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Exhibit 10.20  

 
 

AGREEMENT    
  

        This AGREEMENT (the "Agreement"), dated as of this            day of June, 2002,
 is entered into by and
between Stephen A. Wynn, an individual ("Wynn") and Wynn Resorts, Limited, a Nevada corporation (the
"Company"). 

W I T N E S S E T H:  

        WHEREAS, concurrently herewith, Wynn, Kazuo Okada, an individual ("Okada"), Aruze USA, Inc., a Nevada
corporation ("Aruze"), and Aruze Corp., a Japanese public corporation ("Aruze Parent"), are entering
into a Buy-Sell Agreement (the "Buy-Sell Agreement"); and 

        WHEREAS,
Wynn and the Company desire to enter into this Agreement to facilitate the financing of the Company and 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)
	"LLC"
means Valvino Lamore, LLC, a Nevada limited liability company.

	(b)
	"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.

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

	(d)
	"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. 

	2.
	Purchase of Aruze's Shares.

	(a)
	At
least 20 days before the earlier of (i) the Wynn Notice Date under Section 3(a) of the Buy-Sell Agreement or (ii) the last day of the period
during which Wynn can elect to purchase Aruze's Shares under Section 3(a) of the Buy-Sell Agreement, Wynn or his designee shall provide written notice to the Company (the
"Wynn Pre-Notice") of his or his designee's intention to elect to purchase none, some, or all of Aruze's Shares under Section 3(a) of
the Buy-Sell Agreement.

	(b)
	If,
in the Wynn Pre-Notice, Wynn or his designee notifies the Company of an intention to elect to purchase less than all of Aruze's Shares under Section 3(a) of the
Buy-Sell Agreement, then the Company shall have a period, beginning on the date of the Wynn Pre-Notice and ending 15 days thereafter, to elect by written notice to Wynn
to require Wynn or his designee to elect to purchase all of Aruze's Shares under Section 3(a) of the Buy-Sell Agreement.

	(c)
	Wynn
shall have no obligation to offer the Company any opportunity to purchase any of Aruze's Shares under the Buy-Sell Agreement at any time.

	(d)
	Wynn
shall not agree to an amendment of the Buy-Sell Agreement that would adversely affect his rights under the Buy-Sell Agreement to elect to purchase Aruze's
Shares.

	(e)
	The
Company shall take all actions necessary or advisable to make the provisions of Nevada Revised Statutes 78.378 to 78.3793, inclusive, inapplicable to the acquisition of Aruze's
Shares by Wynn or his designee under the Buy-Sell Agreement. The Company shall also take all actions necessary or advisable to make inapplicable any other similar provisions of law, the
Company's articles or bylaws or any stockholder rights or other Company plan or 

 

arrangement,
whether now existing or hereafter enacted or adopted, that would deny rights, privileges, power or authority to Wynn or his designee as a result of, or with respect to, the acquisition
of shares under the Buy-Sell Agreement. 

	3.
	Escrow.    The Company agrees to hold in escrow all Shares owned by Aruze, Aruze Parent, Okada, or any transferee of any of
them to secure their obligations under the Buy-Sell Agreement, together with executed stock powers and such other documents as may be required to effect the sale of Shares contemplated
thereunder.

	4.
	Effective Time; Termination of Prior Agreements.    This Agreement shall become effective when the members of the LLC
contribute their interests in the LLC to the Company in exchange for Shares in the Company. This Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof and supersedes all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

	5.
	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 party 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.    The Company agrees to imprint on all certificates representing Shares owned by Aruze or any transferee the
restrictive legend set forth in Section 7(d) of the Buy-Sell Agreement (in addition to any other legend required by applicable laws).

	(e)
	Transfers in Violation Void.    Any transfer of any Shares in violation of the Buy-Sell Agreement shall be null
and void ab initio, and the Company shall not give effect to any such transfer.

	(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 the Company:	
 	

Wynn Resorts, Limited

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Facsimile: 702.733.4596

Attention: Legal Department

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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 party hereto
to sustain damages for which such other party 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 and a duly authorized officer of the Company on the day and year first written above. 

	

 	
 	

/s/  STEPHEN A. WYNN      
	
 	

 
	 	 	Stephen A. Wynn	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	WYNN RESORTS, LIMITED,

a Nevada corporation	 	 
	

 	
 	

By:	

/s/  STEPHEN A. WYNN       
	
 	

 
	 	 	 	Stephen A. Wynn
 Chief Executive Officer	 	 

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Exhibit 10.21  

 
 

PURCHASE AGREEMENT    
  

        THIS PURCHASE AGREEMENT ("Agreement") is made as of the 30th day of May, 2002, by and between Stephen A. Wynn ("Seller") and Valvino Lamore, LLC, a Nevada limited
liability company ("Buyer"). 

RECITALS  

        A.    Seller
is the sole member of World Travel, LLC, a Nevada limited liability company ("World Travel"), and owns a 100% member's interest in World Travel, which includes the
right to all profit and loss, capital and distributions of World Travel (the "World Travel Interest"). 

        B.    Seller
is the sole member of Las Vegas CharterJet, LLC, a Nevada limited liability company ("LV Charter," and together with World Travel, the "Companies"), and owns a
100% member's interest in LV Charter, which includes the right to all profit and loss, capital and distributions of LV Charter (the "LV Charter Interest," and together with the World Travel Interest,
the "Interests"). 

        C.    Seller
and Buyer have reached an agreement for the sale by Seller and the purchase by Buyer of the Interests on the terms and conditions set forth below. 

        NOW,
THEREFORE, in consideration of the mutual promises, covenants and representations hereinafter contained, and subject to the conditions hereinafter set forth, it is agreed as
follows: 

        1.    Sale and Transfer of Interests.    Subject to the terms and conditions set forth in this Agreement, Seller
hereby sells, transfers and assigns to Buyer, and Buyer hereby purchases from Seller, the Interests for consideration of $9,735,340 (the "Purchase Price"). 

        2.    Releases and Membership.    Seller hereby releases and relinquishes any and all right, title and interest which
Seller now has in the Interests and Buyer hereby accepts the transfer and assignment of the Interests and, as a Member of each of the Companies, agrees to be bound by the terms and provisions of, to
be subject to all restrictions and liabilities of the Seller set forth in, and to assume all obligations of a Member under, the Articles of Organization of each of the Companies and applicable Nevada
law. The Operating Agreement of each of the Companies shall reflect that, following the purchase and sale of the Interests pursuant hereto, the sole member of each of the Companies shall be Buyer. 

        3.    Deliveries.    With this Agreement: (i) Seller is executing and delivering to Buyer a Bill of Sale and
Assignment of Membership Interests duly; and (ii) Buyer is delivering to Seller the Purchase Price in immediately available funds. 

        4.    Guaranty.    Buyer shall deliver to Bank of America, N.A. that certain Continuing Guaranty, dated concurrently
herewith, with respect to Bank of America, N.A. as lender and World Travel as borrower, and take all further actions necessary or advisable to cause Seller to be released from the Continuing Guaranty,
dated February 28, 2002, that Seller delivered to Bank of America, N.A. 

        5.    Representation.    Seller represents and warrants to Buyer that Seller owns the Interests, free and clear of any
mortgage, lien, pledge, charge, or security interest, or any option or right of first refusal requiring Seller to sell the Interests to a third party. 

        6.    Securities Laws.    Buyer understands and hereby acknowledges that the Interests are not registered under the
Securities Act of 1933 or under the securities laws of any state of the United States, and must be held indefinitely unless they are so registered or an exemption from registration is available. Buyer
is acquiring the Interests for Buyer's own account as principal, for investment and not with a view to, or for resale in connection with, any distribution of the Interests. 

 

        7.    Miscellaneous.    

        (a)    Notices.    Any and all notices or demands 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, or
(iii) 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 notices shall be addressed as follows: 

If
to Buyer: 

Valvino
Lamore, LLC

Attention: Marc H. Rubinstein, Senior Vice President—General Counsel

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109 

If
to Seller: 

Mr. Stephen
A. Wynn

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109 

Any
party hereto may change his or its address for the purpose of receiving notices or demands as hereinabove provided by a written notice given in the manner aforesaid to the other party. All notices
shall be as specific as reasonably necessary to enable the party receiving the same to respond thereto. 

        (b)    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. 

        (c)    Consent to Jurisdiction.    Each party hereto consents to the jurisdiction of the Courts of the State of Nevada
in the event any action is brought for declaratory relief or enforcement of any of the terms and provisions of this Agreement. 

        (d)    Attorneys' Fees.    In the event that any action or proceeding is instituted to interpret or enforce the terms
and provisions of this Agreement, the prevailing party shall be entitled to its costs and reasonable attorneys' fees, in addition to any other relief it may obtain or be entitled to. 

        (e)    Interpretation.    In the interpretation of this Agreement, the singular may be read as the plural, and  vice versa, the
neuter gender as the masculine or feminine, and vice versa, and the future tense as the
past or present, and vice versa, all interchangeably as the context may require in order to fully effectuate the intent of the parties and the
transactions contemplated herein. Syntax shall yield to the substance of the terms and provisions hereof. Paragraph headings are for convenience of reference only and shall not be used in the
interpretation of the Agreement. 

        (f)    Entire Agreement.    This Agreement sets forth the entire understanding of the parties, and supersedes all
previous agreements, negotiations, memoranda, and understandings, whether written or oral. In the event of any conflict between this Agreement and any exhibits or schedules attached hereto, this
Agreement shall control. 

        (g)    Modifications.    This Agreement shall not be modified, amended or changed in any manner unless in writing
executed by each of the parties hereto. 

        (h)    Waivers.    No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver
of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver, and no waiver shall be binding unless evidenced by an instrument in writing and executed by the
party making the waiver. 

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        (i)    Invalidity.    If any term, provision, covenant or condition of this Agreement, or any application thereof,
should be held by a Court of competent jurisdiction to be invalid, void or unenforceable, that provision shall be deemed severable and all terms, 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. 

        (j)    Binding Effect.    This Agreement shall be binding on and inure to the benefit of the heirs, personal
representatives, successors and permitted assigns of the parties hereto. 

        (k)    Counterparts.    This Agreement may be executed in multiple counterparts, which together shall constitute one
and the same document. 

[signature page to follow]

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        IN
WITNESS WHEREOF, the parties have executed this Agreement effective the day and year above written. 

	 	 	"SELLER"
	

 	
 	

/s/  STEPHEN A. WYNN      

	 	 	Stephen A. Wynn
	 	 	 	 
	 	 	 	 
	

 	
 	

"BUYER"
	

 	
 	

VALVINO LAMORE, LLC
	

 	
 	

By:	

/s/  STEPHEN A. WYNN       
 Stephen A. Wynn, Managing Member
	 	 	 	 

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