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Exhibit 10.18  

 
  Amended and Restated
  Business Loan Agreement    
  

Bank
of America, N.A. 

       

        This
Amended and Restated Business Loan Agreement, dated as of May 30, 2002, is between BANK OF AMERICA, N.A. (the "Lender") and
WORLD TRAVEL, LLC (the "Borrower") and amends and restates that certain Business Loan Agreement, dated as of February 28, 2002 between the
Borrower and the Lender (the "Original Loan Agreement") and is not a repayment or novation of the Original Loan Agreement. 

R E C I T A L S  

        WHEREAS, the Borrower provided a term loan to the Borrower (the "Term
Loan") in the original principal amount of $28,500,000 pursuant to the Original Loan Agreement; 

        WHEREAS, contemporaneously herewith Valvino Lamore, LLC, a Nevada limited liability company (the
"Guarantor") is purchasing (the "Valvino Purchase") all of the outstanding membership interests in the
Borrower and will be the sole member of the Borrower; and 

        WHEREAS, the Borrower and the Lender desire to amend and restate the Original Loan Agreement to provide for, among other things, the
Valvino Purchase and, in connection therewith, the release and
replacement of the Continuing Guaranty of Stephen A. Wynn in favor of the Lender (the "Wynn Guaranty") with a Continuing Guaranty from Guarantor in
favor of the Lender (the "Valvino Guaranty"). 

        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 

1.    TERM LOAN TERMS.  

        1.1    Interest Rate.    

        (a)    Prime Rate.    Unless the Borrower elects an optional interest rate as described below,
the interest rate is a per annum rate equal to the Lender's Prime Rate defined below plus 0.25%. 

        The
"Prime Rate" is the rate of interest publicly announced from time to time by the Lender as its Prime Rate (the
"Index"). The Prime Rate is set by the Lender based on various factors, including the Lender's costs and desired return, general economic conditions and
other factors, and is used as a reference point for pricing some loans. The Lender may price loans to its customers at, above or below the Prime Rate. Any change in the Prime Rate will take effect at
the opening of business on the day specified in the public announcement of a change in the Lender's Prime Rate. The Index is not necessarily the lowest rate charged by the Lender on its loans and is
set by the Lender in its sole discretion. If the Index becomes unavailable during the term of this loan, the Lender may designate a substitute index after notifying the Borrower. The Lender will tell
the Borrower the current Index rate upon the Borrower's request. 

        (b)    Optional Interest Rates.    Instead of the interest rate based on the Prime Rate, the
Borrower may elect the optional interest rate(s) described below for the Term Loan during interest periods agreed to by the Lender and the Borrower. The optional rate(s) shall be subject to the terms
and conditions described in this Agreement. Any principal amount bearing interest at an optional rate under this Agreement is referred to as a
"Portion". If the Borrower elects the optional rate described below, such optional rate shall continue until such time as the Borrower elects otherwise
or the provisions of Section 1.3(c)(iii) are applicable. 

 

        (c)    LIBOR Rate.    The Borrower may elect to have all or Portions
of the principal balance bear interest at a rate per year equal to the LIBOR Rate plus 2.50%. Designation of a LIBOR Rate Portion is subject to the following requirements: 

        (i)    The
interest period during which the LIBOR Rate will be in effect will be one, two, three or six months. The first day of the interest period must be a day other than a
Saturday or a Sunday on which the Lender is open for business in New York and London and dealing in offshore dollars (a "LIBOR Banking Day"). The last
day of the interest period and the actual number of days during the interest period will be determined by the Lender using the practices of the London inter-bank market. 

        (ii)  Each
LIBOR Rate Portion will be for an amount not less than $1,000,000. No more than 3 separate LIBOR Rate Portions may be outstanding at any time. 

        (iii)  "LIBOR Rate" means the interest rate determined by the following formula, rounded upward to the nearest 1/100 of one
percent. (All amounts in the calculation will be determined by the Lender as of the first day of the interest period): 

	LIBOR Rate	=	London Inter-Bank Offered Rate
 (1.00—Reserve Percentage)

        Where,

        (a)    "London Inter-Bank Offered Rate"    means the average per annum interest
rate at which U.S. dollar deposits would be offered for the applicable interest period by major banks in the London inter-bank market, as shown on the Telerate Page 3750 (or any successor
page) at approximately 11:00 a.m. London time two (2) London Banking Days before the commencement of the interest period. If such rate does not appear on the Telerate Page 3750 (or any
successor page), the rate for that interest period will be determined by such alternate method as reasonably selected by Lender. A "London Banking Day"
is a day on which Lender's London Banking Center is open for business and dealing in offshore dollars. 

        (b)    "Reserve Percentage"    means the total of the maximum reserve percentages for
determining the reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency Liabilities, as defined in Federal Reserve Board Regulation D, rounded upward to the
nearest 1/100 of one percent. The percentage will be expressed as a decimal, and will include, but not be limited to, marginal, emergency, supplemental, special, and other reserve percentages. 

        (iv)  The
Borrower shall irrevocably request a LIBOR Rate Portion no later than 10:00 a.m. Chicago time on the LIBOR Banking Day preceding the day on which the London
Inter-Bank Offered Rate will be set, as specified above. For example, if there are no intervening holidays or weekend days in any of the relevant locations, the request must be made at
least three days before the LIBOR Rate takes effect. 

        (v)  The
Borrower may not elect a LIBOR Rate with respect to any principal which is scheduled to be repaid before the last day of the applicable interest period. 

        (vi)  Each
prepayment of a LIBOR Rate Portion, whether voluntary, by reason of acceleration or otherwise, will be accompanied by the amount of accrued interest on the amount
prepaid and a prepayment fee as described below. A "prepayment" is a payment of 

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an amount on a date earlier than the scheduled payment date for such amount as required by this Agreement. The prepayment fee shall be equal to the amount (if any) by which: 

        (a)  the
additional interest which would have been payable during the interest period on the amount prepaid had it not been prepaid, exceeds 

        (b)  the
interest which would have been recoverable by the Lender by placing the amount prepaid on deposit in the domestic certificate of deposit market, the eurodollar
deposit market, or other appropriate money market selected by the Lender, for a period starting on the date on which it was prepaid and ending on the last day of the interest period for such Portion
(or the scheduled payment date for the amount prepaid, if earlier). 

        (vii) The
Lender will have no obligation to accept an election for a LIBOR Rate Portion if any of the following described events has occurred and is continuing: 

        (a)  Dollar
deposits in the principal amount, and for periods equal to the interest period, of a LIBOR Rate Portion are not available in the London inter-bank
market; or 

        (b)  the
LIBOR Rate does not accurately reflect the cost of a LIBOR Rate Portion. 

        1.2    Repayment Terms.    

        (a)    Interest.    The Borrower will pay interest on June 1, 2002, and then monthly
thereafter on the first day of each month until payment in full of any principal outstanding under the Term Loan. 

        (b)    Interest—Optional Interest Rate.    The Borrower will pay interest on any
amount bearing interest at an optional interest rate described above at the end of the applicable interest period, which will be no later than the maturity date and, if the interest period is longer
than 90 days then on the day which is 90 days after the first day of the interest period, and thereafter each 90 days during the interest period. 

        (c)    Principal.    The Borrower will repay principal in 47 successive monthly installments
of $158,333 starting March 1, 2003 and continuing thereafter on the first day of each month. On March 1, 2007 the Borrower will repay the remaining principal balance plus any interest
then due. 

        (d)    Optional Prepayments.    Subject to the payment of any "breakage" fee applicable to any
interest rate swap arrangement between the Borrower and the Lender, the Borrower may prepay the Term Loan in full or in part at any time. Any prepayment will be applied to the installments of
principal due under this Agreement in the inverse order of their maturities. 

        (e)    Mandatory Prepayment.    Upon the occurrence of an Event of Loss (as defined in the
Aircraft Mortgage) with respect to the Aircraft, the Borrower will pay to the Lender, as a mandatory prepayment of the Term Loan, the Loss Value (as defined in the Aircraft Mortgage) to the extent and
in the manner required by the terms of Section 4.1 of the Aircraft Mortgage. 

2.    FEES AND EXPENSES  

        2.1    Loan Fee.    The Borrower paid to the Lender a loan fee in the amount of $142,500 on
the date of the initial disbursement under the Term Loan. 

        2.2    Expenses.    The Borrower agrees to reimburse the Lender upon demand, whether or not
any loan is made under this Agreement, for: 

        (a)  filing,
recording and search fees, appraisal fees, title report fees, documentation fees, and other similar out-of-pocket fees, costs and
expenses incurred by the Lender. 

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        (b)  The
expenses of the Lender for the preparation of this Agreement and any agreement or instrument required by this Agreement. Such expenses include, but are not limited
to, reasonable attorneys' fees. 

        (c)  Upon
and during the continuance of an Event of Default, the cost of periodic appraisals of the collateral securing this Agreement, at such intervals as the Lender may
reasonably require. The appraisals may be performed by employees of the Lender or by independent appraisers. 

        (d)  Any
stamp or other taxes which may be payable with respect to the execution or delivery of this Agreement or any agreement or instrument required by this Agreement. 

3.    DISBURSEMENTS, PAYMENTS AND COSTS  

        3.1    Disbursements and Payments.    The disbursement by the Lender will be made in
immediately available funds and will be evidenced by records kept by the Lender. In addition, the Lender may, at its discretion, require the Borrower to sign a promissory note evidencing the Term
Loan. Each payment made by the Borrower will be made without set-off or counterclaim in immediately available funds not later than 2:00 p.m., Chicago time, on the date called for
under this Agreement at the Lender's office at 231 South LaSalle Street, Chicago, Illinois 60697. Funds received on any day after such time will be deemed to have been received on the next Banking
Day. Whenever any payment to be made under this Agreement is stated to be due on a day which is not a Banking Day, such payment will be made on the next succeeding Banking Day and such extension of
time will be included in the computation of any interest. 

        3.2    Telephone and Telefax Authorization.    

        (a)  The
Lender may honor telephone or telefax instructions for advances or repayments or the designation of optional interest rates given or purported to be given by any one
of the individuals authorized to sign loan agreements on behalf of the Borrower, or any other individual designated by any one of such authorized signers. 

        (b)  The
Borrower will indemnify and hold the Lender harmless from all liability, loss, and costs in connection with any act resulting from telephone or telefax instructions
the Lender reasonably believes are made by any individual authorized by the Borrower to give such instructions. This paragraph will survive this Agreement's termination, and will benefit the Lender
and its officers, employees, and agents. 

        3.3    Banking Days.    Unless otherwise provided in this Agreement, a
"Banking Day" is a day other than a Saturday, Sunday or other day on which commercial banks are authorized to close, or are in fact closed, in Chicago,
Illinois. All payments which would be due on a day which is not a Banking Day will be due on the next Banking Day. All payments received on a day which is not a Banking Day will be applied to the
credit on the next Banking Day. 

        3.4    Additional Costs.    The Borrower will pay the Lender, on demand, for the Lender's
costs or losses arising from any statute or regulation, or any request or requirement of a regulatory agency which is applicable to all national banks or a class of all national banks. The costs and
losses will be allocated to
the Term Loan in a manner determined by the Lender, using any reasonable method. The costs include the following: 

        (a)  any
reserve or deposit requirements; and 

        (b)  any
capital requirements relating to the Lender's assets and commitments for credit. 

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        3.5    Interest Calculation.    Except as otherwise stated in this Agreement, all interest and
fees, if any, will be computed on the basis of a 360 day year and the actual number of days elapsed. Installments of principal which are not paid when due under this Agreement shall continue to
bear interest until paid. 

        3.6    Default Rate.    Upon the occurrence and during the continuation of any Event of
Default under this Agreement, advances under this Agreement will at the option of the Lender bear interest at a rate per annum which is 4% higher than the Lender's Prime Rate. This will not constitute
a waiver of any Event of Default. 

        3.7    Interest Compounding.    At the Lender's sole option in each instance, any interest,
fees or costs which are not paid when due under this Agreement shall bear interest from the due date at the Lender's Prime Rate plus 4%. This may result in compounding of interest. 

4.    COLLATERAL.  

        4.1    Borrower's Obligations.    The Borrower's obligations to the Lender under this
Agreement will be secured by the Bombardier Global Express aircraft (the "Aircraft") referred to in the Mortgage, Security Agreement and Assignment
between the Borrower and the Lender, as assigned by the Borrower to Wells Fargo Bank North West, National Association, not in its individual capacity but solely as Owner Trustee under that certain
Trust Agreement, dated as of May 10, 2002 ("Owner Trustee") pursuant to that certain Assignment and Assumption Agreement dated May 10,
2002 (collectively, the "Aircraft Mortgage"). 

5.    CONDITIONS  

        The Lender must receive the following items, in form and content acceptable to the Lender, before it is required to extend any credit to the Borrower under this
Agreement: 

        5.1    Authorizations.    Evidence that the execution, delivery and performance by the
Borrower (and any guarantor) of this Agreement and any instrument or agreement required under this Agreement have been duly authorized. 

        5.2    Governing Documents.    A copy of the Borrower's articles of organization and operating
agreement. 

        5.3    Good Standing.    Certificates of good standing for the Borrower from its state of
organization and from any other state in which the Borrower is required to qualify to conduct its business. 

        5.4    Aircraft Mortgage.    A signed original Aircraft Mortgage, together with a
UCC-1 Financing Statement. 

        5.5    Evidence of Priority.    Evidence that security interests and liens in favor of the
Lender are valid, enforceable, and prior to all others' rights and interests, except those the Lender consents to in writing. 

        5.6    Insurance.    Evidence of insurance coverage, as required in the
"Covenants" section of this Agreement. 

        5.7    Guaranty.    The Valvino Guaranty signed by the Guarantor. 

        5.8    Legal Opinion.    A written opinion from the Lender's FAA counsel, covering such
matters as the Lender may require. 

        5.9    Payment of Fees.    Payment of all accrued and unpaid expenses incurred by the Lender
as required by the Section of this Agreement entitled "Fees and Expenses". 

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        5.10    Other Items.    Any other items that the Lender reasonably requires. 

6.    REPRESENTATIONS AND WARRANTIES  

        When the Borrower signs this Agreement, and until the Lender is repaid in full, the Borrower makes the following representations and warranties. Each request for
an extension of credit constitutes a renewed representation. 

        6.1    Organization of Borrower.    The Borrower is a limited liability company duly formed
and existing under the laws of the state where organized. 

        6.2    Authorization.    This Agreement, and any instrument or agreement required hereunder,
are within the Borrower's powers, have been duly authorized, and do not violate any provision of its organizational papers. 

        6.3    Enforceable Agreement.    This Agreement is a legal, valid and binding agreement of the
Borrower, enforceable against the Borrower in accordance with its terms, and any instrument or agreement required hereunder, when executed and delivered, will be similarly legal, valid, binding and
enforceable, in each case subject to applicable bankruptcy laws. 

        6.4    Good Standing.    In each state in which the Borrower does business, it is properly
licensed, in good standing, and in compliance with fictitious name statutes, in each case as required by each such state. 

        6.5    No Conflicts.    This Agreement does not violate any law, agreement, or obligation by
which the Borrower is bound. 

        6.6    Financial Information.    All financial and other information that has been or will be
supplied to the Lender is: 

        (a)  sufficiently
complete to give the Lender accurate knowledge of the Borrower's (and the Guarantor's) financial condition including all material contingent liabilities. 

        (b)  in
compliance with all government regulations that apply. 

Since
the date of the financial statement specified above, there has been no material adverse change in the assets or the financial condition of the Borrower (or the Guarantor). 

        6.7    Lawsuits.    There is no lawsuit, tax claim or other dispute pending or threatened
against the Borrower, which, if lost, would impair the Borrower's financial condition or ability to repay the Term Loan. 

        6.8    Collateral.    All collateral required in this Agreement is owned by the grantor of the
security interest free of any title defects or any liens or interests of others. 

        6.9    Permits, Franchises.    The Borrower possesses all permits, memberships, franchises,
contracts and licenses required and all trademark rights, trade name rights, patent rights and fictitious name rights necessary to enable it to conduct the business in which it is now engaged. 

        6.10    Other Obligations.    The Borrower is not in default on any obligation for borrowed
money, any purchase money obligation or any other material lease, commitment, contract, instrument or obligation. 

        6.11    Income Taxes.    The Borrower has filed all tax returns required to be filed and has
paid, or made adequate provisions for the payment of, all taxes due and payable pursuant to such returns and pursuant to any assessments made against it or any of its property. No tax liens have been
filed and no material claims are being asserted with respect to any such taxes. The reserves on the books of the Borrower in respect of taxes are adequate. The Borrower is not aware of any proposed
assessment or 

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adjustment for additional taxes (or any basis for any such assessment) which might be material to the Borrower. 

        6.12    No Event of Default.    There is no event which is, or with notice or lapse of time or
both would be, an Event of Default under this Agreement. 

        6.13    Insurance.    The Borrower has obtained, and maintained in effect, the insurance
coverage required in the "Covenants" section of this Agreement. 

        6.14    Jurisdiction of Organization.    The Borrower is organized under the laws of the State
of Nevada and the Borrower's organizational identification number is LLC860-2002. 

        6.15    U.S. Citizenship.    The Owner Trustee is a citizen of the United States (as defined
in 49 U.S.C. Section 40102(a)(15)) and is eligible to register the Aircraft with the Federal Aviation Administration pursuant to Part 47 of the Federal Aviation Regulations. 

7.    COVENANTS  

        The Borrower agrees, so long as credit is available under this Agreement and until the Lender is repaid in full: 

        7.1    Financial Information.    To provide the following financial information and statements
and such additional information as requested by the Lender from time to time: 

        (a)  The
Guarantor's quarterly financial statements within forty-five (45) days of the last day of each calendar quarter in a form and content reasonably
acceptable to the Lender; provided, that in the event that the Guarantor becomes subject to any SEC reporting requirements for either public debt or
equity, such financial reports shall be deemed acceptable by the Lender. 

        (b)  Commencing
with the calendar year ending December 31, 2002 and annually thereafter within one hundred twenty (120) days of calendar year end, the
Guarantor's annual audited financial statements on a consolidated basis with an unqualified opinion from a CPA firm reasonably acceptable to the Lender. 

        (c)  A
compliance certificate of the Guarantor, substantially in the form of Exhibit "A" attached to the Valvino Guaranty,
within forty-five (45) days of the last day of each calendar year end that the Term Loan is outstanding, in form and content satisfactory to the Lender, and certified in writing as
true and correct by the Guarantor, evidencing the Guarantor's compliance with the terms of the Guaranty as of the last day of such period, and providing such additional financial or other information
as Lender may reasonably request from time to time. 

        7.2    Other Liens.    Not to create, assume, or allow any security interest or lien
(including judicial liens) on the Aircraft, except: 

        (a)  Mortgages,
deeds of trust and security agreements in favor of the Lender. 

        (b)  Liens
permitted by the Aircraft Mortgage including liens for taxes not yet due. 

        7.3    Change of Ownership of the Aircraft.    Not to cause, permit, or suffer any beneficial
change in the Guarantor's ownership of the Aircraft. 

        7.4    Change of Ownership of the Guarantor.    Not to cause, permit, or suffer Stephen A.
Wynn ("Wynn") to cease to own, directly or indirectly, 30% of the capital ownership of the Guarantor and to cause Wynn to be Chief Executive Officer of
the Guarantor. 

        7.5    Parent of Borrower.    In the event that Guarantor is not the Borrower's parent and the
owner, directly or indirectly, of all of the Nevada related operations of the Borrower's publicly held parent, including, without limitation, all related real property and all operations related to Le
Reve, 

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then the Borrower shall promptly cause the entity which controls such Nevada related operations of the Borrower's publicly held parent to issue a guaranty in form and content satisfactory to the
Lender in substitution of the Valvino Guaranty. 

        7.6    Notices to Lender.    To promptly notify the Lender in writing of: 

        (a)  any
Event of Default under this Agreement, or any event which, with notice or lapse of time or both, would constitute an Event of Default. 

        (b)  any
material adverse change in the Borrower's ability to repay the Term Loan. 

        (c)  any
change in the Borrower's name, legal structure, or jurisdiction of organization. 

        7.7    Books and Records.    To maintain adequate books and records. 

        7.8    Audits.    To allow the Lender and its agents to inspect the Aircraft and examine,
audit and make copies of books and records relating to the Aircraft at any reasonable time. If the Aircraft or the books or records relating thereto are in the possession of a third party, the
Borrower authorizes that third party to permit the Lender or its agents to have access to perform inspections or audits and to respond
to the Lender's requests for information concerning the Aircraft and the books and records relating thereto. The Lender has no duty to inspect the Aircraft or to examine, audit or copy books and
records and the Lender shall not incur any obligation or liability by reason of not making any such inspection or inquiry. In the event that the Lender inspects the Aircraft or examines, audits or
copies books and records relating thereto, the Lender will be acting solely for the purposes of protecting the Lender's security and preserving the Lender's rights under this Agreement. Neither the
Borrower nor any other party is entitled to rely on any inspection or other inquiry by the Lender. The Lender owes no duty of care to protect the Borrower or any other party against, or to inform the
Borrower or any other party of, any adverse condition that may be observed as affecting the Aircraft, or the Borrower's business. The Lender may in its discretion disclose to the Borrower or any other
party any findings made as a result of, or in connection with, any inspection of the Aircraft. 

        7.9    Compliance with Laws.    To materially comply with the laws (including any fictitious
name statute), regulations, and orders of any government body with authority over the Borrower's business. 

        7.10    Preservation of Rights.    To maintain its existence except as otherwise provided
herein. 

        7.11    Perfection of Liens.    To help the Lender perfect and protect its security interests
and liens, and reimburse it for related costs it incurs to perfect its security interests and liens. 

        7.12    Cooperation.    To take any action reasonably requested by the Lender to carry out the
terms of this Agreement. 

        7.13    Insurance.    

        (a)    Insurance Covering Collateral.    To maintain all risk property damage insurance
policies covering the Aircraft as required by the Aircraft Mortgage. 

        (b)    General Business Insurance.    To maintain insurance as is usual for the business it is
in, including, but not limited to the insurance required by the Aircraft Mortgage. 

        (c)    Evidence of Insurance.    Upon the request of the Lender, to deliver to the Lender a
copy of each insurance policy, or, if permitted by the Lender, a certificate of insurance listing all insurance in force. 

        7.14    Additional Negative Covenants.    Not to, without the Lender's written consent: 

        (a)  liquidate
or dissolve the Borrower's business. 

        (b)  enter
into any consolidation, merger, pool, joint venture, syndicate, or other combination, or become a partner in a partnership, a member of a joint venture or a member
of a limited 

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liability company unless the Guarantor retains the power to direct the management of the resulting entity and the resulting entity assumes all obligations of Borrower hereunder and executes all
required documents, including, without limitation a new Aircraft Mortgage. 

        (c)  sell,
assign, lease, transfer or otherwise dispose of the Aircraft or any interest therein, except for a lease of the Aircraft to any entity controlled by Guarantor. 

8.    DEFAULT.  

        If any of the following events ("Events of Default") occurs, the Lender may do one or more of the following:
declare the Borrower in default, stop making any additional credit available to the Borrower, and require the Borrower to repay the entire Term Loan immediately and without prior notice. If an Event
of Default occurs under the Section entitled "Bankruptcy," then the entire Term Loan outstanding under this Agreement will automatically be due
immediately. 

        8.1    Failure to Pay.    The Borrower fails to make a payment under this Agreement when due. 

        8.2    Lien Priority.    The Lender fails to have an enforceable first lien (except for any
prior liens to which the Lender has consented in writing) on or security interest in any property given as security for the Term Loan. 

        8.3    False Information.    The Borrower (or the Guarantor) has given the Lender false or
misleading information or representations. 

        8.4    Bankruptcy.    The Borrower (or the Guarantor) files a bankruptcy petition, a
bankruptcy petition is filed against the Borrower (or the Guarantor), or the Borrower (or the Guarantor) makes a general assignment for the benefit of creditors. The default will be deemed cured if
any bankruptcy petition filed against the Borrower (or the Guarantor) is dismissed within a period of 45 days after the filing;  provided, however, that the Lender will not be obligated to extend
any additional credit to the Borrower during that period. 

        8.5    Receivers; Termination.    A receiver or similar official is appointed for the
Borrower's (or the Guarantor's) business, or the business is terminated. 

        8.6    Judgments.    Any judgments or arbitration awards are entered against the Borrower, or
the Borrower enters into any settlement agreements with respect to any litigation or arbitration, in an aggregate amount of $2,000,000 or more in excess of any insurance coverage. 

        8.7    Government Action.    Any government authority takes action that the Lender believes
materially adversely affects the Borrower's (or the Guarantor's) ability to repay the Term Loan. 

        8.8    Material Adverse Change.    A material adverse change occurs in the Borrower's (or the
Guarantor's) ability to repay the Term Loan. 

        8.9    Default Under Related Documents.    Any guaranty, subordination agreement, security
agreement, mortgage, deed of trust, or other document required by this Agreement is violated or no longer in effect. 

        8.10    Other Bank Agreements.    The Borrower (or the Guarantor) fails to meet the conditions
of, or fails to perform any obligation under any other agreement the Borrower (or the Guarantor) has with the Lender or any affiliate of the Lender, or demand is made by the Lender or any affiliate of
the Lender on any obligation owing to the Lender or such affiliate under any other agreement the Borrower (or the Guarantor) has with the Lender or any affiliate of the Lender if such failure
materially and adversely affects the Borrower's (or the Guarantor's) ability to repay the Term Loan. 

        8.11    Other Breach Under Agreement.    The Borrower fails to meet the conditions of, or
fails to perform any obligation under, any term of this Agreement not specifically referred to in this Article 8. 

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If the breach is capable of being remedied, the breach will not be considered an Event of Default under this Agreement for a period of 30 days after the date on which the Lender gives written
notice of the breach to the Borrower; provided, however, that the Lender will not be obligated to extend any additional credit to the Borrower during that period. 

9.    ENFORCING THIS AGREEMENT; MISCELLANEOUS.  

        9.1    Illinois Law.    THIS AGREEMENT IS GOVERNED BY THE INTERNAL
LAWS OF THE STATE OF ILLINOIS.

        9.2    Successors and Assigns.    This Agreement is binding on the
Borrower's and the Lender's Successors and Assignees. The Borrower agrees that it may not assign this Agreement without the Lender's prior consent. The Lender may sell Participations in or assign the
Term Loan, and may exchange financial information about the Borrower with actual or potential Participants or Assignees.

        9.3    Severability; Waivers.    If any part of this Agreement is not enforceable, the rest of
the Agreement may be enforced. The Lender retains all rights, even if it makes a loan after default. If the Lender waives a default, it may enforce a later default. Any consent or waiver under this
Agreement must be in writing. 

        9.4    Attorneys' Fees.    The Borrower shall reimburse the Lender for any reasonable
out-of-pocket costs and attorneys' fees incurred by the Lender in connection with the enforcement of any rights or remedies under this Agreement and any other documents
executed in connection with this Agreement, and in connection with any amendment, waiver, "workout" or restructuring under this Agreement. In the event of a lawsuit or arbitration proceeding, the
prevailing party is entitled to recover costs and reasonable attorneys' fees incurred in connection with the lawsuit or arbitration proceeding, as determined by the court or arbitrator. In the event
that any case is commenced by or against the Borrower under the Bankruptcy Code (Title 11, United States Code) or any similar or successor statute, the Lender is entitled to recover costs and
reasonable attorneys' fees incurred by the Lender related to the preservation, protection, or enforcement of any rights of the Lender in such a case. 

        9.5    One Agreement.    This Agreement and any related security or other agreements required
by this Agreement, collectively: 

        (a)  represent
the sum of the understandings and agreements between the Lender and the Borrower concerning this credit; and 

        (b)  replace
any prior oral or written agreements between the Lender and the Borrower concerning this credit; and 

        (c)  are
intended by the Lender and the Borrower as the final, complete and exclusive statement of the terms agreed to by them. 

In
the event of any conflict between this Agreement and any other agreements required by this Agreement, this Agreement will prevail. 

        9.6    Indemnification.    The Borrower will indemnify and hold the Lender harmless from any
loss, liability, damages, judgments, and costs of any kind relating to or arising directly or indirectly out of (a) this Agreement or any document required hereunder, (b) any credit
extended or committed by the Lender to the Borrower hereunder, and (c) any litigation or proceeding related to or arising out of this Agreement, any such document, or any such credit; provided,
however, that Borrower shall not be required to provide any indemnity hereunder (i) for any indemnified party's gross negligence or willful misconduct, including failure to materially comply
with applicable law or (ii) any matter settled without Borrower's consent, which consent shall not be unreasonably withheld. This indemnity includes but is not limited to attorneys' fees. This
indemnity extends to the Lender, its parent, subsidiaries and all of their directors, officers, employees, agents, successors, attorneys, and assigns. This indemnity will 

10

 

survive repayment of the Borrower's obligations to the Lender. All sums due to the Lender hereunder shall be obligations of the Borrower, due and payable immediately without demand. 

        9.7    No Future Commitment.    The Borrower acknowledges that the Lender has made no
commitment to extend any additional credit to the Borrower or to continue the credit provided hereunder after this Agreement expires or is terminated as provided herein. 

        9.8    Notices.    All notices required under this Agreement shall be personally delivered or
sent by first class mail, postage prepaid, or by overnight courier, to the addresses on the signature page of this Agreement, or sent by facsimile to the fax numbers listed on the signature page, or
to such other addresses as the Lender and the Borrower may specify from time to time in writing. Notices sent by first class mail shall be deemed delivered on the earlier of actual receipt or on the
fourth business day after deposit in the U.S. mail. 

        9.9    Headings.    Article and Section headings are for reference only and will not affect
the interpretation or meaning of any provisions of this Agreement. 

        9.10    Counterparts.    This Agreement may be executed in as many counterparts as necessary
or convenient, and by the different parties on separate counterparts each of which, when so executed, will be deemed an original but all such counterparts will constitute but one and the same
agreement. 

        9.11    Consent to Jurisdiction.    To induce the Lender to accept this Agreement, the
Borrower irrevocably agrees that, subject to the Lender's sole and absolute election, THE BORROWER HEREBY WAIVES PERSONAL SERVICE OF PROCESS UPON THE BORROWER, AND AGREES THAT
ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL DIRECTED TO THE BORROWER AT THE ADDRESS STATED ON THE SIGNATURE PAGE HEREOF AND SERVICE SO MADE WILL BE DEEMED TO BE COMPLETED UPON ACTUAL
RECEIPT.

        9.12    Waiver of Jury Trial.    THE BORROWER AND THE LENDER EACH
WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (a) UNDER THIS AGREEMENT OR ANY RELATED AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR
AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION WITH THIS AGREEMENT OR (b) ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES
THAT ANY SUCH ACTION OR PROCEEDING WILL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. THE BORROWER AGREES THAT IT WILL NOT ASSERT ANY CLAIM AGAINST THE LENDER OR ANY OTHER PERSON INDEMNIFIED UNDER
THIS AGREEMENT ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL OR PUNITIVE DAMAGES.

11

 

This
Agreement is executed as of the date stated at the top of the first page. 

	 BANK OF AMERICA, N.A.	 	WORLD TRAVEL, LLC
	

 	

 	

 	
 	
By:	

Valvino Lamore, LLC, its Sole Member
	

By:	

        
	
 	

 	

By:	

/s/  STEPHEN A. WYNN      

	 	Name:	Peter J. Vitale	 	 	 	Name:	Stephen A. Wynn
	 	Title:	Vice President 	 	 	 	Title:	Managing Member

       

	Address where notices to the Lender are to be sent:	 	Address where notices to the Borrower are to be sent:
	

300 South Fourth Street

2nd Floor

Las Vegas, Nevada 89101

Attention: Peter Vitale

Facsimile No.: (702) 654-7158	
 	

3145 Las Vegas Boulevard, South

Las Vegas, Nevada 89109

Attention: Stephen Wynn

Facsimile No.: (702) 733-4596

12

 

This Agreement is executed as of the date stated at the top of the first page. 

	BANK OF AMERICA, N.A.	 	WORLD TRAVEL, LLC
	

 	

 	

 	
 	
By:	

Valvino Lamore, LLC, its Sole Member
	

By:	

/s/  PETER J. VITALE       
	
 	

 	

By:	

        

	 	Name:	Peter J. Vitale	 	 	 	Name:	Stephen A. Wynn
	 	Title:	Vice President 	 	 	 	Title:	Managing Member

       

	Address where notices to the Lender are to be sent:	 	Address where notices to the Borrower are to be sent:
	

300 South Fourth Street

2nd Floor

Las Vegas, Nevada 89101

Attention: Peter Vitale

Facsimile No.: (702) 654-7158	
 	

3145 Las Vegas Boulevard, South

Las Vegas, Nevada 89109

Attention: Stephen Wynn

Facsimile No.: (702) 733-4596

13

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Exhibit 10.47    
  

        May 24, 2002 

Mr. Stephen
A. Wynn

Managing Member

Valvino Lamore, LLC

3145 Las Vegas Blvd. South

Las Vegas, NV 89109 

        Re:    Letter of Intent

Dear
Mr. Wynn: 

        The
purpose of this letter of intent (the "Letter of Intent") is to notify and inform that Ferrari North America, Inc. ("FNA"), is prepared to approve the request of Valvino
Lamore, LLC, or a related entity to be formed ("New Dealer Co."), to become an authorized Ferrari dealer in the Las Vegas, Nevada market specifically subject to all the following terms and conditions: 

	1.
	An
entity to be formed or an existing wholly-owned subsidiary of Valvino Lamore, LLC ("New Dealer Co.") will commence dealership operations no later than December 31, 2004
barring any unforeseen delays in the construction of the "Le Reve" hotel complex.

	2.
	New
Dealer Co. agrees that its appointment as an authorized Ferrari dealer is conditioned on construction of a suitable facility and location, meeting FNA's facility and other
operating standards, based on the conceptual drawings provided to FNA where the dealership sales, service and parts operations were to be located within the "Le Reve" hotel complex, adjacent to the
main reception area on Las Vegas Boulevard.

	3.
	New
Dealer Co. will provide FNA with an executed copy of all purchase documents or lease agreements related to the dealership facility.

	4.
	New
Dealer Co. will submit to FNA, for its review and approval, design renderings and plans of the interior and exterior of the facility in sufficient detail so as to accurately
display the design, signage, allocation of building space, work bay/lift space and materials of said facility. A review will be performed ninety (90) days after commencement of dealership
operations, and New Dealer Co. agrees to abide by the findings of this review, to ensure the facility complies with FNA Corporate Identity standards including the design, signage, allocation of
building space and the work bay/lift requirements that FNA has established for dealerships projected to retail between twenty (20) and forty (40) new Ferrari automobiles per year. New
Dealer Co. understands and agrees that New Dealer Co.'s failure to satisfy the immediately preceding conditions within this period will constitute a material and fundamental violation of this Letter
of Intent.

	5.
	New
Dealer Co. agrees that it will provide FNA with a permanent exclusive showroom with adjoining service and parts operations in the Las Vegas, Nevada market. New Dealer Co. agrees to
provide FNA with quarterly updates as to the status of construction of the dealer facility as well as the anticipated completion date of the project

	6.
	Assuming
all other conditions of this Letter of Intent are met, New Dealer Co. is approved to operate under the trade (dba) name "Ferrari of Las Vegas".

	7.
	New
Dealer Co. must obtain and continuously maintain floorplan financing with a financial institution acceptable to FNA in an amount not less than one million five hundred thousand
($1,500,000) dollars, exclusively for the purchase of new and used Ferrari automobiles. The amount of floorplan financing required is subject to modification by FNA in the exercise of its reasonable
business judgment. 

 

	8.
	New
Dealer Co will identify a verifiable source of capital funding for the dealership and obtain a firm, documented commitment for same such that at the commencement of dealership
operations, net working capital will total no less than five hundred thousand ($500,000) dollars and net worth will total no less than one million five hundred thousand ($1,500,000) dollars. Proof of
the existence and availability of such finds must be submitted to FNA no later than two weeks prior to the commencement of the dealership's Ferrari operations. New Dealer Co. also agrees to establish
a mechanism to ensure that the dealership continuously meets all financial standards that FNA shall
establish from time to time, including but not limited to, all liquidity, cash position and net working capital requirements.

	9.
	New
Dealer Co. will grant FNA a first and senior priority security interest in the Ferrari franchise and take all reasonable steps necessary to allow FNA to perfect, record and
maintain same.

	10.
	New
Dealer Co. will submit a pro forma opening Financial Statement, to reflect capitalization and expense projections that are consistent with Ferrari dealers projected to retail
between twenty (20) and forty (40) new Ferrrari automobiles per year.

	11.
	New
Dealer Co. will complete a Ferrari Application for Authorized Dealer Agreement and submit to Ferrari within 30 days of receipt. New Dealer Co. understands that the approval
granted within this document is contingent upon a satisfactory review and approval of the Ferrari Application for Authorized Dealer Agreement.

	12.
	New
Dealer Co. understands and agrees that New Dealer Co.'s application is based on New Dealer Co.'s representation that it will be a wholly owned affiliate of Valvino Lamore, LLC or
its publicly-traded parent corporation. Prior to the parent corporation's initial public offering, its stock will be 47.5% owned by Mr. Steve Wynn, 47.5% owned by Aruze USA, Inc and 5.0% owned
by Baron Asset Fund. It is anticipated that, after the IPO, the public will own no more than 40% of that entity with the remaining stock held in the same proportions noted above. No further change in
the aforesaid shares will be made without prior consultation with, and the prior written approval, of FNA. Any unapproved transfer of an ownership interest in the dealership, whether by operation of
law or otherwise, shall constitute a material breach of this agreement (and any FNA Dealer Agreement to which New Dealer Co. may subsequently become a party) and shall justify its termination upon
such notice, if any, required by applicable law.

	13.
	New
Dealer Co. will work with FNA to develop a five year business plan which will include projected new and used sales volumes, parts and service sales, expenses, profit and a
detailed marketing plan.

	14.
	New
Dealer Co. will appoint a General Manager who must be approved in writing by FNA who will serve as the dealership's Dealer Operator with full authority to manage and operate the
Ferrari retail business. New Dealer Co. will also appoint a Sales Manager, Service Manager and a Parts Manager who must be approved in writing by FNA.

	15.
	New
Dealer Co. agrees to purchase all parts, tools and manuals that FNA believes are necessary or desirable for the efficient and effective operation of the dealership's service
department

	16.
	New
Dealer Co. understands and agrees that in addition to the requirements set forth in this Letter of Intent and Performance Agreement, New Dealer Co.'s Ferrari dealership must
continuously meet all of FNA's capital, facility, personnel, customer satisfaction and operational standards. 

2

 

	17.
	New
Dealer Co. represents and warrants to FNA that New Dealer Co. has independently reviewed and projected financial commitments, potential for profits and potential for losses that
may result from entering into this Letter of Intent and a FNA Dealer Agreement, and that New Dealer Co. is in a superior position as compared to FNA to know and understand New Dealer Co.'s potential
for profit and/or loss as a result of entering into this Letter of Intent and a FNA Dealer Agreement. New Dealer Co. warrants and represents to FNA that New Dealer Co. have not relied upon any
representations or statements made by FNA or any of its employees with respect to any potential for such profit or loss, now or in the future, that may result from becoming or continuing as an
authorized FNA dealer. New Dealer Co. further acknowledges and agrees that the relationship between FNA and New Dealer Co. is, and at all times has been, an "arms length" commercial relationship, and
that there was no "special or fiduciary relationship" between FNA and New Dealer Co. with respect to this agreement.

	18.
	New
Dealer Co. will also apply to Maserati North America, Inc ("MNA"), wholly owned by FNA, for a Maserati Dealer Agreement. The parties understand that approval of any such
application is at MNA's sole discretion. New Dealer Co. also understands and agrees that it must represent both Ferrari and Maserati, and that approval for each is, in part, dependant on New Dealer
Co.'s agreement to represent both brands, if approved by FNA and MNA. If New Dealer Co.'s application is approved, New Dealer Co. will of course be required to meet all of Maserati's requirements,
including but not limited to, those related to personnel, facilities, capitalization and customer satisfaction. If New Dealer Co.'s application is approved, FNA will permit the Ferrari facility to be
used by both Ferrari and Maserati, provided that New Dealer Co. complies with all facility, operational, capital, corporate identity and other requirements of both Ferrari and Maserati.

	19.
	FNA
and Dealer understand and agree that in fulfilling the terms and conditions hereof time is of the essence.

	20.
	Upon
completion of the terms and conditions of this Letter of Intent, FNA will agree to offer, and New Dealer Co. agrees to execute, such a standard form dealer agreement (the same
agreement that will be offered to the entire U.S. and Canadian authorized Ferrari dealer body) as is used with our dealers (assuming, of course, that New Dealer Co.'s dealership is in good standing
and not in breach of any of its obligations at the time said agreement is distributed). 

3

 

	21.
	FNA
understands that New Dealer Co. also has an interest in opening a Ferrari retail store and/or a Ferrari themed restaurant to be located within the "Le Reve" complex. FNA will
facilitate negotiations for both projects, however any approvals for such projects would be granted independently and separately from the conditional approvals for dealer operations contained in this
letter. 

	 	 	Sincerely,
	

 	
 	

/s/  JACK CLARKE      
 Jack Clarke

Business Development Manager
	

AGREED TO AND ACCEPTED

this 29 day of May, 2002	
 	

 	
 	

 
	

VALVINO LAMORE, LLC	
 	

 	
 	

 

	

By:	
 	

/s/  STEPHEN A. WYNN      
 Stephen A. Wynn

Managing Member	
 	

 	
 	

 

4

QuickLinks

Exhibit 10.47

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