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Exhibit 10.8  

 
 

REGISTRATION RIGHTS AGREEMENT    
  

        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into this 30th day of October, 2002, by and
between WYNN RESORTS, LIMITED, a Nevada corporation (the "Company"), and Stephen A. Wynn, an individual
("Wynn" and, collectively with the Company, the "Parties"). 

        A.    Wynn,
the Company, Aruze USA, Inc. (together, with any other entity owned or controlled by Aruze Corp. and/or Kazuo Okada to which any or all of the Aruze Shares
(as defined below) may be transferred, collectively, "Aruze"), Kazuo Okada and Aruze Corp. have entered into that certain Buy-Sell Agreement
dated as of June 13, 2002 (as amended by that certain Purchase Agreement dated October 30, 2002 between Aruze USA, Inc. and the Company and as such Buy-Sell Agreement
may be amended further from time to time, the "Buy-Sell Agreement") pursuant to which Wynn or his designee has the option (the
"Purchase Option"), under certain circumstances, to purchase some or all of Aruze's capital stock of the Company (such Shares so purchased by Wynn or
his designees, the "Aruze Shares") on the terms and conditions contained therein; 

        B.    The
Company and Wynn have entered into that certain Agreement dated as of June 13, 2002 pursuant to which the Company may, under certain circumstances, require
Wynn or his designee to exercise the Purchase Option under the Buy-Sell Agreement; 

        C.
The Company and Wynn desire to set forth the respective rights of the Company and Wynn with respect to the registration of a resale of the Aruze Shares after an exercise of the
Purchase Option. 

        NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises contained herein, the Parties agree as follows: 

        1.    Definitions.    

        1.1  As
used in this Agreement, the following capitalized terms shall have the following meanings: 

        Controlling Person:    Shall have the meaning set forth in Section 7.1 hereof. 

        Demand Notice:    Shall have the meaning set forth in Section 2.1(a) hereof. 

        Exchange Act:    The Securities Exchange Act of 1934, as amended from time to time (including the rules and regulations
promulgated thereunder). 

        Form S-3:    Such form under the Securities Act as is in effect on the date hereof or any successor
registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with
the SEC. 

        Holders:    Wynn and any Person to which Registrable Securities are transferred and to which the registration rights set forth
in this Agreement are assigned pursuant to Section 10 of this Agreement. 

        Indemnified Parties:    Shall have the meaning set forth in Section 7.1 hereof. 

        Majority Selling Holders:    Selling Holders who hold a majority of the Registrable Securities to be included under a
Registration Statement. 

        Person:    An individual; a corporation; a general, limited or limited liability partnership; a limited liability company; a
trust; an unincorporated organization or other legal entity; or a government or any agency or political subdivision thereof. 

 

        Prospectus:    The definitive prospectus, included in any Registration Statement, as amended or supplemented by any prospectus
supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement and by all other amendments and supplements to the prospectus,
including post-effective amendments and all material incorporated by reference in such prospectus. 

        Registrable Securities:    The Aruze Shares owned of record or beneficially by the Holders, plus any Shares (as defined below)
received with respect to or in replacement of the Aruze Shares by reason of splits, dividends and recapitalizations and other changes in the Company's capital structure;  provided, however, that such
Shares shall cease to be Registrable Securities when (i) a Registration Statement covering such Registrable
Securities has been declared effective and such Registrable Securities have been disposed of pursuant to such effective Registration Statement, or (ii) such Registrable Securities are
distributed to the public pursuant to Rule 144 of the Securities Act. 

        Registration Demand:    Shall have the meaning set forth in Section 2.1(a) hereof. 

        Registration Expenses:    Shall have the meaning set forth in Section 6.1 hereof. 

        Registration Statement:    Any registration statement of the Company filed under the Securities Act which covers Registrable
Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement (including all post-effective amendments, all
exhibits and all material incorporated by reference in such Registration Statement). 

        SEC:    The Securities and Exchange Commission. 

        Securities Act:    The Securities Act of 1933, as amended from time to time (including the rules and regulations promulgated
thereunder). 

        Selling Holders:    Holders of Registrable Securities who seek to sell such securities under any Registration Statement. 

        Shares:    The shares of common stock, par value $.01 per share, of the Company or any securities of the Company or any other
Person received in respect of or in replacement of such shares, including by
reason of splits, dividends, recapitalizations, reorganizations, mergers, exchange offers, business combinations or other changes in the Company's or its successors' capital structure. 

        2.    Registration Rights.    

        2.1    Registration Upon Request.    

        (a)  At
any time beginning on the date that is 180 days after the closing date of the Company's initial public offering, Holders holding an aggregate of at least
thirty-three and one-third percent (331/3%) of the then-outstanding Registrable Securities, from time to time, shall be entitled (subject to Section 12
hereof) to make a written request (a "Demand Notice") to the Company requesting that the Company effect the registration under the Securities Act of a
number of Registrable Securities with a market value of at least twenty million dollars ($20,000,000) on the date of such request, stating the intended method of disposition of such Registrable
Securities; provided, however, that such a demand (a "Registration Demand") may not be made more than
four (4) times in the aggregate and may not be made more than once in any twelve-month period; and provided further, the Registration Demand
shall not be deemed made if (i) the Registration Statement does not become effective under the Securities Act (including without limitation if the Selling Holders withdraw the Registration
Statement, provided that a Registration Demand will be deemed made by the Selling Holders if the Registration Statement was withdrawn due to a material
adverse change in general market 

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conditions or in the Company's business of which the Holder(s) that provided the Demand Notice were aware at the time the Demand Notice was provided), (ii) a stop order, injunction or other
order interferes with or prevents the contemplated method of distribution or (iii) the number of Registrable Securities requested to be included in the registration is reduced by 25% or more
pursuant to Section 2.1(c), and, in each case, the Registration Expenses (other than Indirect Expenses) are paid by the Holders. Within five (5) business days after receipt of a Demand
Notice, the Company shall notify all other Holders and offer to them the opportunity to include their Registrable Securities in such registration, so long as such other Holders notify the Company in
writing of the amount of Registrable Securities that they wish to register within fifteen (15) business days of the date of such notice. A Registration Demand made by any Holder is deemed to be
made by all Holders for purposes of tabulating the number of Registration Demands that may be made in any twelve month period or in total. 

        (b)  Upon
receipt of a Registration Demand, the Company shall, as soon as is reasonably practicable (but in any event within 60 days of the date of the Demand Notice),
prepare and file a Registration Statement with the SEC on an appropriate form under the Securities Act with respect to all of the Registrable Securities that Holders of such securities have
requested that the Company register, and use its reasonable best efforts to cause such Registration Statement to become effective as soon as is reasonably practicable. 

        (c)  In
connection with any Registration Statement filed in response to a Demand Notice, the Company, at its option, may include a primary offering of additional shares of
Common Stock and/or may include shares to be sold by other stockholders of the Company; provided, however, that if the managing underwriter of such
offering determines in good faith and so advises the Company that the number of Shares otherwise to be included in the Registration Statement is such that the success of the underwritten offering may
be materially and adversely affected (in terms of the offering price of the offering), then the total number of shares to be included in the Registration Statement shall be reduced to the amount
recommended by such underwriter and (i) unless the Registration Statement includes all of the Registrable Securities designated for sale by all Selling Holders participating in the demand
registration pursuant to Section 2.1(a), the Registration Statement shall not include any shares to be offered by the Company or sold by other stockholders (including other Holders exercising
incidental registration rights pursuant to Section 2.2), and (ii) if the Registration Statement does not include all of the Registrable Securities designated for sale by such Selling
Holders, the number of Registrable Securities included in the Registration Statement shall be allocated among such Selling Holders pro rata (based on the number of Registrable Securities held by
each). 

        (d)  Notwithstanding
the foregoing, if, at the time a Demand Notice is received, the Company (i) is contemplating filing a registration statement in connection with
the offering of its securities (a "Company Offering") within 90 days of the date of delivery of the Demand Notice; or (ii) determines in
good faith that a registration pursuant to the Demand Notice might have a material adverse effect on the Company or interfere with or adversely affect the negotiations or completion of any transaction
that is being contemplated by the Company at that time, the Company shall be entitled, upon delivery of written notice no later than twenty (20) days after delivery of the Demand Notice to the
person(s) who delivered the Demand Notice, to postpone filing of the Registration Statement and/or withhold efforts to cause the Registration Statement to become effective for a reasonable period of
time (not to exceed the shorter of 120 days or the Company's termination of consideration of a Company Offering, or completion or other resolution of the events described in clause (ii)
of this Section 1.1(d); provided, however, that such deferral may not be utilized more than once in any twelve (12) month period. 

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        2.2    Incidental Registration.    

        (a)  If
at any time after the date hereof the Company proposes to register any shares of Common Stock under the Securities Act solely for cash (except pursuant to a
registration statement (i) on Form S-8, Form S-4 or comparable forms, or (ii) with respect to an employee benefit plan, (iii) solely in
connection with a Rule 145 transaction under the Securities Act or (iv) which does not include substantially the same information as would be required to be included in a Registration
Statement covering the sale of Registrable Securities, or pursuant to a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities which
are also being registered), or if any other stockholder is being afforded an opportunity to register shares of Common Stock (including pursuant to Section 2.1(a)), the Company will at each such
time give written notice to the Holders (other than Holders participating in a demand registration pursuant to Section 2.1(a)) as provided in Section 13.4 hereof of its intention to do
so. Within fifteen (15) business days after receipt of such notice, such Holders may request that the Company register all or part of the Registrable Securities, stating in such request the
intended method of distribution of such securities (the "Designated
Securities"). Upon receipt of such request, the Company shall use its reasonable best efforts to effect the registration of the Designated Securities by including the
Designated Securities in such Registration Statement. 

        (b)  In
the event that securities of the same class as the Registrable Securities are being registered by the Company in such Registration Statement and such securities as
well as any of the Designated Securities are to be distributed in an underwritten offering, such Designated Securities shall be included in such underwritten offering on the same terms and conditions
as the securities being issued by the Company for distribution pursuant to such underwritten offering; provided, however, that if the managing
underwriter of such underwritten offering determines in good faith and so advises the Company that the inclusion in such underwritten offering of all the Designated Securities may materially and
adversely affect the success of the underwritten offering (in terms of the offering price of the offering), then the number of Designated Securities to be included in the Registration Statement shall
be reduced to the amount recommended in good faith by such managing underwriter, it being understood that the Designated Securities will be excluded entirely before any securities to be included in
the Registration Statement by the Company or any stockholder exercising demand registration rights are excluded; and provided, further, that as to the
Selling Holders exercising incidental registration rights pursuant to this Section 2.2, such reduction shall be pro rata (based on the number of Shares held by each) with respect to the
Designated Securities with other Persons holding contractual incidental or "piggy-back" registration rights in such underwritten offering. 

        (c)  No
registration effected under this Section 2.2 shall relieve the Company of its obligations to effect registrations at the request of the Holders under
Section 2.1. 

        2.3    Marketing.    The Company shall make representative members of its officers and management available, upon
reasonable notice and to the extent reasonably requested by the managing underwriter for the offering or the Selling Holders, to participate in efforts to market Registrable Securities offered in an
underwritten public offering pursuant to Section 2.1 hereof (including, without limitation, participating in "roadshow" meetings with prospective investors) that would be customary for
underwritten primary offerings of a comparable amount of equity securities by the Company. 

        3.    Hold-Back Agreements.    

        3.1    Restrictions on Public Sale by Holders.    During the period of duration specified by the Company and an
underwriter of common stock or other securities of the Company convertible into common stock, following the effective date of a registration statement of the Company filed under 

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the Securities Act, the Holder(s) shall not, to the extent requested by the Company and/or such underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without
limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any Registrable Securities held by it at any time
during such period, except Registrable Securities included in such registration; provided, however, that such hold-back time period
shall not exceed 90 days (180 days in connection with the Company's initial public offering of its Common Stock). The Holder(s) agree to provide to the underwriters of any public
offering of the Company such further agreements as such underwriters may reasonably request in connection with the hold-back agreement provided for in this Section 3.1;  provided that the terms of
such agreements are substantially consistent with the provisions of this Section 3.1. In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities until the end of such period. Notwithstanding the foregoing, the
obligations described in this Section 3.1 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar
forms which may be promulgated in the future, or a registration relating solely to a Rule 145 transaction. 

        3.2    Restrictions on Public Sale by the Company and Others.    The Company agrees not to effect any public sale or
distribution of its Common Stock, during a period, not to exceed 45 days, beginning on the closing date of an underwritten offering made pursuant to a Registration Statement filed under
Section 2 hereof if the marketing of such securities would materially harm the prospects of the offering of Registrable Securities under the Registration Statement and to the extent timely
notified in writing by one or more of the Selling Holders or the managing underwriters (except as part of such underwritten registration or pursuant to registrations on Forms S-4 or
S-8 or any successor form to such Forms). 

        4.    Registration Procedures.    In connection with the Company's registration obligations pursuant to
Section 2 hereof, the Company will use its reasonable best efforts to effect such registration to permit the sale of such Registrable Securities in accordance with the intended method or
methods of disposition thereof, and pursuant thereto the Company will: 

        4.1    Preparation of Registration Statement.    Prepare and file with the SEC, within the time periods specified in
Section 2, a Registration Statement on such form as may be appropriate under the Securities Act, and use its reasonable best efforts to cause such Registration Statement to become effective. 

        4.2    Maintaining Effectiveness.    Promptly prepare and file with the SEC such amendments to the Registration
Statement as may be necessary to keep such Registration Statement effective for a period of not more than 10 business days, or such shorter period that will terminate when the distribution of all
Registrable Securities covered by such Registration Statement has been completed. 

        4.3    Notification.    Immediately notify the Selling Holders and the managing underwriters, if any, and (if
requested by any such Person) confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a
Registration Statement or any post-effective amendment, when the same has become effective, (ii) of the issuance by the SEC of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceeding for that purpose, (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of any
of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (iv) of the happening of any event which makes any statement
made in the Registration Statement, the Prospectus or any document incorporated therein by reference untrue or which requires the making of any changes in the
Registration Statement, the Prospectus, or any document incorporated therein by reference so that they will not contain any untrue statement of a 

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material fact or omit to state any material fact required to be stated therein or necessary to make the statement therein not misleading. 

        4.4    Stop Orders.    Make every reasonable best effort to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement or the qualification of any Registrable Securities for sale in any jurisdiction at the earliest possible moment. 

        4.5    Consultation with Holders.    Prior to the filing of any Registration Statement or amendment thereto, provide
copies of such document to the Selling Holders and to the managing underwriters, if any, make the Company's representatives and the Company's counsel available for discussion of such document and make
such changes in such document relating to the Selling Holders prior to the filing thereof as such Selling Holders, counsel for such Selling Holders, or underwriters may reasonably request. 

        4.6    Copies of Registration Statements.    Furnish to each Selling Holder and each managing underwriter, if any,
without charge, at least one originally executed copy of the Registration Statement and any post-effective amendment thereto, including financial statements and schedules, all materials
incorporated therein by reference and all exhibits (including those incorporated by reference). 

        4.7    Prospectuses.    Deliver to each Selling Holder and the underwriters, if any, without charge, as many copies of
the Prospectus (and each preliminary prospectus) and any amendment or supplement thereto as such Persons may reasonably request so long as the Registration Statement to which such Prospectus or any
amendment or supplement thereto relates is effective. 

        4.8    Blue Sky Laws.    Prior to any public offering of Registrable Securities, use its reasonable best efforts to
register or qualify or cooperate with the Selling Holders, the underwriters, if any, and their respective counsel in connection with the registration or qualification of such Registrable Securities
for offer and sale under the securities or blue sky laws of such jurisdictions within the United States as any Selling Holder or underwriter reasonably requests, and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided,
however, that the Company will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would
subject it to general service of process or taxation in any such jurisdiction where it is not then so subject. 

        4.9    Amendments Upon Changes.    Upon the occurrence of any event contemplated by Sections 4.3(ii), (iii) or
(iv) or 4.4 above, prepare, as promptly as practicable, a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated
therein by reference,
or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein not misleading. 

        4.10    Underwriting Agreements.    In the event of an underwritten public offering effected pursuant to
Section 2.1, enter into such customary agreements (including, at the request of the Selling Holders, an underwriting agreement containing customary indemnification provisions) and take all such
other actions reasonably required in connection therewith in order to expedite or facilitate the disposition of such Registrable Securities, including, but not limited to, cooperating with the Selling
Holders, the underwriters participating in the offering and their counsel in any due diligence investigation reasonably requested by the Selling Holders or the underwriters in connection therewith. 

        4.11    Compliance with Laws; Section 11(a).    Otherwise use its best efforts to comply with all applicable
federal and state securities laws (including without limitation the rules and regulations 

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of the SEC), and make generally available to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities Act no later than 45 days after the end
of each 12-month period (or within 90 days after the end of a fiscal year). 

        4.12    Opinions.    At the request of any Selling Holder, use its reasonable best efforts to furnish on the date that
the Registrable Securities are delivered to that Selling Holder and any underwriter for sale in connection with a registration pursuant to this Agreement (i) an opinion of the counsel
representing the Company for the purposes of such registration, and (ii) a letter from the independent certified public accountants of the Company, each dated such date and in form and
substance as is customarily given by counsel and independent certified public accountants to underwriters in an underwritten public offering, addressed to any Selling Holders' underwriter and to the
Selling Holders. 

        4.13    Listing.    Cause all Registrable Securities registered hereunder to be listed on each securities exchange on
which the same class of securities of the Company are then listed. 

        4.14    Transfer Agent, Registrar and CUSIP Number.    Provide a transfer agent and registrar for Registrable
Securities registered hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

        Notwithstanding
anything to the contrary contained in this Agreement, the Company may at any time suspend or terminate any of its efforts with respect to a Registration Statement filed
by it other than pursuant to Section 2.1 of this Agreement, including by suspending or terminating (as applicable) the preparation, filing or effectiveness of such Registration, without any
liability of any kind to any Holder. 

        5.    Selling Holders' Obligations.    

        5.1    Provision of Information.    The Company may require each Selling Holder of Registrable Securities as to which
any registration is being effected to furnish to the Company such information regarding the distribution of such securities by, and such other information relevant to, the Selling Holder for inclusion
in such Registration Statement, as the Company may from time to time reasonably request in writing. The Company shall not be obligated to include in any Registration Statement any securities owned by
a Holder that does not comply with its obligations under this Agreement. In addition, the Company shall have no obligation with respect to any registration requested pursuant to Section 2.1 if,
due to the operation of this Section 5.1, the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the anticipated
aggregate offering price required to originally trigger the Company's obligation to initiate such registration as specified in Section 2.1. 

        5.2    Discontinued Use of Prospectus.    Each Holder of Registrable Securities agrees by execution of this Agreement
that, upon receipt of any written notice from the Company of the happening of any event of the kind described in clauses (ii), (iii) or (iv) of Section 4.3 or Section 4.4
hereof, such Holder will forthwith discontinue disposition of Registrable Securities until such Holder's receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 4.9 hereof, or until it is advised in writing (the "Advice") by the Company that the use of the Prospectus may be resumed, and has
received copies of any additional or supplemental filings which are incorporated by reference in such Prospectus, and, if so directed by the Company, such Holder will deliver to the Company (at the
Company's expense) all copies, other than permanent file copies then in such Holder's possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice.
In the event the Company shall give any such notice, the time period mentioned in Section 4.2 hereof shall be extended by the number of days during the period from and including the date of the
giving of such notice to and including the date when each Selling Holder shall have received the copies of the supplemental or amended Prospectus contemplated by Section 4.9 hereof or the
Advice. 

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        5.3    Underwriting Agreement.    Each Selling Holder participating in an underwritten offering pursuant to
Section 2.1 or 2.2 agrees to enter into a customary underwriting agreement on terms reasonably satisfactory to the managing underwriter. 

        5.4    Delay of Registration.    No Holder shall have any right to obtain or seek an injunction restraining or
otherwise delaying any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 

        6.    Registration Expenses.    

        6.1    Demand Registrations.    The Selling Holders shall bear all expenses incurred in connection with any
Registration Statement (the "Registration Expenses") initiated pursuant to Section 2.1 hereof, including without limitation all registration and
filing fees; all underwriting discounts, commissions, fees and disbursements; fees with respect to any filings required to be made with the National Association of Securities Dealers; listing fees
relative to any stock exchange or national market system; fees and expenses of compliance with state securities or blue sky laws (including reasonable fees and expenses of counsel for the underwriters
in connection therewith); printing expenses, fees and disbursements of counsel for the Company and for Selling Holders; fees and disbursements of accounting or financing professionals; fees and
disbursements of all independent public accountants of the Company; any transfer taxes with respect to the Registrable Securities sold by the Selling Holders; and all other expenses incidental to the
sale and delivery of the Registrable Securities, provided, however, that such Registration Expenses shall not include any portion of the compensation
paid by the Company or its affiliates to the directors, officers or employees of the Company or its affiliates ("Indirect Expenses"). Each Selling
Holder shall bear his, her or its share of the Registration Expenses pro rata based upon the number of Registrable Securities offered by such Selling Holders pursuant to such Registration Statement. 

        6.2    Incidental Registrations.    The Company shall bear all Registration Expenses, including Indirect Expenses but
excluding Selling Holder Expenses (as defined below), incurred in connection with any Registration Statement other than a Registration Statement initiated pursuant to Section 2.1 hereof. Each
Selling Holder shall bear his, her or its share of any Selling Holder Expenses based upon the number of Registrable Securities offered by such Selling Holders pursuant to such Registration Statement.
"Selling Holder Expenses" shall consist of and be limited to (i) the Selling Holder's legal costs, including the fees and expenses of any counsel
selected by the Selling Holder to represent him, her or it, and (ii) the proportionate share of brokerage or underwriting commissions attributable to the Selling Holder's shares. 

        7.    Indemnification.    

        7.1    Indemnification by the Company.    The Company agrees to indemnify and hold harmless, to the full extent
permitted by law, each Holder of Registrable Securities, each Person who controls such Holder (within the meaning of the Securities Act or the Exchange Act) (a "Controlling
Person"), and each officer, director, employee and agent of such Holder and each Controlling Person and each underwriter or selling agent (the
"Indemnified Parties") from and against all losses, claims, damages, liabilities and expenses caused by any untrue or alleged untrue statement of a
material fact contained in any Registration Statement, Prospectus or preliminary prospectus or any amendment or supplement thereto or any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading, except insofar as (i) the Company has demonstrated that the same are caused by or contained in any
information furnished in writing to the Company by such Holder, expressly for use therein, or (ii) the Company has advised such Holders' Representative in writing of a
Section 4.3(iv) event and the Holder has sold Registrable Securities notwithstanding receipt of such notice prior to receipt of a supplement or amended Prospectus pursuant to
Section 4.9 herein; provided, however, that the Company shall not be liable in any such case to the extent that any 

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such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any preliminary prospectus if
(i) such Holder failed to send or deliver a copy of the Prospectus with or prior to the delivery of written confirmation of the sale of Registrable Securities and (ii) the Prospectus
would have corrected such untrue statement or omission; provided, further, that the Company shall not be liable in any such case to the extent that any
such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission in the Prospectus, if such untrue
statement or alleged untrue statement, omission or alleged omission is corrected in an amendment or supplement to the Prospectus and if, having previously been furnished by or on behalf of the Company
with copies of the Prospectus as so amended or supplemented, such Holder thereafter fails to deliver such Prospectus as so amended or supplemented, prior to or concurrently with the sale of
Registrable Securities to the Person asserting such loss, claim, damage, liability or expense who purchased such Registrable Securities that are the subject thereof from such Holder. The indemnity
provided herein shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party and shall survive the transfer of Registrable Securities by the
Selling Holder. The Company shall be obligated to give to, and shall be entitled to receive from, underwriters, selling brokers, dealer managers and similar securities industry professionals
participating in the distribution customary indemnities. 

        7.2    Indemnification by Holders.    In connection with the Registration Statements hereunder, each Selling Holder
agrees to indemnify and hold harmless, to the full extent permitted by law, the Company, and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) and
each manager, director, officer, employee and agent of each such Person from and against any losses, claims, damages, liabilities and expenses caused by any untrue or alleged untrue statement of a
material fact or any omission of a material fact required to be stated in any Registration Statement or Prospectus or preliminary prospectus or necessary to make the statements therein not misleading,
to the extent, but only to the extent, that the Company has demonstrated that such untrue statement or omission is contained in any information or affidavit so furnished by such Holder to the Company
specifically for inclusion in such Registration Statement or Prospectus. In no event, however, shall the liability of any Selling Holder hereunder be greater in amount than the dollar amount of the
proceeds (net of underwriters' discounts and commissions) received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

        7.3    Conduct of Indemnification Proceedings.    Any Person entitled to indemnification hereunder will
(i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such claim
with counsel reasonably satisfactory to the Indemnified Party; provided, however, that any person entitled to indemnification hereunder shall have the
right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (a) the indemnifying
party has agreed to pay such fees or expenses, or (b) the indemnifying party shall have failed to assume within a reasonable period of time the defense of such claim and employ counsel
reasonably satisfactory to such person or (c) in the reasonable judgment of any such Person, based upon written advice of its counsel, a conflict of interest exists between such Person and the
indemnifying party with respect to such claims or such Person has separate or additional defenses, in either case such as would make the representation of such Person by the same counsel as the
indemnifying party improper under applicable standards of professional conduct (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate
counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If such defense is not assumed by the
indemnifying party, the indemnifying party will not 

9

 

be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld). No indemnifying party will consent to entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or
litigation. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one principal and one local
counsel for all Indemnified Parties who are indemnified by such indemnifying party with respect to such claim. 

        7.4    Contribution.    If the indemnification provided for in Sections 7.1 or 7.2 is unavailable to the Indemnified
Parties in respect of any losses, claims, damages or liabilities referred to herein, then each such indemnifying party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities (i) as between the Company and the Selling Holders on the one hand and the underwriters on
the other hand, in such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Holders on the one hand and the underwriters on the other hand from the
offering of all of the securities sold in the offering, or if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but
also the relative fault of the Company and the Selling Holders on the one hand and of the underwriters on the other hand in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations and (ii) as between the Company on the one hand and each Selling Holder on the other hand, in such
proportion as is appropriate to reflect the relative fault of the Company and of each Selling Holder in connection with such statements or omissions, as well as any other relevant equitable
considerations. The relative benefits received by the Company and the Selling Holders on the one hand and the underwriters on the other hand shall be deemed to be in the same proportion as the total
proceeds from the offering (net of underwriting discounts and
commissions but before deducting expenses) received by the Company and the Selling Holders bear to the total underwriting discounts and commissions received by the underwriters, in each case as set
forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Selling Holders on the one hand and of the underwriters on the other hand shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company and the Selling Holders or by the underwriters. The relative fault of the Company on the one hand and of each Selling Holder on the other hand shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties'
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

        The
Company and the Selling Holders agree that it would not be just and equitable if contribution pursuant to this Section 7.4 were determined by pro rata allocation (even if the
underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding
paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 7.4, no Selling Holder shall be required to contribute any amount in excess of the amount by which the total price at which the securities of such
Selling Holder were offered to the public exceeds the amount of any damages which such Selling Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person 

10

 

guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Selling Holders' obligations to contribute pursuant to this Section 7.4 are several in proportion to the proceeds of the offering received by each Selling Holder bears to
the total proceeds of the offering received by all the Selling Holders and not joint. 

        7.5    Underwriting Agreement Controls.    Notwithstanding the foregoing provisions of this Section 7, to the
extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with an underwritten public offering are in conflict with the
foregoing provisions, the provisions in the underwriting agreement shall control. 

        7.6    Survival.    The obligations of the Company and the Holders under this Section 7 shall survive the
completion of any offering of Registrable Securities in a Registration Statement under this Agreement or otherwise. 

        8.    Selection of Underwriters.    The determination of whether an offering of Registrable Securities made pursuant
to Section 2.1 will be underwritten shall be made by the Majority Selling Holders. Such Majority Selling Holders shall have the right to select the investment bankers and managing underwriters
to administer an underwritten offering of Registrable Securities made pursuant to
Section 2.1, provided, however, that such investment bankers and managing underwriters shall be subject to approval by the Company, which
approval shall not be unreasonably withheld. If requested, the Company shall enter into a customary underwriting agreement with an investment banking firm, as set forth under Section 4.10
above. For any offering of Registrable Securities pursuant to a Registration Statement, the selection of counsel for Selling Holders shall be determined by the Majority Selling Holders. 

        9.    Reports Under Securities Exchange Act of 1934.    With a view to making available to the Holders the benefits of
Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without
registration or pursuant to a registration on Form S-3, the Company agrees to: 

        (a)  make
and keep public information available, as those terms are understood and defined in Rule 144 promulgated under the Securities Act, at all times after ninety
(90) days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public; 

        (b)  file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 

        (d)  furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied
with the reporting requirements of Rule 144 promulgated under the Securities Act (at any time after ninety (90) days after the effective date of the first registration statement filed by
the Company), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold
pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so
filed by the Company (if the Company is subject to the reporting obligations of the Exchange Act), and (iii) such other information as may be reasonably requested in availing any Holder of any
rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 

        10.    Transfer of Registration Rights.    The right to cause the Company to register Registrable Securities pursuant
to this Agreement may be assigned by a Holder to (i) a transferee or assignee of Registrable Securities who acquires pursuant to such transfer, not less than 25% of the aggregate 

11

 

number of Registrable Securities originally acquired by Wynn or his designee(s) under the Buy-Sell Agreement (as adjusted for any stock dividends, combinations, splits, recapitalizations
and the like), (ii) a subsidiary, parent or other affiliate, member, shareholder, officer, general partner, limited partner or former or retired partner of a Holder, (iii) a Holder's
family member, family partnership or trust for the benefit of an individual Holder or any family member or (iv) by Wynn to his designee(s) under the Buy-Sell Agreement who acquires
some or all of the Aruze Shares pursuant to the Purchase Option; provided, however, that such assignment shall be effective only if (a) the
transferee agrees in writing to
be bound by and subject to the terms and conditions of this Agreement, including, but not limited to, the provisions of Section 3.1 above, (b) the Company is, within a reasonable time
after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being transferred and
(c) such transfer of any Registrable Securities is lawful under all applicable securities laws. 

        11.    Termination of Registration Rights.    The right of any Holder to request registration or to include
Registrable Securities in any registration pursuant to this Agreement shall terminate one year after the payment in full of the promissory note(s) that Wynn or his designee(s) may use to pay the
purchase price for the Aruze Shares pursuant to the Buy-Sell Agreement. 

        12.    Exercise of Demand Registration Rights.    Notwithstanding anything to the contrary contained in this
Agreement, a Demand Notice may be delivered pursuant to Section 2.1 hereof only by Wynn or, if he is deceased, by his spouse or by his estate, on behalf of the Holders of the requisite
percentage and market value of Registrable Securities. 

        13.    Miscellaneous.    

        13.1    Remedies.    In the event of a breach by the Company of its obligations under this Agreement, each Holder of
Registrable Securities, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement,
subject to Section 5.4 hereof. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this
Agreement and hereby waives the defense in any action for specific performance that a remedy at law would be adequate. 

        13.2    No Inconsistent Agreements.    The Company will not on or after the date of this Agreement enter into any
agreement with respect to its securities which is inconsistent with or limits or impairs the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. 

        13.3    Adjustments Affecting Registrable Securities.    The Company will not take any action, or permit any change to
occur, with respect to the Registrable Securities which would adversely affect the ability of the Holders of Registrable Securities to include such Registrable Securities in a registration undertaken
pursuant to this Agreement. 

12

  

        13.4    Notices.    All notices or other communications hereunder shall be in writing and shall be given by
(i) personal delivery, (ii) courier or other same day or overnight delivery service which obtains a receipt evidencing delivery, (iii) registered or certified mail (postage
prepaid and return receipt requested), or (iv) facsimile or similar electronic device, to such address as may be designated from time to time by the relevant party, and which shall initially
be: 

	If to the Company:	 	Wynn Resorts, Limited

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Facsimile: 702.733.4596

Attention: Legal department.
	

If to Wynn:	
 	

Stephen A. Wynn

c/o Wynn Resorts, Limited

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Facsimile: 702.791.0167

        All
notices and other communications shall be deemed to have been given (i) if delivered by the United States mail, three business days after mailing (five business days if
delivered to an address outside of the United States), (ii) if delivered by a courier or other delivery service, one business day after dispatch (two business days if delivered to an address
outside of the United States), and (iii) if personally delivered or sent by facsimile or similar electronic device, upon receipt by the recipient or its agent or employee (which, in the case of
a notice sent by facsimile or similar electronic device, shall be the time and date indicated on the transmission confirmation receipt). No objection may be made by a party to the manner of delivery
of any notice actually received in writing by an authorized agent of such party. 

        13.5    Complete Agreement; Modifications.    This Agreement and any documents referred to herein or executed
contemporaneously herewith constitute the Parties' entire agreement with respect to the subject matter hereof and supersede all agreements, representations, warranties, statements, promises and
understandings, whether oral or written, with respect to the subject matter hereof. This Agreement
may be amended, altered or modified only by a writing signed by the Company and Holders of a majority of the Registrable Securities then held by all Holders. 

        13.6    Calculation of Registrable Securities.    For the purposes of this Agreement, if the Aruze Shares consist of
common stock and another class of securities convertible into common stock, then the calculation of the number of Registrable Securities shall include any shares of common stock acquired or which may
be acquired by the Holders upon conversion of any such convertible securities comprising Aruze Shares. 

        13.7    Successors and Assigns.    Except as provided herein to the contrary, this Agreement shall be binding upon and
inure to the benefit of the Parties, their respective successors and permitted assigns, including, without limitation and without the need for an express assignment, subsequent Holders of Registrable
Securities who are assigned registration rights pursuant to Section 10 hereof. 

        13.8    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State
of Nevada, without regard to the choice of law provisions thereof. 

        13.9    Attorneys' Fees.    Should any litigation be commenced (including any proceedings in a bankruptcy court)
between the Parties or their representatives concerning any provision of this Agreement or the rights and duties of any Person or entity hereunder, the party or parties prevailing in such proceeding
shall be entitled, in addition to such other relief as may be granted, to the reasonable attorneys' fees and court costs incurred by reason of such litigation. 

13

 

        13.10    Headings.    The Article and Section headings in this Agreement are inserted only as a matter of convenience,
and in no way define, limit, extend or interpret the scope of this Agreement or of any particular Article or Section. 

        13.11    Severability.    If any provision of this Agreement is held to be illegal, invalid or unenforceable, such
provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement; furthermore,
the remaining provisions of this Agreement shall remain in full force and effect, and, in place of such illegal, invalid or unenforceable provision, there automatically shall be added as a part of
this Agreement a provision as similar to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. 

        13.12    Gender.    Throughout this Agreement, as the context may require, the masculine gender includes the feminine
and neuter; and the neuter gender includes the masculine and feminine. 

        13.13    Counterparts.    This Agreement may be executed in any number of counterparts and by the Parties in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

[Remainder
of this page intentionally left blank.] 

14

 
SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT  

        IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth hereinabove. 

	 	 	WYNN RESORTS, LIMITED
	

 	
 	

By:	
 	

/s/  MARC H. RUBINSTEIN      
 Name: Marc H. Rubinstein

Title: Senior Vice President, General Counsel and Secretary
	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      
 Stephen A. Wynn

15

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Exhibit 10.9    
  

 
 

MANAGEMENT AGREEMENT    
  

        THIS MANAGEMENT AGREEMENT (this "Agreement") is made as of October 30, 2002, by and among Wynn Las Vegas, LLC, a Nevada limited liability company (the
"Company") and its subsidiaries and affiliates listed on Exhibit A hereto (and together with the Company, the "Wynn Entities"), and Wynn Resorts,
Limited, a Nevada corporation (the "Manager") with reference to the following: 

        WHEREAS,
the Company together with the Wynn Entities propose to develop, construct and operate the Le Rêve Casino Resort, a hotel and casino resort, with related parking
structure and golf course facilities, as part of the redevelopment of the site of the former Desert Inn in Las Vegas, Nevada (the "Business"); 

        WHEREAS,
the other Wynn Entities will lease property and/or provide services to the Company in connection with the Business; and 

        WHEREAS,
the Company and the Wynn Entities desire to engage the Manager to provide the management and advisory services for the Business and the Manager desires to accept such engagement
to provide such services, all upon the terms and conditions hereinafter set forth. 

        NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 

        1.    Retention of the Manager.    The Company and each of the Wynn Entities hereby appoints the Manager as manager
for the Business, and the Manager hereby agrees to provide the management and advisory services described herein for the Business, in accordance with the terms and subject to the conditions
hereinafter set forth. 

        2.    Services to be Provided by the Manager.    

        (a)  In
accordance with the terms and subject to the conditions hereof, the Manager agrees to provide the following management and advisory services (together with services
necessary or incidental thereto, "Management Services") to the Wynn Entities on an ongoing basis in connection with the ownership and operation of the Business by the Wynn Entities during the term of
this Agreement. 

        (b)  The
Manager shall provide customary management and advisory services with respect to the operation of the Business, to consist of the following necessary or incidental
thereto: 

          (i)  advice
concerning the hiring, termination, performance and training of personnel; 

        (ii)  review,
consultation and advice concerning personnel, operations, and other management and operating policies and procedures; 

        (iii)  recommendations
on all necessary action to keep the operation of the Business in compliance, in all material respects, with the conditions of all licenses (including
gaming licenses) and all applicable rules, regulations and orders of any federal, state, county or municipal authority having jurisdiction over the Business; 

        (iv)  development
of recommendations for, and negotiate the acquisition and maintenance of, insurance coverage with respect to the Business; 

        (v)  guidance
on all marketing, sales promotions and advertising for the Business; 

        (vi)  assistance
in the financial budgeting process and the implementation of appropriate accounting, financial, administrative and managerial controls for the Business; 

      (vii)  preparation
for use by the Wynn Entities of financial reports and maintenance of books of accounts and other records reflecting the results of operation of Business
(which at all times 

 

shall be maintained in a manner which permits the assets and liabilities of the Wynn Entities to be separately identified from those of the Manager); and 

      (viii)  advice
and consultation with the Wynn Entities in connection with any and all aspects of the Business and the day to day operation thereof, and consultation with the
Wynn Entities with respect to the selection of attorneys, consultants and accountants. 

        3.    Management Fees; Expenses.    

        (a)  All
expenses, costs, losses, liabilities or damages incurred with respect to the ownership or operation of the Business, including, without limitation, wages, salaries
and other labor costs incurred in the construction, maintenance, expansion or operation of the Business, or personnel working on special projects or services for the Wynn Entities, will be paid by the
Company. To the extent that the Manager pays or incurs any obligation for any such expenses, costs, losses, liabilities or damages, the Company, subject to the limitations set forth in
Section 5, will pay or reimburse the Manager therefor, as well as for any reasonable out-of-pocket expenses incurred by the Manager in the performance of its obligations
under this Agreement (provided, however, that (a) in no event shall any such payments include any fee, profit or similar component benefiting the Manager, it being understood and agreed that
such payments instead are intended to reimburse only actual costs and expenses, and (b) in no event shall such payments include amounts characterized as "Affiliated Overhead Expenses" under the
terms of the Bank Credit Agreement (as hereinafter defined)). Subject to the payment priority provisions of this Section 3, the Company agrees to pay the Manager, as the Manager's compensation
for the services to be rendered hereunder, a yearly management fee (the "Management Fee") equal to one and one-half percent (1.5%) of the "Net Revenues" (as determined in accordance with
generally accepted accounting principles as applicable to companies in the gaming business) of the Company, payable semi-annually in arrears. Accrual of such Management Fee shall commence
upon "Opening Date" (as defined in the Bank Credit Agreement defined below). For so long as there is any outstanding indebtedness under the Second Mortgage Notes Indenture (as hereinafter defined),
the semi-annual accrual periods shall be set to match the semi-annual interest accrual periods under the Second Mortgage Notes Indenture, and the payment date with respect to
any such accrued Management Fees shall be the tenth (10th) Business Day after the date established under the Second Mortgage Notes Indenture for payment of accrued interest with respect to such
semi-annual period. 

        (b)  Notwithstanding
the foregoing, the parties acknowledge and agree that the payment of the Management Fee is subject to a Management Fee Subordination Agreement of even
date herewith (the "Subordination Agreement") by and among the Manager, the Company, Deutsche Bank Trust Company Americas, as "Administrative Agent" under the Bank Credit Agreement (as hereinafter
defined), Wells Fargo Bank Nevada, National Association, as Collateral Agent under the "FF&E Credit Agreement" (as hereinafter defined) and Deutsche Bank Trust Company Americas, as Trustee under the
Second Mortgage Notes Indenture. The parties further agree that the Management Fee due and payable as provided in this Section 3 shall not be paid at any time that such payment is not then
permitted under the Bank Credit Agreement, the FF&E Credit Agreement or the Second Mortgage Notes Indenture (each as defined below). In the event any Management Fee is unpaid as a consequence of the
provisions of this Section 3, the Manager nonetheless shall continue to perform hereunder and any such unpaid amounts shall be accrued as a liability of the Company and shall be payable as soon
as the conditions to payment are fulfilled. The deferred portion of the Management Fees will bear interest at the rate of ten percent (10%) per annum, compounded annually, from the date otherwise due
and payable until the payment thereof. 

        (c)  For
purposes of this Agreement, (i) "Bank Credit Agreement" means the Credit Agreement of even date herewith by and among the Company, Deutsche Bank Trust Company
Americas, as administrative agent ("Agent"), Deutsche Bank Securities, Inc., as advisor, lead arranger and joint book running manager, Banc of America Securities LLC, as advisor, lead arranger,
joint book running 

2

 

manager and syndication agent, Bear, Stearns & Co. Inc., as advisor, arranger and joint book running manager, Bear Stearns Corporate Lending Inc., as joint documentation agent,
Dresdner Bank AG, New York Branch, as arranger and joint documentation agent, J. P. Morgan Securities Inc., as joint documentation agent, and the lenders party thereto, as amended, restated,
supplemented or otherwise modified from time to time, (ii) "FF&E Credit Agreement" means that certain Credit Agreement of even date herewith by and among the Company, Wells Fargo Bank Nevada,
National Association, as Collateral Agent, and the lenders party thereto, (iii) "Second Mortgage Notes Indenture" means the Second Mortgage Notes Indenture, of even date herewith by and among
the Company, Wynn Las Vegas Capital Corp., a Nevada corporation, Deutsche Bank Trust Company Americas, as trustee (the "Trustee"), and the guarantors signatory thereto, as amended, restated,
supplemented or otherwise modified from time to time, and (iv) "Senior Debt" means all amounts and obligations from time to time owing or outstanding under the Bank Credit Agreement, the FF&E
Credit Agreement and/or the Second Mortgage Notes Indenture and the notes issued pursuant thereto, including interest thereon at the rates set forth therein. 

        (d)  Notwithstanding
any termination of this Agreement, the Manager shall, subject to the limitations set forth in this Section 3, remain entitled: (i) to
receive the Management Fee for the remaining portion of the semi-annual period in which such termination occurred (payable in the same manner and at the same time as if the Manager were
entitled to receive such fee with respect to the entire semi-annual period); and (ii) to receive payment of any deferred Management Fee at the time of such termination if, and to
the extent that, payment thereof is otherwise permitted under this Section 3. 

        (e)  The
parties acknowledge that at such time, if any, that the Company is licensed by the Nevada Gaming Commission, the Manager will be subject to the requirements of
Nevada Revised Statutes Section 463.162 as a result of its receipt of the Management Fee. 

        4.    Term of Agreement.    The term of this Agreement shall be ten (10) years, unless earlier terminated
pursuant to the terms of this Agreement. This Agreement may be terminated as follows: (a) by the mutual written consent of the Company and the Manager, (b) by the Company upon
60 days prior written notice to the Manager for any reason or no reason at all, or (c) by the Company immediately upon written notice to the Manager for cause. Notwithstanding any other
provision of this Agreement, the provisions of Section 5 shall survive any termination of this Agreement. 

        5.    Liability.    The Company shall bear any and all expenses, liabilities, losses or damages resulting from the
operation of the Business, and the Manager and its officers, directors, shareholders and employees shall not, under any circumstances, be held liable therefor, except that the Manager shall be liable
for any loss or damage which results from its own gross negligence or willful misconduct. Neither the Manager nor any of its officers, directors, shareholders or employees shall be held to have
incurred any liability to the Company, the Business or any third party by virtue of any action not constituting gross negligence or willful misconduct taken in good faith by it in the discharge of its
duties hereunder, and the Company agrees to indemnify the Manager and its shareholders, directors, officers and employees, and hold each of them harmless from and against any and all claims that may
be made against any of them in respect of the foregoing (excluding claims arising out of gross negligence or willful misconduct), including, but not limited to, attorneys' fees. 

        6.    Miscellaneous    

        (a)    Nonassignability of Agreement.    This Agreement shall not be assignable, in whole or in part, directly or
indirectly, whether by operation of law or otherwise, by either party hereto without the prior written consent of the other party hereto (which consent may be withheld in the sole discretion of the
party whose consent is required), and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void; provided,
however, that (i) the provisions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Company and the Manager and their respective
successors and permitted assigns and (ii) the rights of the Wynn Entities 

3

 

under this Agreement may be collaterally assigned to secure the obligations of the Company under the Bank Credit Agreement and the Second Mortgage Notes Indenture. The Manager further agrees that in
the event of any foreclosure of the security interests encumbering this Agreement to secure the obligations under the Bank Credit Agreement or the Second Mortgage Notes Indenture, the party acquiring
the rights of the Company hereunder shall have the right to terminate this Agreement without any obligation to pay any amounts then owed by the Company hereunder (it being understood that the
foregoing shall not affect any rights of the Manager hereunder or under otherwise applicable laws against the Company for such amounts then owing and not paid to Manager). 

        (b)    Further Assurances.    Subject to the provisions hereof, each of the parties hereto shall execute, acknowledge
and deliver such other documents, and take such further actions, as may be reasonably required in order to effectuate the purposes of this Agreement, to comply with all applicable laws, regulations,
orders and decrees, to obtain all required consents and approvals and to make all required filings with any governmental agency, other regulatory or administrative agency, commission or similar
authority. 

        (c)    Waivers.    No failure or delay on the part of the Manager or any of the Wynn Entities in exercising any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, or any abandonment or discontinuance of steps to enforce such a right, preclude any other or
further exercise thereof or the exercise of any other right. No waiver of any provision of this Agreement nor any consent to any departure by the Manager or the Wynn Entities therefrom shall in any
event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it has been given. 

        (d)    Entire Agreement.    This Agreement and the Subordination Agreement set forth the entire understanding of the
parties hereto with respect to the subject matter hereof, and supersede all previous agreements, negotiations, memoranda and understandings, whether written or oral respecting the subject matter
hereof. 

        (e)    Amendments.    This Agreement may be amended only by an agreement in writing executed by each of the parties
hereto, but no such amendment shall become effective if the same is prohibited by the Bank Credit Agreement, the FF&E Credit Agreement or the Second Mortgage Notes Indenture as then in effect. 

        (f)    Notices.    Any and all notices and demands required or desired to be given hereunder shall be in writing and
shall be validly given or made if served personally, delivered by a nationally recognized overnight courier service, or deposited in the United States mail, certified or registered, postage prepaid,
return receipt requested, to the following addresses: 

	If to the Wynn Entities:	 	c/o Wynn Las Vegas, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention:

Telephone:

Facsimile:
	

If to the Manager:	
 	

Wynn Resorts, Limited

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention:

Telephone:

Facsimile:

4

 

and
shall become effective upon receipt. Any party hereto may change its address for the purpose of receiving notices by providing written notice to the other party hereto. 

        (g)    Governing Law.    The laws of the State of Nevada applicable to contracts made in that state, without giving
effect to its conflict of laws rules, shall govern the validity, construction, performance and effect of this Agreement. 

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

        (i)    Headings.    The headings in this Agreement are included for purposes of reference only, do not constitute a
part of this Agreement, and shall not be deemed to limit, characterize or in any way affect any term or provision of this Agreement. 

        (j)    Counterparts.    This Agreement may be executed in any number of counterparts, each of which, when executed,
shall be deemed to be an original and all of which together shall constitute one and the same instrument. 

        (k)    Negotiated Agreement.    This is a negotiated agreement. All parties have participated in its preparation. In
the event of any dispute regarding its interpretation, it shall not be construed for or against any party based upon the grounds that this Agreement was prepared by any one of the parties hereto. 

5

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

	 	 	WYNN LAS VEGAS, LLC,

a Nevada limited liability company
	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	Name:	Stephen A. Wynn

	 	 	 	 	 	 	 	 	Title:	Chief Executive Officer

	

 	
 	

WYNN RESORTS HOLDINGS, LLC.

a Nevada limited liability company,
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	Name:	Stephen A. Wynn

	 	 	 	 	 	 	 	 	Title:	Chief Executive Officer

6

 

	 	 	VALVINO LAMORE, LLC,

a Nevada limited liability company,
	

 	
 	

By:	
 	

Wynn Resorts, Limited

a Nevada corporation, its sole member
	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	Title:	 	Chief Executive Officer

	

 	
 	

WORLD TRAVEL, LLC,

a Nevada limited liability company
	

 	
 	

By:	
 	

Wynn Las Vegas, LLC,

a Nevada limited liability company
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	Name:	Stephen A. Wynn

	 	 	 	 	 	 	 	 	Title:	Chief Executive Officer

7

 

	 	 	LAS VEGAS JET, LLC,

a Nevada limited liability company
	

 	
 	

By:	
 	

Wynn Las Vegas, LLC,

a Nevada limited liability company
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	Name:	Stephen A. Wynn

	 	 	 	 	 	 	 	 	Title:	Chief Executive Officer

	

 	
 	

DESERT INN IMPROVEMENT CO.,

a Nevada corporation
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	Name:	Stephen A. Wynn

	 	 	 	 	 	 	 	 	Title:	President

8

 

	 	 	DESERT INN WATER COMPANY, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	Name:	 	Stephen A. Wynn

	 	 	 	 	 	 	Title:	 	Chief Executive Officer

	

 	
 	

PALO, LLC,

a Delaware limited liability company
	

 	
 	

By:	
 	

Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	
 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	

/s/  STEPHEN A. WYNN      

	 	 	 	 	 	 	 	 	Name:	Stephen A. Wynn

	 	 	 	 	 	 	 	 	Title:	Chief Executive Officer

9

 

	 	 	WYNN LAS VEGAS CAPITAL CORP.,

a Nevada corporation
	

 	
 	

 	
 	

By:	

/s/  STEPHEN A. WYNN      

	 	 	 	 	Name:	Stephen A. Wynn

	 	 	 	 	Title:	President

	

 	
 	

MANAGER:
	

 	
 	

WYNN RESORTS, LIMITED,

a Nevada corporation
	

 	
 	

By:	
 	

/s/  STEPHEN A. WYNN      

	 	 	Name:	 	Stephen A. Wynn

	 	 	Title:	 	Chief Executive Officer

10

 
 

Exhibit A    
  

	1.
	Valvino
Lamore, LLC, a Nevada limited liability company.

	2.
	Wynn
Resorts Holdings, LLC, a Nevada limited liability company.

	3.
	Palo,
LLC, a Nevada limited liability company.

	4.
	Desert
Inn Water Company, LLC, a Nevada limited liability company.

	5.
	Desert
Inn Improvement Co., a Nevada corporation.

	6.
	Wynn
Capital Corp., a Nevada corporation.

	7.
	World
Travel, LLC, a Nevada limited liability company.

	8.
	Las
Vegas Jet, LLC, a Nevada limited liability company. 

QuickLinks

Exhibit 10.9

MANAGEMENT AGREEMENT

Exhibit A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}]]