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Exhibit 10.60  

 SHARE SUBSCRIPTION AND SHAREHOLDERS' AGREEMENT  

by and among 

S.H.W. & CO. LIMITED,  

 SKKG LIMITED,  

 L'ARC DE TRIOMPHE LIMITED,  

 CLASSIC WAVE LIMITED,  

 YANY KWAN YAN CHI,  

 LI TAI FOON,  

 KWAN YAN MING,  

 WONG CHI SENG,  

 WYNN RESORTS INTERNATIONAL, LTD.,  

and 

WYNN RESORTS (MACAU) HOLDINGS, LTD.  

as of October 15, 2002 

  

 
 

TABLE OF CONTENTS

	 
	 	 
	 	 
	 	PAGE NO.

	R E C I T A L S:	 	1
	
ARTICLE 1 DEFINITIONS AND REFERENCES	
 	
1
	 	 	1.1	 	Definitions	 	1
	 	 	1.2	 	References	 	5
	
ARTICLE 2 ISSUANCE OF THE CLASS A SHARES	
 	
6
	 	 	2.1	 	Undertaking to Deliver Shares	 	6
	 	 	2.2	 	Undertaking to Subscribe and Pay Subscription Amounts	 	6
	 	 	2.3	 	Issuance of Subscription Shares	 	6
	 	 	2.4	 	Subscription Amounts	 	7
	 	 	2.5	 	The Closing	 	7
	
ARTICLE 3 MANAGEMENT OF THE COMPANY	
 	
7
	 	 	3.1	 	Charter Documents	 	7
	 	 	3.2	 	Business of the Company	 	8
	 	 	3.3	 	Composition of the Board	 	8
	 	 	3.4	 	Chairman of the Board	 	8
	 	 	3.5	 	Meetings of the Board	 	8
	 	 	3.6	 	Meetings of the Shareholders	 	8
	 	 	3.7	 	Design, Development, and Management Agreements	 	9
	
ARTICLE 4 SHARES	
 	
9
	 	 	4.1	 	Capital of the Company	 	9
	 	 	4.2	 	Class B Shares	 	9
	 	 	4.3	 	SHW Shares	 	9
	 	 	4.4	 	SKKG Shares	 	10
	 	 	4.5	 	AT Shares	 	10
	 	 	4.6	 	CW Shares	 	10
	
ARTICLE 5 FINANCIAL MATTERS	
 	
10
	 	 	5.1	 	Arm's Length Transactions	 	10
	 	 	5.2	 	Bank Accounts	 	10
	 	 	5.3	 	Books and Records	 	11
	 	 	5.4	 	Audit	 	11
	 	 	5.5	 	Reports to Shareholders	 	11
	 	 	5.6	 	Reimbursement of Expenses	 	11
	 	 	5.7	 	Initial Capital Contributions	 	11
	 	 	5.8	 	Capital Requirements	 	11
	 	 	5.9	 	Security for Financing	 	12
	 	 	5.10	 	Additional Capital Contributions and Shareholder Loans	 	12
	 	 	5.11	 	Additional Capital Contributions for SHW and Owners of SHW Shares	 	13
	
ARTICLE 6 TRANSFERS OF SHARES	
 	
13
	 	 	6.1	 	Restrictions on Transfer	 	13
	 	 	6.2	 	Right of First Refusal	 	13

i

 

	 	 	6.3	 	Unsuitability	 	15
	 	 	6.4	 	Family Transfers	 	15
	 	 	6.5	 	Public Offering of Shares in Wynn Hong Kong	 	15
	 	 	6.6	 	Legend on Share Certificates; Safekeeping of Share Certificates	 	15
	
ARTICLE 7 REPRESENTATIONS, WARRANTIES, AND COVENANTS	
 	
16
	 	 	7.1	 	Representations and Warranties of the Investors and Beneficial Owners	 	16
	 	 	7.2	 	Representations and Warranties of the Company	 	17
	 	 	7.3	 	Covenants of Investors and Beneficial Owners	 	18
	
ARTICLE 8 TERM AND TERMINATION	
 	
19
	 	 	8.1	 	Term	 	19
	 	 	8.2	 	Events of Default	 	19
	 	 	8.3	 	Remedies Upon Events of Default	 	19
	 	 	8.4	 	Manner of Exercise	 	19
	 	 	8.5	 	Closing	 	20
	 	 	8.6	 	Enforcement of Rights	 	20
	
ARTICLE 9 INDEMNIFICATION	
 	
20
	 	 	9.1	 	Indemnification by Investors and Beneficial Owners	 	20
	 	 	9.2	 	Indemnification by the Company	 	20
	 	 	9.3	 	Claims for Indemnification	 	20
	 	 	9.4	 	Defense by Indemnifying Party	 	21
	 	 	9.5	 	Manner of Indemnification	 	21
	
ARTICLE 10 CONFIDENTIALITY	
 	
21
	
ARTICLE 11 MISCELLANEOUS	
 	
22
	 	 	11.1	 	Notices	 	22
	 	 	11.2	 	Assignment	 	23
	 	 	11.3	 	Successors and Permitted Transferees	 	23
	 	 	11.4	 	Governing Law	 	24
	 	 	11.5	 	Modifications, Amendments, and Waivers	 	24
	 	 	11.6	 	Not for Benefit of Creditors	 	24
	 	 	11.7	 	Force Majeure	 	24
	 	 	11.8	 	Time of Essence	 	24
	 	 	11.9	 	Severability	 	24
	 	 	11.10	 	Survival	 	24
	 	 	11.11	 	Specific Performance	 	25
	 	 	11.12	 	Entire Agreement	 	25
	 	 	11.13	 	Counterparts	 	25

ii

 

EXHIBITS

	A	 	—	 	Charter Documents of the Company
	B	 	—	 	Charter Documents of Investors
	C	 	—	 	Resolutions of Class A Shareholders
	D	 	—	 	Resolutions of the Company
	E	 	—	 	Allocation of Class A Shares
	F	 	—	 	Investors' and Beneficial Owners' Declarations
	G	 	—	 	Example of Application of Dilution Formula

iii

 
 

SHARE SUBSCRIPTION AND SHAREHOLDERS' AGREEMENT

        THIS SHARE SUBSCRIPTION AND SHAREHOLDERS' AGREEMENT is made and entered into as of October 15, 2002, by and among  S.H.W. & CO. LIMITED, SKKG LIMITED, L'ARC DE TRIOMPHE LIMITED,
CLASSIC WAVE LIMITED, YANY KWAN YAN CHI, LI TAI FOON, KWAN YAN MING, WONG CHI SENG, WYNN
RESORTS INTERNATIONAL, LTD., and WYNN RESORTS (MACAU) HOLDINGS, LTD.

 
 

R E C I T A L S:    
  

        WHEREAS, the Company currently owns the Wynn Hong Kong Shares; and 

        WHEREAS, Wynn Hong Kong currently owns the Wynn Macau Shares; and 

        WHEREAS, Wynn International currently owns all six hundred fifty-seven (657) of the issued and outstanding Class B Shares,
and 

        WHEREAS, Wong currently owns one (1) Class A Share; and 

        WHEREAS, the Investors wish to invest in the Company and to subscribe for Class A Shares in accordance with, and subject to, the
terms and conditions of this Agreement; and 

        WHEREAS, after the issuance of three hundred forty-two (342) Class A Shares in accordance with this Agreement,
the six hundred fifty-seven (657) Class B Shares issued and outstanding will constitute sixty-five and seven-tenths of one percent (65.7%) of the capital of, and rights to
dividends and distributions from, the Company and seventy-nine and three-tenths of one percent (79.3%) of the voting power in the Company; and 

        WHEREAS, after the issuance of the three hundred forty-two (342) Class A Shares in accordance with this
Agreement, the three hundred forty-three (343) issued and outstanding Class A Shares shall, in the
aggregate, constitute thirty-four and three-tenths of one percent (34.3%) of the authorized capital of, and rights to dividends and other distributions from, the Company and twenty and
seven-tenths of one percent (20.7%) of the voting power in the Company; and 

        WHEREAS, the Parties wish to record their understandings regarding the Investors' acquisitions of the Class A Shares, the
management of the Company, and the structure of their respective investments in the Company, and to provide for future dealings in the Shares, the interests in the Investors, the Company, this
Agreement, and any portion of or interests in any of the foregoing; 

        NOW, THEREFORE, in consideration of the foregoing recitals, the mutual representations, warranties, covenants, and agreements set forth in
this Agreement, and other good and valuable consideration, the receipt and adequacy of which hereby are acknowledged, the Parties agree as follows: 

 
 

ARTICLE 1
  DEFINITIONS AND REFERENCES

        1.1    Definitions.    

        For
purposes of this Agreement, the following capitalized terms have the following respective meanings: 

        "Affiliate" of a Person means any Person that, directly or indirectly, through one (1) or more intermediaries, owns, is owned by,
or is under common ownership with such first Person, to the extent of more than twenty percent (20%) of (a) the beneficial interests of such Person, or (b) the voting power of such
Person. For the purpose of determining ownership of any Person other than an individual, an individual shall be considered as owning any voting securities or other beneficial interests owned by such
individual's spouse, ancestors, lineal descendants, and siblings (including, without limitation, any individual related by or through legal adoption), or a trust for the benefit of any of the
foregoing. 

 

        "Agreement" means this Share Subscription and Shareholders' Agreement by and among the Parties. 

        "AT" means L'Arc de Triomphe Limited, a private company limited by shares organized with limited liability and existing
under the laws of the Isle of Man. 

        "AT Shares" means the thirty-nine (39) Class A Shares to be subscribed for by AT pursuant to this Agreement. 

        "AT Subscription Amount" means Five Hundred Seventy-Seven Thousand Seventy-Nine Dollars ($577,079). 

        "Beneficial Owners" of the Investors and the Class A Shares means (a) Wong, with respect to SHW and the SHW Shares,
(b) Yany Kwan and Li Tai Foon, with respect to SKKG and the SKKG Shares, and (c) Wilson Kwan, with respect to AT, CW, the AT Shares, and the CW Shares. 

        "Board" means the Board of Directors of the Company. 

        "Business Day" means a day on which banks are open for business in the MSAR and New York. 

        "Chairman" means the Chairman of the Board of the Company, as appointed pursuant to Section 3.4. 

        "Charter Documents" of an entity means the memorandum and articles of association, bylaws, and other organizational or governing documents
of such entity. 

        "Class A Shares" means the one thousand two hundred (1,200) authorized Shares of the Company's Class A ordinary voting stock
of One United Kingdom Pound Sterling (£1.00) par value each. 

        "Class B Shares" means the eight hundred (800) authorized Shares of the Company's Class B special enhanced voting
stock of One United Kingdom Pound Sterling (£1.00) par value each, of which six hundred fifty-seven (657) are registered in the name of, and beneficially owned by, Wynn
International. 

        "Closing" has the meaning ascribed to that term in Section 2.5. 

        "Company" means Wynn Resorts (Macau) Holdings, Ltd., a private limited company organized with limited liability and existing under
the laws of the Isle of Man. 

        "Company Value" means the fair market value of an interest in the Company or a Shareholder, as the case may be, as appraised by the
Company's auditors or investment bankers or another independent appraiser selected by the Board. In appraising the Company, a Shareholder, or the equity interests therein, the appraiser shall make its
appraisal on a fair market value basis as a going concern and shall ascribe a value to each interest in such entity equal to the appraised value of the relevant entity divided by the total interests
therein. 

        "CW" means Classic Wave Limited, a private company limited by shares organized with limited liability and existing under the laws of the
Isle of Man. 

        "CW Shares" means the thirty-nine (39) Class A Shares to be subscribed for by CW pursuant to this Agreement. 

        "CW Subscription Amount" means Five Hundred Seventy-Seven Thousand Seventy-Nine Dollars ($577,079). 

        "Defaulting Investor" has the meaning ascribed to that term in Section 8.3. 

        "Default Price" has the meaning ascribed to that term in Section 8.3. 

2

 

        "Director" means a member of the Board. 

        "Directors" means more than one (1) Director. 

        "Dollars" and "$" means units of the lawful currency of the United States of America. 

        "Effective Date" means the date first set forth above. 

        "Event of Default" means any of the events described in Section 8.2. 

        "Family" of an individual means such individual's parents, spouse, lineal descendants, and siblings, if any (including, without
limitation, any individual related by or through legal adoption), or a trust for the exclusive benefit of any of the foregoing. 

        "FCPA" has the meaning ascribed to that term in Section 7.1(m). 

        "Gaming Authority" means those national, state, local, and other governmental, regulatory, and administrative authorities, agencies,
boards, and officials responsible for or involved in the regulation of gaming or gaming activities or the interpretation or enforcement of Gaming Laws in any jurisdiction and, within (a) the
MSAR, specifically, the MSAR Gambling Inspection and Coordination Bureau and the MSAR Gaming Commission, and (b) the State of Nevada, specifically, the Nevada Gaming Commission, the Nevada
State Gaming Control Board, and the Clark County Liquor and Gaming Licensing Board. 

        "Gaming Laws" means those laws pursuant to which any Gaming Authority possesses regulatory, licensing, or permit authority over gaming
within any jurisdiction and, within (a) the MSAR, specifically, Law No. 16/2001, Administrative Regulations No. 26/2001, Administrative Rule
No. 2002-15-16, and any Concession Contract granting to Wynn Macau the concession to conduct casino gaming activities in the MSAR, as any of the same may be amended from
time to time, and (b) the State of Nevada, specifically, the Nevada Gaming Control Act, as codified in Nevada Revised Statutes Chapter 463, and the Clark County Code, the regulations of the
Nevada Gaming Commission promulgated thereunder, as any of the same may be amended from time to time. 

        "Gaming Licenses" means all concessions, licenses, permits, approvals, authorizations, registrations, findings of suitability, franchises,
and entitlements issued by any Gaming Authority necessary for or relating to the conduct of activities under the Gaming Laws. 

        "Gaming Problem" means, with respect to any of the Investors, the Beneficial Owners, or any of their respective Affiliates, any
circumstance such that the respective Investor or Beneficial Owner's participation in the Company or any of its Affiliates is deemed likely, in the sole and absolute discretion of the Company or Wynn
International, based on verifiable information or information received from any Gaming Authority or otherwise, to preclude or materially delay, impede, or impair the ability of the Company, Wynn
International, any Affiliate of either of them, or any business entity with respect to which the Company, Wynn International, or such Affiliate holds or intends to hold a
Gaming License, to obtain or retain any Gaming License, or to result in the imposition of disciplinary action, including, without limitation, materially burdensome terms and conditions on any Gaming
License. 

        "Indemnified Party" means a Party entitled to be indemnified pursuant to Article 9. 

        "Indemnifying Party" means a Party required to indemnify an Indemnified Party pursuant to Article 9. 

        "Information" has the meaning ascribed to that term in Article 10. 

        "Investor" means any one (1) of the Investors. 

3

 

        "Investor Directors" means the two (2) members of the Board to be nominated by the Investors, as a group, in accordance with
Section 3.3. 

        "Investors" means all of AT, CW, SHW, and SKKG. 

        "Li Tai Foon" means Li Tai Foon, an individual who is married to Yany Kwan. 

        "MSAR" means the Macau Special Administrative Region of the People's Republic of China. 

        "Notice" has the meaning ascribed to that term in Section 11.1. 

        "Offer" has the meaning ascribed to that term in Section 6.2(a). 

        "Parties" means all of Wong, Yany Kwan, Li Tai Foon, Wilson Kwan, AT, CW, SHW, SKKG, Wynn International, and the Company. 

        "Party" means any one (1) of the Parties. 

        "Person" means any individual, partnership, association, corporation, company, trust, governmental authority, or other entity having a
separate legal personality. 

        "Pounds" and "£" means United Kingdom Pounds Sterling, units of the lawful
currency of the United Kingdom. 

        "Reference Rate" means the three (3)-month, Dollar ($) London Interbank Offered Rate in effect from time to time (or such other rate as
the Parties shall agree if such rate shall not be in effect at any time). 

        "Securities Authority" means those national, state, local, and other governmental regulatory, and administrative authorities, agencies,
boards, and offices responsible for or involved in the regulation of securities and the offer, sale, and trading of securities and the administration or enforcement of laws relating to securities. 

        "Securities Problem" means, with respect to any Investor, Beneficial Owner, or any of his or its Affiliates, any circumstances such that
such Investor's or Beneficial Owner's participation in the Company or any of its Affiliates is deemed likely, in the sole and absolute discretion of the Company or Wynn International, based on
verifiable information or information received from any Securities Authority or otherwise, to preclude or materially delay, impede, or impair the ability of the Company, Wynn International, or any
Affiliate of either of them to offer, sell, or trade securities, or to result in the imposition of disciplinary action, including, without limitation, materially burdensome terms and conditions on any
such offer, sale, or trading of securities. 

        "SHW" means S.H.W. & Co. Limited, a private company limited by shares organized with limited liability existing under the laws of
the Isle of Man. 

        "SHW Shares" means the one hundred ninety-five (195) Class A Shares to be subscribed for by SHW pursuant to this
Agreement and the one (1) Class A Share already owned by Wong which is to be transferred by Wong to SHW. 

        "SHW Subscription Amount" means Three Hundred Eighty-Five Thousand Three Hundred Ninety-Four Dollars ($385,394). 

        "Shareholder" means any of the Investors or Wynn International. 

        "Shareholders" means all of the Investors and Wynn International. 

        "Share" means one of the Shares. 

        "Shares" means the Class A Shares and the Class B Shares, including any increases in the numbers of such Shares as is made
pursuant to Section 5.10 or otherwise. 

4

 

        "SKKG" means SKKG Limited, a private company limited by shares organized with limited liability and existing under the laws of the Isle of
Man. 

        "SKKG Shares" means the sixty-nine (69) Class A Shares to be subscribed for by SKKG pursuant to this Agreement. 

        "SKKG Subscription Amount" means One Million Nine Thousand Eight Hundred Eighty-Eight Dollars ($1,009,888). 

        "Subscription Amounts" means the amounts to be paid by the Investors to the Company for the Class A Shares at the Closing in
accordance with Sections 2.2, 2.3, and 2.4. 

        "Transfer" has the meaning ascribed to that term in Section 6.1. 

        "Wilson Kwan" means Kwan Yan Ming, an individual. 

        "Wong" means Wong Chi Seng, an individual. 

        "Wynn Hong Kong" means Wynn Resorts (Macau), Limited, a private company limited by shares organized with limited liability and existing
under the laws of Hong Kong. 

        "Wynn Hong Kong Shares" means the one hundred (100) ordinary voting shares of Wynn Hong Kong currently beneficially owned by the
Company (one (1) of which shares is registered in the name of Wynn International, as nominee for the Company), which shares constitutes one hundred percent (100%) of the issued and outstanding
capital of Wynn Hong Kong. 

        "Wynn International" means Wynn Resorts International, Ltd., a private company limited by shares organized with limited liability
and existing under the laws of the Isle of Man. 

        "Wynn International Directors" has the meaning ascribed to that term in Section 3.3. 

        "Wynn Macau" means Wynn Resorts (Macau), S.A., a company limited by shares organized with limited liability and existing under the laws of
the MSAR. 

        "Wynn Macau Shareholders' Agreement" means that certain Shareholders' Agreement by and among Wynn International, Wynn Hong Kong, Wynn
Macau, and Wong Chi Seng dated of even date herewith. 

        "Wynn Macau Shares" means the one hundred two thousand (102,000) shares of the Class B voting stock, One Thousand Macau Patacas
(MOP 1,000) par value each, of Wynn Macau, which constitute fifty-one percent (51%) of the voting power in, capital of, and rights to receive dividends and other distributions from, Wynn
Macau. 

        "Yany Kwan" means Yany Kwan Yan Chi, an individual who is married to Li Tai Foon. 

        1.2    References.    

        (a)    Articles, Sections, and Exhibits.    Any reference in this Agreement to an Article,
Section, or Exhibit is, unless otherwise stated, a reference to an Article, Section, or Exhibit of or to this Agreement. 

        (b)    Headings.    Headings set forth in this Agreement are for ease of reference only and
shall not affect the construction of this Agreement. 

        (c)    References to Documents.    References to this Agreement or any other agreement,
instrument, or document referred to in this Agreement shall be construed as references to this Agreement or, as the case may be, such other agreement, instrument, or document, as the same may have
been, or may from time to time be, amended, varied, novated, or supplemented. 

5

 

        (d)    Number.    Words importing the singular include the plural and vice versa. 

        (e)    Gender.    Words importing a gender include any gender or neuter. 

        (f)    Speech; Grammar.    Other parts of speech and grammatical forms of a word or phrase
defined in this Agreement have corresponding meanings. 

        (g)    Parties.    A reference to a Party to this Agreement includes that Party's successors
and permitted assigns. 

        (h)    Business Day.    Where the day on or by which any thing is to be done is not a Business
Day, that thing must be done on or by the immediately succeeding Business Day. 

        (i)    Preparation of Documents.    No rule of construction shall apply to the disadvantage of
a Party because that Party or its legal counsel was responsible for the preparation of this Agreement or any part of it. 

 
 

ARTICLE 2
  ISSUANCE OF THE CLASS A SHARES

        2.1    Undertaking to Deliver Shares.    

        The
Company hereby undertakes to each of the Investors that, in accordance with, and subject to, the terms and conditions of this Agreement, including, without limitation, Sections 2.3
and 2.4, it will allot and issue to each Person whose name is set forth on Exhibit E the number of Shares set forth next to such Person's name on such Exhibit E, in exchange for the
Subscription Amount set forth next to such Person's name on such Exhibit E. 

        2.2    Undertaking to Subscribe and Pay Subscription Amounts.    

        (a)    SHW.    SHW hereby undertakes to the Company and Wynn International that, in accordance
with, and subject to, the terms and conditions of this Agreement, including, without limitation, Sections 2.3 and 2.4, it will (i) subscribe for the one hundred ninety-five
(195) SHW Shares not currently owned by Wong, and (ii) pay the SHW Subscription Amount. 

        (b)    SKKG.    SKKG hereby undertakes to the Company and Wynn International that, in
accordance with, and subject to, the terms and conditions of this Agreement, including, without limitation, Sections 2.3 and 2.4, it will (i) subscribe for the SKKG Shares, and (ii) pay
the SKKG Subscription Amount. 

        (c)    AT.    AT hereby undertakes to the Company and Wynn International that, in accordance
with, and subject to, the terms and conditions of this Agreement, including, without limitation, Sections 2.3 and 2.4, it will (i) subscribe for the AT Shares, and (ii) pay the AT
Subscription Amount. 

        (d)    CW.    CW hereby undertakes to the Company and Wynn International that, in accordance
with, and subject to, the terms and conditions of this Agreement, including, without limitation, Sections 2.3 and 2.4, it will (i) subscribe for the CW Shares, and (ii) pay the CW
Subscription Amount. 

        2.3    Issuance of Subscription Shares.    

        (a)    SHW.    At the Closing (i) Wong shall transfer to SHW the one
(1) Class A Share currently owned by him, (ii) the Company shall deliver to SHW one (1) or more share certificates issued in the name of SHW representing the SHW Shares,
duly executed by the Company, and (iii) SHW shall deliver to the Company payment of the SHW Subscription Amount in accordance with Section 2.4(a). 

6

  

        (b)    SKKG.    At the Closing (i) the Company shall deliver to SKKG a share
certificate issued in the name of SKKG representing the SKKG Shares, duly executed by the Company, and (ii) SKKG shall deliver to the Company payment of the SKKG Subscription Amount in
accordance with Section 2.4(b). 

        (c)    AT.    At the Closing (i) the Company shall deliver to AT a share certificate
issued in the name of AT representing the AT Shares, duly executed by the Company, and (ii) AT shall deliver to the Company payment of the AT Subscription Amount in accordance with
Section 2.4(c). 

        (d)    CW.    At the Closing (i) the Company shall deliver to CW a share certificate
issued in the name of CW representing the CW Shares, duly executed by the Company, and (ii) CW shall deliver to the Company payment of the CW Subscription Amount in accordance with
Section 2.4(d). 

        2.4    Subscription Amounts.    

        (a)    SHW.    At the Closing, SHW shall pay to the Company in exchange for the SHW Shares the
entire SHW Subscription Amount, by registered or certified bank check or wire transfer of immediately available funds, to the account or accounts designated by the Company. 

        (b)    SKKG.    At the Closing, SKKG shall pay to the Company in exchange for the SKKG Shares
the entire SKKG Subscription Amount, by registered or certified bank check or wire transfer of immediately available funds, to the account or accounts designated by the Company. 

        (c)    AT.    At the Closing, AT shall pay to the Company in exchange for the AT Shares the
entire AT Subscription Amount, by registered or certified bank check or wire transfer of immediately available funds, to the account or accounts designated by the Company. 

        (d)    CW.    At the Closing, CW shall pay to the Company in exchange for the CW Shares the
entire CW Subscription Amount, by registered or certified bank check or wire transfer of immediately available funds, to the account or accounts designated by the Company. 

        2.5    The Closing.    

        The
delivery to the Investors of the Class A Shares and the payment by the Investors of their respective Subscription Amounts shall take place at Avenida Praia Grande,
n.° 429, 21st Floor, Ed. Nam Wan Commercial Centre, Macau at 3:00 p.m., Macau time, on October 15, 2002, or at such other time and place as the Company and the Investors
mutually shall agree (which time and place are referred to in this Agreement as the "Closing"). 

 
 

ARTICLE 3
  MANAGEMENT OF THE COMPANY

        3.1    Charter Documents.    

        The
Company shall operate pursuant to the terms of its Charter Documents and this Agreement. To the extent that the terms of this Agreement do not conflict with the terms of the
Company's Charter Documents, the terms of this Agreement shall prevail. Each Investor and Beneficial Owner hereby agrees to vote all Shares and take all other actions necessary or appropriate to
ensure that the Company's Charter Documents do not at any time conflict with the provisions of this Agreement and shall not vote to approve (or consent to the approval of) any amendment to the
Company's Charter Documents which would be inconsistent with or contrary to the intention of this Agreement. 

7

 

        3.2    Business of the Company.    

        The
businesses to be conducted by the Company and its Affiliates shall be as follows: 

        (a)    Ownership of Wynn Hong Kong Shares.    The Company currently beneficially owns all of
the Wynn Hong Kong Shares. 

        (b)    Wynn Hong Kong.    Wynn Hong Kong currently owns all of the Wynn Macau Shares. 

        (c)    Increase of Capital.    The Company may seek additional investors to provide capital to
the Company, Wynn Hong Kong, and/or Wynn Macau and may issue additional debt and/or equity securities in the Company, Wynn Hong Kong, and/or Wynn Macau in connection therewith. 

        (d)    The Company and Affiliates.    In addition to the matters described in Sections 3.2(a),
3.2(b), and 3.2(c), the Company may engage in such other businesses as the Board may decide to undertake from time to time, whether or not associated with the foregoing. 

        3.3    Composition of the Board.    

        Subject
to the terms of this Agreement, the Company shall be managed by the Board. Each of the Shareholders agrees to vote its Shares to ensure that at all times the Board shall include
(a) five (5) Persons nominated by Wynn International (the "Wynn International Directors"), and (b) two (2) Persons nominated by the Investors, as a group (the "Investor
Directors"). 

        3.4    Chairman of the Board.    

        The
Directors shall designate one (1) of the Wynn International Directors to serve as Chairman of the Board. The Chairman of the Board shall have an additional casting or
tie-breaking vote in the event of a deadlock in votes of the Directors. 

        3.5    Meetings of the Board.    

        Meetings
of the Board may be called at any time by the Chairman. The Chairman shall ensure that such meetings are held at least four (4) times each year at such locations and at
such times as the Chairman of the Board shall designate. Meetings of the Board may be held in person or by audio or video conference or Board action may be taken by unanimous written consent of all
Directors. The presence, in person or by proxy, of at least three (3) Directors, including at least three (3) of which shall be Wynn International Directors, shall be required to
constitute a quorum for any meeting of the Board. Decisions of the Board shall be made by majority vote of the Directors present, in person or by proxy, at any duly constituted meeting of the Board at
which a quorum is present. 

        3.6    Meetings of the Shareholders.    

        Meetings
of the Shareholders may be called at any time by any Shareholder, upon at least thirty (30) day's Notice to all Shareholders. The Shareholders shall ensure that such
meetings are held at least once each year at such locations and at such times as the Chairman of the Board shall designate. Meetings of the Shareholders may be held in person or by audio or video
conference or Shareholder action may be taken by unanimous written consent of all Shareholders. The presence, in person or by proxy, of the holders of at least fifty-one percent (51%) of
the total number of votes or their designated representatives shall be required to constitute a quorum for any meeting of the Shareholders. Decisions of the Shareholders shall be made by majority of
the votes to which the Shares are entitled by the holders of Shares or their designated representatives present, in person or by proxy, at any duly-constituted Shareholders' meeting at
which a quorum is present. As provided in the Company's Charter Documents, each issued and outstanding Class A Share shall be entitled to one (1) vote and each issued and outstanding
Class B Share shall be entitled to two (2) votes on each matter for which Shareholders vote. 

8

 

        3.7    Design, Development, and Management Agreements.    

        Wynn
International or one (1) or more of its Affiliates will enter into one (1) or more agreements with Wynn Macau relating to the design, development, and operation of one
(1) or more of the projects to be owned or operated by Wynn Macau, at fees to be agreed by such parties. 

 
 

ARTICLE 4
  SHARES

        4.1    Capital of the Company.    

        The
entire registered capital of the Company consists solely of Two Thousand Pounds (£2,000.00), divided into two thousand (2,000) Shares of One Pound (£1.00) par
value each, including one thousand two hundred (1,200) Class A Shares and eight hundred (800) Class B Shares. Each Class A Share entitles the holder thereof to rights
identical to those of each other Class A Share, including, without limitation, rights to distributions of capital upon liquidation of the Company, voting rights, and rights to dividends and
other distributions from the Company. Each Class B Share entitles the holder thereof to rights identical to those of each other Class B Share, including, without limitation, rights to
distributions of capital upon liquidation of the Company, voting rights, and rights to dividends and other distributions
from the Company. Each Class A Share entitles the holder thereof to rights identical to those of each Class B Share, including, without limitation, rights to distributions of capital
upon liquidation of the Company and rights to dividends and other distributions from the Company; provided, however, that (a) each Class A Share shall be entitled to one (1) vote
and each Class B Share shall be entitled to two (2) votes on each matter for which Shareholders vote and such votes of Class A Shares and Class B Shares shall always be
subject to Section 3.3, and (b) the Class B Shares shall be entitled to a liquidation preference of any amount required to be contributed to the Company by Wong, SHW, or any owner
or owners from time to time of the SHW Shares pursuant to Section 5.11. All of the Shares are duly authorized, and after the Closing, the Company's issued and outstanding Shares will be legally
and beneficially owned by the Shareholders in the proportions set forth in Sections 4.2 through 4.7, and without restriction on the right of Transfer thereof except as provided in this Agreement.
There are no Shares held in the treasury of the Company. Except as provided in this Agreement, there are no outstanding warrants, options, contracts, calls, convertible securities, or other rights of
any kind with regard to any authorized but unissued, or issued but not outstanding, Shares or other securities of the Company of any kind. The Company has no right or obligation to purchase or redeem
any Shares or other securities of the Company of any kind. 

        4.2    Class B Shares.    

        Wynn
International owns six hundred fifty-seven (657) of the authorized, issued, and outstanding Class B Shares, free and clear of any lien, mortgage, or other interest or
encumbrance, except as provided in this Agreement. After the Closing (a) the Class B Shares shall constitute (i) sixty-five and seven-tenths of one percent (65.7%) of
the issued and outstanding capital of, and rights to dividends and distributions from, the Company, and (ii) seventy-nine and three-tenths of one percent (79.3%) of the issued and
outstanding voting power in the Company, and (b) the Class B Shares shall be entitled to a liquidation preference of any amount required to be contributed to the Company by Wong, SHW, or
any owner or owners from time to time of the SHW Shares pursuant to Section 5.11. 

        4.3    SHW Shares.    

        After
the Closing and the transfer to SHW by Wong of the one (1) Class A Share currently held in Wong's name, SHW will own all of the SHW Shares, which Class A
Shares in the aggregate will represent (a) nineteen and six-tenths of one percent (19.6%) of the issued and outstanding capital of, and rights to dividends and distributions from,
the Company (subject to the liquidation preference of the Class B Shares for any amount required to be contributed to the Company by Wong, SHW, or any 

9

 

owner or owners from time to time of the SHW Shares pursuant to Section 5.11), and (b) eleven and eighty-three one-hundredths of one percent (11.83%) of the issued and
outstanding voting power of the Company, free and clear of any lien, mortgage, or other interest or encumbrance, except as provided in this Agreement. 

        4.4    SKKG Shares.    

        After
the Closing, SKKG will own all of the SKKG Shares, which Class A Shares in the aggregate will represent (a) six and nine-tenths of one percent (6.9%) of
the issued and outstanding capital of, and rights to dividends and distributions from, the Company (subject to the liquidation preference of the Class B Shares for any amount required to be
contributed to the Company by Wong, SHW, or any owner or owners from time to time of the SHW Shares pursuant to Section 5.11), and (b) four and sixteen one-hundredths of one
percent (4.16%) of the issued and outstanding voting power of the Company, free and clear of any lien, mortgage, or other interest or encumbrance, except as provided in this Agreement. 

        4.5    AT Shares.    

        After
the Closing, AT will own all of the AT Shares, which Class A Shares in the aggregate will represent (a) three and nine-tenths of one percent (3.9%) of the
issued and outstanding capital of, and rights to dividends and distributions from, the Company (subject to the liquidation preference of the Class B Shares for any amount required to be
contributed to the Company by Wong, SHW, or any owner or owners from time to time of the SHW Shares pursuant to Section 5.11), and (b) two and thirty-five
one-hundredths of one percent (2.35%) of the issued and outstanding voting power of the Company, free and clear of any lien, mortgage, or other interest or encumbrance, except as provided
in this Agreement. 

        4.6    CW Shares.    

        After
the Closing, CW will own all of the CW Shares, which Class A Shares in the aggregate will represent (a) three and nine-tenths of one percent (3.9%) of the
issued and outstanding capital of, and rights to dividends and distributions from, the Company (subject to the liquidation preference of the Class B Shares for any amount required to be
contributed to the Company by Wong, SHW, or any owner or owners from time to time of the SHW Shares pursuant to Section 5.11), and (b) two and thirty-five
one-hundredths of one percent (2.35%) of the issued and outstanding voting power of the Company, free and clear of any lien, mortgage, or other interest or encumbrance, except as provided
in this Agreement. 

 
 

ARTICLE 5
  FINANCIAL MATTERS

        5.1    Arm's Length Transactions.    

        All
transactions into which the Company enters with any Person, including, without limitation, the Shareholders or their respective Affiliates, shall be at arm's length. 

        5.2    Bank Accounts.    

        The
Company shall maintain accounts in its name in one (1) or more banks or other institutional depositories selected by the Board, and the cash funds of the Company shall be kept
in such accounts. The funds in such accounts shall be withdrawn only on the signatures of individuals designated by the Board. 

10

 

        5.3    Books and Records.    

        The
Company shall maintain proper and complete books of account. Such books shall be open for inspection by the Shareholders at the Company's corporate office during normal business
hours. 

        5.4    Audit.    

        The
Board shall have an audit performed of the accounts of the Company at the end of each fiscal year of the Company. The Board shall appoint and retain a major firm of international
auditors for the Company during the term of this Agreement. 

        5.5    Reports to Shareholders.    

        The
Board shall provide the Shareholders with the Company's unaudited quarterly financial statements within ninety (90) days after the end of each of its fiscal quarters and its
audited annual financial statements within one hundred twenty (120) days after the close of each of its fiscal years. 

        5.6    Reimbursement of Expenses.    

        The
Company shall reimburse Wynn International and its Affiliates, at cost, for all out-of-pocket costs and expenses incurred by it and its Affiliates in the
establishment, maintenance, and operation of the Company, Wynn Hong Kong, Wynn Macau, Wynn International, and their respective businesses. 

        5.7    Initial Capital Contributions.    

        (a)    Wynn International.    Wynn International is deemed to have contributed Fourteen
Million Fifty-Four Thousand Four Hundred Ninety-Eight Dollars ($14,054,498) to the capital of the Company in the form of cash and shares in Wynn Macau. 

        (b)    SHW.    After making payment of the SHW Subscription Amount to the Company, SHW will be
deemed to have contributed Three Hundred Eighty-Five Thousand Three Hundred Ninety-Four Dollars ($385,394) to the capital of the Company in the form of cash and shares in Wynn
Macau. 

        (c)    SKKG.    After making payment of the SKKG Subscription Amount
to the Company, SKKG shall be deemed to have contributed One Million Nine Thousand Eight Hundred Eighty-Eight Dollars ($1,009,888) to the capital of the Company. 

        (d)    AT.    After making payment of the AT Subscription Amount to the Company, AT shall be
deemed to have contributed Five Hundred Seventy-Seven Thousand Seventy-Nine Dollars ($577,079) to the capital of the Company. 

        (e)    CW.    After making payment of the CW Subscription Amount to the Company, CW shall be
deemed to have contributed Five Hundred Seventy-Seven Thousand Seventy-Nine Dollars ($577,079) to the capital of the Company. 

        5.8    Capital Requirements.    

        It
is anticipated that the total capital requirements for the Company, Wynn Hong Kong, and Wynn Macau, including the costs of establishing and maintaining such entities, securing a
concession for Wynn Macau to conduct casino games of chance and other games in the MSAR, purchasing or otherwise acquiring the right to use land in the MSAR, and constructing, developing, equipping,
and outfitting a casino resort in the MSAR and working capital, will be approximately Five Hundred Million to Six Hundred Million Dollars ($500,000,000-$600,000,000), of which amount
approximately
fifty to seventy percent (50-70%) is expected to be borrowed from commercial lenders and the remainder of which is expected to be provided as contributions of capital or subordinated loans
from one (1) or more of the Shareholders. 

11

 

        5.9    Security for Financing.    

        It
is anticipated that the value of the Company's interests in Wynn Hong Kong, the interests of Wynn Hong Kong in Wynn Macau, and the interests of Wynn Macau in land and work in progress
on the casino resort in the MSAR or any additional casino or casinos will provide sufficient security for any debt financing described in Section 5.8, but if additional security is required,
such security, including, without limitation, Shares, shall be provided by the Shareholders, in proportion to their holdings of Shares. In the event that Wong is required to provide security for
financing of Wynn Macau pursuant to Section 4.3 of the Wynn Macau Shareholders' Agreement, the obligation of SHW to provide security under this Section 5.9 shall be correspondingly
reduced by the amount of security so provided. 

        5.10    Additional Capital Contributions and Shareholder Loans.    

        In
addition to the initial capital contributions described in Section 5.7 and the financing and security provided for in Sections 5.8 and 5.9, in the event that the Board
determines that the Company, Wynn Hong Kong, or Wynn Macau requires funds, and the Company, Wynn Hong Kong, or Wynn Macau are unable to obtain or do not wish to obtain such funds from construction
contractors, commercial lenders, or through public or private offerings of debt or equity securities, the Shareholders shall be obligated to make additional capital contributions and loans to the
Company for such purposes within thirty (30) days after Notice of such capital requirement from the Board; provided, however, that the total amount that the Shareholders shall be obligated to
contribute and lend to the Company, or provide as security, including the amounts set forth in Sections 5.7, 5.8, and 5.9, shall be limited to Two Hundred Fifty Million Dollars ($250,000,000). All
capital contributions and loans made by the Shareholders shall (a) be in proportion to the number of Shares owned by them, (b) be made simultaneously, and (c) in the case of
loans, bear interest at the Reference Rate. Any Shareholder that does not make any such required contribution shall have his or its interests in the Company diluted according to the following formula.
In the event that at least one (1), but less than all, of the Shareholders makes a contribution required by the Board pursuant to this Section 5.10 (i) the Board shall determine the
Company Value before such contribution or contributions are made, and (ii) each such contribution shall be accorded a value which shall proportionately increase the Shares owned by each
contributing Shareholder by a factor of one and one-half (1.5) times the amount of that capital contribution. Each such increase of Shares shall be of the same class as the other Shares
held by such contributing Shareholder. To the extent necessary, the Company's Charter Documents shall be amended
to authorize such additional Shares as are necessary to evidence the increases in Shares pursuant to this Section 5.10. An example of the application of this dilution formula is provided in
Exhibit G attached hereto. In the event that Wong is required to contribute capital to Wynn Macau pursuant to Section 4.4 of the Wynn Macau Shareholders' Agreement, the obligation of SHW
to contribute capital under this Section 5.10 shall be correspondingly reduced by the amount of capital so provided and Wynn International shall be required to contribute to the Company the
amount not so contributed by SHW. Except as provided in the immediately preceding sentence, in the event of any failure by Wong to contribute capital pursuant to Section 4.4 of the Macau
Shareholders' Agreement, SHW's ownership interest in the Company shall be decreased by the same percentage as Wong's ownership interest in Wynn Macau is reduced pursuant to Section 4.4 of the
Macau Shareholders' Agreement, and the interests of Wynn International in Class B Shares shall be increased by the amount of such reduction. For example, if Wong's ownership interest in Wynn
Macau is reduced by twenty percent (20%) from ten percent (10%) to eight percent (8%), SHW's ownership interest in the Company (through Class A Shares) shall be reduced from nineteen and
six-tenths of one percent (19.6%) to fifteen and sixty-eight one-hundredths of one percent (15.68%) and Wynn International's ownership interest in the Company (through
Class B Shares) shall be increased from sixty-five and seven-tenths of one percent (65.7%) to sixty-nine and sixty-two one hundredths of one percent (69.62%). To the extent permitted by the
laws of the Isle of Man, any such reduction shall be effected by the purchase by the Company of Class A Shares for no value and the increase of Class B Shares for no additional
subscription amount and, to the extent that the Company does not have the power to so purchase such Class A Shares, by the increase in number of Class A Shares and Class B Shares
owned by Shareholders other than SHW for no additional subscription amount. 

12

  

        5.11    Additional Capital Contributions for SHW and Owners of SHW Shares.    

        In
the event (a) of the death, disability, retirement, removal, unsuitability, failure to remain a permanent resident of the MSAR, or other failure of Wong to serve as the
Executive Director of Wynn Macau, (b) of the liquidation of Wynn Macau or the Company, (c) Wong Transfers all or any portion of his interest in Wynn Macau, (d) Wong fails to make
any contribution of capital to Wynn Macau required pursuant to Section 4.4 of the Wynn Macau Shareholders' Agreement, or (e) of the occurrence of an Event of Default with respect to Wong
serving as Executive Director of Wynn Macau, then (i) Wong, (ii) SHW, and (iii) any owner or owners at any time and from time to time of any of the SHW Shares shall have the joint
and several obligation to contribute to the Company, without any corresponding increase in interest in the Company, any amount (A) received in payment for the redemption, liquidation, or
purchase of Class A Shares in Wynn Macau, in the case of a redemption, liquidation, or purchase of the Class A Shares in Wynn Macau pursuant to Section 6.4 of the Wynn Macau
Shareholders' Agreement or otherwise, or (B) any amount required to be contributed as capital to Wynn Macau pursuant to Section 4.4 of the Wynn Macau Shareholders' Agreement. For the
avoidance of doubt, the obligations imposed by this Section 5.11 shall be joint and several and shall apply not only to Wong and SHW, but also to any Transferee, owner, or owners of any SHW
Shares or any interest therein at any time and from time to time and such obligations shall only be satisfied after all amounts described in (A) and (B) of the immediately preceding
sentence have been contributed to the capital of the Company. This obligation shall run with the SHW Shares and shall not be extinguished by any Transfer of the SHW Shares or any interest therein. In
the event of a liquidation of both Wynn Macau and the Company, the Class B Shares shall be entitled to a liquidation preference of any amount required to be contributed to the Company by Wong,
SHW, or any owner or owners from time to time of any of the SHW Shares pursuant to this Section 5.11. 

 
 

ARTICLE 6
  TRANSFERS OF SHARES

        6.1    Restrictions on Transfer.    

        Except
as provided in Section 5.9 and this Article 6, each of the Investors and the Beneficial Owners agrees that he or it will not, directly or indirectly, sell, assign,
give, bequeath, transfer, pledge, or encumber any direct or indirect interest in, or portion of, his or its respective Shares or any Investor or
issue any shares or other equity interests in any Investor (a "Transfer"). Any attempted or purported Transfer or issuance in violation of this Article 6 shall not be recognized by the Company,
shall be null and void, ab initio, and shall not Transfer any rights to the purported Transferee. 

        6.2    Right of First Refusal.    

        (a)    Transfer or Issuance of Shares.    No Transfer may be made without the express written
consent of the Chairman, in his sole discretion. Any purported Transfer without such consent shall be void and of no effect. In addition, each of the Shareholders and the Beneficial Owners agrees that
he or it shall not, directly or indirectly, Transfer to any Person unless he or it first shall have made an offer to Transfer to the Company and the other Shareholders the interest in, or portion of,
the Shares or Investor that he or it proposes to Transfer in the manner prescribed in Section 6.2(a)(i) (an "Offer"), and the Offer shall not have been accepted in the manner as
prescribed in Section 6.2(a)(ii). 

         (i)    Making of the Offer.    If any of the Shareholders or the Beneficial Owners
proposes to Transfer, he or it
first shall give a Notice of the proposed Transfer to the Board and each of the other non-Transferring Shareholders and make an Offer to Transfer such interest in, or portion of, Shares or
Investor to the Company and the non-Transferring Shareholders, upon the terms and conditions of the proposed Transfer. The Offer shall set forth the name and 

13

 

address of the prospective Transferee, the price per Share of the Shares or the price per share of the shares of the Investor that are the subject of the proposed Transfer, and the terms and
conditions of the proposed Transfer. 

        (ii)    Acceptance of Offer.    After receiving the Offer, the Company (to the extent
it is permitted to do so under
the laws of the Isle of Man) and the non-Transferring Shareholders shall have ninety (90) days within which to elect to purchase all, but not less than all, of the Shares or shares
or other equity interests of an Investor, or interest therein or portion thereof, proposed to be Transferred, Notice of such acceptance to be communicated to the Transferring Shareholder, Beneficial
Owner, or issuing Investor within such ninety (90)-day period. In the event the Company wishes to purchase or subscribe for the Shares or shares or other equity interests of an Investor,
or interest therein or portion thereof proposed to be Transferred, and is permitted to do so under the laws of the Isle of Man, the Company shall have the right to purchase such Shares or subscribe
for such shares or other equity interests of an Investor before any non-Transferring Shareholders shall have any such right. To the extent the Company does not wish to purchase any such
Shares or subscribe for any such shares or other equity interests of an Investor, or is not permitted to do so under the laws of the Isle of Man, the non-Transferring Shareholders who wish
to purchase such Shares or shares or other equity interests of an Investor shall have the obligation to purchase such Shares, or subscribe for such shares or other equity interests of an Investor, in
proportion to the number of Shares owned by the non-Transferring Shareholders. If any non-Transferring Shareholder does not wish to purchase his or its proportionate amount of
such Shares or subscribe for shares or other equity interests of an Investor, the other non-Transferring Shareholders shall have the obligation to purchase such Shares or subscribe for
such shares or other equity interests
of an Investor in proportion to the number of Shares owned by each of them or all such Shares or shares or other equity interests of an Investor if no other non-Transferring Shareholders
wish to purchase Shares or subscribe for shares or other equity interests of an Investor. Any reference in this Article 6 to a Transfer of Shares to the Company shall be construed as a contract
with the Company to purchase its own Shares subject to the provisions of Part 1, Companies Act 1992 of the Isle of Man. 

        (b)    Consummation of Transfers.    Any Transfer to the Company or any
non-Transferring Shareholder by (i) a Transferring Investor or Beneficial Owner of any interest in, or portion of, Class A Shares or an Investor pursuant to this
Section 6.2, or (ii) Wynn International of any interest in, or portion of, Class B Shares pursuant to this Section 6.2 shall be consummated within ninety (90) days
after acceptance of the relevant Offer, subject to any disclosure, approval, or other requirements of any Gaming Authority or Securities Authority. No Transfer shall be complete and no Transfer shall
be registered in the books of the Company or any Investor until the prospective Transferee shall have (A) agreed to be bound by the terms of this Agreement as though he or it were a holder of
Shares and this Agreement shall have been amended to reflect the Transfer to such prospective Transferee, (B) complied with all approval, disclosures, and other requirements of any Gaming
Authority or Securities Authority, and (C) provided to the Company and any Gaming Authority, Securities Authority, or other relevant governmental authorities any information requested by the
Company or such Gaming Authority, Securities Authority, or other governmental authority regarding the Transfer or the suitability of the prospective Transferee to own the interest in, or portion of,
Shares or an Investor. 

        (c)    Release from Restriction.    If (i) an Offer is not accepted pursuant to
Section 6.2(a)(ii), or (ii) a purchase is not consummated within the ninety (90)-day period provided for in Section 6.2(b), the Transferring Shareholder, Beneficial
Owner, or Investor may make a bona fide Transfer of interests in, or portion of, the Shares or Investor to the prospective Transferee named in the relevant Offer only in strict accordance with the
terms and conditions stated in such Offer 

14

 

and only if, prior to such Transfer, the prospective Transferee shall have complied with all requirements of Section 6.2(b). If the Transferring Shareholder, Beneficial Owner, or Investor
shall fail to make such Transfer within ninety (90) days after the expiration of the 90-day time limit provided for the acceptance of the Offer by the Company or the
non-Transferring Shareholders, however, such interest in, or portion of, the Shares or Investor again shall become subject to all of the restrictions of this Article 6. 

        6.3    Unsuitability.    

        If,
at any time (a) any (i) Gaming Authority determines, or (ii) the gaming counsel of the Company or any of its Affiliates concludes, that (A) any of the
Investors, the Beneficial Owners, or any of their respective Affiliates is or may be unsuitable to hold a Gaming License or an interest in a Gaming License in any relevant jurisdiction, or
(B) a Gaming Problem exists or may exist with respect to such Investor or Beneficial Owner or any of his or its respective Affiliates, or (b) any (i) Securities Authority
determines, or (ii) the securities counsel of the Company or any of its Affiliates concludes, that a Securities Problem exists or may exist with respect to such Investor, Beneficial Owner, or
any of his or its respective Affiliates, the Company shall have the option (but not the obligation) to purchase (to the extent it is permitted to do so under the laws of the Isle of Man), and Wynn
International shall have
the option (but not the obligation) to purchase, all Class A Shares directly or indirectly owned by the Investor or Beneficial Owner who is so considered to be unsuitable or with respect to
which such Gaming Problem or Securities Problem exists or may exist in exchange for a cash payment in the amount of the relevant Subscription Amount for such Class A Shares. 

        6.4    Family Transfers.  

        The restrictions on Transfer contained in this Article 6 shall not apply to Transfers by Beneficial Owners to members of the Transferor's Family or by Wynn
International to any of its Affiliates; provided, however, that any such Transfer shall be subject to any disclosure, approval, or other requirements of any Gaming Authority or Securities Authority.
No such Transfer shall be complete and no Transfer shall be registered in the Company's books until the prospective Transferee shall have (a) agreed to be bound by the terms of this Agreement
as though he or it were a holder of Shares and this Agreement shall have been amended to reflect the Transfer to such prospective Transferee, (b) complied with all approval, disclosures, and
other requirements of any Gaming Authority or Securities Authority, and (c) provided to the Company and any Gaming Authority, Securities Authority, or other relevant governmental authorities
any information requested by the Company or such Gaming Authority, Securities Authority, or other governmental authority regarding the Transfer or the suitability of the prospective Transferee to own
the interest in, or portion of, Shares or Investor. 

        6.5    Public Offering of Shares in Wynn Hong Kong.  

        Except as set forth in the following sentence, if the Company decides to make a public offering of part or all of the shares of Wynn Hong Kong, then the holders
of the Class A Shares may be issued shares in Wynn Hong Kong in exchange for part or all of their Class A Shares. Whether, and to what extent, the holders of Class A Shares will
be entitled to exchange all or any portion of their Class A Shares for shares in Wynn Hong Kong shall be determined by Wynn International in the exercise of its reasonable discretion, taking
into consideration issues of control of Wynn Hong Kong and Wynn Macau, potential adverse tax consequences, stock exchange requirements, Macau legal and regulatory requirements (including, without
limitation, the requirements pertaining to the Executive Director of Wynn Macau), and other relevant issues. 

        6.6    Legend on Share Certificates; Safekeeping of Share Certificates.    

        All
certificates representing Shares or other direct or indirect interests in the Company, each Investor, and each of their respective Affiliates shall be kept under the control of the
Chairman. Each certificate representing the Shares, shares in each of the Investors, and each other direct or indirect 

15

 

interest in the Company or any Affiliate of the Company, now or hereafter held by the Shareholders, the Beneficial Owners, or their respective Affiliates shall be stamped with a legend in
substantially the following form: 

"The
transfer and encumbrance of, and rights in, the shares represented by this certificate are restricted under (a) the terms of a Share Subscription and Shareholders' Agreement, as amended
from time to time, a copy of which is on file at the office of Wynn Resorts (Macau) Holdings, Ltd., and (b) rules of the gaming and securities authorities of various jurisdictions." 

 
 

ARTICLE 7
  REPRESENTATIONS, WARRANTIES, AND COVENANTS

        7.1    Representations and Warranties of the Investors and Beneficial Owners.    

        Each
of the Investors and the Beneficial Owners hereby jointly and severally represents and warrants to the other Parties that: 

        (a)    Organization and Good Standing of Investors.    Each of the Investors is a private
company limited by shares duly organized, validly existing, and in good standing under the laws of the Isle of Man. The current and effective Charter Documents of the Investors are attached hereto as
Exhibits B-1, B-2, and B-3, respectively. 

        (b)    SHW.    SHW has one (1) ordinary share outstanding which (i) is legally
and beneficially owned by Wong, and (ii) constitutes one hundred percent (100%) of the issued and outstanding capital and equity interests in SHW. 

        (c)    SKKG.    SKKG has ten (10) ordinary shares outstanding (i) of which eight
(8) shares are legally and beneficially owned by Yany Kwan and two (2) shares are legally and beneficially owned by Li Tai Foon, and (ii) which constitute one hundred percent
(100%) of the issued and outstanding capital and equity interests in SKKG. 

        (d)    AT.    AT has one (1) ordinary share outstanding which (i) is legally and
beneficially owned by Wilson Kwan, and (ii) constitutes one hundred percent (100%) of the issued and outstanding capital and equity interests in AT. 

        (e)    CW.    CW has one (1) ordinary share outstanding which (i) is legally and
beneficially owned by Wilson Kwan, and (ii) constitutes one hundred percent (100%) of the issued and outstanding capital and equity interests in CW. 

        (f)    Wong.    Wong (i) is an individual who is a citizen and permanent resident of
the MSAR, (ii) possesses full beneficial ownership of all legal and economic rights associated with the SHW Shares, (iii) does not act as a nominee or representative for any Person in
respect of any interest in the SHW Shares, and (iv) has made all required disclosures to all relevant Gaming Authorities. 

        (g)    Yany Kwan.    Yany Kwan (i) is an individual who is a citizen of the United
States of America, (ii) is married to Li Tai Foon, (iii) possesses full beneficial ownership of all legal and economic rights associated with eighty percent (80%) of the SKKG Shares,
(iv) does not act as a nominee or representative for any Person in respect of any interest in the SKKG Shares, and (v) has made all required disclosures to all relevant Gaming
Authorities. 

        (h)    Li Tai Foon.    Li Tai Foon (i) is an individual who is a citizen of the United
States of America, (ii) is married to Yany Kwan, (iii) possesses full beneficial ownership of all legal and economic rights associated with twenty percent (20%) of the SKKG Shares,
(iv) does not act as a nominee or representative for any Person in respect of any interest in the SKKG Shares, and (v) has made all required disclosures to all relevant Gaming
Authorities. 

16

 

        (i)    Wilson Kwan.    Wilson Kwan (i) is an individual who is a citizen of Hong Kong,
(ii) possesses full beneficial ownership of all legal and economic rights associated with the AT Shares and the CW Shares, (iii) does not act as a nominee or representative for any
Person in respect of any interest in the AT Shares or the CW Shares, and (iv) has made all required disclosures to all relevant Gaming Authorities. 

        (j)    Power and Authority.    He or it has all requisite power and authority, corporate or
otherwise, to carry on his or its business as contemplated by this Agreement. 

        (k)    Authorization of Agreement.    He or it has all requisite power and authority,
corporate or otherwise, to enter into this Agreement and to consummate the transactions contemplated hereby. This Agreement (i) has been duly executed by him or it and delivered to the other
Parties, (ii) has been effectively authorized by all necessary action, corporate or otherwise, of him or it, and (iii) constitutes a legal, valid, and binding obligation of him or it. 

        (l)    No Breach of Other Instruments.    None of the execution, delivery, or performance of
this Agreement or any of the transactions contemplated hereby or the fulfillment by him or it of each of the terms and conditions hereof shall violate or conflict with, result in a breach of any of
the terms or conditions of, constitute a default (or any event which, with notice or lapse of time or both, would constitute a default) under, result in the termination of, accelerate the performance
required by, result in the forfeiture of any right of him or it under, or create any lien, security interest, charge, or encumbrance on any of his or its properties pursuant to any material agreement,
indenture, mortgage, bond, deed of trust, promissory note, lease, franchise, permit, license, registration, qualification, or other obligation or instrument to which he or it is a party or by which he
or it or any of his or its properties or assets is bound or affected, pursuant to the terms, conditions, and provisions of (i) any such agreement or instrument, (ii) any law, rule, or
regulation applicable to him or it, (iii) any order, writ, injunction, decree, or judgment of any court, governmental body, or arbitrator by which he or it is bound, or (iv) its Charter
Documents. 

        (m)    Foreign Corrupt Practices Act.    He or it has made or ordered no payment, taken no
action, and has directed no Person to make any payment or take any action, that violates or could violate the United States Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"). 

        (n)    Delivery of Resolutions of Consent.    Each of the Investors has delivered to the
Company the resolutions of its Board of Directors confirming its assent to this Agreement and the transactions contemplated hereby, copies of which are attached hereto as Exhibits C-1,
C-2, and C-3, respectively. 

        7.2    Representations and Warranties of the Company.    

        The
Company represents and warrants to the Shareholders that: 

        (a)    Organization, Good Standing, and Authority.    The Company is a private company limited
by shares duly organized, validly existing, and in good standing under the laws of the Isle of Man. The Company has the corporate power and authority to own and use its properties and to carry on all
business contemplated by this Agreement. 

        (b)    Charter Documents.    The current and effective Charter Documents of the Company are as
set forth in Exhibit A attached hereto. 

        (c)    Capitalization of the Company.    The entire registered, authorized, and outstanding
capital of the Company is as described in Article 4. 

        (d)    Authorization of Agreement.    The Company has all requisite power and authority to
enter into this Agreement and to consummate the transactions contemplated hereby. This Agreement (i) has been duly executed and delivered to the Shareholders by the Company, (ii) has
been 

17

 

effectively authorized by all necessary action, corporate or otherwise, of the Company, and (iii) constitutes a legal, valid, and binding obligation of the Company. 

        (e)    No Breach of Other Instruments.    None of the execution, delivery, or performance of
this Agreement or any of the transactions contemplated hereby or the fulfillment by the Company of each of the terms and conditions hereof shall violate or conflict with, result in a breach of any of
the terms or conditions of, constitute a default (or any event which, with notice or lapse of time or both, would constitute a default) under, result in the termination of, accelerate the performance
required by, result in the forfeiture of any right of the Company under, or create any lien, security interest, charge, or encumbrance on any of the properties of the Company pursuant to any material
agreement, indenture, mortgage, bond, deed of trust, promissory note, lease, franchise, permit, license, registration, qualification, or other obligation or instrument to which the Company is a party
or by which the Company or any of the properties or assets of the Company is bound or affected, pursuant to the terms, conditions, and provisions of (i) any such agreement or instrument,
(ii) any law, rule, or regulation applicable to the Company, (iii) any order, writ, injunction, decree, or judgment of any court, governmental body, or arbitrator by which the Company is
bound, or (iv) the Charter Documents of the Company. 

        (f)    Foreign Corrupt Practices Act.    It has made no payment and taken no action, and has
directed no Person to make any payment or take any action, that violates or could violate the FCPA. 

        (g)    Delivery of Resolutions of Consent.    It has delivered to the Shareholders the
resolutions of the Board confirming its assent to this Agreement and the transactions contemplated hereby, a copy of which is attached hereto as Exhibit D. 

        7.3    Covenants of Investors and Beneficial Owners.    

        Each
of the Investors and Beneficial Owners hereby covenants and agrees that, during the term of this Agreement, he or it shall: 

        (a)  take
no action and shall direct no Person to take any action that violates or could violate the FCPA, any Gaming Laws, or any Securities Laws; 

        (b)  retain
full beneficial ownership of all legal and economic rights associated with his or its interest in the Company or the Investor, as the case may be, as set forth in
Article 4 and Section 7.1, except to the extent of Transfers that comply with the requirements of Article 6; 

        (c)  take
no action and shall direct no Person to take any action to Transfer or issue any shares or other equity interests in any Investor except as permitted in
Article 6; 

        (d)  take
no action and shall direct no Person to take any action to amend the Charter Documents of any of the Investors; 

        (e)  make
all disclosures required of it to the Company and all relevant Gaming Authorities and Securities Authorities and cooperate with Wynn International and its
Affiliates to make any disclosures required of them to any relevant Gaming Authority or Securities Authority; 

        (f)    faithfully
observe the restrictions on Transfers of interests in or portions of Class A Shares or the Investor set forth in Article 6; and 

        (g)  perform
all obligations required of it under this Agreement. 

        Each
Investor and Beneficial Owner shall provide a sworn and notarized declaration of the matters contained in Section 7.1 and this Section 7.3 in the form attached hereto
as Exhibit F. 

18

  

 
 

ARTICLE 8
  TERM AND TERMINATION

        8.1    Term.    

        This
Agreement will continue in effect for so long as Wynn International or any of its Affiliates owns any of the Class B Shares, unless it is earlier terminated pursuant to the
terms of this Agreement; provided, however, that notwithstanding the termination of the Company under the laws of the Isle of Man, this Agreement shall continue in effect as a contract among the
Shareholders with respect to such provisions as impose a continuing obligation upon any of them. 

        8.2    Events of Default.    

        The
occurrence and continuation of any of the following events or circumstances by or with respect to an Investor or any Beneficial Owner of an Investor shall constitute an Event of
Default by such Investor or Beneficial Owner: 

        (a)  The
liquidation, bankruptcy, dissolution, or appointment of an administrator for any of the Investors or Beneficial Owners; 

        (b)  Any
failure by any Investor or Beneficial Owner to cure his or its material breach of any material provision of this Agreement within thirty (30) days following
Notice from the Company or Wynn International of such breach, including without limitation, the failure of an Investor to make any capital contribution to the Company required pursuant to
Section 5.10 or 5.11; 

        (c)  The
commission by any Investor or Beneficial Owner of any act of fraud or embezzlement or any other intentional misconduct that may adversely affect the business or
affairs of the Company, Wynn International, or any of their respective Affiliates; 

        (d)  The
existence or occurrence of any Gaming Problem or Securities Problem, or any violation of the FCPA, by or with respect to any of the Investors or Beneficial Owners;
or 

        (e)  The
Transfer or attempted Transfer of any interest in, or portion of, Class A Shares or any Investor, except as expressly permitted pursuant to this Agreement. 

        8.3    Remedies Upon Events of Default.    

        If
an Event of Default described in Section 8.2 has occurred and is continuing, the Company, Wynn International, or any Person designated by the Company or Wynn International,
shall have the right (but not the obligation) to purchase all Shares owned by the Investor or Beneficial Owner to which the Event of Default relates (each, a "Defaulting Investor") at an aggregate
price equal to the relevant Subscription Amount for such Shares plus additional capital contributions made by an Investor pursuant to Sections 5.10 and 5.11 (the "Default Price"). The exercise by the
Company or Wynn International of a right to purchase Shares pursuant to this Section 8.3 imposes no obligation on the Company or Wynn International to purchase any Shares and will not alter any
other rights to which the Company or the other Shareholders may be entitled at law or in equity, including, without limitation, any personal liability of any Party. 

        8.4    Manner of Exercise.    

        The
Company or Wynn International may exercise the option under Section 8.3 by Notice to the Defaulting Investor stating that all or part of the Shares directly or indirectly
owned by such Defaulting Investor or its Affiliates is being purchased and specifying the Event of Default giving rise to the option, which Notice shall be delivered to the Defaulting Investor within
sixty (60) days after the date upon which the Company learns of the Event of Default. 

19

 

        8.5    Closing.    

        The
closing of any redemption, purchase, or sale made pursuant to Sections 8.3 and 8.4 shall be held at a date, time, and place specified by the Company and Wynn International within
sixty (60) days following the exercise of the option under Section 8.3. 

        8.6    Enforcement of Rights.    

        Each
Investor and Beneficial Owner hereby covenants and agrees that he or it, as a Shareholder and, subject to any fiduciary duties, as a Director, shareholder, officer, or manager of
the Company, shall vote the same way as the majority of the other Shareholders, Directors, officers, or managers (as the case may be) in all matters relating to the exercise of any right or option or
the pursuit of any remedy under this Article 8. 

 
 

ARTICLE 9
  INDEMNIFICATION

        9.1    Indemnification by Investors and Beneficial Owners.    

        Each
Investor and Beneficial Owner hereby jointly and severally indemnifies the Company and holds the Company and its Affiliates harmless in respect of any and all claims, losses,
damages, liabilities, and expenses (including, without limitation, settlement costs and any legal, accounting, and other expenses of investigating or defending any actions, claims, or legal
proceedings, or threatened actions, claims, or legal proceedings and any taxes or other governmental charges payable in respect of any indemnification payments hereunder) incurred by the Company,
together with interest on cash disbursements in connection therewith at the Reference Rate from the date such cash disbursements were made by the Company until paid by any of the Shareholders, in
connection with the misrepresentation or breach of any representation, warranty, covenant, agreement, or obligation of any of the Investors and Beneficial Owners contained in this Agreement or any
other instrument contemplated by this Agreement. 

        9.2    Indemnification by the Company.    

        The
Company hereby indemnifies the Shareholders and holds the Shareholders and their respective Affiliates harmless in respect of any and all claims, losses, damages, liabilities, and
expenses (including, without limitation, settlement costs and any legal, accounting, or other expenses of investigating or defending any actions, claims, or legal proceedings or threatened actions,
claims, or legal proceedings and any taxes or other governmental charges payable in respect of any indemnification payments hereunder) incurred by the Shareholders or their Affiliates, together with
interest on cash
disbursements in connection therewith at the Reference Rate from the date that such cash disbursements were made by the Shareholders or their Affiliates until paid by the Company, in connection with
the misrepresentation or breach of any representation, warranty, covenant, agreement, or obligation of the Company contained in this Agreement or any other instrument contemplated by this Agreement. 

        9.3    Claims for Indemnification.    

        Whenever
any claim shall arise for indemnification hereunder, the Indemnified Party shall promptly give Notice to the Indemnifying Party of the claim and, when known, the facts
constituting the basis for such claim. In the event of any claim for indemnification hereunder resulting from or in connection with any action, claim, or legal proceedings by a Person who is not a
Party, the Notice to the Indemnifying Party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The Indemnified Party shall not settle or compromise
any action, claim, or legal proceeding by a third Person for which it is entitled to indemnification hereunder without the prior written consent of the Indemnifying Party (which consent shall not be
unreasonably withheld or 

20

 

delayed) unless such action, claim, or legal proceeding shall have been instituted against it and the Indemnifying Party shall not have taken control of such action, claim, or legal proceeding after
Notice thereof. 

        9.4    Defense by Indemnifying Party.    

        In
connection with any claim giving rise to indemnification hereunder resulting from or arising out of any action, claim, or legal proceeding by a Person who is not a Party, the
Indemnifying Party at its sole cost and expense may, upon Notice to the Indemnified Party, assume the defense of any such action, claim, or legal proceeding if it acknowledges to the Indemnified Party
in writing its obligation to indemnify the Indemnified Party pursuant to this Agreement in respect of such action, claim, or legal proceeding. The Indemnified Party shall be entitled to participate in
(but not control) the defense of any such action, claim, or legal proceeding with its own counsel and at its own expense. If the Indemnifying Party assumes the defense of any such action, claim, or
legal proceeding, the Indemnifying Party shall select counsel reasonably acceptable to the Indemnified Party to conduct the defense of such action, claim, or legal proceeding, and the Indemnifying
Party, at its sole cost and expense, shall take all steps necessary in the defense or settlement thereof. The Indemnifying Party shall not consent to a settlement of, or the entry of any judgment
arising from, any such action, claim, or legal proceeding without the prior written consent (which consent shall not be unreasonably withheld or delayed) of the Indemnified Party. If the Indemnifying
Party does not assume the defense of any such action, claim, or legal proceeding (a) the Indemnified Party may defend against such action, claim, or legal proceeding, in such manner as it may
deem appropriate, including, without limitation, settling such action, claim, or legal proceeding, after giving Notice of the same to the Indemnifying Party, on such terms as the Indemnified Party may
deem appropriate, and (b) the Indemnifying Party shall be entitled to participate in (but not control) the defense of such action, claim, or legal proceeding with its own counsel and at its own
expense. If the Indemnifying Party thereafter seeks to question the manner in which the Indemnified Party defended such third Person's action, claim, or legal proceeding or the
amount or nature of any such settlement, the Indemnifying Party shall have the burden to prove by a preponderance of the evidence that the Indemnified Party did not defend or settle such action,
claim, or legal Proceeding in a reasonably prudent manner. 

        9.5    Manner of Indemnification.    

        All
indemnification provided hereunder shall be effected, at the sole option of the Indemnified Party (a) out of a holdback or set-off against any payment of any
amount of any type payable to the Indemnifying Party or any of its Affiliates by the Indemnified Party or any of its Affiliates, or (b) by (i) the payment of cash in Dollars,
(ii) delivery of a certified or official bank check in Dollars, or (iii) a wire or telegraphic transfer of funds in Dollars, in each case by the Indemnifying Party. 

 
 

ARTICLE 10
  CONFIDENTIALITY

        Each
of the Company and each Investor and Beneficial Owner acknowledges that Wynn International and its Affiliates will make available to the Company, Wynn Hong Kong, Wynn Macau, and
their respective Affiliates certain technical assistance, documentation, information, and other matters in connection with the design, construction, development, maintenance, and operation of the
casino resort and gaming operations to be developed and operated by Wynn Macau and in connection therewith may provide the Company, the Investors, the Beneficial Owners, and their respective
Affiliates with certain documentation and information regarding the business of Wynn International and its Affiliates, (collectively, the "Information"). All of the Information shall remain the
property of Wynn International and its Affiliates and the disclosure of the Information shall not be deemed to confer upon the Company, any Investor or Beneficial Owner, or any of their respective
Affiliates, officers, directors, shareholders, employees, or agents any rights whatsoever in respect of any part of 

21

 

the Information. In consideration of receiving the Information, each of the Company, each Investor, and each Beneficial Owner hereby undertakes with Wynn International, on behalf of itself and each
of its respective Affiliates, officers, directors, shareholders, employees, and agents, whether or not any such Information is strictly confidential or proprietary: 

        (a)  not
to make any use of the Information for any purpose other than in accordance with this Agreement, and in particular, but without limitation, not to use any of the
Information for any commercial purpose; 

        (b)  to
hold all of the Information in the strictest confidence and not to disclose or divulge any part of the Information to any third Person without the prior written
consent of Wynn International, which may be withheld by Wynn International for any reason whatsoever, or, in the sole discretion of Wynn International, given on such terms and conditions as Wynn
International considers appropriate; 

        (c)  not
to make or solicit any announcement or disclosure regarding the Company, Wynn International, Wynn Hong Kong, Wynn Macau, any of their respective Affiliates, or the
business of any of them, unless Wynn International gives its express prior written consent; 

        (d)  to
restrict access to the Information to those of its responsible employees and professional advisers who absolutely require such access and to impose upon all such
employees and professional advisers obligations of confidentiality equivalent to those contained in this Agreement; 

        (e)  not
to copy, reproduce, or part with possession of any of the Information except as is strictly necessary and as is consistent with its obligations contained in this
Agreement; 

        (f)    immediately
on request by Wynn International at any time, to return to Wynn International or as Wynn International may direct all of the Information and all documents
and other material containing or embodying the Information (or any part thereof) together with all copies thereof, and in any event to promptly return all of such Information to Wynn International
upon the Termination of this Agreement; and 

        (g)  except
in accordance with this Agreement, not to, in any way, form, or manner whatsoever, make any use of the Information or any of the ideas, concepts, materials, or
documents comprising the Information. 

 
 

ARTICLE 11
  MISCELLANEOUS

        11.1    Notices.    

        All
notices, demands, and other communications required or permitted under this Agreement (each, a "Notice") shall be in writing and, at the option of the notifying Party, shall be
either (a) personally delivered, (b) transmitted by certified or registered mail or reputable international courier, postage prepaid, return receipt requested, or (c) transmitted
by telefax, answerback requested, to the appropriate Party, as follows: 

	To the Company:	 	Wynn Resorts (Macau) Holdings, Ltd.

2nd Floor, Atlantic House

Circular Road, Douglas

Isle of Man, IM 1 1SQ

British Isles

Attn: Company Secretary

Telefax: (44-1624) 616-667

22

 

	

To Wynn International:	
 	

Wynn Resorts International, Ltd.

2nd Floor, Atlantic House

Circular Road, Douglas

Isle of Man, IM 1 1SQ

British Isles

Attn: Company Secretary

Telefax: (44-1624) 616-667
	

To Wong and SHW:	
 	

Rua Francisco Xavier Pereira N° 133C

7° andar

Edificio Vila Nova Heong Lam

Macau
	

To SKKG, Yany Kwan, and Li Tai Foon:	
 	

91-93 Blue Pool Road

1st Floor, Flat D

Happy Valley

Hong Kong
	

To AT, CW, and Wilson Kwan:	
 	

Travessa Padre Narciso

No. 5, RC-B

Edificio Hoi Kong Lau

Macau
	

in each case, with copies to:	
 	

Wynn Resorts

3145 Las Vegas Blvd. So.

Las Vegas, NV 89109

Attn: General Counsel

Telefax: (702) 733-4596
	

 	
 	

and
	

 	
 	

Fulbright & Jaworski LLP

The Hong Kong Club Building, Suite 1901

3A Chater Road, Central

Hong Kong

Attn: A.T. Powers

Telefax: (852) 2523-3255

The
effective date of any Notice will be deemed to be (i) the date of receipt, if delivered personally, (ii) the date seven (7) Business Days after posting, if mailed or sent by
courier, or (iii) twelve (12) hours after transmission by telefax with confirmed answerback. The address of any Person set forth above may be changed at any time and from time to time by
such Person by Notice given pursuant to this Section 11.1. 

        11.2    Assignment.    

        Except
as expressly provided in this Agreement, none of the Parties has any right to Transfer any of the rights, duties, or obligations granted by or imposed in this Agreement. Any
purported Transfer by any Party of any of the rights, duties, or obligations granted by or imposed in this Agreement shall be void and without effect. 

        11.3    Successors and Permitted Transferees.    

        This
Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted Transferees; provided, however, that this provision shall not
be deemed to 

23

 

authorize the Transfer of any interest in or portion of any Class A Shares or any Investor, which may be accomplished only as expressly permitted pursuant to this Agreement. 

        11.4    Governing Law.    

        This
Agreement shall be governed by, and construed, interpreted, and enforced in accordance with, the internal laws and not the laws pertaining to choice or conflicts of laws, of the
Isle of Man. The Parties hereby submit to the non-exclusive jurisdiction of the courts of the Isle of Man and Hong Kong in all actions relating to the construction, interpretation, or
enforcement of this Agreement and all rights and obligations relating hereto. 

        11.5    Modifications, Amendments, and Waivers.    

        No
modification, amendment, or waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the Party to be charged. No failure by any Party to
(a) object to or act upon any breach by any other Party of any provision of this Agreement, (b) insist upon strict performance of
any of the terms or provisions of this Agreement, or (c) exercise any option, right, or remedy provided for in this Agreement shall operate or be construed (except as expressly provided in this
Agreement) as a waiver or as a relinquishment for the future of the same or any other term, provision, option, right, or remedy provided for in this Agreement. The provisions of this
Section 11.5 may not be modified, amended, or waived except in accordance with this Section 11.5. 

        11.6    Not for Benefit of Creditors.    

        The
provisions of this Agreement are intended only for the regulation of relations between the Parties. This Agreement is not intended for the benefit of non-Party creditors
and no rights are granted to non-Party creditors under this Agreement. 

        11.7    Force Majeure.    

        Except
as provided in this Agreement, no Party shall be liable to the other Party for any breach of, or failure of performance under, this Agreement caused by or resulting from any act
of God, act of state, natural or man-made disaster, war, political unrest, or any other cause beyond its reasonable control ("Force Majeure"), to the extent and throughout the duration of
such condition of Force Majeure. 

        11.8    Time of Essence.    

        The
time and exactitude of the performance of each of the terms, obligations, covenants, and conditions of this Agreement are hereby declared and acknowledged by the Parties to be of the
essence. 

        11.9    Severability.    

        Wherever
possible, each provision of this Agreement shall be interpreted in such a manner as to be valid, legal, and effective and to achieve the intent of the Parties to the fullest
extent possible and shall be enforced to the fullest extent permitted by law. Any term or provision of this Agreement, or the application thereof to any Party or circumstances, that is determined to
any extent or for any reason to be invalid, illegal, or unenforceable in any jurisdiction, shall as to that jurisdiction, be ineffective only to the extent of such invalidity, illegality, or
unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction or rendering that or any other provision of this Agreement invalid, illegal, or unenforceable in any
other jurisdiction or in any other circumstances. 

        11.10    Survival.    

        The
provisions of Articles 6, 7, 8, 9, 10, and 11 and all obligations to make or complete any payments due at the time of or as a result of any termination of this Agreement shall remain
in full force and effect notwithstanding the termination of this Agreement, the dissolution of any of the 

24

 

Parties, the cessation of the carrying on of the business by any of the Parties, and any investigation at any time made by or on behalf of any Party, and shall expire only upon the expiration of the
applicable statute of limitations, if any. 

        11.11    Specific Performance.    

        The
Parties agree that it is impossible to measure in money the damages that would accrue to a Party by reason of a failure of the other to perform any of its obligations under this
Agreement. Therefore, if any Party shall institute any action, claim, or legal proceeding to enforce the provisions of this Agreement, any Party against whom such action, claim, or legal proceeding is
brought hereby waives the claim or defense that such Party has an adequate remedy at law and this Agreement may be enforced by injunction or other equitable relief ordered by any court of competent
jurisdiction. 

        11.12    Entire Agreement.    

        This
Agreement, including the Exhibits attached hereto and incorporated herein, constitutes the entire agreement among the Parties relating to the matters contained in and covered by
this Agreement and, except as expressly provided herein, supersedes all prior oral and written and all contemporaneous oral agreements, arrangements, negotiations, commitments, statements, writings,
understandings, and undertakings among the Parties with respect thereto. 

        11.13    Counterparts.    

        This
Agreement may be executed in multiple counterparts, each of which will be deemed to be an original, but all of which together constitute one (1) and the same instrument. 

25

   
        IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed on the Effective Date. 

	THE COMPANY:	 	WYNN RESORTS (MACAU) HOLDINGS, LTD., an Isle of Man company
	Signed in the presence of:	 	 	 	 
	

/s/  CYNTHIA MITCHUM      
	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	Name:	 	Cynthia Mitchum	 	Name:	 	Stephen A. Wynn
	 	 	 	 	Title:	 	Director
	
WYNN INTERNATIONAL:	
 	

WYNN RESORTS INTERNATIONAL, LTD., an Isle of Man company
	Signed in the presence of:	 	 	 	 
	

/s/  CYNTHIA MITCHUM      
	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	Name:	 	Cynthia Mitchum	 	Name:	 	Stephen A. Wynn
	 	 	 	 	Title:	 	Director
	
WONG CHI SENG:	
 	

 	
 	

 
	

Signed in the presence of:	
 	

 	
 	

 
	

/s/  ALEXANDRE CORREIA DA SILVA      
	
 	

/s/ [Chinese Characters]

	Name:	 	Alexandre Correia da Silva	 	WONG CHI SENG, an individual
	
YANY KWAN:	
 	

 	
 	

 
	

Signed in the presence of:	
 	

 	
 	

 
	

        
	
 	

/s/  YANY KWAN YAN CHI      

	Name:	 	        
	 	YANY KWAN YAN CHI, an individual
	
LI TAI FOON:	
 	

 	
 	

 
	

Signed in the presence of:	
 	

 	
 	

 
	

        
	
 	

/s/  LI TAI FOON      

	Name:	 	        
	 	LI TAI FOON, an individual
	
WILSON KWAN:	
 	

 	
 	

 
	

Signed in the presence of:	
 	

 	
 	

 
	

/s/  LAM MAN KUEN      
	
 	

/s/  KWAN YAN MING      

	Name:	 	Lam Man Kuen

Solicitor, HKSAR

Messrs. Hau, Lau, Li & Young

Solicitors & Notaries	 	KWAN YAN MING, an individual
	
SHW:	
 	

S.H.W. & CO. LIMITED, an Isle of Man company
	

Signed in the presence of:	
 	

 	
 	

 
	

/s/  ALEXANDRE CORREIA DA SILVA      
	
 	

By:	
 	

/s/ [Chinese Characters]

	Name:	 	Alexandre Correia da Silva
	 	Name:	 	        

	 	 	 	 	Title:	 	        

26

 

	
SKKG:	
 	

SKKG LIMITED, an Isle of Man company
	

Signed in the presence of:	
 	

 	
 	

 
	

        
	
 	

By:	
 	

/s/  YANY KWAN YAN CHI      

	Name:	 	        
	 	Name:	 	        

	 	 	 	 	Title:	 	        

	
AT:	
 	

L'ARC DE TRIOMPHE LIMITED, an Isle of Man company
	

Signed in the presence of:	
 	

 	
 	

 
	

/s/  LAM MAN KUEN      
	
 	

By:	
 	

/s/  KWAN YAN MING      

	Name:	 	Lam Man Kuen	 	Name:	 	Kwan Yan Ming
	 	 	Solicitor, HKSAR

Messrs. Hau, Lau, Li & Young

Solicitors & Notaries	 	Title:	 	Director
	
CW:	
 	

CLASSIC WAVE LIMITED, an Isle of Man company
	

Signed in the presence of:	
 	

 	
 	

 
	

/s/  LAM MAN KUEN      
	
 	

By:	
 	

/s/  KWAN YAN MING      

	Name:	 	Lam Man Kuen	 	Name:	 	Kwan Yan Ming
	 	 	Solicitor, HKSAR

Messrs. Hau, Lau, Li & Young

Solicitors & Notaries	 	Title:	 	Director

27

 
 

EXHIBIT E    
    
    ALLOCATION OF CLASS A SHARES    
  

	Subscriber's Name
 
	 	Number of Shares
	 	Subscription Amount

	SHW	 	195	 	$	385,394
	SKKG	 	69	 	$	1,009,888
	AT	 	39	 	$	577,079
	CW	 	39	 	$	577,079

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TABLE OF CONTENTS

SHARE SUBSCRIPTION AND SHAREHOLDERS' AGREEMENT

R E C I T A L S

ARTICLE 1 DEFINITIONS AND REFERENCES

ARTICLE 2 ISSUANCE OF THE CLASS A SHARES

ARTICLE 3 MANAGEMENT OF THE COMPANY

ARTICLE 4 SHARES

ARTICLE 5 FINANCIAL MATTERS

ARTICLE 6 TRANSFERS OF SHARES

ARTICLE 7 REPRESENTATIONS, WARRANTIES, AND COVENANTS

ARTICLE 8 TERM AND TERMINATION

ARTICLE 9 INDEMNIFICATION

ARTICLE 10 CONFIDENTIALITY

ARTICLE 11 MISCELLANEOUS

EXHIBIT E ALLOCATION OF CLASS A SHARESQuickLinks
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Exhibit 10.61  

SHAREHOLDERS' AGREEMENT  

by and among 

WYNN RESORTS (MACAU), LIMITED,  

 WYNN RESORTS INTERNATIONAL, LTD.,  

 WONG CHI SENG,  

and 

WYNN RESORTS (MACAU), S.A.  

as of October 15, 2002 

  

 
 

TABLE OF CONTENTS

	 
	 	 
	 	 
	 	PAGE NO.

	R E C I T A L S:	 	1
	
ARTICLE 1 DEFINITIONS AND REFERENCES	
 	
2
	 	 	1.1	 	Definitions	 	2
	 	 	1.2	 	References	 	5
	
ARTICLE 2 MANAGEMENT OF THE COMPANY	
 	
6
	 	 	2.1	 	Charter Documents	 	6
	 	 	2.2	 	Business of the Company	 	6
	 	 	2.3	 	Composition of the Board	 	6
	 	 	2.4	 	Meetings of the Board	 	6
	 	 	2.5	 	The Executive Director	 	7
	 	 	2.6	 	The Chief Executive Officer	 	7
	 	 	2.7	 	Meetings of the Shareholders	 	7
	 	 	2.8	 	Design, Development, and Management Agreements	 	7
	
ARTICLE 3 SHARES	
 	
7
	 	 	3.1	 	Capital of the Company	 	7
	 	 	3.2	 	Class A Shares	 	8
	 	 	3.3	 	Class B Shares	 	8
	 	 	3.4	 	Class C Shares	 	8
	
ARTICLE 4 FINANCING	
 	
9
	 	 	4.1	 	Initial Capital Contributions	 	9
	 	 	4.2	 	Financing of the Casino	 	9
	 	 	4.3	 	Security for Financing	 	9
	 	 	4.4	 	Additional Capital Contributions and Shareholder Loans	 	9
	 	 	4.5	 	Reimbursement of Expenses	 	10
	
ARTICLE 5 FINANCIAL MATTERS	
 	
10
	 	 	5.1	 	Arm's Length Transactions	 	10
	 	 	5.2	 	Bank Accounts	 	10
	 	 	5.3	 	Books and Records	 	10
	 	 	5.4	 	Audit	 	11
	 	 	5.5	 	Reports to Shareholders	 	11
	
ARTICLE 6 TRANSFERS OF SHARES	
 	
11
	 	 	6.1	 	Restrictions on Transfer	 	11
	 	 	6.2	 	Right of First Refusal	 	11
	 	 	6.3	 	Unsuitability	 	12
	 	 	6.4	 	Purchase of Class A Shares	 	12
	 	 	6.5	 	Family Transfers	 	13
	 	 	6.6	 	Legends on Share Certificates; Safekeeping of Share Certificates	 	13
	
ARTICLE 7 REPRESENTATIONS, WARRANTIES, AND COVENANTS	
 	
14
	 	 	7.1	 	Representations and Warranties of the Shareholders	 	14
	 	 	7.2	 	Representations and Warranties of the Company	 	15

i

 

	 	 	7.3	 	Covenants of the Shareholders and the Company	 	15
	
ARTICLE 8 TERM AND TERMINATION	
 	
16
	 	 	8.1	 	Term	 	16
	 	 	8.2	 	Events of Default	 	16
	 	 	8.3	 	Remedies Upon Events of Default	 	16
	 	 	8.4	 	Manner of Exercise	 	17
	 	 	8.5	 	Closing	 	17
	 	 	8.6	 	Enforcement of Rights	 	17
	
ARTICLE 9 INDEMNIFICATION	
 	
17
	 	 	9.1	 	Indemnification by the Shareholders	 	17
	 	 	9.2	 	Indemnification by the Company	 	17
	 	 	9.3	 	Claims for Indemnification	 	18
	 	 	9.4	 	Defense by Indemnifying Party	 	18
	 	 	9.5	 	Manner of Indemnification	 	18
	
ARTICLE 10 CONFIDENTIALITY	
 	
19
	
ARTICLE 11 MISCELLANEOUS	
 	
20
	 	 	11.1	 	Notices	 	20
	 	 	11.2	 	Assignment	 	21
	 	 	11.3	 	Successors and Permitted Transferees	 	21
	 	 	11.4	 	Governing Law	 	21
	 	 	11.5	 	Modifications, Amendments, and Waivers	 	21
	 	 	11.6	 	Not for Benefit of Creditors	 	21
	 	 	11.7	 	Force Majeure	 	21
	 	 	11.8	 	Time of Essence	 	21
	 	 	11.9	 	Severability	 	22
	 	 	11.10	 	Survival	 	22
	 	 	11.11	 	Specific Performance	 	22
	 	 	11.12	 	Entire Agreement	 	22
	 	 	11.13	 	Counterparts	 	22

EXHIBITS

	A	 	—	 	Charter Documents of the Company
	B	 	—	 	Resolutions of Shareholders
	C	 	—	 	Resolutions of the Company
	D	 	—	 	Site
	E	 	—	 	Shareholders' Declarations
	F	 	—	 	Example of Application of Dilution Formula

ii

 
 

SHAREHOLDERS' AGREEMENT

        THIS SHAREHOLDERS' AGREEMENT is made and entered into as of October 15, 2002, by and among WONG CHI
SENG, WYNN RESORTS INTERNATONAL, LTD., WYNN RESORTS (MACAU), LIMITED, and  WYNN RESORTS (MACAU),
S.A.

 
 

R E C I T A L S:    
  

        WHEREAS, the Company was established on October 17, 2001 to (a) participate in a public tender for a
concession to conduct casino games of chance and other games in the MSAR, and (b) operate a business to conduct casino games of chance, other games, and other activities in the MSAR if a
concession to conduct such activities were granted to it; and 

        WHEREAS, on February 8, 2002, the Company was named as a provisional concessionaire pursuant to an executive order of the Chief
Executive of the MSAR; and 

        WHEREAS, on June 24, 2002 the Company and the MSAR Government entered into the Concession Contract pursuant to which the Company
was granted the right to engage in casino games of chance and other games in the MSAR; and 

        WHEREAS, it is intended that the Company will purchase or otherwise obtain the rights to use the Site and proceed with the development,
construction, outfitting, equipping, and operation of the Casino on the Site; and 

        WHEREAS, the entire authorized capitalization of the Company consists solely of the Shares; and 

        WHEREAS, Wong is the registered and beneficial owner of twenty thousand (20,000) Class A Shares, which Shares represent
(a) ten percent (10%) of the authorized voting power in, and capital of, the Company, and (b) a nominal right to receive dividends and distributions of up to One Macau Pataca (MOP
1) per year from the Company; and 

        WHEREAS, Wynn Hong Kong is the registered and beneficial owner of one hundred two thousand (102,000) Class B Shares, which Shares
represent fifty-one percent (51%) of the authorized voting power in, and capital of, and rights to receive dividends and other distributions from, the Company; and 

        WHEREAS, Wynn International is the registered and beneficial owner of seventy-eight thousand (78,000) Class C Shares, which Shares
represent (a) thirty-nine percent (39%) of the authorized voting power in, and capital of, the Company, and (b) forty-nine percent (49%) of the rights to receive
dividends and other distributions from the Company; and 

        WHEREAS, the Shareholders wish to record their understandings regarding certain aspects of the management of the Company and the structure
of their respective investments in the Company and to provide for future dealings in the Shares, the Company, the Site, the Casino, this Agreement, and any interests in any of the foregoing; 

        NOW, THEREFORE, in consideration of the foregoing recitals, the mutual representations, warranties, covenants, and agreements set forth in
this Agreement, and other good and valuable 

 

consideration, the receipt and adequacy of which hereby are acknowledged, the Parties agree as follows: 

 
 

ARTICLE 1
  DEFINITIONS AND REFERENCES

        1.1    Definitions.    

        For
purposes of this Agreement, the following capitalized terms have the following respective meanings: 

        "Affiliate" of a Person means any Person that, directly or indirectly, through one (1) or more intermediaries, owns, is owned by,
or is under common ownership with such first Person, to the extent of more than twenty percent (20%) of (a) the beneficial interests of such Person, or (b) the voting power of such
Person. For the purpose of determining ownership of any Person other than an individual, an individual shall be considered as owning any voting securities or other beneficial interests owned by
members of such individual's Family. 

        "Agreement" means this Shareholders' Agreement by and among the Parties. 

        "Board" means the Board of Directors of the Company. 

        "Business Day" means a day on which banks are open for business in the MSAR and New York. 

        "Casino" means the gaming casino, luxury resort, and ancillary facilities including, without limitation, guest rooms and suites, food and
beverage facilities, banquet or function areas, ballrooms, entertainment facilities, convention facilities, spa and personal care facilities, automobile parking facilities, and retail establishments
operated in connection therewith, to be developed, constructed, outfitted, equipped, and operated on the Site. 

        "Chairman" means the Chairman of the Board of the Company, as appointed pursuant to Section 2.3. 

        "Charter Documents" of an entity means the memorandum and articles of association, bylaws, and other organizational or governing documents
of such entity. 

        "Chief Executive Officer" has the meaning ascribed to that term in Section 2.6. 

        "Class A Shares" means the twenty thousand (20,000) Class A Shares of the Company's Class A voting stock of One
Thousand Macau Patacas (MOP 1,000) par value each that are designated for ownership by the Executive Director, and which currently are registered in the name of, and beneficially owned by, Wong. 

        "Class B Shares" means the one hundred two thousand (102,000) Shares of the Company's Class B voting stock of One Thousand
Macau Patacas (MOP 1,000) par value each, which currently are registered in the name of, and beneficially owned by, Wynn Hong Kong. 

        "Class C Shares" means the seventy-eight thousand (78,000) Shares of the Company's Class C voting stock of One Thousand
Macau Patacas (MOP 1,000) par value each, which currently are registered in the name of, and beneficially owned by, Wynn International. 

        "Company" means Wynn Resorts (Macau), S.A., a company limited by shares organized with limited liability and existing under the laws of
the MSAR. 

        "Company Value" means the fair market value of an interest in the Company or a Shareholder, as the case may be, as appraised by the
Company's auditors or investment bankers or another independent appraiser selected by the Board. In appraising the Company or the equity 

2

 

interests therein, the appraiser shall make its appraisal on a fair market value basis as a going concern and shall ascribe a value to each interest in such entity equal to the appraised value of the
relevant entity divided by the total interests therein. 

        "Concession Contract" means the Concession Contract to Conduct Casino Games of Chance and Games of Other Forms by and between the MSAR
Government and the Company dated June 24, 2002. 

        "Defaulting Shareholder" has the meaning ascribed to that term in Section 8.3. 

        "Default Price" has the meaning ascribed to that term in Section 8.3. 

        "Director" means a member of the Board, including, but not limited to, the Executive Director, the Chief Executive Officer, and the
Chairman. 

        "Directors" means more than one (1) Director. 

        "Dollars" and "$" means units of the lawful currency of the United States of America. 

        "Effective Date" means the date first set forth above. 

        "Event of Default" means any of the events described in Section 8.2. 

        "Executive Director" has the meaning ascribed to that term in Section 2.5. 

        "Family" of an individual means such individual's parents, spouse, lineal descendants, and siblings, if any (including, without
limitation, any individual related by or through legal adoption), or a trust for the exclusive benefit of any of the foregoing. 

        "FCPA" has the meaning ascribed to that term in Section 7.1(f). 

        "Gaming Authority" means those national, state, local, and other governmental, regulatory, and administrative authorities, agencies,
boards, and officials responsible for or involved in the regulation of gaming or gaming activities or the interpretation or enforcement of Gaming Laws in any jurisdiction and, within (a) the
MSAR, specifically, the MSAR Gambling Inspection and Coordination Bureau and the MSAR Gaming Commission, and (b) the State of Nevada, specifically, the Nevada Gaming Commission, the Nevada
State Gaming Control Board, and the Clark County Liquor and Gaming Licensing Board. 

        "Gaming Laws" means those laws pursuant to which any Gaming Authority possesses regulatory, licensing, or permit authority over gaming
within any jurisdiction and, within (a) the MSAR, specifically, Law No. 16/2001, Administrative Regulations No. 26/2001, and any Concession Contract granting to the Company the
concession to conduct casino games of chance and other games in the MSAR, as any of the same may be amended from time to time, and (b) the State of Nevada, specifically, the Nevada Gaming
Control Act, as codified in Nevada Revised Statutes Chapter 463, the regulations of the Nevada Gaming Commission promulgated thereunder, and the Clark County Code, as any of the same may be amended
from time to time. 

        "Gaming Licenses" means all concessions, licenses, permits, approvals, authorizations, registrations, findings of suitability, franchises,
and entitlements issued by any Gaming Authority necessary for or relating to the conduct of activities under the Gaming Laws. 

        "Gaming Problem" means, with respect to any Shareholder or any of its Affiliates, any circumstance such that such Shareholder's
participation in the Company or any of its Affiliates is deemed likely, in the sole and absolute discretion of the Company or Wynn International, based on verifiable information or information
received from any Gaming Authority or otherwise, to preclude or materially delay, impede, or impair the ability of the Company, Wynn International, any Affiliate of either of them, or any business
entity with respect to which the Company, Wynn 

3

 

International, or such Affiliate holds a Gaming License, to obtain or retain any Gaming License, or to result in the imposition of disciplinary action, including, without limitation, materially
burdensome terms and conditions on any Gaming License. 

        "Indemnified Party" means a Party entitled to be indemnified pursuant to Article 9. 

        "Indemnifying Party" means a Party required to indemnify an Indemnified Party pursuant to Article 9. 

        "Information" has the meaning ascribed to that term in Article 10. 

        "Macau Patacas" and "MOP" means units of the lawful currency of the MSAR. 

        "MSAR" means the Macau Special Administrative Region of the People's Republic of China. 

        "Notice" has the meaning ascribed to that term in Section 11.1. 

        "Offer" has the meaning ascribed to that term in Section 6.2(a). 

        "Parties" means all of Wong, Wynn International, Wynn Hong Kong, and the Company. 

        "Party" means any one (1) of the Parties. 

        "Person" means any individual, partnership, association, corporation, company, trust, governmental authority, or other entity having a
separate legal personality. 

        "Preferential Annual Dividend" has the meaning ascribed to that term in Section 3.1. 

        "Reference Rate" means the three (3)-month, Dollar ($) London Interbank Offered Rate in effect from time to time (or such other rate as
the Parties shall agree if such rate shall not be in effect at any time). 

        "Securities Authority" means those national, state, local, and other governmental, regulatory, and administrative authorities, agencies,
boards, and offices responsible for or involved in the regulation of securities, the offer, sale, and trading of securities, and the administration or enforcement of laws relating to securities. 

        "Securities Problem" means, with respect to any Shareholder or any of his or its Affiliates, any circumstances such that such
Shareholder's participation in the Company or any of its Affiliates is deemed likely, in the sole and absolute discretion of the Company or Wynn International, based on verifiable information or
information received from any Securities Authority or otherwise, to preclude or materially delay, impede, or impair the ability of the Company, Wynn International, or any Affiliate of either of them
to offer, sell, or trade securities, or to result in the imposition of disciplinary action including, without limitation, materially burdensome terms and conditions on any such offer, sale, or trading
of securities. 

        "Shareholder" means any of Wong, Wynn International, or Wynn Hong Kong. 

        "Shareholders" means all of Wong, Wynn International, and Wynn Hong Kong. 

        "Share" means one of the Shares. 

        "Shares" means the Class A Shares, the Class B Shares, and the Class C Shares, including any increase in the numbers
of such Shares as is made pursuant to Section 4.4 or otherwise. 

        "SHW" means S.H.W. & Co. Limited, a private company limited by shares organized with limited liability and existing under the laws
of the Isle of Man. 

        "Site" means those certain parcels of land in the MSAR to be purchased or otherwise obtained by the Company and upon which the Company
intends to construct, develop, and operate the Casino, as described in more detail in Exhibit D. 

4

 

        "Transfer" has the meaning ascribed to that term in Section 6.1. 

        "Wong" means Wong Chi Seng, an individual. 

        "Wynn Holdings" means Wynn Resorts (Macau) Holdings, Ltd., a private company limited by shares organized with limited liability and
existing under the laws of the Isle of Man. 

        "Wynn Holdings Shareholders' Agreement" means that certain Shareholders' Agreement by and among Wynn International, Wynn Holdings, SHW,
SKKG Limited, L'Arc de Triomphe Limited, Classic Wave Limited, Yany Kwan Yan Chi, Li Tai Foon, Kwan Yan Ming, and Wong Chi Seng dated of even date herewith. 

        "Wynn Hong Kong" means Wynn Resorts (Macau), Limited, a private company limited by shares organized with limited liability and existing
under the laws of the Hong Kong Special Administrative Region of the People's Republic of China. 

        "Wynn Hong Kong Director" has the meaning ascribed to that term in Section 2.3. 

        "Wynn Hong Kong Shares" means the one hundred two thousand (102,000) Class B Shares that are registered in the name of, and
beneficially owned by, Wynn Hong Kong. 

        "Wynn International" means Wynn Resorts International, Ltd., a private company limited by shares organized with limited liability
and existing under the laws of the Isle of Man. 

        "Wynn International Director" has the meaning ascribed to that term in Section 2.3. 

        "Wynn International Shares" means the seventy-eight thousand (78,000) Class C Shares that are registered in the name of and
beneficially owned by Wynn International. 

        1.2    References.    

        (a)    Articles, Sections, and Exhibits.    Any reference in this Agreement to an Article,
Section, or Exhibit is, unless otherwise stated, a reference to an Article, Section, or Exhibit of or to this Agreement. 

        (b)    Headings.    Headings set forth in this Agreement are for ease of reference only and
shall not affect the construction of this Agreement. 

        (c)    References to Documents.    References to this Agreement or any other agreement,
instrument, or document referred to in this Agreement shall be construed as references to this Agreement or, as the case may be, such other agreement, instrument, or document, as the same may have
been, or may from time to time be, amended, varied, novated, or supplemented. 

        (d)    Number.    Words importing the singular include the plural and vice versa. 

        (e)    Gender.    Words importing a gender include any gender or neuter. 

        (f)    Speech; Grammar.    Other parts of speech and grammatical forms of a word or phrase
defined in this Agreement have corresponding meanings. 

        (g)    Parties.    A reference to a Party to this Agreement includes that Party's successors
and permitted assigns. 

        (h)    Business Day.    Where the day on or by which any thing is to be done is not a Business
Day, that thing must be done on or by the immediately succeeding Business Day. 

        (i)    Preparation of Documents.    No rule of construction shall apply to the disadvantage of
a Party because that Party or its legal counsel was responsible for the preparation of this Agreement or any part of it. 

5

 

 
 

ARTICLE 2
  MANAGEMENT OF THE COMPANY

        2.1    Charter Documents.    

        The
Company shall operate pursuant to the terms of its Charter Documents and this Agreement. To the extent that the terms of this Agreement do not conflict with the terms of the
Company's Charter Documents, the terms of this Agreement shall prevail. Each Shareholder hereby agrees to vote all Shares and take all other actions necessary or appropriate to ensure that the
Company's Charter Documents do not at any time conflict with the provisions of this Agreement and shall not vote to approve (or consent to the approval of) any amendment to the Company's Charter
Documents which would be inconsistent with or contrary to the intention of this Agreement. 

        2.2    Business of the Company.    

        The
businesses to be conducted by the Company and its Affiliates shall be as follows: 

        (a)    Concession.    The Company shall conduct casino games of chance and other games in the
MSAR pursuant to the terms of the Concession Contract and the Gaming Laws of the MSAR. 

        (b)    Site and Casino.    The Company shall (i) purchase or otherwise obtain the
rights to use the Site, (ii) own the rights to use the Site, and (iii) be engaged in (A) the development, construction, outfitting, and equipping of the Casino on the Site, and
(B) the management and operation of the Site and the Casino, subject to the terms and conditions of this Agreement and the Gaming Laws. 

        (c)    The Company and Affiliates.    In addition to the matters described above, the Company
may be engaged in the conduct of (i) the purchase, construction, or development of one (1) or more casinos in the MSAR in addition to the Casino, (ii) any activities related to
Sections 2.2(a), 2.2(b), and 2.2(c)(i), to the extent permitted by the laws of the MSAR or approved by any relevant governmental authorities of the MSAR, and (iii) such other businesses as the
Board may decide to undertake from time to time, whether or not associated with the foregoing, to the extent permitted by the laws of the MSAR or approved by any relevant governmental activities of
the MSAR. 

        2.3    Composition of the Board.    

        Subject
to the terms of this Agreement, the Company shall be managed by the Board. Each Shareholder agrees to vote his or its Shares to ensure that at all times the Board shall have
three (3) members, including (a) one (1) Person nominated by Wynn Hong Kong (the "Wynn Hong Kong Director"), (b) one (1) Person nominated by Wynn International (the
"Wynn International Director"), (c) the Executive Director, and (d) no others. The Directors shall designate the Wynn International
Director to serve as the Chairman of the Board and the Wynn Hong Kong Director to serve as the Chief Executive Officer. 

        2.4    Meetings of the Board.    

        Meetings
of the Board may be called at any time by the Chairman. The Chairman shall ensure that such meetings are held at least four (4) times each year at such locations and at
such times as the Chairman of the Board shall designate. Meetings of the Board may be held in person or by audio or video conference or Board action may be taken by unanimous written consent of all
Directors. The presence in person or by proxy of at least two (2) Directors shall be required to constitute a quorum for any meeting of the Board. Decisions of the Board shall be made by
majority vote of the Directors present, in person or by proxy, at any duly constituted meeting of the Board at which a quorum is present. The Chairman of the Board shall have an additional casting or
tie-breaking vote in the event of a deadlock in votes of the Directors. 

6

  

        2.5    The Executive Director.    

        The
Company shall at all times have one (1) Director who is a permanent resident of the MSAR, who shall be designated as the Executive Director of the Company in accordance with
the rules set forth in Article 19 of MSAR Law No. 16/2001. The Executive Director shall (a) be a Director designated by the Board to serve as the Executive Director of the
Company, (b) participate as a member of the Board, (c) be appointed by, and serve at the pleasure of, the Board, (d) report to and be subject to the direction of, the Board and
the Chief Executive Officer, and (e) be delegated such management authority as the Board or the Chief Executive Officer shall from time to time grant to the Executive Director, in writing,
subject always to Article 466.3 of the Macau Commercial Code, and the Executive Director's authority shall not exceed the authority so delegated. 

        2.6    The Chief Executive Officer.    

        The
Chief Executive Officer shall (a) be a Director designated by the Board to serve as the Chief Executive Officer of the Company, (b) be responsible for the
day-to-day operation and supervision of the Company, the Casino, any other casinos owned or operated by the Company, and any other activities in which the Company is engaged,
(c) be delegated such management authority as the Board shall from time to time grant to the Chief Executive Officer, subject always to Article 466.3 of the Macau Commercial Code, and
(d) implement such management and business policies as the Board shall from time to time establish, subject always to Article 466.3 of the Macau Commercial Code. 

        2.7    Meetings of the Shareholders.    

        Meetings
of the Shareholders may be called at any time by any Shareholder, upon at least fifteen (15) days' Notice to all Shareholders. The Shareholders shall ensure that such
meetings are held at least once each year at such locations and at such times as the Chairman of the Board shall designate. Meetings of the Shareholders may be held in person or by audio or video
conference or Shareholder action may be taken by unanimous written consent of all Shareholders. The presence, in person or by proxy, of the holders of at least seventy-five percent (75%)
of the total number of Shares or their designated representatives shall be required to constitute a quorum for any meeting of the Shareholders. If no quorum is present at a Shareholders' meeting
called by a Shareholder, a second Shareholders' meeting shall be called fifteen (15) days after the first Shareholders' meeting. Decisions of the Shareholders shall be made by majority vote of
the Shares by the holders of such Shares or their
designated representatives present, in person or by proxy, at a duly-constituted Shareholders' meeting at which a quorum is present. 

        2.8    Design, Development, and Management Agreements.    

        Wynn
International or one (1) or more of its Affiliates will enter into one (1) or more agreements with the Company relating to the design, development, and operation of
the Casino and any other of the projects to be owned or operated by the Company, at fees to be agreed by such parties. 

 
 

ARTICLE 3
  SHARES

        3.1    Capital of the Company.    

        The
entire registered capital of the Company consists solely of Two Hundred Million Macau Patacas (MOP 200,000,000) divided into two hundred thousand (200,000) Shares of One Thousand
Macau Patacas (MOP 1,000) par value each, including twenty thousand (20,000) Class A Shares, one hundred two thousand (102,000) Class B Shares, and seventy-eight thousand (78,000)
Class C Shares. Each Share entitles the holder thereof to identical rights to distributions of capital in the event of the liquidation of the Company and identical voting rights (subject always
to Section 2.3) in the Company. Each Class A Share entitles the holder thereof to rights identical to those of each other Class A Share, 

7

 

including, without limitation, rights to distributions of capital upon liquidation of the Company, voting rights and the Preferential Annual Dividend. Each Class B Share entitles the holder
thereof to rights identical to those of each other Class B Share, including, without limitation, rights to distributions of capital upon liquidation of the Company, voting rights, and rights to
dividends and other distributions from the Company. Each Class C Share entitles the holder thereof to rights identical to those of each other Class C Share, including, without
limitation, rights to distributions of capital upon liquidation of the Company, voting rights, and rights to dividends and other distributions from the Company. The holder of the Class A
Shares, as a group, shall be entitled to a preferential annual dividend in an amount in the aggregate of up to One Macau Pataca (MOP 1) (the "Preferential Annual Dividend"), and shall be
entitled to no other dividends or distributions from the Company except a return of the par value of such Shares upon liquidation of the Company. All other rights to dividends and other distributions
from the Company shall accrue to, and be vested in, the Class B Shares and the Class C Shares. Each Class B Share entitles the holder thereof to rights identical to each
Class C Share except that the Class B Shares, as a group, shall be entitled to receive fifty-one percent (51%) of all dividends and other distributions from the Company
(after distributions of capital in respect of Class A Shares upon liquidation of the Company and payment of the Preferential Annual Dividend on Class A Shares) and the holders of the
Class C Shares, as a group, shall be entitled to receive forty-nine percent (49%)
of all dividends and other distributions from the Company (except distributions of capital in respect of Class A Shares upon liquidation of the Company and payment of the Preferential Annual
Dividend on Class A Shares). The holder of the Class A Shares must at all times be a permanent resident of the MSAR and must serve as the Company's Executive Director. All of the Shares
are duly authorized, validly issued, outstanding, owned legally and beneficially by the Shareholders in the proportions set forth in Sections 3.2 to 3.4, and without restriction on the right of
Transfer thereof, except as provided in this Agreement. There are no Shares held in the treasury of the Company. Except as provided in this Agreement, there are no outstanding warrants, options,
contracts, calls, convertible securities, or other rights of any kind with regard to authorized, but unissued, or issued but not outstanding, Shares or other securities of the Company of any kind. The
Company has no right or obligation to purchase or redeem any Shares or other securities of the Company of any kind. 

        3.2    Class A Shares.    

        Wong
owns all twenty thousand (20,000) of the authorized, issued, and outstanding Class A Shares, which Shares in the aggregate represent ten percent (10%) of the authorized
voting power and capital of the Company, free and clear of any lien, mortgage, or other interest or encumbrance, except as provided in this Agreement. The Class A Shares, as a group, are
entitled to the Preferential Annual Dividend in an amount in the aggregate of up to One Macau Pataca (MOP 1), and are entitled to no other dividends or distributions from the Company except a return
of the par value of such Shares upon liquidation of the Company. 

        3.3    Class B Shares.    

        Wynn
Hong Kong owns all one hundred two thousand (102,000) of the authorized, issued, and outstanding Class B Shares, which Shares in the aggregate represent fifty-one
percent (51%) of the authorized voting power in, rights to receive dividends and other distributions (except distributions of capital in respect of Class A Shares upon liquidation of the
Company and payment of the Preferential Annual Dividend on Class A Shares) from, and capital of, the Company, free and clear of any lien, mortgage, or other interest or encumbrance, except as
provided in this Agreement. 

        3.4    Class C Shares.    

        Wynn
International owns all seventy-eight thousand (78,000) of the authorized, issued, and outstanding Class C Shares, which Shares in the aggregate represent
(a) thirty-nine percent (39%) of the authorized voting power of the Company, and (b) forty-nine percent (49%) of the rights to receive dividends and other
distributions (except distributions of capital in respect of Class A Shares upon 

8

 

liquidation of the Company and payment of the Preferential Annual Dividend on Class A Shares) from, and capital of, the Company, free and clear of any lien, mortgage, or other interest or
encumbrance, except as provided in this Agreement. 

 
 

ARTICLE 4
  FINANCING

        4.1    Initial Capital Contributions.    

        (a)    Wong.    Wong has contributed Twenty Million Macau Patacas (MOP 20,000,000) to the
capital of the Company in exchange for the Class A Shares. 

        (b)    Wynn Hong Kong.    Wynn Hong Kong has contributed One Hundred Two Million Macau Patacas
(MOP 102,000,000) to the capital of the Company in exchange for the Class B Shares. 

        (c)    Wynn International.    Wynn International has contributed Seventy-Eight Million Macau
Patacas (MOP 78,000,000) to the capital of the Company in exchange for the Class C Shares. 

        4.2    Financing of the Casino.    

        It
is anticipated that the entire cost of purchasing or otherwise obtaining the Site and constructing, developing, equipping, and outfitting the Casino, including, without limitation,
initial working capital, will be approximately Four to Five Billion Macau Patacas (MOP 4,000,000,000-5,000,000,000), of which amount approximately fifty to seventy percent
(50-70%) is expected to be borrowed from commercial lenders and the remainder of which is expected to be provided as contributions of capital or subordinated loans from one (1) or
more of the Shareholders. In the event that the Board decides that the Company shall acquire, construct, or develop one (1) or more casinos in addition to the Casino, the Company shall attempt
to borrow approximately fifty to seventy percent (50-70%) of the acquisition, construction, development, equipping and outfitting cost of such casino or casinos from commercial lenders and
the remainder shall be provided as contributions of capital or subordinated loans from one (1) or more of the Shareholders. 

        4.3    Security for Financing.    

        It
is anticipated that the value of the Site together with work in progress on the Casino or any other activities of the Company will provide sufficient security for any debt financing
described in Section 4.2, but if additional security is required, such security, including, without limitation, Shares, shall be provided by the Shareholders, in proportion to their holdings of
Shares. 

        4.4    Additional Capital Contributions and Shareholder Loans.    

        In
addition to the initial capital contributions described in Section 4.1 and the financing and security provided for in Sections 4.2 and 4.3, in the event that the Shareholders
and the Board determine that the Company requires funds to construct, develop, equip, outfit, or operate the Casino or any other activities of the Company or maintain the Company, and the Company is
unable to obtain or does not wish to obtain such funds from construction contractors, commercial lenders, or through public or private offerings of debt or equity securities, the Shareholders shall be
obligated to make additional capital contributions and loans to the Company for such purposes within thirty (30) days after the determination of the need for such funds by the Shareholders and
the Board and the Notice to the Shareholders from the Board of such capital requirement; provided, however, that the total amount that the Shareholders shall be obligated to contribute and lend to the
Company, or provide as security, including the amounts set forth in Sections 4.1, 4.2, and 4.3, shall be limited to Two Billion Macau Patacas (MOP 2,000,000,000). All capital contributions and loans
made by the Shareholders shall (a) be in proportion to the numbers of Shares owned by them, (b) be made simultaneously, and (c) in the case of loans, bear interest at the
Reference Rate. Any Shareholder that does not make any 

9

 

such required contribution shall have his or its interests in the Company diluted according to the following formula. In the event that at least one (1), but less than all, of the Shareholders makes
a required contribution required by the Board pursuant to this Section 4.4 (i) the Board shall determine the Company Value before such contribution or contributions are made, and
(ii) each such contribution shall be accorded a value which shall proportionately increase the Shares owned by each contributing Shareholder by a factor of one and one-half (1.5)
times the amount of that capital contribution. Each such increase of Shares shall be of the same class as the other Shares held by such contributing Shareholder. To the extent necessary, the Company's
Charter Documents shall be amended to (A) authorize such additional Shares as are necessary to evidence the increases in Shares pursuant to this Section 4.4, and/or (B) adjust the
dividend and/or capital preferences among the classes of Shares. An example of the application of this dilution formula is provided in Exhibit F attached hereto. In the event that SHW is
required to contribute capital to Wynn Holdings pursuant to Section 5.10 of the Wynn Holdings Shareholders' Agreement, the obligation of Wong to contribute capital under this Section 4.4
shall be correspondingly reduced by the amount of capital so provided and Wynn International shall be required to contribute to the Company the amount not so contributed by Wong. Except as provided in
the immediately preceding sentence, in the event of any failure by SHW to contribute capital pursuant to Section 5.10 of the Wynn Holdings Shareholders' Agreement, Wong's ownership interest in
the Company shall be decreased by the same percentage as SHW's ownership interest in Wynn Holdings is reduced pursuant to Section 5.10 of the Wynn Holdings Shareholders' Agreement, and the
interests of Wynn International in Class C Shares shall be increased by the amount of such reduction. For example, if SHW's ownership interest in Wynn Holdings is reduced by twenty percent
(20%) from nineteen and six-tenths of one percent (19.6%) to fifteen and sixty-eight one-hundredths of one percent (15.68%), Wong's ownership interest in the Company through
Class A Shares shall be reduced from ten percent (10%) to eight percent (8%) and Wynn International's ownership interest in the Company (through Class C Shares) shall be increased from
thirty-nine percent
(39%) of the voting power and capital and forty-nine percent (49%) of the rights to receive dividends and other distributions (except distributions of capital in respect of Class A Shares upon
liquidation of the Company and payment of the Preferential Annual Dividend on Class A Shares) to forty-one percent (41%) of the voting power and capital and forty-nine percent (49%) of the
rights to receive dividends and other distributions (except distributions of capital in respect of Class A Shares upon liquidation of the Company and payment of the Preferential Annual Dividend
on Class A Shares). To the extent permitted by the laws of the MSAR, any such reduction shall be effected by the redemption and cancellation by the Company of Class A Shares for no value
and the increase of Class C Shares for no additional subscription amount and, to the extent that the Company does not have the power to so redeem Class A Shares, by the increase in the
number of Class B Shares and Class C Shares for no additional subscription amount. 

        4.5    Reimbursement of Expenses.    

        The
Company shall reimburse Wynn International and its Affiliates, at cost, for all out-of-pocket costs and expenses incurred by it and its Affiliates in the
establishment, maintenance, and operation of the Company, Wynn Hong Kong, Wynn Holdings, Wynn International, and their respective businesses. 

 
 

ARTICLE 5
  FINANCIAL MATTERS

        5.1    Arm's Length Transactions.    

        All
transactions into which the Company enters with any Person, including, without limitation, the Shareholders or their respective Affiliates, shall be at arm's length. 

10

 

        5.2    Bank Accounts.    

        The
Company shall maintain accounts in its name in one (1) or more banks or other institutional depositories selected by the Board, and the cash funds of the Company shall be kept
in such accounts. The funds in such accounts shall be withdrawn only on the signatures of individuals designated by the Board. 

        5.3    Books and Records.    

        The
Company shall maintain proper and complete books of account. Such books shall be open for inspection by the Shareholders at the Company's corporate office during normal business
hours. 

        5.4    Audit.    

        The
Board shall have an audit performed of the accounts of the Company at the end of each fiscal year of the Company. The Board shall appoint and retain a major international firm of
auditors for the Company during the term of this Agreement. 

        5.5    Reports to Shareholders.    

        The
Board shall provide the Shareholders with the Company's unaudited quarterly financial statements within ninety (90) days after the end of each of its fiscal quarters and its
audited annual financial statements within one hundred twenty (120) days after the close of each of its fiscal years. 

 
 

ARTICLE 6
  TRANSFERS OF SHARES

        6.1    Restrictions on Transfer.    

        Except
as provided in Section 4.3 and this Article 6, each of the Shareholders agrees that he or it will not, directly or indirectly, sell, assign, give, bequeath,
transfer, pledge, or encumber (a "Transfer") any direct or indirect interest in their respective Shares, or any portion of them. Any attempted or purported Transfer in violation of this
Article 6 shall not be recognized by the Company, shall be void, and will produce no effect towards the non-Transferring Shareholder or the Company. 

        6.2    Right of First Refusal.    

        (a)    Transfer of Shares.    No Transfer of any direct or indirect interest in, or portion
of, Shares may be made without the express written consent of the Chairman, in his sole discretion. Each of the Shareholders agrees that he or it shall not, directly or indirectly, Transfer any
interest in, or portion of, any of the Shares to any Person unless he or it first shall have made an offer to sell to the Company and the other non-transferring Shareholders the interest
in, or portion of, the Shares, that he or it proposes to Transfer in the manner prescribed in Section 6.2(a)(i) (an "Offer"), and the Offer shall not have been accepted in the manner
prescribed in Section 6.2(a)(ii). 

         (i)    Making of the Offer.    If any of the Shareholders proposes to Transfer any
interest in, or portion of, any of
the Shares, he or it first shall give a Notice of the proposed Transfer to the Board and each of the other non-Transferring Shareholders and make an Offer to Transfer such interest in, or
portion of, Shares to the Company and the other non-Transferring Shareholders, upon the terms and conditions of the proposed Transfer. The Offer shall set forth the name and address of the
prospective Transferee, the price per Share of the Shares that are the subject of the proposed Transfer, and the terms and conditions of the proposed Transfer. 

         (ii)    Acceptance of Offer.    After receiving the Offer, the Company (to the
extent of its legal power to do so) and
the other non-transferring Shareholders shall have thirty (30) days 

11

 

within which to elect to purchase all, but not less than all, of the Shares, or interest therein or portion thereof, proposed to be Transferred, Notice of such acceptance to be communicated to the
Transferring Shareholder within such thirty (30)-day period. In the event the Company wishes to purchase the Shares, or interest therein or portion thereof, proposed to be Transferred, the
Company shall have the right to purchase such Shares before any non-Transferring Shareholders shall have any such right. To the extent the Company does not wish to purchase any such
Shares, the non-Transferring Shareholders shall have the right to purchase such Shares, in proportion to the number of Shares owned by such non-Transferring Shareholders. If
any non-Transferring Shareholder does not wish to purchase his or its proportionate amount of such Shares, the other non-Transferring Shareholder who wishes to purchase Shares
pursuant to the Offer shall have the obligation to purchase all such Shares. 

        (b)    Consummation of Transfers.    Any Transfer to the Company or a
non-Transferring Shareholder by the Transferring Shareholder of any interest therein or portion thereof pursuant to this Section 6.2 shall be consummated within ninety
(90) days after acceptance of the Offer, subject to any disclosure, approval, or other requirements of any Gaming Authority or Securities Authority. No Transfer shall be complete and no
Transfer shall be registered in the Company's books until the prospective Transferee shall have (i) agreed to be bound by the terms of this Agreement as though he or it were a holder of Shares
and this Agreement shall have been amended to reflect the Transfer to such prospective Transferee, (ii) complied with all approval, disclosures, and other requirements of any Gaming Authority
or Securities Authority, and (iii) provided to the Company and any Gaming Authority, Securities Authority, or other relevant governmental authorities any information requested by the Company or
such Gaming Authority, Securities Authority, or other governmental authority regarding the Transfer or the suitability of the prospective Transferee to own the interest in, or portion of, the Shares. 

        (c)    Release from Restriction.    If (i) an Offer is not accepted pursuant to
Section 6.2(a)(ii), or (ii) a purchase is not consummated within the ninety (90)-day time limit provided for in Section 6.2(b), the offering holder of Shares may make
a bona fide Transfer to the prospective Transferee named in the relevant Offer only in strict accordance with the terms and conditions stated in such Offer and only if, prior to such Transfer, the
prospective Transferee shall have complied with all requirements of Section 6.2(b). If the offering holder of Shares shall fail to make such Transfer within ninety (90) days after the
expiration of the 90-day time limit provided for the acceptance of the Offer by the Company or the non-Transferring Shareholders, however, such Shares again shall become
subject to all of the restrictions of this Article 6. 

        6.3    Unsuitability.    

        If,
at any time (a) any (i) Gaming Authority determines, or (ii) the gaming counsel of the Company or any of its Affiliates concludes, that any Shareholder, or any
of his or its Affiliates is or may be unsuitable to hold a Gaming License or an interest in a Gaming License in any relevant jurisdiction or that a Gaming Problem exists or may exist with respect to
such Shareholder or his or its Affiliate, or (b) any (i) Securities Authority determines, or (ii) the securities counsel of the Company or any of its Affiliates concludes, that a
Securities Problem exists or may exist with respect to a Shareholder or any of his or its Affiliates, the Company shall have the option (but not the obligation) to redeem and Wynn International shall
have the option (but not the obligation) to purchase, all Shares directly or indirectly owned by the Shareholder who is so considered to be unsuitable or with respect to which such Gaming Problem or
Securities Problem exists or may exist in exchange for a cash payment in the amount of the par value of such Shares. 

        6.4    Purchase of Class A Shares.    

        (a)    Purchase.    In the event of the Executive Director's death, legal disability,
retirement or removal from the office of Executive Director, unsuitability, failure to remain a permanent resident 

12

 

of the MSAR, revocation of appointment, other failure to serve as the Executive Director, or occurrence of an Event of Default by or with respect to the Executive Director, then the Company and Wynn
International shall have the right (but not the obligation) to redeem or purchase all of the Class A Shares at par value and in the manner prescribed in Section 6.4(c). Neither the
former Executive Director nor his estate, personal representative, or successor in interest shall have any further rights as the owner of the Class A Shares from and after the date of the
exercise by the Company of the option to purchase the Class A Shares. 

        (b)    Price.    The price to be paid by the Company in the event of a purchase
of the
Class A Shares upon the occurrence of an event described in Section 6.4(a) shall be the par value of such Shares. 

        (c)    Manner of Purchase.    The purchase of the Class A Shares described in
Section 6.4(a) shall be effected by the Company giving Notice to the former Executive Director or his estate within ninety (90) days after the occurrence of an event described in
Section 6.4(a), specifying the place, date (within ninety (90) days after the date of such Notice), and time at which payment shall be made to the former Executive Director or his
estate, personal representative, or successor in interest, as the case may be, for the Class A Shares. On that date, and at that place and time, the Company or its assignee, who shall be
designated as the replacement Executive Director, shall deliver the purchase price for the Class A Shares, determined in the manner provided in Section 6.4(b), to the former Executive
Director or his estate, personal representative, or successor in interest, as the case may be, in cash or by registered or certified check, and all of the Class A Shares, together with any
stock powers, shall be delivered to the Company by the former Executive Director or his estate, personal representative, or successor in interest. 

        (d)    Purchase Price Full Payment for Class A Shares.    Payment of the purchase price
for the Class A Shares pursuant to Sections 6.4(b) and 6.4(c) shall be in full payment for the Class A Shares and in lieu of any other payment to the former Executive Director or his
estate, personal representative, or successor in interest, as the case may be, of any kind. 

        6.5    Family Transfers.    

        The
restrictions on Transfer contained in this Article 6 shall not apply to Transfers by Shareholders to members of the Transferor's Family or to the Affiliates of Wynn
International or Wynn Hong Kong; provided, however, that any such Transfer shall be subject to any disclosure, approval, or other requirements of any Gaming Authority or Securities Authority. No such
Transfer shall be complete and no Transfer shall be registered in the Company's books until the prospective Transferee shall have (a) agreed to be bound by the terms of this Agreement as though
he or it were a holder of Shares and this Agreement shall have been amended to reflect the Transfer to such prospective Transferee, (b) complied with all approval, disclosures, and other
requirements of any Gaming Authority or Securities Authority, and (c) provided to the Company and any Gaming Authority, Securities Authority, or other relevant governmental authorities any
information requested by the Company or such Gaming Authority, Securities Authority, or other governmental authority regarding the Transfer or the suitability of the prospective Transferee to own the
interest in, or portion of, Shares or Shareholder. 

        6.6    Legends on Share Certificates; Safekeeping of Share Certificates.    

        All
certificates representing Shares or other direct or indirect interests in the Company or any Affiliate of the Company shall be kept under the control of the Chairman. Each
certificate representing the Shares or any other direct or indirect interest in the Company or any Affiliate of the Company, now or hereafter held by the Shareholders or their respective Affiliates
shall be stamped with certain legends required by the laws of the MSAR and a legend in substantially the following form: 

"The
transfer and encumbrance of, and rights in, the shares represented by this certificate are restricted under (a) the terms of a Shareholders' Agreement, as amended from time to time, a copy
of which is on file at the office of Wynn Resorts (Macau), S.A., and (b) rules of the gaming and securities authorities of various jurisdictions." 

13

  

 
 

ARTICLE 7
  REPRESENTATIONS, WARRANTIES, AND COVENANTS

        7.1    Representations and Warranties of the Shareholders.    

        Each
of the Shareholders hereby represents and warrants to the other Parties that: 

        (a)    Company Shareholders.    Each of the Shareholders that is a company (i) is a
private company limited by shares duly organized, validly existing, and in good standing under the laws of its jurisdiction of formation, (ii) will possess full beneficial ownership of all
legal and economic rights associated with the Class B Shares or Class C Shares, as the case may be, held in its name, upon completion of the issuance of the Shares pursuant to
Section 4.1, (iii) does not act as a nominee or representative for any Person in respect of any interest in such Class B Shares or Class C Shares, as the case may be, and
(iv) has made all required disclosures to all relevant Gaming Authorities. 

        (b)    Wong.    Wong (i) is an individual who is a citizen and permanent resident of
the MSAR, (ii) possesses full beneficial ownership of all legal and economic rights associated with the Class A Shares, (iii) does not act as a nominee or representative for any
Person in respect of any interest in the Class A Shares, and (iv) has made all required disclosures to all relevant Gaming Authorities. 

        (c)    Power and Authority.    He or it has all requisite power and authority, corporate or
otherwise, to carry on his or its business as contemplated by this Agreement. 

        (d)    Authorization of Agreement.    He or it has all requisite power and authority,
corporate or otherwise, to enter into this Agreement and to consummate the transactions contemplated hereby. This Agreement (i) has been duly executed by him or it and delivered to the other
Parties, (ii) has been effectively authorized by all necessary action, corporate or otherwise, of him or it, and (iii) constitutes a legal, valid, and binding obligation of him or it. 

        (e)    No Breach of Other Instruments.    None of the execution, delivery, or performance of
this Agreement or any of the transactions contemplated hereby or the fulfillment by him or it of each of the terms and conditions hereof shall violate or conflict with, result in a breach of any of
the terms or conditions of, constitute a default (or any event which, with notice or lapse of time or both, would constitute a default) under, result in the termination of, accelerate the performance
required by, result in the forfeiture of any right of him or it under, or create any lien, security interest, charge, or encumbrance on any of his or its properties pursuant to any material agreement,
indenture, mortgage, bond, deed of trust, promissory note, lease, franchise, permit, license, registration, qualification, or other obligation or instrument to which he or it is a party or by which he
or it or any of his or its properties or assets is bound or affected, pursuant to the terms, conditions, and provisions of (i) any such agreement or instrument, (ii) any law, rule, or
regulation applicable to him or it, (iii) any order, writ, injunction, decree, or judgment of any court, governmental body, or arbitrator by which he or it is bound, or (iv) its Charter
Documents. 

        (f)    Foreign Corrupt Practices Act.    He or it has made or ordered no payment, taken no
action, and has directed no Person to make any payment or take any action, that violates or could violate the United States Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"). 

        (g)    Delivery of Resolution of Consent.    Wynn International and Wynn Hong Kong have
delivered to the Company the resolutions of their respective Boards of Directors confirming their assent to this Agreement and the transactions contemplated hereby, copies of which are attached hereto
as Exhibits B-1 and B-2, respectively. 

14

 

        7.2    Representations and Warranties of the Company.    

        The
Company represents and warrants to the Shareholders that: 

        (a)    Organization, Good Standing, and Authority.    It is a company limited by shares duly
organized, validly existing, and in good standing under the laws of the MSAR. The Company has the corporate power and authority to own and use its properties and to carry on all business contemplated
by this Agreement. 

        (b)    Charter Documents.    Its current and effective Charter Documents are as set forth in
Exhibit A attached hereto. 

        (c)    Capitalization of the Company.    Its entire registered, authorized, and outstanding
capital is as described in Article 3. 

        (d)    Authorization of Agreement.    It has all requisite power and authority to enter into
this Agreement and to consummate the transactions contemplated hereby. This Agreement (i) has been duly executed and delivered to the Shareholders by the Company, (ii) has been
effectively authorized by all necessary action, corporate or otherwise, of the Company, and (iii) constitutes a legal, valid, and binding obligation of the Company. 

        (e)    No Breach of Other Instruments.    None of the execution, delivery, or performance of
this Agreement or any of the transactions contemplated hereby or the fulfillment by the Company of each of the terms and conditions hereof shall violate or conflict with, result in a breach of any of
the terms or conditions of, constitute a default (or any event which, with notice or lapse of time or both, would constitute a default) under, result in the termination of, accelerate the performance
required by, result in the forfeiture of any right of the Company under, or create any lien, security interest, charge, or encumbrance on any of the properties of the Company pursuant to any material
agreement, indenture, mortgage, bond, deed of trust, promissory note, lease, franchise, permit, license, registration, qualification, or other obligation or instrument to which the Company is a party
or by which the Company or any of the properties or assets of the Company is bound or affected, pursuant to the terms, conditions, and provisions of (i) any such agreement or instrument,
(ii) any law, rule, or regulation applicable to the Company, (iii) any order, writ, injunction, decree, or judgment of any court, governmental body, or arbitrator by which the Company is
bound, or (iv) the Charter Documents of the Company. 

        (f)    Foreign Corrupt Practices Act.    It has made no payment and taken no action, and has
directed no Person to make any payment or take any action, that violates or could violate the FCPA. 

        (g)    Delivery of Resolutions of Consent.    It has delivered to the Shareholders the
resolutions of the Board confirming its assent to this Agreement and the transactions contemplated hereby, a copy of which is attached hereto as Exhibit C. 

        7.3    Covenants of the Shareholders and the Company.    

        Each
of the Shareholders and the Company hereby covenants and agrees that, during the term of this Agreement, he or it shall: 

        (a)  take
no action and shall direct no Person to take any action that violates or could violate the FCPA, any Gaming Laws, or any Securities Laws; 

        (b)  retain
full beneficial ownership of all legal and economic rights associated with his or its interest in the Company, as set forth in Article 4; 

15

 

        (c)  make
all disclosures required of it to all relevant Gaming Authorities and Securities Authorities and cooperate with Wynn International and its Affiliates to make any
disclosures required of them to any relevant Gaming Authority or Securities Authority; 

        (d)  faithfully
observe the restrictions on Transfers of interests in or portions of Shares set forth in Article 6; and 

        (e)  perform
all obligations required of it under this Agreement. 

        Each
Shareholder shall provide a sworn and notarized declaration of the matters contained in Section 7.1 and this Section 7.3 in the form attached hereto as
Exhibit E. 

 
 

ARTICLE 8
  TERM AND TERMINATION

        8.1    Term.    

        This
Agreement will continue in effect for so long as Wynn International, Wynn Hong Kong, or any of their respective Affiliates owns any of the Shares, unless it is earlier terminated
pursuant to the terms of this Agreement; provided, however, that notwithstanding the termination of the Company under the laws of the MSAR, this Agreement shall continue in effect as a contract among
the Shareholders with respect to such provisions as impose a continuing obligation upon any of them. 

        8.2    Events of Default.    

        The
occurrence and continuation of any of the following events or circumstances by or with respect to a Shareholder shall constitute an Event of Default by such Shareholder: 

        (a)  The
liquidation, bankruptcy, dissolution, or appointment of an administrator for any of the Shareholders; 

        (b)  Any
failure by any of the Shareholders to cure its material breach of any material provision of this Agreement within thirty (30) days following Notice from the
Company of such breach, including without limitation, the failure of a Shareholder to make any capital contribution to the Company required pursuant to Section 4.4; 

        (c)  The
commission by any Shareholder of any act of fraud or embezzlement or any other intentional misconduct that may adversely affect the business or affairs of the
Company, Wynn International, or any of their respective Affiliates; 

        (d)  The
existence or occurrence of any Gaming Problem or Securities Problem, or any violation of the FCPA, by or with respect to any Shareholder; 

        (e)  The
Transfer by the Executive Director of any Class A Shares, except in accordance with Article 6 and as approved by the MSAR Government; or 

        (f)    The
Transfer or attempted Transfer of any Shares or interest in, or portion of Shares, except as expressly permitted pursuant to this Agreement. 

        8.3    Remedies Upon Events of Default.    

        If
an Event of Default described in Section 8.2 has occurred and is continuing, the Company or any Person designated by the Company shall have the right (but not the obligation)
to redeem or purchase all Shares owned by the Shareholder to which the Event of Default relates (each, a "Defaulting Shareholder") at an aggregate price equal to the par value of such Shares (the
"Default Price"). The exercise by the Company of a right to redeem or purchase Shares pursuant to this Section 8.3 imposes no obligation on the Company to redeem or purchase any Shares and will
not alter 

16

 

any other rights to which the Company or the other Shareholders may be entitled at law or in equity, including, without limitation, any personal liability of any Party. 

        8.4    Manner of Exercise.    

        The
Company may exercise the option under Section 8.3 by Notice to the Defaulting Shareholder stating that all or part of the Shares directly or indirectly owned by such
Defaulting Shareholder is being purchased and specifying the Event of Default giving rise to the option, which Notice shall be delivered to the Defaulting Shareholder within sixty (60) days
after the date upon which the Company learns of the Event of Default. 

        8.5    Closing.    

        The
closing of any redemption, purchase, or sale made pursuant to Sections 8.3 and 8.4 shall be held at a date, time, and place specified by the Company within sixty
(60) days following the exercise of the option under Section 8.3. 

        8.6    Enforcement of Rights.    

        Any
Transferring Shareholder or any other Shareholder against whom the Company is contemplating exercising some right or option or pursuing some remedy under this Agreement, hereby
covenants and agrees that he or it, as a Shareholder and, subject to any fiduciary duties, as a Director, officer, or manager of the Company, shall vote the same way as the majority of the other
Shareholders or directors, shareholders, officers, or managers (as the case may be) in all matters relating to the exercise of such right or option or the pursuit of such remedy. 

 
 

ARTICLE 9
  INDEMNIFICATION

        9.1    Indemnification by the Shareholders.    

        Each
Shareholder hereby indemnifies the Company and holds the Company harmless in respect of any and all claims, losses, damages, liabilities, and expenses (including, without
limitation, settlement costs and any legal, accounting, and other expenses of investigating or defending any actions, claims, or legal proceedings or threatened actions, claims, or legal proceedings,
and any taxes or other governmental charges payable in respect of any indemnification payments hereunder) incurred by the Company,
together with interest on cash disbursements in connection therewith at the Reference Rate from the date such cash disbursements were made by the Company until paid by the Shareholder, in connection
with the misrepresentation or breach of any representation, warranty, covenant, agreement, or obligation of the Shareholder contained in this Agreement or any other instrument contemplated by this
Agreement. 

        9.2    Indemnification by the Company.    

        The
Company hereby indemnifies the Shareholders and holds the Shareholders and their respective Affiliates harmless in respect of any and all claims, losses, damages, liabilities, and
expenses (including, without limitation, settlement costs and any legal, accounting, or other expenses of investigating or defending any actions, claims, or legal proceedings or threatened actions,
claims, or legal proceedings and any taxes or other governmental charges payable in respect of any indemnification payments hereunder) incurred by the Shareholders or their respective Affiliates,
together with interest on cash disbursements in connection therewith at the Reference Rate from the date that such cash disbursements were made by the Shareholders or their respective Affiliates until
paid by the Company, in connection with the misrepresentation or breach of any representation, warranty, covenant, agreement, or obligation of the Company contained in this Agreement or any other
instrument contemplated by this Agreement, 

17

 

        9.3    Claims for Indemnification.    

        Whenever
any claim shall arise for indemnification hereunder, the Indemnified Party shall promptly give Notice to the Indemnifying Party of the claim and, when known, the facts
constituting the basis for such claim. In the event of any claim for indemnification hereunder resulting from or in connection with any action, claim, or legal proceedings by a Person who is not a
Party, the Notice to the Indemnifying Party shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. The Indemnified Party shall not settle or compromise
any action, claim, or legal proceeding by a third Person for which it is entitled to indemnification hereunder without the prior written consent of the Indemnifying Party (which consent shall not be
unreasonably withheld or delayed) unless such action, claim, or legal proceeding shall have been instituted against it and the Indemnifying Party shall not have taken control of such action, claim, or
legal proceeding after Notice thereof. 

        9.4    Defense by Indemnifying Party.    

        In
connection with any claim giving rise to indemnification hereunder resulting from or arising out of any action, claim, or legal proceeding by a Person who is not a Party, the
Indemnifying Party at its sole
cost and expense may, upon Notice to the Indemnified Party, assume the defense of any such action, claim, or legal proceeding if it acknowledges to the Indemnified Party in writing its obligation to
indemnify the Indemnified Party pursuant to this Agreement in respect of such action, claim, or legal proceeding. The Indemnified Party shall be entitled to participate in (but not control) the
defense of any such action, claim, or legal proceeding with its own counsel and at its own expense. If the Indemnifying Party assumes the defense of any such action, claim, or legal proceeding, the
Indemnifying Party shall select counsel reasonably acceptable to the Indemnified Party to conduct the defense of such action, claim, or legal proceeding, and the Indemnifying Party, at its sole cost
and expense, shall take all steps necessary in the defense or settlement thereof. The Indemnifying Party shall not consent to a settlement of, or the entry of any judgment arising from, any such
action, claim, or legal proceeding without the prior written consent (which consent shall not be unreasonably withheld or delayed) of the Indemnified Party. If the Indemnifying Party does not assume
the defense of any such action, claim, or legal proceeding (a) the Indemnified Party may defend against such action, claim, or legal proceeding, in such manner as it may deem appropriate,
including, without limitation, settling such action, claim, or legal proceeding, after giving Notice of the same to the Indemnifying Party, on such terms as the Indemnified Party may deem appropriate,
and (b) the Indemnifying Party shall be entitled to participate in (but not control) the defense of such action, claim, or legal proceeding with its own counsel and at its own expense. If the
Indemnifying Party thereafter seeks to question the manner in which the Indemnified Party defended such third Person's action, claim, or legal proceeding or the amount or nature of any such
settlement, the Indemnifying Party shall have the burden to prove by a preponderance of the evidence that the Indemnified Party did not defend or settle such action, claim, or legal Proceeding in a
reasonably prudent manner. 

        9.5    Manner of Indemnification.    

        All
indemnification provided hereunder shall be effected, at the sole option of the Indemnified Party (a) out of a holdback or set-off against any payment of any
amount of any type payable to the Indemnifying Party or any of its Affiliates by the Indemnified Party or any of its Affiliates, (b) by (i) the payment of cash in United States Dollars,
(ii) delivery of a certified or official bank check in United States Dollars, or (iii) a wire or telegraphic transfer of funds in United States Dollars, in each case by the Indemnifying
Party. 

18

 

 
 

ARTICLE 10
  CONFIDENTIALITY

        Each
of the Company, Wong, and Wynn Hong Kong acknowledges that Wynn International and its Affiliates will make available to the Company, Wong, and Wynn Hong Kong certain technical
assistance, documentation, information, and other matters in connection with the design, construction, development, maintenance, and operation of the Casino and any other casinos to be owned or
operated
by the Company and in connection therewith may provide the Company, Wong, and Wynn Hong Kong with certain documentation and information regarding the Company, the Company's Affiliates, and their
respective businesses, (collectively, the "Information"). All of the Information shall remain the property of Wynn International and its Affiliates and the disclosure of the Information shall not be
deemed to confer upon the Company, Wong, Wynn Hong Kong, or any of their respective Affiliates, officers, directors, shareholders, employees, or agents any rights whatsoever in respect of any part of
the Information. In consideration of receiving the Information, each of the Company, Wong, and Wynn Hong Kong hereby undertakes with Wynn International, on behalf of itself and each of its respective
Affiliates, officers, directors, shareholders, employees, and agents, whether or not any such Information is strictly confidential or proprietary: 

        (a)  not
to make any use of the Information for any purpose other than in accordance with this Agreement, and in particular, but without limitation, not to use any of the
Information for any commercial purpose; 

        (b)  to
hold all of the Information in the strictest confidence and not to disclose or divulge any part of the Information to any third Person without the prior written
consent of Wynn International, which may be withheld by Wynn International for any reason whatsoever, or, in the sole discretion of Wynn International, given on such terms and conditions as Wynn
International considers appropriate; 

        (c)  not
to make or solicit any announcement or disclosure regarding Wynn International or the Company's business, unless Wynn International gives its express prior written
consent; 

        (d)  to
restrict access to the Information to those of its responsible employees and professional advisers who absolutely require such access and to impose upon all such
employees and professional advisers obligations of confidentiality equivalent to those contained in this Agreement; 

        (e)  not
to copy, reproduce, or part with possession of any of the Information except as is strictly necessary and as is consistent with its obligations contained in this
Agreement; 

        (f)    immediately
on request by Wynn International at any time, to return to Wynn International or as Wynn International may direct all of the Information and all documents
and other material containing or embodying the Information (or any part thereof) together with all copies thereof, and in any event to promptly return all of such Information to Wynn International
upon the termination of this Agreement; and 

        (g)  except
in accordance with this Agreement, not to, in any way, form, or manner whatsoever, make any use of the Information or any of the ideas, concepts, materials, or
documents comprising the Information, whether in connection with the Casino, any other casinos to be owned or operated by the Company, or otherwise. 

19

 

 
 

ARTICLE 11
  MISCELLANEOUS

        11.1    Notices.    

        All
notices, demands, and other communications required or permitted under this Agreement (each, a "Notice") shall be in writing and, at the option of the notifying Party, shall be
either (a) personally delivered, (b) transmitted by certified or registered mail or reputable international courier, postage prepaid, return receipt requested, or (c) transmitted
by telefax, answerback requested, to the appropriate Party, as follows: 

	To the Company:	 	Wynn Resorts (Macau), S.A.

Avenida Praia Grande, n.° 429

21st Floor, Ed. Nam Wan Commercial Centre

Macau

Attn: Company Secretary

Telefax: (853) 336-057
	

To Wynn Hong Kong:	
 	

Wynn Resorts (Macau), Limited

Room 2503, Bank of America Tower

12 Harcourt Road

Hong Kong

Attn: Company Secretary

Telefax: (852) 2810-4196
	

To Wynn International:	
 	

Wynn Resorts International, Ltd.

2nd Floor, Atlantic House

Circular Road, Douglas

Isle of Man, IM 1 1SQ

British Isles

Attn: Company Secretary

Telefax: (44-1624) 616-667
	

To Wong:	
 	

Mr. Wong Chi Seng

Rua Francisco Xavier Pereira N° 133C

7° andar

Edificio Vila Nova Heong Lam

Macau
	

in each case, with copies to:	
 	

Wynn Resorts

3145 Las Vegas Blvd. So.

Las Vegas, NV 89109

U.S.A.

Attn: General Counsel

Telefax: (702) 733-4596
	

 	
 	

and
	

 	
 	

Fulbright & Jaworski LLP

The Hong Kong Club Building, Suite 1901

3A Chater Road, Central

Hong Kong

Attn: A.T. Powers

Telefax: (852) 2523-3255

20

   
        The effective date of any Notice will be deemed to be (i) the date of receipt, if delivered personally, (ii) the date seven (7) Business Days after posting, if
mailed or sent by courier, or (iii) twelve (12) hours after transmission by telefax with confirmed answerback. The address of any Person set forth above may be changed at any time and
from time to time by such Person by Notice given pursuant to this Section 11.1. 

        11.2    Assignment.    

        Except
as expressly provided in this Agreement, none of the Parties has any right to Transfer any of the rights, duties, or obligations granted by or imposed in this Agreement. Any
purported Transfer by any Party of any of the rights, duties, or obligations granted by or imposed in this Agreement shall be void and without effect. 

        11.3    Successors and Permitted Transferees.    

        This
Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted Transferees; provided, however, that this provision shall not
be deemed to authorize the Transfer of any Shares or any interest therein or portion thereof, which may be accomplished only as expressly permitted pursuant to this Agreement. 

        11.4    Governing Law.    

        This
Agreement shall be governed by, and construed, interpreted, and enforced in accordance with, the internal laws and not the laws pertaining to choice or conflicts of laws, of the
MSAR. The Parties hereby submit to the exclusive jurisdiction of the courts of the MSAR in all actions relating to the construction, interpretation, or enforcement of this Agreement and all rights and
obligations relating hereto. 

        11.5    Modifications, Amendments, and Waivers.    

        No
modification, amendment, or waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the Party to be charged. No failure by any Party to
(a) object to or act upon any breach by any other Party of any provision of this Agreement, (b) insist upon strict performance of any of the terms or provisions of this Agreement, or
(c) exercise any option, right, or remedy provided for in this Agreement shall operate or be construed (except as expressly provided in this Agreement) as a waiver or as a relinquishment for
the future of the same or any other term, provision, option, right, or remedy provided for in this Agreement. The provisions of this Section 11.5 may not be modified, amended, or waived except
in accordance with this Section 11.5. 

        11.6    Not for Benefit of Creditors.    

        The
provisions of this Agreement are intended only for the regulation of relations between the Parties. This Agreement is not intended for the benefit of non-Party creditors
and no rights are granted to non-Party creditors under this Agreement. 

        11.7    Force Majeure.    

        Except
as provided in this Agreement, no Party shall be liable to the other Party for any breach of, or failure of performance under, this Agreement caused by or resulting from any act
of God, act of state, natural or man-made disaster, or any other cause beyond its reasonable control ("Force Majeure"), to the extent and throughout the duration of such condition of Force
Majeure. 

        11.8    Time of Essence.    

        The
time and exactitude of the performance of each of the terms, obligations, covenants, and conditions of this Agreement are hereby declared and acknowledged by the Parties to be of the
essence. 

21

 

        11.9    Severability.    

        Wherever
possible, each provision of this Agreement shall be interpreted in such a manner as to be valid, legal, and effective and to achieve the intent of the Parties to the fullest
extent possible and shall be enforced to the fullest extent permitted by law. Any term or provision of this Agreement, or the application thereof to any Party or circumstances, that is determined to
any extent or for any reason to be invalid, illegal, or unenforceable in any jurisdiction, shall as to that jurisdiction, be ineffective only to the extent of such invalidity, illegality, or
unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction or rendering that or any other provision of this Agreement invalid, illegal, or unenforceable in any
other jurisdiction or in any other circumstances. 

        11.10    Survival.    

        The
provisions of Articles 6, 7, 8, 9, 10, and 11 and all obligations to make or complete any payments due at the time of or as a result of any termination of this Agreement shall remain
in full force and effect notwithstanding the termination of this Agreement, the dissolution of any of the Parties, the cessation of the carrying on of the business by any of the Parties, and any
investigation at any time made by or on behalf of any Party, and shall expire only upon the expiration of the applicable statute of limitations, if any. 

        11.11    Specific Performance.    

        The
Parties agree that it is impossible to measure in money the damages that would accrue to a Party by reason of a failure of the other to perform any of its obligations under this
Agreement. Therefore, if any Party shall institute any action, claim, or legal proceeding to enforce the provisions of this Agreement, any Party against whom such action, claim, or legal proceeding is
brought hereby waives the claim or defense that such Party has an adequate remedy at law and this Agreement may be enforced by injunction or other equitable relief ordered by any court of competent
jurisdiction. 

        11.12    Entire Agreement.    

        This
Agreement, including the Exhibits attached hereto and incorporated herein, constitutes the entire agreement among the Parties relating to the matters contained in and covered by
this Agreement and, except as expressly provided herein, supersedes all prior oral and written and all contemporaneous oral agreements, arrangements, negotiations, commitments, statements, writings,
understandings, and undertakings among the Parties with respect thereto. 

        11.13    Counterparts.    

        This
Agreement may be executed in multiple counterparts, each of which will be deemed to be an original, but all of which together constitute one (1) and the same instrument. 

22

 

        IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed on the Effective Date. 

	THE COMPANY:	 	WYNN RESORTS (MACAU), S.A.,
	 	 	 	 	a Macau company
	Signed in the presence of:	 	 	 	 
	

/s/  CYNTHIA MITCHUM      
	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	Name:	 	Cynthia Mitchum	 	Name:	 	Stephen A. Wynn
	 	 	 	 	Title:	 	Director
	
WYNN HONG KONG:	
 	

WYNN RESORTS (MACAU), LIMITED, a Hong Kong company
	Signed in the presence of:	 	 	 	 
	

/s/  CYNTHIA MITCHUM      
	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	Name:	 	Cynthia Mitchum	 	Name:	 	Wynn Resorts (Macau) Holdings, Ltd.
	 	 	 	 	Title:	 	Director
	 	 	 	 	By:	 	Stephen A. Wynn, Director
	
WYNN INTERNATIONAL:	
 	

WYNN RESORTS INTERNATIONAL, LTD., an Isle of Man company
	Signed in the presence of:	 	 	 	 
	

/s/  CYNTHIA MITCHUM      
	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	Name:	 	Cynthia Mitchum	 	Name:	 	Stephen A. Wynn
	 	 	 	 	Title:	 	Director
	
WONG:

Signed in the presence of:	
 	

 	
 	

 
	

/s/  ALEXANDRE CORREIA DA SILVA      
	
 	

/s/ [Chinese Characters]

	Name:	 	Alexandre Correia da Silva
	 	WONG CHI SENG, an individual

23

QuickLinks

TABLE OF CONTENTS

SHAREHOLDERS' AGREEMENT

R E C I T A L S

ARTICLE 1 DEFINITIONS AND REFERENCES

ARTICLE 2 MANAGEMENT OF THE COMPANY

ARTICLE 3 SHARES

ARTICLE 4 FINANCING

ARTICLE 5 FINANCIAL MATTERS

ARTICLE 6 TRANSFERS OF SHARES

ARTICLE 7 REPRESENTATIONS, WARRANTIES, AND COVENANTS

ARTICLE 8 TERM AND TERMINATION

ARTICLE 9 INDEMNIFICATION

ARTICLE 10 CONFIDENTIALITY

ARTICLE 11 MISCELLANEOUS

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