amended. 
  
 “Senior Loan
Facilities” means the credit facilities, loan agreements, letters of credit or other agreements pursuant to which Senior Indebtedness is incurred, and initially includes the Senior Finance Documents (as defined in the Common Terms
Agreement). 
  
 “Senior Indebtedness” means
indebtedness designated by the Company in an amount funded at any given time not in excess of $800,000,000 (or if the Company incurs Financial Indebtedness (as defined in the Common Terms Agreement) permitted under paragraph 2(f) of Schedule 5 Part
B of the Common Terms Agreement, $800,000,000 plus an amount being 150% of the aggregate amount of such Financial Indebtedness incurred by the Company) (exclusive of any indebtedness under the “Performance Bond Facility Agreement” (as
defined in the Common Terms Agreement)), which shall rank senior to the Notes in accordance with the Deed of Appointment and Priority.

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