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Exhibit 10.5  

 
 

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 10.6  

 
 

LOAN AGREEMENT    
  

        This Agreement dated as of October 30, 2002, is between Bank of America, N.A. (the "Bank") and Stephen A.
Wynn (the "Borrower"). 

        1.
LINE OF CREDIT AMOUNT AND TERMS 

        1.1
Line of Credit Amount. 

        (a)
During the availability period described below, the Bank will provide a line of credit to the Borrower. The amount of the line of credit (the
"Commitment") is Eighty-Five Million Dollars ($85,000,000). 

        (b)
This is a revolving line of credit providing for cash advances. During the availability period, the Borrower may repay principal amounts and reborrow them. 

        (c)
The Borrower agrees not to permit the outstanding principal balance of advances under the line of credit to exceed the limitations specified in paragraph 1.3 below. 

        1.2  Availability Period. The line of credit is available between the date of this Agreement and October 30, 2004, or such earlier
date as the availability may terminate as provided in this Agreement (the "Expiration Date"). 

        1.3
Borrowing Base. 

        (a)
Collateral. The Borrower's obligations to the Bank will be secured by the collateral acceptable to the Bank
("Eligible Collateral") that is more particularly described on Exhibit A to this Agreement and
the Borrower's interest under that lease dated September 18, 2002 between the Borrower and Wynn Resorts Holdings, LLC (the "Art Lease"). 

        (b)
Advance Rate. The Bank will not make any extension of credit if, as a result, the Outstanding Balance would exceed the Borrowing Base. 

        (c)
Borrowing Base. The "Borrowing Base" is the sum of the amounts determined by
multiplying the Collateral Value by forty percent (40%) for each type of Eligible Collateral pledged to the Bank. 

        (d)
Outstanding Balance. The "Outstanding Balance" means the principal balance outstanding
from time to time under this Agreement, including the undrawn and the drawn. 

        (e)
The "Collateral Value" of Eligible Collateral shall be the fair market value as determined from time to time by the Bank in its sole
discretion. 

        (f)
The Borrower may not sell, trade, or withdraw any part of the collateral without the prior approval of the Bank. 

        1.4
Interest Rate. 

        (a)
The interest rate is a rate per year equal to the Wall Street Journal LIBOR Daily Floating Rate plus 1.65 percentage points. 

        (b)
The Wall Street Journal LIBOR Daily Floating Rate is a fluctuating rate of interest equal to the one month, two month or three month London interbank offered rate as published in the
"Money Rates" section of The Wall Street Journal (or, if such source is not available, such alternate source as determined by the Bank), as adjusted from time to time in the Bank's sole discretion for
reserve requirements, deposit insurance assessment rates and other regulatory costs. Any change in the rate will take effect on the effective date as indicated in The Wall Street Journal. Interest
will accrue on any non-banking day at the rate in effect on the immediately preceding banking day. The Borrower shall irrevocably notify the Bank of the interest period selected at least
one banking day prior to expiration of the then 

expiring interest period. In the event the Borrower fails to make such election, the interest rate under this Agreement shall be the one month Wall Street Journal LIBOR Daily Floating Rate. All
amounts outstanding under this Agreement shall bear interest at the same rate of interest. Any interest period shall expire no later than the Expiration Date. 

        1.5
Repayment Terms. 

        (a)
The Borrower will pay interest on November 5, 2002 and then the fifth (5th) day of each month thereafter until payment in full of any principal outstanding under this line of
credit. 

        (b)
The Borrower will repay in full all principal and any unpaid interest or other charges outstanding under this line of credit no later than the Expiration Date. 

        3.
FEES AND EXPENSES 

        3.1
Fees. 

        (a)
Non-utilization fee. The Borrower agrees to pay a quarterly non-utilization fee in an amount equal to .25%
(one-quarter of one percent) of the lesser of (i) $35,000,000 and (ii) the difference between the Commitment and the outstanding principal balance under this Agreement as of
the date such fee is payable. This fee shall be payable on the fifth day of January, April, June and October in each year, commencing on January 5, 2003. 

        (b)
Waiver Fee. If the Bank, at its discretion, agrees to waive or amend any terms of this Agreement, the Borrower will, at the Bank's
option, pay the Bank a fee for each waiver or amendment in an amount advised by the Bank at the time the Borrower requests the waiver or amendment. Nothing in this paragraph shall imply that the Bank
is obligated to agree to any waiver or amendment requested by the Borrower. The Bank may impose additional requirements as a condition to any waiver or amendment. 

        (c)  Late Fee. To the extent permitted by law, the Borrower agrees to pay a late fee in an amount equal to four percent (4%) of any payment
that is more than fifteen (15) days late. The imposition and payment of a late fee shall not constitute a waiver of the Bank's rights with respect to the default. 

        3.2
Expenses. The Borrower agrees to immediately repay the Bank for expenses that include, but are not limited to, filing, recording and
search fees, appraisal fees, title report fees and documentation fees. 

        3.3  Reimbursement Costs. 

        (a)
The Borrower agrees to reimburse the Bank for any expenses it incurs in the preparation of this Agreement and any agreement or instrument required by this Agreement. Expenses
include, but are not limited to, reasonable attorneys' fees, including any allocated costs of the Bank's in-house counsel. 

        (b)
The Borrower agrees to reimburse the Bank for the cost of periodic audits and appraisals of the personal property collateral securing this Agreement, at such intervals as the Bank
may reasonably require but no more frequently than once in any 1 year period following the date of this Agreement. The audits and appraisals may be performed by employees of the Bank or by
independent appraisers acceptable to the Bank. 

        4.
COLLATERAL 

        The
Borrower's obligations to the Bank under this Agreement will be secured by personal property consisting of various pieces of fine art the Borrower now owns or will own in the future
and the Borrower's interest under the Art Lease. The Eligible Collateral is further defined in security agreement(s) executed by the Borrower, which, as of the date of this Agreement includes the
personal property listed on Exhibit A to this Agreement. 

        5.
DISBURSEMENTS, PAYMENTS AND COSTS 

        5.1
Requests for Credit; Equal Access by all Borrowers. If two or more Borrowers sign this Agreement, any Borrower (or a person or persons
authorized in writing by any one of the Borrowers), acting alone, can borrow up to the full amount of credit provided under this Agreement. Each Borrower will be liable for all extensions of credit
made under this Agreement to any other Borrower. Each request for an extension of credit will be made in writing in a manner acceptable to the Bank, or by another means acceptable to the Bank. 

        5.2
Disbursements and Payments. 

        (a)
Each payment by the Borrower will be made at the Bank's banking center (or other location) selected by the Bank from time to time; and will be made in immediately available funds, or
such other type of funds selected by the Bank. 

        (b)
Each disbursement by the Bank and each payment by the Borrower will be evidenced by records kept by the Bank. In addition, the Bank may, at its discretion, require the Borrower to
sign one or more promissory notes. 

        5.3
Telephone and Telefax Authorization. 

        (a)
The Bank may honor telephone or telefax instructions for advances or repayments or for the designation of optional interest rates given, or purported to be given, by any one of the
individual signer(s) of this Agreement or a person or persons authorized in writing by any one of the signer(s) of this Agreement. 

        (b)
Advances will be deposited in such of the Borrower's accounts with the Bank as designated in writing by the Borrower or as otherwise designated by Borrower. 

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

        5.4  Banking Days. Unless otherwise provided in this Agreement, a banking day is a day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close, or are in fact closed, in the state where the Bank's lending office is located, and, if such day relates to amounts bearing interest at an offshore rate (if
any), means any such day on which dealings in dollar deposits are conducted among banks in the offshore dollar interbank market. All payments and disbursements which would be due on a day which is not
a banking day will be due on the next banking day. All payments received on a day which is not a banking day will be applied to the credit on the next banking day. 

        5.5  Taxes. 

        (a)
If any payments to the Bank under this Agreement are made from outside the United States, the Borrower will not deduct any foreign taxes from any payments it makes to the Bank. If
any such taxes are imposed on any payments made by the Borrower (including payments under this paragraph), the Borrower will pay the taxes and will also pay to the Bank, at the time interest is paid,
any additional
amount which the Bank specifies as necessary to preserve the after-tax yield the Bank would have received if such taxes had not been imposed. The Borrower will confirm that it has paid the
taxes by giving the Bank official tax receipts (or notarized copies) within 30 days after the due date. 

        (b)
Payments made by the Borrower to the Bank will be made without deduction of United States withholding or similar taxes. If the Borrower is required to pay U.S. withholding taxes, the
Borrower will pay such taxes in addition to the amounts due to the Bank under this Agreement. If the Borrower fails to make such tax payments when due, the Borrower indemnifies the Bank against any
liability for such taxes, as well as for any related interest, 

expenses, additions to tax, or penalties asserted against or suffered by the Bank with respect to such taxes. 

        5.6
Additional Costs. The Borrower will pay the Bank, on demand, for the Bank's costs or losses arising from any statute or regulation, or
any request or requirement of a regulatory agency which is applicable to all national banks or a class of all national banks. The costs and losses will be allocated to the loan in a manner determined
by the Bank, using any reasonable method. The costs include the following: 

        (a)
any reserve or deposit requirements; and 

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

        5.7
Interest Calculation. Except as otherwise stated in this Agreement, all interest and fees, if any, will be computed on the basis of a
360-day year and the actual number of days elapsed. This results in more interest or a higher fee than if a 365-day year is used. Installments of principal which are not paid
when due under this Agreement shall continue to bear interest until paid. 

        5.8
Default Rate. Upon the occurrence of any default under this Agreement, principal amounts outstanding under this Agreement will at the
option of the Bank bear interest at the Bank's Prime Rate plus one (1) percentage point. This will not constitute a waiver of any default. The Prime Rate is the rate of interest publicly
announced from time to time by the Bank as its Prime Rate. The Prime Rate is set by the Bank based on various factors, including the Bank's costs and desired return, general economic conditions and
other factors, and is used as a reference point for pricing some loans. The Bank may price loans to its customers at, above, or below the Prime Rate. Any change in the Prime Rate shall take effect at
the opening of business on the day specified in the public announcement of a change in the Bank's Prime Rate. 

        6.
CONDITIONS 

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

        6.1
Security Agreements. Signed original security agreements and assignments which the Bank requires. 

        6.2  Perfection and Evidence of Priority. Financing statements (and any collateral in which the Bank requires a possessory security
interest), together with evidence that the security interests and liens in favor of the Bank are valid, enforceable, and prior to all others' rights and interests, except those the Bank consents to in
writing. 

        6.3
Landlord's Waiver. For any personal property collateral located on real property which is subject to a mortgage or deed of trust or
which is not owned by the Borrower, a Consent to Removal from the owner of the real property and the holder of any mortgage or deed of trust. 

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

        6.5
Payment of Fees. Payment of all accrued and unpaid expenses incurred by the Bank as required by the paragraph entitled
"Reimbursement Costs." 

        6.6
Form FRU-1. Execution and delivery by the Borrower to the Bank of Form FRU-1. 

        6.7  Liquidity. Evidence of the Borrower's unencumbered Liquid Assets, as hereinafter defined, equal to at least Twenty Six Million Dollars
($26,000,000). 

        6.8
Other Required Documentation:

        (a)
An appraisal of the Eligible Collateral, in form, substance and performed by appraiser(s) acceptable to Bank in Bank's discretion. 

        (b)
Evidence that the Borrower owns the Eligible Collateral and that the Eligible Collateral is authentic, including bills of sale, certificates of authenticity or attribution and
provenances. 

        (c)
Evidence that all of the Eligible Collateral is stored either at [*MATERIAL OMITTED AND SEPARATELY FILED WITH THE COMMISSION UNDER AN APPLICATION FOR CONFIDENTIAL
TREATMENT] or at The Wynn Collection of Fine Art, 3145 South Las Vegas Boulevard, Las Vegas, Nevada and that the mode and manner of storage provides adequate protection against theft and
damage. 

        6.9  Other Items. Any other items that the Bank reasonably requires. 

        7.
REPRESENTATIONS AND WARRANTIES 

        When
the Borrower signs this Agreement, and until the Bank is repaid in full, the Borrower makes the following representations and warranties. Each request for an extension of credit
constitutes a renewal of these representations and warranties as of the date of the request: 

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

        7.2
Enforceable Agreement. This Agreement is a legal, valid and binding agreement of the Borrower, enforceable against the Borrower in
accordance with its terms, and any instrument or agreement required hereunder, when executed and delivered, will be similarly legal, valid, binding and enforceable. 

        7.3  No Conflicts. This Agreement does not conflict with any law, agreement, or obligation by which the Borrower is bound. 

        7.4
Financial Information. All financial and other information that has been or will be supplied to the Bank is sufficiently complete to
give the Bank accurate knowledge of the Borrower's financial condition, including all material contingent liabilities. Since the date of the most recent financial statement provided to the Bank, there
has been no material adverse change in the business condition (financial or otherwise), operations, properties or prospects of the Borrower. 

        7.5  Lawsuits. There is no lawsuit, tax claim or other dispute pending or threatened against the Borrower which, if lost, would impair the
Borrower's financial condition or ability to repay the loan, except as have been disclosed in writing to the Bank. 

        7.6
Collateral. All collateral required in this Agreement is owned by the grantors of the security interest free of any title defects or
any liens or interests of others, except that the Eligible Collateral is subject to the Art Lease. 

        7.7
Permits, Franchises. The Borrower possesses all permits, memberships, franchises, contracts and licenses required and all trademark
rights, trade name rights, patent rights and fictitious name rights necessary to enable it to conduct the business in which it is now engaged. 

        7.8
Other Obligations. The Borrower is not in default on any obligation for borrowed money, any purchase money obligation or any other
material lease, commitment, contract, instrument or obligation. 

        7.9
Income Tax Matters. The Borrower has no knowledge of any pending assessments or adjustments of its income tax for any year. 

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

        7.11
Insurance. The Borrower has obtained, and maintained in effect, the insurance coverage required in the
"Covenants" section of this Agreement. 

        7.12  Location of Borrower. The Borrower is located at [*MATERIAL OMITTED AND SEPARATELY FILED WITH THE COMMISSION UNDER AN
APPLICATION FOR CONFIDENTIAL TREATMENT]. For the purposes of this paragraph, the Borrower's location [*MATERIAL OMITTED AND SEPARATELY FILED WITH THE COMMISSION UNDER AN
APPLICATION FOR CONFIDENTIAL TREATMENT]. 

        7.13
Use of Eligible Collateral. The Borrower has used and intends to use the Eligible Collateral primarily for business purposes, and in
particular holds such collateral primarily for sale or lease. 

        7.14  Location of Eligible Collateral. The Eligible Collateral is entirely located and stored at [*MATERIAL OMITTED AND
SEPARATELY FILED WITH THE COMMISSION UNDER AN APPLICATION FOR CONFIDENTIAL TREATMENT] or at The Wynn Collection of Fine Art, 3145 South Las Vegas Boulevard, Las Vegas, Nevada, and at no
other place. 

        7.15
Security and Storage. The Eligible Collateral is stored and secured so as to limit, to the extent reasonably possible in light of the
value of the Eligible Collateral, the risk of damage from the elements, theft and damage from fire or other casualty. 

        7.16  Date Eligible Collateral Created. No piece of the Eligible Collateral was created after June 1, 1991. 

        8.
COVENANTS 

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

        8.1
Use of Proceeds. To use the proceeds of the credit only for acquisition of shares of Wynn Resorts, Limited in a public offering and
for working capital for business purposes only. 

        8.2  Financial Information. To provide the following financial information and statements in form and content acceptable to the Bank, and
such additional information as requested by the Bank from time to time: 

        (a)
By no later than sixty (60) days of each calendar year, the Borrower's annual financial statements. These financial statements must be prepared in accordance with generally
accepted accounting principals. 

        (b)
Copies of the Borrower's federal income tax return (with all forms K-1 attached), within 10 days of filing, together with a statement of any contributions made by
the Borrower to any subchapter S corporation or trust, and, if requested by the Bank, copies of any extensions of the filing date. 

        (c)
Within 10 days after each calendar quarter, a compliance certificate signed by the Borrower setting forth (i) the information and computations (in sufficient detail) to
establish that the Borrower is in compliance with all financial covenants at the end of each calendar quarter and (ii) whether there existed as of the date of such compliance certificate and
whether there exists as of the date of the
certificate, any default under this Agreement and, if any such default exists, specifying the nature thereof and the action the Borrower is taking and proposes to take with respect thereto. 

        (d)
Promptly upon request, such additional information regarding the Borrower, any guarantor or any other Obligor as the Bank may request from time to time. 

        8.3
To maintain unencumbered Liquid Assets equal to at least Twenty Six Million Dollars ($26,000,000). 

        "Liquid Assets" means the following assets of the Borrower (excluding assets of any retirement plan established pursuant to the provisions
of Sections 401(a) and 501(a) of the Internal Revenue Code, any individual retirement account or annuity, simplified employee pension plan or SIMPLE plan established pursuant to the provisions of
Section 408 of the Internal Revenue Code, or any other 

retirement plan or arrangement established pursuant to any other federal or state statute) which may be converted to cash by sale or other means within five (5) days: 

        (a)
Cash; 

        (b)
Demand deposits or interest-bearing time and eurodollar deposits, certificates of deposit or similar banking arrangements held in the United States where either (i) such
deposits or other arrangements are held with banks or other financial institutions which have capital and surplus of not less than One Hundred Million Dollars ($100,000,000) or (ii) such
deposits are fully FDIC-insured; 

        (c)
Direct obligations of the United States of America in the form of United States Treasury obligations or any governmental agency or instrumentality whose obligations constitute full
faith and credit obligations of the United States of America and which are regularly traded on a public market or exchange; 

        (d)
Commercial paper rated P-1 by Moody's Investors Services, Inc. or A-1 by Standard & Poor's Corporation, a division of McGraw Hill, Inc.; 

        (e)
Bonds and other fixed income instruments (including tax-exempt bonds) from companies or public entities rated investment grade by one of the rating agencies described in
(d), and mutual funds that invest substantially all of their assets in such bonds and other fixed income instruments, either owned directly or managed by (i) any nationally recognized
investment advisor or (ii) any investment advisor which has assets under management in excess of Two Hundred Fifty Million Dollars ($250,000,000); 

        (f)
Eligible Stocks, either owned directly or managed by (i) any nationally recognized investment advisor or (ii) any investment advisor which has assets under management
in excess of Two Hundred Fifty Million Dollars ($250,000,000); and 

        (g)
Mutual funds or money market funds that invest substantially all of their assets in instruments described above in (a), (b), (c), (d), (e) and/or (f) of this section
and which are quoted in either the Wall Street Journal or Barron's. 

        Within
10 days of the end of each calendar quarter, the Borrower shall provide to the Bank copies of statements from depository institutions or brokerage firms, or other evidence
acceptable to the Bank of the Borrower's Liquid Assets; together with a compliance certificate substantially in the form of Exhibit B, in form and content satisfactory to the Bank, and
certified in writing as true and correct. 

        "Eligible Stocks" shall include any common or preferred stock which is traded on a U.S. national stock exchange or included in the
National Market tier of NASDAQ and which (i) is issued by a company with a market capitalization, as of the close of the most recent trading day, of at least One Billion Dollars
($1,000,000,000), (ii) has, as of the close of the most recent trading day, a per share price of at least Fifteen Dollars ($15), and (iii) is not subject to any restriction or limitation
by applicable laws or agreements governing the sale, transfer or other disposition thereof in the public market. 

        8.4
Location of Collateral. To provide the Bank within ten days of the end of each calendar quarter an inventory of the tangible
collateral subject to this Agreement and its location(s). 

        8.5
Other Debts. Not to have outstanding or incur any direct or contingent liabilities (other than those to the Bank), or become liable
for the liabilities of others, without the Bank's written consent. This does not prohibit: 

        (a)
Endorsing negotiable instruments received in the usual course of business. 

        (b)
Liabilities in existence on the date of this Agreement disclosed in writing to the Bank in the Borrower's financial statement dated September 10, 2002. 

        (c)
Additional debts, credit commitments and lease obligations for up to a maximum in the aggregate of Five Million Dollars ($5,000,000) outstanding at any one time. 

        (d)
Additional debts arising from the refinance of existing real property owned by the Borrower. 

        (e)
Indebtedness incurred pursuant to the Buy-Sell Agreement by and among Stephen A. Wynn, Kazuo Okada, Aruze USA, a Nevada corporation, and Aruze Corp., a Japanese
corporation, dated as of June 13, 2002. 

        8.6  Other Liens. Not to create, assume, or allow any security interest or lien (including judicial liens) on property the Borrower now or
later owns, except: 

        (a)
Liens and security interests in favor of the Bank. 

        (b)
Liens for taxes not yet due. 

        (c)
Liens outstanding on the date of this Agreement disclosed to the Bank in the Borrower's financial statement dated September 10, 2002. 

        (d)
Additional purchase money security interests in personal property fixed assets or real property acquired after the date of this Agreement which secure indebtedness permitted by the
preceding paragraph. 

        (e)
Liens on real property securing debts arising from the refinance of that real property, to the extent permitted by the preceding paragraph. 

        (f)
Additional liens against personal assets of the Borrower which secure consumer purpose indebtedness permitted by the preceding paragraph. 

        8.7  Notices to Bank. To promptly notify the Bank in writing of: 

        (a)
any lawsuit over One Million Dollars ($1,000,000) against the Borrower or any of the Borrower's property or business. 

        (b)
any substantial dispute between the Borrower and any government authority, or which may affect the Borrower's property or business. 

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

        (d)
any material adverse change in the Borrower's (or any guarantor's) business condition (financial or otherwise), operations, properties or prospects, or ability to repay the credit. 

        (e)
any change in the Borrower's name or address. 

        (f)
any actual contingent liabilities of the Borrower (or any guarantor), and any such contingent liabilities which are reasonably foreseeable. 

        8.8
Inspections and Appraisals. To allow the Bank and its agents to inspect and appraise any of the collateral securing this Agreement and
examine, audit and make copies of books and records concerning the collateral at any reasonable time. If any of the collateral, books or records are in the possession of a third party, the Borrower
authorizes that third party to permit the Bank or its agents to have access to perform inspections, appraisals or audits. Without limiting the foregoing, the Borrower, at Borrower's expense shall
cause the collateral subject to the Agreement to be re-appraised annually, by an appraiser satisfactory to the Bank. 

        8.9
Compliance with Laws. To comply with the laws, regulations, and orders of any government body with authority over the Borrower's
business. 

        8.10  Maintenance of Properties. To make any repairs, renewals, or replacements to keep the Borrower's properties in good working
condition. 

        8.11
Perfection of Liens. To help the Bank perfect and protect its security interests and liens, and reimburse it for related costs it
incurs to protect its security interests and liens. 

        8.12  Cooperation. To take any action reasonably requested by the Bank to carry out the intent of this Agreement. 

        8.13
Insurance. 

        (a)
Insurance Covering Collateral. To maintain a fine art insurance policy for the Eligible Collateral for no less than one hundred thirty
percent (130%) of the Commitment with an insurer acceptable to the Bank, and with the Bank named a "mortgagee". 

        (b)  General Business Insurance. To maintain insurance satisfactory to the Bank as to amount, nature and carrier covering property damage
(including loss of use and occupancy) to any of the Borrower's properties, public liability insurance including coverage for contractual liability, product liability and workers' compensation, and any
other insurance which is usual for the Borrower's business. 

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

        8.14  Additional Negative Covenants. Not to, without the Bank's written consent: 

        (a)
engage in any business activities substantially different from the Borrower's present business. 

        (b)
change the Borrower's primary use of the Eligible Collateral from the primary use specified in paragraph 7.13 above. 

        (c)
move or transport the Eligible Collateral from the location specified in paragraph 7.14 above, including exhibition of the Eligible Collateral and the release of the Eligible
Collateral on consignment. 

        (d)
sell any of the Eligible Collateral or substitute any additional collateral for Eligible Collateral. 

        8.15
No Consumer Purpose. Not to use this loan for personal, family, or household purposes. The Bank may provide the Borrower (or any
guarantor) with certain disclosures intended for loans made for personal, family, or household purposes. The fact that the Bank elects to make such disclosures shall not be deemed a determination by
the Bank that the loan will be used for such purposes. 

        8.16
Bank as Principal Depository. To maintain the Bank as its principal depository bank, including for the maintenance of business, cash
management, operating and administrative deposit accounts. 

        8.17
Delivery of Possession. If legally necessary in order to perfect and maintain the Bank's first-priority lien and security interest,
the Borrower will, after request by the Bank, assemble and deliver possession of the Eligible Collateral to the Bank in such manner as the Bank shall require. 

        8.18
Subordination of Art Lease. On or before December 12, 2002, one of the following conditions shall have been satisfied: 

        (A)
the execution and delivery by Wynn Resorts Holdings, LLC of a lease estoppel and subordination agreement in the form of Exhibit C attached hereto; or 

        (B)
the Borrower shall have caused the release from the Art Lease of Eligible Collateral with a Collateral Value of at least $212,500,000.00 and thereafter shall not re-lease
or sell such Eligible Collateral; or 

        (C)
the Bank is otherwise satisfied, in its sole and absolute judgment and discretion, that the Art Lease has been terminated or modified to the Bank's satisfaction such that the
collateral for the Borrower's obligations to the Bank is not subject to the Art Lease. 

        9.
DEFAULT 

        If
any of the following events occurs, the Bank may do one or more of the following: declare the Borrower in default, stop making any additional credit available to the Borrower, and
require the Borrower to repay its entire debt immediately and without prior notice. If an event of default occurs
under the paragraph entitled "Bankruptcy," below, with respect to the Borrower, then the entire debt outstanding under this Agreement will automatically
be due immediately. 

        9.1  Failure to Pay. The Borrower fails to make a payment under this Agreement within 10 days after the date when due. 

        9.2
Compliance with Conditions. The Borrower fails to comply with the provisions of Section 8.18 hereof on or before
December 12, 2002. 

        9.3
Lien Priority. The Bank fails to have an enforceable first lien (except for any prior liens to which the Bank has consented in
writing) on or security interest in any property given as security for this Agreement (or any guaranty). 

        9.4  False Information. The Borrower or any guarantor or any party pledging collateral to the Bank (each an
"Obligor") has given the Bank false or misleading information or representations. 

        9.5
Death. The Borrower dies or becomes legally incompetent. 

        9.6
Bankruptcy. The Borrower (or any Obligor) files a bankruptcy petition, a bankruptcy petition is filed against the Borrower (or any
Obligor) or the Borrower (or any Obligor) makes a general assignment for the benefit of creditors. The default will be deemed cured if any bankruptcy petition filed against the Borrower (or any
Obligor) is dismissed within a period of 45 days after the filing; provided, however, that the Bank will not be obligated to extend any additional credit to the Borrower during that period; and
provided further that such cure opportunity will be terminated upon the entry of an order for relief in any bankruptcy case arising from such a petition. 

        9.7
Receivers. A receiver or similar official is appointed for a substantial portion of the Borrower's (or any Obligor's) business, or the
business is terminated. 

        9.8
Lawsuits. Any lawsuit or lawsuits are filed against the Borrower (or any Obligor) in an aggregate amount of One Million Dollars
($1,000,000) or more. 

        9.9  Judgments. Any judgments or arbitration awards are entered against the Borrower (or any Obligor), or the Borrower (or any Obligor)
enters into any settlement agreements with respect to any litigation or arbitration, in an aggregate amount of One Million Dollars ($1,000,000) or more. 

        9.10
Government Action. Any government authority takes action that the Bank believes materially adversely affects the Borrower's (or any
Obligor's) financial condition or ability to repay. 

        9.11  Material Adverse Change. A material adverse change occurs, or is reasonably likely to occur, in the Borrower's (or any Obligor's)
business condition (financial or otherwise), operations, properties or prospects, or ability to repay the credit; or the Bank determines that it is insecure for any other reason. 

        9.12
Cross-default. Any default occurs under any agreement in connection with any credit the Borrower (or any Obligor) has obtained from
anyone else or which the Borrower (or any Obligor) has guaranteed if the default consists of failing to make a payment when due or gives the other lender the right to accelerate the obligation. 

        9.13  Default under Related Documents. Any default occurs under any guaranty, subordination agreement, security agreement, deed of trust,
mortgage, or other document required by or delivered in connection with this Agreement or any such document is no longer in effect, or any guarantor purports to revoke or disavow the guaranty. 

        9.14
Other Bank Agreements. The Borrower (or any Obligor) fails to meet the conditions of, or fails to perform any obligation under any
other agreement the Borrower (or any Obligor) has with the Bank or any affiliate of the Bank. If, in the Bank's opinion, the breach is capable of being remedied, the breach will not be considered an
event of default under this Agreement for a period of thirty (30) days after the date on which the Bank gives written notice of the breach to the Borrower; provided, however, that the Bank will
not be obligated to extend any additional credit to the Borrower during that period. 

        9.15
Use of Proceeds. The Borrower does not utilize or invest the proceeds of any extension of credit made under this Agreement for the
purposes described by the Borrower to the Bank. 

        9.16  Other Breach Under Agreement. The Borrower fails to meet the conditions of, or fails to perform any obligation under, any term of
this Agreement not specifically referred to in this Article. This includes any failure or anticipated failure by the Borrower to comply with any financial covenants set forth in this Agreement,
whether such failure is evidenced by financial statements delivered to the Bank or is otherwise known to the Borrower or the Bank. If, in the Bank's opinion, the breach is capable of being remedied,
the breach will not be considered an event of default under this Agreement for a period of thirty (30) days after the date on which the Bank gives written notice of the breach to the Borrower;
provided, however, that the Bank will not be obligated to extend any additional credit to the Borrower during that period. 

        10.
ENFORCING THIS AGREEMENT; MISCELLANEOUS 

        10.1
Financial Computations. Except as otherwise stated in this Agreement, all financial information provided to the Bank and all
financial covenants will be made in accordance with accounting principles applied consistently with those applied in the preparation of the Borrower's financial statements dated September 10,
2002; provided, however, that assets may be listed at market value on the condition that deferred income taxes on any unrealized gain are shown as a liability. The calculation of the Borrower's assets
shall exclude goodwill and other intangibles. 

        10.2
Nevada Law. This Agreement is governed by Nevada law. 

        10.3
Successors and Assigns. This Agreement is binding on the Borrower's and the Bank's successors and assignees. The Borrower agrees that
it may not assign this Agreement without the Bank's prior consent. The Bank may sell participations in or assign this loan, and may exchange financial information about the Borrower with actual or
potential participants or assignees. 

        10.4  ARBITRATION AND WAIVER OF JURY TRIAL.  

        (A) THIS PARAGRAPH CONCERNS THE RESOLUTION OF ANY CONTROVERSIES OR CLAIMS BETWEEN THE BORROWER AND THE BANK, WHETHER ARISING IN CONTRACT, TORT OR BY STATUTE,
INCLUDING BUT NOT LIMITED TO CONTROVERSIES OR CLAIMS THAT ARISE OUT OF OR RELATE TO: (I) THIS AGREEMENT (INCLUDING ANY RENEWALS, EXTENSIONS OR MODIFICATIONS); OR (II) ANY DOCUMENT
RELATED TO THIS AGREEMENT (COLLECTIVELY A "CLAIM").  

        (B) AT THE REQUEST OF THE BORROWER OR THE BANK, ANY CLAIM SHALL BE RESOLVED BY BINDING ARBITRATION IN ACCORDANCE WITH THE FEDERAL ARBITRATION ACT (TITLE 9, U. S.
CODE) (THE "ACT"). THE ACT WILL APPLY EVEN THOUGH THIS AGREEMENT PROVIDES THAT IT IS GOVERNED BY THE LAW OF A SPECIFIED STATE.  

        (C) ARBITRATION PROCEEDINGS WILL BE DETERMINED IN ACCORDANCE WITH THE ACT, THE RULES AND PROCEDURES FOR THE ARBITRATION OF FINANCIAL SERVICES DISPUTES OF
JAMS/ENDISPUTE, LLC, A DELAWARE LIMITED LIABILITY COMPANY OR ANY SUCCESSOR THEREOF ("JAMS"), AND THE TERMS OF THIS PARAGRAPH. IN THE EVENT OF ANY INCONSISTENCY, THE TERMS OF THIS PARAGRAPH SHALL
CONTROL.  

        (D) THE ARBITRATION SHALL BE ADMINISTERED BY JAMS AND CONDUCTED IN ANY U. S. STATE WHERE REAL OR TANGIBLE PERSONAL PROPERTY COLLATERAL FOR THIS CREDIT IS LOCATED
OR IF THERE IS NO SUCH COLLATERAL, IN NEVADA. ALL CLAIMS SHALL BE DETERMINED BY ONE ARBITRATOR; HOWEVER, IF CLAIMS EXCEED FIVE MILLION DOLLARS ($5,000,000), UPON THE REQUEST OF ANY PARTY, THE CLAIMS
SHALL BE DECIDED BY THREE ARBITRATORS. ALL ARBITRATION HEARINGS SHALL COMMENCE WITHIN NINETY (90) DAYS OF THE DEMAND FOR ARBITRATION AND CLOSE WITHIN NINETY (90) DAYS OF COMMENCEMENT AND
THE AWARD OF THE ARBITRATOR(S) SHALL BE ISSUED WITHIN THIRTY (30) DAYS OF THE CLOSE OF THE HEARING. HOWEVER, THE ARBITRATOR(S), UPON A SHOWING OF GOOD CAUSE, MAY EXTEND THE COMMENCEMENT OF THE
HEARING FOR UP TO AN ADDITIONAL SIXTY (60) DAYS. THE ARBITRATOR(S) SHALL PROVIDE A CONCISE WRITTEN STATEMENT OF REASONS FOR THE AWARD. THE ARBITRATION AWARD MAY BE SUBMITTED TO ANY COURT HAVING
JURISDICTION TO BE CONFIRMED AND ENFORCED.  

        (E) THE ARBITRATOR(S) WILL HAVE THE AUTHORITY TO DECIDE WHETHER ANY CLAIM IS BARRED BY THE STATUTE OF LIMITATIONS AND, IF SO, TO DISMISS THE ARBITRATION ON THAT
BASIS. FOR PURPOSES OF THE APPLICATION OF THE STATUTE OF LIMITATIONS, THE SERVICE ON JAMS UNDER APPLICABLE JAMS RULES OF A NOTICE OF CLAIM IS THE EQUIVALENT OF THE FILING OF A LAWSUIT. ANY DISPUTE
CONCERNING THIS ARBITRATION PROVISION OR WHETHER A CLAIM IS ARBITRABLE SHALL BE DETERMINED BY THE ARBITRATOR(S). THE ARBITRATOR(S) SHALL HAVE THE POWER TO AWARD LEGAL FEES PURSUANT TO THE TERMS OF
THIS AGREEMENT.  

        (F) THIS PARAGRAPH DOES NOT LIMIT THE RIGHT OF THE BORROWER OR THE BANK TO: (I) EXERCISE SELF-HELP REMEDIES, SUCH AS BUT NOT LIMITED TO,
SETOFF; (II) INITIATE JUDICIAL OR NONJUDICIAL FORECLOSURE AGAINST ANY REAL OR PERSONAL PROPERTY COLLATERAL; (III) EXERCISE ANY JUDICIAL OR POWER OF SALE RIGHTS, OR (IV) ACT IN
A COURT OF LAW TO OBTAIN AN INTERIM REMEDY, SUCH AS BUT NOT LIMITED TO, INJUNCTIVE RELIEF, WRIT OF POSSESSION OR APPOINTMENT OF A RECEIVER, OR ADDITIONAL OR SUPPLEMENTARY REMEDIES.  

        (G) THE FILING OF A COURT ACTION IS NOT INTENDED TO CONSTITUTE A WAIVER OF THE RIGHT OF THE BORROWER OR THE BANK, INCLUDING THE SUING PARTY, THEREAFTER TO REQUIRE
SUBMITTAL OF THE CLAIM TO ARBITRATION.  

        (H) BY AGREEING TO BINDING ARBITRATION, THE PARTIES IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM.
FURTHERMORE, WITHOUT INTENDING IN ANY WAY TO LIMIT THIS AGREEMENT TO ARBITRATE, TO THE EXTENT ANY CLAIM IS NOT ARBITRATED, THE PARTIES IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF SUCH CLAIM. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THIS AGREEMENT.  

        10.5
Severability; Waivers. If any part of this Agreement is not enforceable, the rest of the Agreement may be enforced. The Bank retains
all rights, even if it makes a loan after default. If the Bank waives a default, it may enforce a later default. Any consent or waiver under this Agreement must be in writing. 

        10.6  Administration Costs. The Borrower shall pay the Bank for all reasonable costs incurred by the Bank in connection with administering
this Agreement. 

        10.7
Attorneys' Fees. The Borrower shall reimburse the Bank for any reasonable costs and attorneys' fees incurred by the Bank in
connection with the enforcement or preservation of any rights or remedies under this Agreement and any other documents executed in connection with this Agreement, and in connection with any amendment,
waiver, "workout" or restructuring under this Agreement. In the event of a lawsuit or arbitration proceeding, the prevailing party is entitled to recover costs and reasonable attorneys' fees incurred
in connection with the lawsuit or arbitration proceeding, as determined by the court or arbitrator. In the event that any case is commenced by or against the Borrower under the Bankruptcy Code (Title
11, United States Code) or any similar or successor statute, the Bank is entitled to recover costs and reasonable attorneys' fees incurred by the Bank related to the preservation, protection, or
enforcement of any rights of the Bank in such a case. As used in this paragraph, "attorneys' fees" includes the allocated costs of the Bank's in-house counsel. 

        10.8  Multiple Borrowers. If two or more borrowers sign this Agreement, each will be jointly and severally obligated to repay the Bank in
full. 

        10.9
One Agreement. This Agreement and any related security or other agreements required by this Agreement, collectively: 

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

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

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

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

        10.10
Indemnification. The Borrower will indemnify and hold the Bank harmless from any loss, liability, damages, judgments, and costs of
any kind relating to or arising directly or indirectly out of (a) this Agreement or any document required hereunder, (b) any credit extended or committed by the Bank to the Borrower
hereunder, and (c) any litigation or proceeding related to or arising out of this Agreement, any such document, or any such credit. This indemnity includes but is not limited to attorneys' fees
(including the allocated cost of in-house counsel). This indemnity extends to the Bank, its parent, subsidiaries and all of their directors, officers, employees, agents, successors,
attorneys, and assigns. This indemnity will survive repayment of the Borrower's obligations to the Bank. All sums due to the Bank hereunder shall be obligations of the Borrower, due and payable
immediately without demand. 

        10.11  Notices. Unless otherwise provided in this Agreement or in another agreement between the Bank and the Borrower, all notices required
under this Agreement shall be personally delivered or sent by first class mail, postage prepaid, or by overnight courier, to the addresses on the signature page of this Agreement, or sent by facsimile
to the fax numbers listed on the signature page, or to such other addresses as the Bank and the Borrower may specify from time to time in writing. Notices and other communications sent by
(a) first class mail shall be deemed delivered on the earlier of actual receipt or on the fourth business day after deposit in the U.S. mail, postage prepaid, (b) overnight courier shall
be deemed delivered on the next business day, and (c) telecopy shall be deemed delivered when transmitted. 

        10.12
Headings. Article and paragraph headings are for reference only and shall not affect the interpretation or meaning of any provisions
of this Agreement. 

        10.13
Counterparts. This Agreement may be executed in as many counterparts as necessary or convenient, and by the different parties on
separate counterparts each of which, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same agreement. 

[SIGNATURES ON FOLLOWING PAGE] 

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

	

 	

 	
 	

 	

 
	Bank of America, N.A.	 	 	 
	

 	

 	
 	

 	

 
	By	/s/  WAYNE A. WARREN      
	 	 	/s/  STEPHEN A. WYNN      
 Stephen A. Wynn
	Typed Name	Wayne A. Warren
	 	 	 

    
	Title	Vice President
	 	 	 
	

 	

 	
 	

 	

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

 	

 	
 	

 	

 
	Private Bank

NV1-119-03-01

300 South Fourth Street

Suite 300

Las Vegas, Nevada 89101-6014

Attn: Wayne Warren

Facsimile: (702) 654-3089	 	 	[*MATERIAL OMITTED AND SEPARATELY FILED WITH THE COMMISSION UNDER AN APPLICATION FOR CONFIDENTIAL TREATMENT]
	 	 	 	with a copy to:
	

 	

 	
 	

 	

 
	 	 	 	 	

	

 	

 	
 	

 	

 
	 	 	 	 	

Facsimile:                                       
             

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LOAN AGREEMENT

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