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Exhibit 10.1  

 
 

PURCHASE AGREEMENT    
  

October 25,
2002 

To
Stephen A. Wynn: 

        Wynn
Resorts, Limited, a Nevada corporation (the "Company"), proposes to issue and sell to you (the "Purchaser") five million five hundred seventy six thousand nine hundred twenty three
(5,576,923) shares of the Company's Common Stock, par value $0.01 per share (the "Common Stock"). Terms not otherwise defined herein shall have the same meanings set forth in the Underwriting
Agreement, dated as of October 25, 2002, by and among the Company and Deutsche Bank Securities Inc., Bear, Stearns & Co. Inc., Banc of America Securities LLC, as Representatives
of the Several Underwriters set forth in Schedule I thereto (the "Underwriters"), as such Underwriting Agreement may be amended from time to time (the "Underwriting Agreement"). The Common Stock to be
purchased by the Purchaser hereunder will be purchased pursuant to an offering by the Company under the Registration Statement. 

        1.    Purchase, Sale and Delivery of the Common Stock.    On the basis of the representations, warranties, covenants
and agreements herein contained, and subject to the terms and conditions herein set forth, the Company agrees to sell to the Purchaser and the Purchaser agrees to purchase from the Company five
million five hundred seventy six thousand nine hundred twenty three (5,576,923) shares of the Common Stock (the "Purchased Shares") at a purchase price of $13 per share (the "Per Share Price"). 

        Delivery
of the payment of the purchase price for the Purchased Shares shall be made at the place determined in accordance with Section 2 of the Underwriting Agreement. Such
delivery and payment
shall be made at the Closing Date as set forth in such Section 2. Delivery of the Purchased Shares shall be made to the Purchaser against payment by the Purchaser of the purchase price for the
Purchased Shares to the order of the Company by certified or official bank check payable in New York Clearing House funds or by wire transfer of immediately available funds to an account designated by
the Company. 

        2.    Conditions to the Purchaser's Obligations.    The obligations of the Purchaser to purchase and pay for the
Purchased Shares shall be subject only to the condition that the Closing under the Underwriting Agreement shall have occurred concurrently with the closing under this Agreement. 

        3.    Effective Date of Agreement; Termination.    This Agreement shall become effective upon the effectiveness of the
Underwriting Agreement, and shall terminate solely upon the termination of the Underwriting Agreement. 

        4.    Consent and Waiver.    Reference is hereby made to: (i) that certain Purchase Agreement, dated
concurrently herewith, between the Company and Aruze USA, Inc., pursuant to which, subject to certain conditions, Aruze USA, Inc. or its assignee is to purchase five million five hundred seventy six
thousand nine hundred twenty three (5,576,923) shares of Common Stock at the Per Share Price; (ii) that certain Purchase Agreement, dated concurrently herewith, among the Company, Baron Asset
Fund, a Massachusetts business trust, on behalf of the Baron Growth Fund Series, and Baron Asset Fund, a Massachusetts business trust, on behalf of the Baron Small Cap Fund Series, pursuant to which,
subject to certain conditions, Baron Asset Fund, on behalf of the Baron Growth Fund Series and on behalf of the Baron Small Cap Fund Series, is to purchase seven hundred thousand (700,000) shares of
Common Stock at the Per Share Price and three hundred thousand (300,000) shares of Common Stock at the Per Share Price, respectively; and (iii) that certain Purchase Agreement, dated
concurrently herewith, between the Company and Zenith Insurance Company, a California corporation, pursuant to which, subject to certain conditions, Zenith Insurance Company is to purchase one million
(1,000,000) shares of Common Stock at the Per Share Price (collectively, the "Other Stock Purchase Transactions"). The Purchaser hereby consents to the Other Stock Purchase Transactions and waives 

 

any pre-emptive or other rights to purchase the equity interests contemplated to be issued in the Other Stock Purchase Transactions. 

        5.    Amendment.    This Agreement may be amended only with the written consent of the Company, the Purchaser and each
of the Underwriters. 

        6.    Parties.    Except as set forth in this Section, this Agreement shall inure solely to the benefit of, and shall
be binding upon, the Company and the Purchaser and their respective successors and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under
or in respect of or by virtue of this Agreement or any provision therein contained. The Purchaser shall have the right to assign the Purchaser's right to purchase shares of Common Stock under this
Agreement to the extent necessary in order for the Purchaser and the Company not to be required to make filings, if required, with the Federal Trade Commission and the Department of Justice of
notification forms under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the purchase of shares of Common Stock purchased hereunder. Notwithstanding anything
to the contrary in the foregoing, it is expressly agreed that: (i) the Underwriters are intended to be third party beneficiaries of this Agreement, except for Section 4 hereof, and the
Underwriters shall, except to that extent, be entitled to bring an action for damages or for specific enforcement of this Agreement in the event of any breach of this Agreement by either the Company
or the Purchaser; and (ii) the parties to the Other Stock Purchase Transactions are intended to be third party beneficiaries of Section 4 of this Agreement. 

        7.    Construction.    This Agreement shall be construed in accordance with the internal laws of the State of Nevada. 

        8.    Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed an original and
all of which together shall constitute one and the same document. 

        If
the foregoing correctly sets forth the understanding between you and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall
constitute a binding agreement between us. 

	 	 	Very truly yours,
	

 	
 	

WYNN RESORTS, LIMITED,

a Nevada corporation
	

 	
 	

By:	

/s/  RONALD KRAMER      
 Name: Ronald Kramer

Title: President
	

Accepted as of the date first above written:	
 	

 	

 
	

/s/  STEPHEN A. WYNN      
 STEPHEN A. WYNN	
 	

 	

 

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Exhibit 10.3    
  

 
 

BUY-SELL AGREEMENT    
  

        This
BUY-SELL AGREEMENT (the "Agreement"), dated as of this 13th day of June, 2002, is entered into by and among Stephen A.
Wynn, an individual ("Wynn"), Kazuo Okada, an individual ("Okada"), Aruze USA, Inc., a Nevada
corporation ("Aruze"), and Aruze Corp., a Japanese public corporation ("Aruze Parent"). 

W I T N E S S E T H:  

        WHEREAS, the members of Valvino Lamore, LLC, a Nevada limited liability company (the "LLC"), have agreed to
contribute their interests in the LLC to Wynn Resorts, Limited, a Nevada corporation (the "Company"), in exchange for Shares in the Company (the
"Contribution"); and 

        WHEREAS,
the parties desire to enter into this Agreement to facilitate the financing of the Company and help resolve potential future issues related to the Company's ability to obtain
gaming licenses and comply with gaming laws. 

        NOW,
THEREFORE, in consideration of the foregoing and the agreements set forth below, the parties hereto agree as follows: 

	1.
	Definitions.    For purposes of this Agreement:

	(a)
	"Closing
Prices" means, with respect to each Share, (i) the last reported sale price regular way or, in the case no such sale takes place on such day, the average of the
closing bid and asked prices regular way, on the principal national securities exchange on which such class or series of Shares is listed or admitted for trading, or (ii) if such class or
series of Shares is not listed or admitted for trading on any national securities exchange, the last reported sale price or, in case no such sale takes place on such day, the average of the highest
reported bid and the lowest reported asked quotation for such class or series of Shares, for all such purposes as reported by Bloomberg Financial Markets or The Wall Street Journal if Bloomberg
Financial Markets is no longer reporting such information, or a similar service if Bloomberg Financial Markets and The Wall Street Journal are no longer reporting such information.

	(b)
	"Fair
Market Value" means, with respect to each Share of any class or series for any Wynn Notice Date (as defined in Section 3(a)), (i) the average of the daily Closing
Prices for the twenty consecutive trading days prior to such Wynn Notice Date, or (ii) if on such Wynn Notice Date the Shares of such class or series of Shares are not listed or admitted for
trading on any national securities exchange and are not quoted on Nasdaq or any similar service, the fair market value, as determined by a nationally recognized valuation firm mutually acceptable to
Wynn and Aruze.

	(c)
	"Investment
Amount" means, with respect to each Share of any class or series for any Wynn Notice Date, (i) the aggregate amount of cash contributed to the LLC by Aruze, reduced
by any distributions by the LLC or the Company to Aruze, plus interest, compounded annually, at the rate of two percent (2%) per annum on the balance of such amount from time to time, divided by
(ii) the total number of Shares issued to Aruze upon the contribution of its interest in the LLC to the Company, as appropriately adjusted for any subsequent stock dividend, stock split,
reverse stock split, recapitalization, consolidation, or similar event.

	(d)
	"Licensing
Event" means (i) a recommendation by the Nevada State Gaming Control Board to the Nevada Gaming Commission that the applications of Aruze Parent, Aruze, and/or Okada
be denied, or that Aruze Parent, Aruze, and/or Okada be found unsuitable; (ii) a vote by the Nevada Gaming Commission to deny the applications of Aruze Parent, Aruze, and/or Okada, or to find
Aruze Parent, Aruze, and/or Okada unsuitable; (iii) a request for withdrawal of applications by Aruze Parent, Aruze, and/or Okada in respect of the Company; 

 

or
(iv) failure of Aruze Parent, Aruze, and/or Okada to file all necessary applications in respect of the Company within 90 days after the filing of the application by the Company. 

	(e)
	"Operating
Agreement" means that certain Amended and Restated Operating Agreement of the LLC, effective as of October 3, 2000, as amended and/or restated from time to time.

	(f)
	"Second
Amendment" means that certain Second Amendment, dated February 18, 2002, to the Operating Agreement.

	(g)
	"Shares"
means the shares of capital stock of the Company.

	(h)
	"Stockholders
Agreement" means that certain Stockholders Agreement, dated as of April 11, 2002, by and among the members of the LLC, as it may be amended and/or restated from
time to time.

	(i)
	"Third
Amendment" means that certain Third Amendment, effective as of April 11, 2002, to the Operating Agreement. 

	2.
	Gaming Matters.    If required by any gaming authority, Aruze, Aruze Parent, and Okada shall, and shall cause
their respective related parties to, promptly submit such personal history and financial history, cooperate in any investigation, and diligently seek a finding of suitability or other gaming
registration or license. Aruze, Aruze Parent, or Okada, as the case may be, shall keep Wynn informed, in advance, of all proceedings in which any of them or their related parties are engaged before a
gaming authority, including without limitation by providing Wynn with copies of any correspondence from or to any gaming authority and any written materials to be submitted in connection with such
proceedings.

	3.
	Purchase and Sale of Aruze's Shares.    

	(a)
	Upon
the occurrence of a Licensing Event, Aruze shall provide prompt written notice thereof to Wynn. Upon the occurrence of a Licensing Event, Wynn or his designee shall have until
60 days after the date of Aruze's notice to Wynn of the Licensing Event, to elect by written notice to Aruze to purchase some or all of Aruze's Shares for a price equal to the lesser of
(i) the Fair Market Value of the purchased Shares as of the date of the Wynn notice to Aruze (the "Wynn Notice Date"), or (ii) the
Investment Amount of the purchased Shares as of the Wynn Notice Date. The purchase price shall be paid, in full, by delivering to Aruze a promissory note, in the form attached hereto as
Exhibit A, duly executed by the purchaser. The purchase and sale of the Shares shall take place on a date 15 days after the Wynn Notice Date.

	(b)
	The
dates provided in this Section 3 for the purchase and sale of Shares shall be adjusted by Wynn if necessary to comply with any applicable securities laws, the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or any other applicable law.

	(c)
	Each
of Aruze, Aruze Parent, and Okada hereby represents and warrants to Wynn that Aruze will deliver good and marketable title to any Shares purchased hereunder, free and clear of
all liens, security interests, or other encumbrances of any nature whatsoever. 

	4.
	Escrow.    All Shares owned by Aruze, Aruze Parent, Okada, or any transferee of any of them shall be held in
escrow by Wynn to secure their obligations hereunder, together with executed stock powers in blank and such other documents as may be required to effect the sale of Shares contemplated hereunder.

	5.
	Transferee Bound by Agreement.    If Aruze, or its transferee, proposes to transfer any of its Shares, the
proposed transferee shall be required, as a condition of such transfer, to agree in writing to assume all obligations of the transferor hereunder; provided, however, that any such 

2

 

transfer
shall not release Aruze, Aruze Parent, Okada, or any such transferee from any liability hereunder. 

	6.
	Effective Time; Termination of Prior Agreements.    This Agreement shall become effective at the time of the
Contribution. At such time the Second Amendment, Paragraph 20 of the Third Amendment, and Section 11 of the Stockholders Agreement are hereby terminated and shall be of no further force
or effect. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and
oral, among the parties with respect to the subject matter hereof.

	7.
	Miscellaneous.    

	(a)
	Conflicts.    In the event of a conflict between the terms and conditions of this Agreement and the terms and conditions of
the Operating Agreement or the Stockholders Agreement, the terms and conditions of this Agreement shall control.

	(b)
	Further Assurances.    Each party hereto agrees to cooperate with the other parties by executing such other documents and
taking such other actions as may be necessary or appropriate to carry out the provisions of this Agreement.

	(c)
	Amendments.    This Agreement may not be amended except by a written agreement executed by all of the parties.

	(d)
	Legend.    Wynn and Aruze agree to cause the Company to imprint on all certificates representing Shares owned by Aruze or any
transferee the following restrictive legend (in addition to any other legend required by applicable laws): 

"THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A BUY-SELL AGREEMENT DATED AS OF JUNE    , 2002, WHICH PLACES CERTAIN RESTRICTIONS ON, AND
IMPOSES CERTAIN OBLIGATIONS IN CONNECTION WITH, THE TRANSFER AND OWNERSHIP OF THE SHARES REPRESENTED HEREBY. ANY PERSON ACCEPTING ANY INTEREST IN SUCH SHARES SHALL BE DEEMED TO HAVE AGREED TO AND
SHALL BECOME BOUND BY ALL THE PROVISIONS OF SUCH BUY-SELL AGREEMENT IN THE SAME MANNER AS THE TRANSFEROR OF SUCH SHARES. A COPY OF SUCH BUY-SELL AGREEMENT WILL BE FURNISHED TO
THE RECORD HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS." 

	(e)
	Transfers in Violation Void.    Any transfer of any Shares in violation of this Agreement shall be null and void  ab
initio, and no effect shall be given to any such transfer. 

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	(f)
	Notices.    Any and all notices, requests, claims, demands and other communications by any party hereto to any other party,
required or desired to be given hereunder, shall be in writing and shall be deemed validly given and received (i) if served personally, (ii) if delivered by a nationally recognized
overnight courier service, such as Federal Express, providing proof of delivery, (iii) if sent by telegram, telex, or telecopy, or (iv) three days after it is posted with the United
States Postal Service if it is sent via certified mail, return receipt requested, postage prepaid. All communications hereunder shall be delivered to the respective parties at the following addresses: 

	If to Wynn:	 	Mr. Stephen A. Wynn

c/o Wynn Resorts, Limited

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Facsimile: 702.791.0167
	

If to Aruze, Aruze Parent, or Okada:	
 	

Aruze USA, Inc.

745 Grier Drive

Las Vegas, Nevada 89119

Facsimile: 702.361.3407

Attention: Koiki Ohba
	

With a copy to:	
 	

Holland & Knight LLP

633 West Fifth Street, 21st Floor

Los Angeles, California 90071

Facsimile: 213.896.2450

Attention: Tasha D. Nguyen, Esq.

or
to such other address as the party to whom notice is given may have previously furnished to the others in writing in the manner set forth above. 

	(g)
	Severability.    If any provision or portion of any provision of this Agreement is held to be invalid, illegal or
unenforceable, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in this Agreement.

	(h)
	Specific Performance.    Each of the parties acknowledges that a breach of this Agreement will cause the other parties hereto
to sustain damages for which they would not have an adequate remedy at law for money damages, and therefore each of the parties hereto agrees that the parties shall be entitled to the remedy of
specific performance and other equitable relief.

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

	(j)
	Jurisdiction.    Each party hereby irrevocably submits to the exclusive jurisdiction and venue of the state courts of the
State of Nevada in any proceeding arising in connection with this Agreement. Each party hereto hereby waives any right to a trial by jury in connection with any such action,
suit or proceeding.

	(k)
	Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of
which, taken together, shall constitute one and the same Agreement. This Agreement shall not be effective as to any party hereto until such time as this Agreement or a counterpart thereof has been
executed and delivered by each party hereto. 

[SIGNATURES BEGIN ON FOLLOWING PAGE] 

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        IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by Wynn, Okada, and a duly authorized officer of each of Aruze and Aruze Parent on the day and year first written
above. 

	 	 	/s/  STEPHEN A. WYNN      
Stephen A. Wynn
	
 	
 	

/s/  KAZUO OKADA      
Kazuo Okada
	 	 	 	 
	

 	
 	

ARUZE USA, INC.
	

 	
 	

By:	

/s/  KAZUO OKADA      

	 	 	Name:	Kazuo Okada

	 	 	Title:	Chairman

	

 	
 	
ARUZE CORP.
	

 	
 	

By:	

/s/  KAZUO OKADA      

	 	 	Name:	Kazuo Okada

	 	 	Title:	President

5

 
 
 

EXHIBIT A
  PROMISSORY NOTE    
  

	$[                        ]	 	Las Vegas, Nevada        
	 	 	                , 20

        FOR
VALUE RECEIVED,                        (the "Maker") hereby absolutely and unconditionally promises to pay to Aruze USA, Inc.
(the "Holder"), prior to or on                        
    [ninth anniversary of delivery], 20    , in immediately available funds, the principal amount of $
[                        ] or, if less,
the aggregate principal amount of this Note outstanding on such date, and to pay interest on the unpaid principal amount hereof, in immediately available funds, annually in arrears on each anniversary
of the date hereof (or the next succeeding business day), at the rate of 2% per annum. Notwithstanding any other provision hereof, in no event shall this Note bear interest at a rate exceeding the
maximum rate permitted by applicable law. 

        This
Note evidences the purchase price payable by the Maker to the Holder pursuant to a Buy-Sell Agreement entered into by and among Stephen A. Wynn, an individual, Kazuo
Okada, an individual, Aruze USA, Inc., a Nevada corporation, and Aruze Corp., a Japanese public corporation, dated as of June    , 2002. This Note may be prepaid in whole or in part
at any time without penalty or premium. 

        No
delay or omission on the part of the Holder or any holder hereof in exercising any right hereunder shall operate as a waiver of such right or any other right of the Holder or of such
holder, nor shall any delay, omission or waiver of any one occasion be deemed a bar to or waiver of the same or any other right or any other occasion. The Maker and every endorser and guarantor of
this Note regardless of the time, order or place of signing hereby waives presentment, demand, protest and notice of every kind, and assents to any extension or postponement of the time for payment or
any other indulgence. 

        Holder
and Maker shall each bear their own costs and expenses in connection with this Note, including legal and other professional fees and expenses. 

        THIS NOTE SHALL FOR ALL PURPOSES BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEVADA (WITHOUT REFERENCE TO CONFLICTS OF
LAW).

        This
Note will be binding upon Maker and his successors and assigns, and inure to the benefit of Holder and its successors and assigns. 

        IN
WITNESS WHEREOF, the Maker has caused this Note to be executed by its duly authorized officer to take effect as of the date first written above. 

	 	 	

	

 	
 	

By:	

 
	 	 	 	

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Exhibit 10.3

BUY-SELL AGREEMENT

EXHIBIT A PROMISSORY NOTE

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