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Exhibit 10.48    
  

First Amendment to Letter of Intent  

        This FIRST AMENDMENT TO THE LETTER OF INTENT (this "Amendment") is entered into as of October 4, 2002, by
and among Valvino Lamore, LLC ("Valvino") and Ferrari North America, Inc. ("FNA"). Capitalized and other terms used herein that are not defined
herein shall have the meanings ascribed to them in the Letter of Intent (as defined below). 

RECITALS  

        WHEREAS, Valvino and FNA have entered into that certain Letter of Intent, dated May 24, 2002 (the "Letter of
Intent"), pursuant to which FNA approved Valvino's request for Valvino, or an entity related to Valvino ("New Dealer Co."), to
become an authorized Ferrari dealer in the Las Vegas, Nevada market subject to the terms and conditions contained therein; 

        WHEREAS,
Section 12 of the Letter of Intent provides that there cannot be certain changes in the ownership structure of New Dealer Co. without the prior written approval of FNA;
and 

        WHEREAS,
FNA and Valvino wish to amend Sections 1 and 12 of the Letter of Intent; 

        NOW,
THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Amendment, the parties hereto agree as
follows: 

        1.    Section 1
of the Letter of Intent is hereby deleted in its entirety and replaced with the following: 

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

        b).
The parties acknowledge and agree that both a land use ordinance amendment and a separate land use approval will be necessary before New Dealer Co. may lawfully commence dealership
operations on the "Las Vegas Strip," and New Dealer Co. covenants and agrees to (i) file by no later than December 1, 2002, a petition with Clark County for amendment of the applicable
land use ordinance, (ii) file as soon as possible after amendment of the land use ordinance, the necessary application for land use approval, and (iii) obtain both the ordinance
amendment and land use approval no later than October 1, 2003." 

        2.    Section 12
of the Letter of Intent is hereby deleted in its entirety and replaced with the following: 

        "12.
New Dealer Co. understands and agrees that New Dealer Co.'s application is based on New Dealer Co.'s representation that it will be a direct or indirect wholly-owned affiliate of
Valvino Lamore, LLC or its publicly traded parent corporation (such entity, the "Parent Corporation"). Prior to the Parent Corporation's initial public
offering, its stock will be approximately 47.431% owned by Mr. Stephen A. Wynn, approximately 47.431% owned by Aruze, USA, Inc., approximately 4.993% owned by Baron Asset Fund and
approximately 0.146% owned by the Kenneth R. Wynn Family Trust. It is anticipated that, immediately after the IPO, the public stockholders will own no more than 40% of the Parent Corporation, with the
remaining stock held in the same proportions noted above (not including restricted stock held by key employees and consultants of the Parent Corporation and its affiliates). New Dealer Co. understands
and agrees that it (a) shall notify FNA in writing at least sixty (60) days in advance of any proposed sale by Mr. Stephen A. Wynn of stock of the Parent Corporation to any
person, and (b) shall notify FNA in writing of any sale by Aruze USA, Inc. of stock of the Parent Corporation to any person either before such sale, if practicable, or, if not
practicable, promptly after New Dealer Co. learns of such sale. In either event, that New Dealer Co. shall provide to FNA 

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copies of all Schedule 13Ds and 13Gs filed by and with respect to the Parent Corporation. New Dealer Co. further understands and agrees that in the event that Mr. Stephen A. Wynn shall
cease to hold at least 50% of the voting power of the issued and outstanding stock of the Parent Corporation without prior consultation with, and the prior written approval of, FNA, then such event,
whether by operation of law or otherwise, shall constitute a material breach of this letter agreement (and any FNA Dealer Agreement to which New Dealer Co. may subsequently become a party) and shall
justify its termination upon such notice, if any, required by applicable law. Notwithstanding anything to the contrary contained herein, for purposes of this Section 12, Mr. Stephen A.
Wynn shall be considered to hold the voting power of all of the issued and outstanding stock of Parent Corporation that is subject to the voting agreement contained in Section 2 of that certain
Stockholders Agreement, dated as of April 11, 2002, by and between Stephen A. Wynn, Aruze, USA, Inc. and Baron Asset Fund, as it may be amended, restated or supplemented from time to
time." 

        3.    Other Provisions of Original Letter of Intent.    Notwithstanding any of the foregoing, the parties hereto
acknowledge that the Letter of Intent is being modified only as stated herein, and agree that nothing else in the Letter of Intent shall be affected by this Amendment. 

        4.    Counterparts.    This Amendment may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first written above by their respective officers and representatives thereunto duly
authorized. 

	FERRARI NORTH AMERICA, INC.	 	VALVINO LAMORE, LLC

BY WYNN RESORTS, LIMITED ITS SOLE MEMBER
	
By:	

/s/  JACK CLARKE      
	
 	

By:	

/s/  STEPHEN A. WYNN      

	Name:

Title:	Jack Clarke
 Business Development Manager	 	 	Stephen A. Wynn,
 Chairman and Chief Executive Officer
	 	 	 	 	 

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Exhibit 10.49    
  

        May 24, 2002 

Mr. Stephen
A. Wynn

Managing Member

Valvino Lamore, LLC

3145 Las Vegas Blvd. South

Las Vegas, NV 89109 

        Re:    Letter of Intent

Dear
Mr. Wynn: 

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

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

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

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

	4.
	New
Dealer Co. will submit to MNA, for its review and approval, design renderings and plans of the interior and exterior of the facility in sufficient detail so as to accurately
display the design, signage, allocation of building space, work bay/lift space and materials of said facility. A review will be performed ninety (90) days after commencement of dealership
operations, and New Dealer Co. agrees to abide by the findings of this review, to ensure the facility complies with MNA Corporate Identity standards including the design, signage, allocation of
building space and the work bay/lift requirements that MNA has established for dealerships projected to retail between twenty-five (25) and sixty (60) new Maserati
automobiles per year. New Dealer Co. understands and agrees that New Dealer Co.'s failure to satisfy the immediately preceding conditions within this period will constitute a material and fundamental
violation of this Letter of Intent.

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

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

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

 

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

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

	10.
	New
Dealer Co. will submit a pro forma opening Financial Statement, to reflect capitalization and expense projections that are consistent with Maserati dealers projected to retail
between twenty-five (25) and sixty (60) new Maserati automobiles per year.

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

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

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

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

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

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

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

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

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

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

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

	 	 	Sincerely,
	

 	
 	

/s/  JACK CLARKE      
 Jack Clarke

Business Development Manager
	

AGREED TO AND ACCEPTED

this 29 day of May, 2002	
 	

 	
 	

 
	

VALVINO LAMORE, LLC	
 	

 	
 	

 

	

By:	
 	

/s/  STEPHEN A. WYNN      
 Stephen A. Wynn

Managing Member	
 	

 	
 	

 

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Exhibit 10.49

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