Document:

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                                  EXHIBIT 10.21

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                                    GUARANTY

     THIS  GUARANTY  (this  "Guaranty")  is made as of the 20th day of December,
1999, by and from SHELDON G. ADELSON ("Guarantor"), having an address at c/o The
Venetian,  3355 Las Vegas Boulevard  South,  Las Vegas, NV 89109, to and for (i)
The Bank of Nova Scotia,  a Canadian  chartered bank, as Collateral  Agent under
that certain Loan Agreement  dated of even date herewith among (A) Goldman Sachs
Mortgage Company,  and the other lenders from time to time parties thereto,  (B)
Goldman Sachs  Mortgage  Company,  as  Syndication  Agent,  (C) The Bank of Nova
Scotia, a Canadian chartered bank, as Administrative Agent, (D) The Bank of Nova
Scotia, a Canadian  chartered bank,  Collateral Agent, and (E) Grand Canal Shops
Mall Subsidiary,  LLC, a Delaware  limited  liability  company,  as borrower (as
amended,  supplemented  or  otherwise  modified  from  time to time,  the  "Loan
Agreement";  capitalized  terms used  herein and not defined  herein  having the
meanings ascribed to them in the Loan Agreement), having an address noted in the
Loan  Agreement,  (ii) Goldman Sachs Mortgage  Company and the other Lenders and
(iii) the  respective  successors  and assigns of the  Collateral  Agent and the
Lenders (all of the Persons  described in the foregoing  clauses (i) through and
including (iii), the "Beneficiaries"; each such Person, a "Beneficiary").

                              W I T N E S S E T H:
                              - - - - - - - - - -

     WHEREAS,  Grand  Canal  Shops  Mall  Subsidiary,  LLC.,  a  Nevada  limited
liability  company  (the  "Borrower")  desires to have the  Lenders  make to the
Borrower,  pursuant  to and  subject to the  terms,  covenants,  agreements  and
conditions of the Loan Agreement, a loan in the principal amount of $105,000,000
(or such lesser amount as Lender shall fund pursuant to that certain  commitment
letter dated as of November 14, 1997 among Borrower, Principal and Goldman Sachs
Mortgage Company) (the "Loan");

     WHEREAS,  the Lenders  are  unwilling  to make the Loan to the  Borrower as
aforesaid  unless,  among other  things,  Guarantor  executes and delivers  this
Guaranty;

     WHEREAS,  (i) the Guarantor owns all of the issued and  outstanding  voting
stock of (A) Las  Vegas  Sands,  Inc.,  a Nevada  corporation  ("LVSI")  and (B)
Interface Group Holding Company, Inc., a Nevada corporation  ("Interface Holding
Co."),  (ii) LVSI owns a managing member interest in, and Interface  Holding Co.
holds all non-managing  membership  interests in, Venetian Casino Resort, LLC, a
Nevada limited  liability company  ("Venetian"),  (iii) Venetian owns all of the
membership  interests  in Mall  Intermediate  Holding  Company,  LLC, a Delaware
limited liability company ("Mall Intermediate Holdings"), (iv) Mall Intermediate
Holdings owns all of the membership  interests in Grand Canal Shops Mall Holding
Company,  LLC, a Delaware limited liability company ("Mall Holdings"),  (v) Mall
Holdings  owns all of the  membership  interests in Grand Canal Shops Mall,  LLC
("Mall LLC") and (vi) Mall LLC owns all of the membership interests in Borrower;

     WHEREAS,  (i) LVSI owns all of the issued and  outstanding  voting stock of
Grand Canal Shops MM, Inc., a Nevada corporation ("MM Inc."),  (ii) MM Inc. owns
all of the issued and  outstanding  voting  stock of Grand  Canal  Shops Mall MM
Subsidiary Inc., a Nevada corporation  ("Managing Member") and (iii) immediately
after the funding of the Loan, (A) Mall Holdings shall assign a one percent (1%)
membership  interest in Mall Holdings to MM Inc.  (such that MM Inc. is the sole
managing member of Mall  Holdings);  and (B) Mall LLC shall assign a one percent
(1%)  managing  membership  interest in Borrower to Managing  Member  (such that
Managing Member is the sole managing member of Borrower);

     WHEREAS,  Guarantor will benefit, directly and indirectly,  from the making
by the Lenders to the Borrower of the Loan as aforesaid;

     NOW,  THEREFORE,  in  consideration of agreement by the Lenders to make the
Loan to the Borrower pursuant to and subject to the terms, covenants, agreements
and  conditions  of  the  Loan   Agreement,   and  the  covenants,   agreements,
representations  and warranties set forth in this Agreement,  the parties hereby
covenant, agree, represent and warrant as follows:

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1.   Guaranty of Payment.

(a)  Guarantor hereby unconditionally, absolutely and irrevocably guarantees, as
     a primary obligor and not merely as a surety, to the Beneficiaries:

     (i)  The prompt and  complete  indefeasible  payment in full,  when due and
          otherwise in accordance  with the terms,  provisions and conditions of
          the Notes and the Loan  Agreement  (but subject to the  provisions  of
          Section 1(b) hereof),  of all principal of the Loan (including amounts
          that would be due under the Loan  Documents,  pursuant  to  applicable
          state law, but for the operation of the  automatic  stay under Section
          362(a) of Title 11 of the United States Code (the "Bankruptcy Code"));
          and

     (ii) The prompt and complete  indefeasible payment in full of all costs and
          expenses of any enforcement,  collection or other  realization  under,
          this Guaranty,  including,  without limitation,  reasonable attorneys'
          fees,  disbursements and other expenses  (collectively,  "Costs";  the
          principal  of the Loan,  together  with all  Costs,  are  collectively
          referred to as the "Obligations").

(b)  Notwithstanding   the  aggregate  amount  of  the  Obligations  and/or  the
     Indebtedness  that at any  time or from  time  to time  may be  payable  by
     Borrower,  the aggregate liability of Guarantor to Beneficiaries under this
     Guaranty  shall  not  exceed  the sum of (x)  the  Twenty  Million  Dollars
     ($20,000,000)  plus (y) all Costs (the portion of the principal of the Loan
     that,  at any given  time,  shall be  payable by the  Guarantor  under this
     Guaranty,  together  with all Costs,  are  collectively  referred to as the
     "Guaranteed Obligations"). Guarantor agrees that the Obligations and/or the

      ----------------------
     Indebtedness may at any time and from time to time exceed the amount of the
     liability  of  Guarantor  hereunder  without  impairing  this  Guaranty  or
     affecting the rights and remedies of any Beneficiary  hereunder.  Guarantor
     agrees  that  whenever  at any time or from time to time it shall  make any
     payment on account of Guarantor's  liability hereunder,  it will notify the
     Collateral  Agent in writing that such payment is made under this  Guaranty
     for such  purpose.  No payment or  payments  made by  Borrower or any other
     Person or received or collected by any Agent or Lender from Borrower or any
     other  Person by  virtue of any  action or  proceeding  or any  set-off  or
     appropriation  or application at any time or from time to time in reduction
     of or in payment  of the  Indebtedness  shall be deemed to modify,  reduce,
     release or otherwise affect the liability of Guarantor hereunder who shall,
     notwithstanding  any  such  payment  or  payments,  remain  liable  for the
     Guaranteed  Obligations  until the date upon which the Obligations are paid
     in full.  Guarantor  shall not be entitled  to make any payment  under this
     Guaranty prior to demand therefor by any Beneficiary.

2.   Representations, Warranties and Covenants.
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(a)  Guarantor represents, warrants and covenants that:

     (i)  No  consents  or  approvals  of any  kind  by  others,  including  any
          creditors  of  Guarantor,   and  no  license,   permit,   approval  or
          authorization  of, exemption by, notice or report to, or registration,
          filing or declaration with, any governmental  authority is required by
          Guarantor,   in  connection  with  this  Guaranty  or  the  execution,
          delivery, performance, validity or enforceability of this Guaranty and
          all  obligations  required  hereunder,  and  this  Guaranty  is not in
          violation  of the  terms  of any  agreement  or  instrument  to  which
          Guarantor  or Borrower is a party or by which either of them or either
          of their respective assets may be bound or affected, and this Guaranty
          will not violate any  provision of any existing law or  regulation  of
          material  import,  that would result in a material  adverse  effect on
          Guarantor,  which is binding  on  Guarantor,  or any order,  judgment,
          award or decree of any court,  arbitrator  or  governmental  authority
          binding on Guarantor;

     (ii) There  is no  pending  or,  to  the  best  of  Guarantor's  knowledge,
          threatened, action or proceeding affecting Guarantor before any court,
          governmental agency or arbitrator that could reasonably be expected to
          have a material  adverse effect on the ability of Guarantor to perform
          or observe any of its obligations  hereunder or that could  reasonably
          be expected to have a material adverse effect on Guarantor's  guaranty
          of the Guaranteed Obligations hereunder;

     (iii)Guarantor  has full power,  authority  and legal right to execute this
          Guaranty and to observe and perform all of the terms of this  Guaranty
          on  Guarantor's  part to be observed and  performed  and this Guaranty
          constitutes the valid and binding obligation of Guarantor, enforceable
          in  accordance  with its  terms,  except  as such  enforcement  may be
          limited  by  bankruptcy  laws and other laws  affecting  the rights of
          creditors  generally,  or by  virtue  of the  application  of  general
          principles of equity;

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     (iv) This Guaranty is made by Guarantor at the request of Borrower, and the
          Beneficiaries'  agreement to enter into the transactions  described in
          the recitals to this Guaranty is of  substantial,  material and direct
          benefit to Guarantor;

     (v)  Guarantor  has  established  means  with  which  it  is  satisfied  of
          obtaining  from  Borrower on a continuing  basis  financial  and other
          information pertaining to the financial condition of Borrower, and its
          ability to promptly pay the Guaranteed Obligations;

     (vi) Guarantor has reviewed and approved copies of the Loan Documents,  and
          is  fully  informed  of the  rights  and  remedies  that  each  of the
          Beneficiaries may pursue, with or without notice to Borrower.

3.   Access to  Information.  Guarantor  shall,  at its sole  cost and  expense,
     establish and maintain  means whereby  Guarantor  shall be kept informed to
     its satisfaction of any facts,  events or  circumstances  that might in any
     way affect Guarantor's risks hereunder, and the Beneficiaries shall have no
     obligation to disclose to Guarantor information or material acquired in the
     course of any Beneficiary's relationship with Borrower.

4.   Payment by Guarantor;  Application of Payments. Guarantor hereby agrees, in
     furtherance  of the foregoing and not in limitation of any other right that
     any Beneficiary may have at law or in equity against  Guarantor,  that upon
     the Collateral Agent's exercise,  at any time and from time to time, of any
     rights  hereunder  or any demand  pursuant to the terms hereof for payment,
     Guarantor  will upon such demand pay, or cause to be paid,  in cash, to the
     Collateral  Agent,  for the benefit of the Lenders,  an amount equal to the
     Guaranteed  Obligations  then owed under this  Guaranty.  All such payments
     shall be applied promptly from time to time in the following order:

                    First, to the payment of Costs; and
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                    Second,  to the payment of all other Guaranteed  Obligations
                    ------
               then owed under this Guaranty.

5.   Release  of  Guaranty.  When the  Obligations  are paid in full,  then this
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     Guaranty  shall  automatically  terminate and become void and of no further
     force  or  effect;  at such  time,  at  Guarantor's  written  request,  the
     Beneficiaries  shall execute and deliver a written  statement  stating that
     the  Obligations  have been paid in full and that  this  Guaranty  has been
     terminated and is of no further force and effect.

6.   Liability of Guarantor Absolute.
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(a)  Guarantor  agrees that its  obligations  hereunder shall not be affected by
     any  circumstance  that  constitutes  a legal or  equitable  discharge of a
     guarantor or surety  (other than payment in full of the  Obligations),  and
     Guarantor's  obligations hereunder are irrevocable,  absolute,  independent
     and unconditional without regard to:

     (i)  any claim or defense that would be available to the Borrower;

     (ii) the imposition of any court-imposed  stay,  including any amounts that
          would be payable but for the  imposition of the  automatic  stay under
          Section 362(a) of the Bankruptcy Code;

     (iii)any readjustments,  modifications, impositions, or extensions that may
          be imposed by any court in connection with any bankruptcy, insolvency,
          receivership,  liquidation,  arrangement,  reorganization  or  similar
          action, case or proceeding affecting Guarantor or the Borrower (any of
          the  foregoing,  a  "Bankruptcy   Proceeding")  that  may  affect  the
          Obligations and/or the Indebtedness or any of the Loan Documents;

     (iv) any law that restricts or prohibits the payment of interest, principal
          or any other amount after the commencement of a Bankruptcy Proceeding;
          or

     (v)  any sale or  disposition  of any  security  given for the  Obligations
          and/or the Indebtedness.

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(b)  In  furtherance of the  provisions of subsection  6(a) hereof,  and without
     limiting the generality thereof, Guarantor agrees that:

     (i)  This Guaranty is a guaranty of payment and not of collection.

     (ii) Any   Beneficiary  may  enforce  this  Guaranty  upon  the  terms  and
          conditions herein set forth notwithstanding any exercise or failure to
          exercise any right or remedy available to such Beneficiary against any
          Person under any documents, at law, in equity or otherwise.

     (iii)The  obligations  of  Guarantor   hereunder  are  independent  of  the
          obligations  of  Guarantor,  Borrower,  any members,  partners,  joint
          venturers,    officers,   directors,    shareholders,    trustees   or
          beneficiaries  (as  applicable)  of Borrower or any other Person under
          the  Loan  Documents   (other  than  this  Guaranty),   including  the
          obligations of any other  guarantor,  and a separate action or actions
          may be brought and  prosecuted  against  Guarantor  whether or not any
          action is brought  against  Guarantor,  Borrower or any other  Persons
          under the Loan Documents (other than this Guaranty) and whether or not
          Borrower or any other Person is joined in any such action or actions.

     (iv) Payment by  Guarantor  of a portion,  but not all,  of the  Guaranteed
          Obligations  shall  in  no  way  limit,  affect,   modify  or  abridge
          Guarantor's  liability for any portion of the  Guaranteed  Obligations
          that has not been paid to the Beneficiaries.

     (v)  The  Beneficiaries  and the  Borrower,  upon  such  terms as they deem
          appropriate,  without  notice  or demand  and  without  affecting  the
          validity  or  enforceability  of this  Guaranty  or giving rise to any
          reduction,   limitation,   impairment,  discharge  or  termination  of
          Guarantor's  liability  hereunder,  from  time to time may (i)  renew,
          extend,  accelerate,  increase  the rate of interest  on, or otherwise
          change the time, place,  manner or terms of payment of the Obligations
          and/or  the  Indebtedness;   (ii)  settle,   compromise,   release  or
          discharge,  or accept or refuse any offer of performance  with respect
          to, or substitutions  for, the Obligations  and/or the Indebtedness or
          any agreement  relating thereto and/or  subordinate the payment of the
          same to the payment or  performance  of any other  obligations;  (iii)
          request and accept  other  guaranties  of the  Obligations  and/or the
          Indebtedness  and take  and  hold  security  for the  payment  of this
          Guaranty,  the  Obligations  and/or the  Indebtedness;  (iv)  release,
          surrender, exchange,  substitute,  compromise, settle, rescind, waive,
          alter,  subordinate  or  modify,  with or without  consideration,  any
          security for payment of the Obligations  and/or the Indebtedness,  any
          other guaranties of the Obligations  and/or the  Indebtedness,  or any
          other obligation of any Person with respect to the Obligations  and/or
          the  Indebtedness;  (v)enforce and apply any security now or hereafter
          held by or for the  benefit  of any  Beneficiary  in  respect  of this
          Guaranty or the Obligations  and/or  Indebtedness and direct the order
          or manner of sale thereof,  or exercise any other right or remedy that
          the  Beneficiaries  may  have  against  any  such  security,   as  the
          Beneficiaries,   in  their   discretion,   may  determine,   including
          foreclosure  on any such security  pursuant to one or more judicial or
          nonjudicial  sales,  whether  or not every  aspect of any such sale is
          commercially  reasonable,  and even  though  such  action  operates to
          impair or extinguish  any right of  reimbursement  or  subrogation  or
          other right or remedy of  Guarantor  against  Borrower or any security
          for the  Obligations  and/or the  Indebtedness;  and (vi) exercise any
          other  rights  and/or  remedies  available  to it under any  documents
          including the Loan Documents), at law or in equity.

(c)  This Guaranty and the obligations of Guarantor hereunder shall be valid and
     enforceable  and  shall  not  be  subject  to  any  reduction,  limitation,
     impairment, discharge or termination for any reason (other than the payment
     in  full  of  the  Obligations),  including  the  occurrence  of any of the
     following,  whether or not Guarantor  shall have had notice or knowledge of
     any of them: (i) any failure or omission to assert or enforce, or agreement
     or election not to assert or enforce, or the stay or enjoining, by order of
     court, by operation of law or otherwise, of the exercise or enforcement of,
     any claim or demand or any right,  power or remedy  (whether  arising under
     any  documents  (including  the  Loan  Documents),  at law,  in  equity  or
     otherwise) with respect to the Obligations  and/or the  Indebtedness or any
     agreement  relating  thereto,  or with respect to any other guaranty of, or
     security for, the payment of the Obligations and/or the Indebtedness;  (ii)
     any rescission,  waiver,  amendment or  modification  of, or any consent to
     departure from, any of the terms or provisions of any document  referred to
     herein,  (including  the  provisions  relating to "Events of  Default",  as
     defined in the Loan Documents) or of any other guaranty or security for the
     Obligations  and/or  the  Indebtedness,  in  each  case  whether  or not in
     accordance  with the  terms  thereof;  (iii)  the  Obligations  and/or  the
     Indebtedness, or any agreement relating thereto, at any time being found to
     be illegal,  invalid or unenforceable  in any respect;  (iv) any consent by

<PAGE>

     the  Beneficiaries  to the change,  reorganization  or  termination  of the
     structure or existence of Borrower;  (v) any failure to perfect or continue
     perfection of a security interest in any collateral that secures any of the
     Obligations  and/or  the  Indebtedness;  (vi)  any  defenses,  set-offs  or
     counterclaims that Borrower may allege or assert against any Beneficiary or
     could assert against any Beneficiary in respect of the  Obligations  and/or
     the Indebtedness,  including failure of consideration,  breach of warranty,
     statute of frauds,  statute of limitations,  accord and  satisfaction,  the
     doctrine of laches, equitable estoppel and usury; or (vii) any other act or
     thing or omission, or delay to do any other act or thing, that may or might
     in any manner or to any extent vary the risk of  Guarantor as an obligor in
     respect of the Guaranteed Obligations.

7.   Waivers by  Guarantor.  Guarantor  hereby  waives,  for the  benefit of the
     ---------------------
     Beneficiaries:

(a)  Any  right to  require  any  Beneficiary,  as a  condition  of  payment  by
     Guarantor,  (i) to proceed  against any other  guarantor of the Obligations
     and/or the  Indebtedness,  Borrower  or any other  Person,  (ii) to proceed
     against  or  exhaust  any  security  held from any other  guarantor  of the
     Obligations and/or the Indebtedness, Borrower or any other Person, (iii) to
     proceed  against or have resort to any  balance of any  deposit  account or
     credit on the books of the Beneficiaries in favor of any other guarantor of
     the Obligations  and/or the Indebtedness,  Borrower or any other Person, or
     (iv) to pursue any other remedy in the power of any Beneficiary whatsoever;

(b)  Any defense arising by reason of the  incapacity,  lack of authority or any
     disability or other defense of Borrower or any  Beneficiary,  including any
     defense   based  on  or  arising  out  of  the  lack  of  validity  or  the
     unenforceability   of  the  Obligations  and/or  the  Indebtedness  or  any
     agreement or instrument  relating  thereto or by reason of the cessation of
     the  liability of Borrower from any cause other than the payment in full of
     the Indebtedness;

(c)  Any defense  based upon any statute or rule of law that  provides  that the
     obligation  of a surety  must be  neither  larger  in  amount  nor in other
     respects more burdensome than that of the principal;

(d)  Any defense  based upon errors or  omissions  by the  Beneficiaries  in the
     administration of the Obligations and/or the Indebtedness;

(e)  Any  principles or provisions of law,  statutory or otherwise,  that are or
     might be in  conflict  with the  terms of this  Guaranty  and any  legal or
     equitable discharge of Guarantor's obligations hereunder;

(f)  Any  rights  to  set-offs,   recoupments  and  counterclaims   (other  than
     compulsory counterclaims);

(g)  Promptness,  diligence and any requirement that the Beneficiaries  protect,
     secure,  perfect or insure any  security  interest or lien or any  property
     subject thereto;

(h)  Notices, demands,  presentments,  demands for payment, protests, notices of
     protest,  notices  of  dishonor  and  notices  of any  action or  inaction,
     including acceptance of this Guaranty,  notices of default,  notices of any
     renewal,   extension  or  modification   of  the  Obligations   and/or  the
     Indebtedness or any agreement related thereto,  notices of any extension of
     credit to Borrower and notices of any of the matters referred to in Section
     6 and any right to consent to any of them, except to the extent provided in
     the Loan Documents;

(i)      Any  defenses or benefits  that may be derived  from or afforded by law
         that limit the liability of or exonerate Guarantor or sureties, or that
         may conflict with the terms of this Guaranty; and

(j)      The provisions of NRS 40.430 to the full extent provided for in NRS
         40.495(2).

8.   Guarantor's   Rights  of   Subrogation,   Contribution,   Etc.   Until  the
     -------------------------------------------------------------
     Indebtedness  shall have been  indefeasibly  paid in full,  Guarantor shall
     withhold  exercise of (a) any claim,  right or remedy,  direct or indirect,
     that Guarantor now has or may hereafter have against Borrower or any of its
     assets in connection  with this Guaranty or the performance by Guarantor of
     its obligations hereunder, in each case whether such claim, right or remedy
     arises in equity, under contract, by statute, under common law or otherwise
     and   including   (i)  any   right   of   subrogation,   reimbursement   or
     indemnification  that  Guarantor  now  has or may  hereafter  have  against
     Borrower, (ii) any right to enforce, or to participate in, any claim, right
     or remedy that the  Beneficiaries  now has or may  hereafter  have  against
     Borrower,  and (iii) any benefit of, and any right to  participate  in, any
     collateral or security now or hereafter held by the Beneficiaries,  and (b)
     any right of contribution Guarantor may have against any other guarantor of

<PAGE>

     the Obligations and/or the Indebtedness.  Guarantor further agrees that, to
     the  extent  the  waiver  of  its  rights  of  subrogation,  reimbursement,
     indemnification and contribution as set forth herein is found by a court of
     competent jurisdiction to be void or voidable for any reason, any rights of
     subrogation,  reimbursement or  indemnification  Guarantor may have against
     any of Borrower or against any  collateral  or security,  and any rights of
     contribution Guarantor may have against any such other guarantor,  shall be
     junior  and  subordinate  to any rights any  Beneficiary  may have  against
     Borrower to all right, title and interest the Beneficiaries may have in any
     such collateral or security.  Each  Beneficiary may use, sell or dispose of
     any item of  collateral  or security  as it sees fit without  regard to any
     subrogation  rights  Guarantor may have,  and upon any such  disposition or
     sale, any rights of subrogation Guarantor may have shall terminate.  If any
     amount  shall be paid to  Guarantor  on  account  of any such  subrogation,
     reimbursement or  indemnification  rights at any time when all Indebtedness
     shall not have been indefeasibly paid in full, such amount shall be held in
     trust  for the  Beneficiaries  and  shall  forthwith  be  paid  over to the
     Beneficiaries to be credited and applied against the Indebtedness,  whether
     matured or unmatured,  in accordance with the terms hereof.  The provisions
     of this  Section 8 shall  survive the release of the  Guarantor  under this
     Guaranty.

9.   Subordination of Other Obligations.  Guarantor hereby  subordinates any and
     ----------------------------------
     all  indebtedness  of Borrower  now or  hereafter  owed to Guarantor to all
     indebtedness  of  Borrower  to  any   Beneficiary,   and  agrees  with  the
     Beneficiaries  that  Guarantor  shall not demand or accept  any  payment of
     principal or interest  from  Borrower,  shall not claim any offset or other
     reduction  of  Guarantor's   obligations  hereunder  because  of  any  such
     indebtedness  and shall not take any action to obtain any of the collateral
     for the Loan;  provided  that,  the  Junior  Lender  shall be  entitled  to
     receive,  to the  extent  permitted  under  the  Loan  Agreement,  from the
     Borrower, payments in respect of the Junior Loan.

10.  Continuing  Guaranty.  This  Guaranty is a  continuing  guaranty  and shall
     --------------------
     remain  in effect  until  the  payment  in full of the  Obligations  or the
     Guaranteed  Obligations  (as  extended by the  provisions  of Section  11),
     whichever is sooner.

11.  Bankruptcy; Post-Petition Interest; Reinstatement of Guaranty.
     -------------------------------------------------------------
(a)  The  obligations  of Guarantor  under this  Guaranty  shall not be reduced,
     limited,  impaired,  discharged,  deferred,  suspended or terminated by any
     proceeding, voluntary or involuntary, involving the bankruptcy, insolvency,
     receivership,  reorganization, liquidation or arrangement of Borrower or by
     any  defense  that  Borrower  may have by  reason of the  order,  decree or
     decision of any court or  administrative  body resulting from any such case
     or proceeding.

(b)  Following  the  payment by any Person of all or any  portion of any payment
     obligations that are Guaranteed Obligations  hereunder,  the obligations of
     Guarantor  hereunder with respect thereto shall continue and remain in full
     force and effect or be  reinstated,  as the case may be, if all or any part
     of such payments are rescinded or recovered  directly or indirectly from as
     a  preference,  fraudulent  transfer or  otherwise in  connection  with any
     bankruptcy,   insolvency,   receivership,   reorganization,    liquidation,
     arrangement  or  similar  proceeding,  and any  such  payments  that are so
     rescinded or recovered  shall  constitute  Guaranteed  Obligations  for all
     purposes under this Guaranty.

(c)  Following a transfer of the Trust  Property  to any  Beneficiary  or to its
     designee,  the obligations of Guarantor  hereunder shall continue and shall
     remain in full  force and effect or be  reinstated,  as the case may be, if
     all or any part of such  transfer is  rescinded  or  recovered  directly or
     indirectly from such  Beneficiary as a preference,  fraudulent  transfer or
     otherwise in  connection  with any  bankruptcy,  insolvency,  receivership,
     reorganization, liquidation, arrangement or similar proceeding.

12.  Set Off. In addition to any other rights that the Beneficiaries may have at
     -------
     law or in equity,  if any amount  shall at any time be due and owing by any
     Guarantor to the Beneficiaries  under this Guaranty,  the Beneficiaries are
     authorized  at any time or from  time to time,  without  notice  (any  such
     notice being hereby expressly waived), to set off and to appropriate and to
     apply any and all indebtedness of the Beneficiaries  owing to Guarantor and
     any other  property of Guarantor  held by the  Beneficiaries  to or for the
     credit or the account of Guarantor against and on account of the Guaranteed
     Obligations  and liabilities of Guarantor to the  Beneficiaries  under this
     Guaranty.

<PAGE>

13.  Further  Assurances.  At any time or from time to time, upon the reasonable
     -------------------
     request of the  Beneficiaries,  Guarantor  shall  execute and deliver  such
     further  documents  and do such other acts and things as the  Beneficiaries
     may  reasonably  request  in order to  effect  fully the  purposes  of this
     Guaranty.

14.  General Provisions

     ------------------

(a)  Fully Recourse.  Notwithstanding any provisions of any other Loan Documents
     --------------
     to the  contrary,  all of the terms and  provisions  of this  Guaranty  are
     recourse  obligations  of Guarantor and not restricted by any limitation on
     personal liability.

(b)  Unsecured Obligations. Guarantor hereby acknowledges that the Lenders would
     ---------------------
     not make the Loan but for the unsecured  personal  liability  undertaken by
     Guarantor herein.

(c)  Rights  Cumulative;  Payments.  The  obligations of Guarantor  hereunder of
     -----------------------------
     Borrower  and the  Beneficiaries'  rights under this  Guaranty  shall be in
     addition to all rights of the  Beneficiaries  under the Notes,  the Deed of
     Trust and the other Loan Documents.  In the event of any default hereunder,
     a  separate  action  or  actions  may be  brought  and  prosecuted  against
     Guarantor whether or not Guarantor is the alter ego of Borrower and whether
     or not  Borrower  is joined  therein  or a separate  action or actions  are
     brought against Borrower.  The Beneficiaries' rights hereunder shall not be
     exhausted  until all of the  obligations  of Guarantor  hereunder have been
     fully paid and performed. TO THE EXTENT THAT PAYMENTS ARE MADE HEREUNDER BY
     GUARANTOR WITH RESPECT TO OBLIGATIONS AND LIABILITIES FOR WHICH BORROWER IS
     NOT LIABLE UNDER ANY NOTE,  THE DEED OF TRUST OR THE OTHER LOAN  DOCUMENTS,
     SUCH PAYMENTS MADE BY GUARANTOR UNDER THIS GUARANTY SHALL NOT REDUCE IN ANY
     RESPECT BORROWER'S  OBLIGATIONS AND LIABILITIES UNDER ANY NOTE, THE DEED OF
     TRUST OR THE OTHER LOAN DOCUMENTS, AND TO THE EXTENT THAT PAYMENTS ARE MADE
     HEREUNDER BY GUARANTOR  WITH RESPECT TO  OBLIGATIONS  AND  LIABILITIES  FOR
     WHICH  BORROWER  IS LIABLE  UNDER ANY NOTE,  THE DEED OF TRUST OR THE OTHER
     LOAN DOCUMENTS,  SUCH PAYMENTS SHALL BE APPLIED FIRST TO THOSE  OBLIGATIONS
     AND  LIABILITIES  ARISING  UNDER ANY NOTE,  THE DEED OF TRUST AND THE OTHER
     LOAN DOCUMENTS WITH RESPECT TO WHICH BORROWER IS NOT PERSONALLY LIABLE.

(d)  No Limitation on Liability.  Guarantor  hereby consents and agrees that the
     --------------------------
     Beneficiaries may at any time and from time to time without further consent
     from  Guarantor  do any of the  following  events,  and  the  liability  of
     Guarantor under this Guaranty shall be unconditional and absolute and shall
     in no way be impaired or limited by any of the  following  events,  whether
     occurring   with  or  without  notice  to  Guarantor  or  with  or  without
     consideration:  (i) any extensions of time for performance  required by any
     of the Loan Documents or otherwise  granted by any Beneficiary or extension
     or renewal of any Note;  (ii) any sale,  assignment or  foreclosure  of any
     Note,  the Deed of Trust or any of the other Loan  Documents or any sale or
     transfer  of the Trust  Property;  (iii) any change in the  composition  of
     Borrower,  including,  without  limitation,  the  withdrawal  or removal of
     Guarantor from any current or future  position of ownership,  management or
     control of Borrower; (iv) the accuracy or inaccuracy of the representations
     and warranties  made by Guarantor  herein or by Borrower in any of the Loan
     Documents;  (v) the release of  Borrower  or of any other  Person or entity
     from performance or observance of any of the agreements,  covenants,  terms
     or conditions  contained in any of the Loan  Documents by operation of law,
     any  Beneficiary's  voluntary  act  or  otherwise;   (vi)  the  release  or
     substitution  in whole or in part of any security  for the Loan;  (vii) the
     failure to record the Deed of Trust or to file any financing  statement (or
     the improper recording or filing thereof) or to otherwise perfect, protect,
     secure or insure any lien or security  interest  given as security  for the
     Loan;  (viii) the  modification  by the  Beneficiaries  and Borrower of the
     terms  of any one or more of the Loan  Documents;  or (ix)  the  taking  or
     failure to take any action of any type whatsoever. No such action which any
     Beneficiary  shall  take  or  fail to take  in  connection  with  the  Loan
     Documents or any  collateral  for the Loan,  nor any course or dealing with
     Borrower or any other Person,  shall limit,  impair or release  Guarantor's
     obligations hereunder,  affect this Guaranty in any way or afford Guarantor
     any recourse  against any  Beneficiary.  Nothing  contained in this Section
     shall be  construed  to require  any  Beneficiary  to take or refrain  from
     taking any action referred to herein.

<PAGE>

(e)  Attorneys' Fees. In the event it is necessary for any Beneficiary to retain
     ---------------
     the  services of an attorney or any other  consultants  in order to enforce
     this  Guaranty,  or any portion  thereof,  Guarantor  agrees to pay to such
     Beneficiary any and all reasonable costs and expenses,  including,  without
     limitation,  reasonable attorneys' fees, costs and disbursements,  incurred
     by such  Beneficiary as a result thereof and such costs,  fees and expenses
     shall be included in Costs.

(f)  Reliance.  The Lenders would not agree to make the Loan to Borrower without
     --------
     Guarantor entering into this Guaranty. Accordingly, Guarantor intentionally
     and  unconditionally  enters into the covenants and agreements as set forth
     above and understands  that, in reliance upon and in  consideration of such
     covenants  and  agreements,  the Loan shall be made and, as part and parcel
     thereof,  specific  monetary and other obligations have been, are being and
     shall be entered  into which would not be made or entered into but for such
     reliance.

(g)  Waiver  by  Guarantor.  Guarantor  covenants  and  agrees  that,  upon  the
     --------------------
     commencement  of a voluntary or  involuntary  bankruptcy  proceeding  by or
     against  Borrower,  Guarantor shall not seek or cause Borrower or any other
     Person or  entity  to seek a  supplemental  stay or other  relief,  whether
     injunctive  or  otherwise,  pursuant  to 11  U.S.C.ss.  105  or  any  other
     provision of the  Bankruptcy  Reform Act of 1978, as amended,  or any other
     debtor relief law, (whether  statutory,  common law, case law or otherwise)
     of any jurisdiction whatsoever, now or hereafter in effect, which may be or
     become applicable,  to stay,  interdict,  condition,  reduce or inhibit the
     ability of any Beneficiary to enforce any rights of any Beneficiary against
     Guarantor  or the  collateral  for the Loan by virtue of this  Guaranty  or
     otherwise.

(h)  Governing Law; Submission to Jurisdiction. (i) This Guaranty was negotiated
     -----------------------------------------
     in New York,  which State the parties agree has a substantial  relationship
     to the parties and to the underlying  transaction  embodied hereby,  and in
     all  respects  (including,  without  limitation,  matters of  construction,
     validity  and  performance),  this  Guaranty  and the  obligations  arising
     hereunder shall be governed by, and construed in accordance  with, the laws
     of the State of New York applicable to contracts made and performed in such
     State and any applicable law of the United States of America.

     (ii) Any legal  suit,  action or  proceeding  arising out of or relating to
          this  Guaranty may be  instituted in any federal or state court in New
          York, New York. The Guarantor  hereby (i) irrevocably  waives,  to the
          fullest extent permitted by applicable law, any objection which it may
          now or hereafter have to the laying of venue of any such suit,  action
          or  proceeding  brought  in such a court and any  claim  that any such
          proceeding brought in such a court has been brought in an inconvenient
          forum,  and (ii)  irrevocably  submits to the jurisdiction of any such
          court in any such  suit,  action or  proceeding.  The  Guarantor  does
          hereby designate and appoint Prentice-Hall Corporation System, Inc. as
          his authorized agent to accept and acknowledge on his behalf service
          of any and all process which may be served in any such suit, action or
          proceeding  in any federal or state court in New York,  New York,  and
          agrees  that  service  of  process  upon said agent with a copy to the
          Guarantor  at its address set forth below  (mailed or delivered to the
          Borrower  in the  manner  provided  herein)  shall be  deemed in every
          respect effective  service of process upon the Guarantor,  in any such
          suit, action or proceeding in the State of New York. The Guarantor (i)
          shall give prompt  notice to the  Administrative  Agent of any changed
          address of its authorized  agent  hereunder,  (ii) may at any time and
          from time to time  designate  a  substitute  authorized  agent with an
          office in New York,  New York (which office shall be designated as the
          address for service of process),  and (iii) shall  promptly  designate
          such a substitute if its authorized  agent ceases to have an office in
          New York, New York or is dissolved without leaving a successor.

     (i)  TRIAL BY JURY. EACH OF GUARANTOR AND EACH BENEFICIARY,  TO THE FULLEST
          EXTENT THAT IT MAY LAWFULLY DO SO,  WAIVES TRIAL BY JURY IN ANY ACTION
          OR PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY TORT ACTION, BROUGHT
          BY ANY PARTY  HERETO WITH  RESPECT TO THIS  GUARANTY,  ANY NOTE OR ANY
          OTHER LOAN  DOCUMENT.  BY THEIR  ACCEPTANCE  OF THIS  AGREEMENT,  EACH
          BENEFICIARY SHALL BE DEEMED TO HAVE AGREED TO SUCH WAIVER.

<PAGE>

(j)  Notices.  All notices,  demands,  consents,  approvals,  requests and other
     -------
     communications  required or permitted hereunder  ("Notices") shall be given
     in accordance  with the  provisions of Section 10.6 of the Loan  Agreement,
     provided that the Guarantor's address for Notices is as follows:

         c/o The Venetian
         3355 Las Vegas Boulevard South
         Las Vegas, NV  89109
         Telephone Number:  (702) 733-5500
         Facsimile Number:  (702) 733-5620

(k)  Guarantor  and  Beneficiaries  acknowledge  and agree  that  this  Guaranty
     supersedes  and  replaces in its entirety  that  certain  Guaranty put into
     escrow on November  14, 1997 made by Sheldon G. Adelson in favor of Goldman
     Sachs  Mortgage  Company and any other Lenders and which was intended to be
     replaced hereby.

<PAGE>

     IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty as of the day
and year first above written.

                                                        /s/ Sheldon G. Adelson
                                                        -----------------------
                                                            SHELDON G. ADELSON

<PAGE>

State of New York )
     :
County of New York  )

On the ____ day of December, 1999, before me personally came SHELDON G. ADELSON,
to me known to be the  individual  described in and who  executed the  foregoing
instrument, and acknowledged that he executed the same.

                                                /s/
                                                --------------------------------
                                                          Notary Public
                                                          (Seal)
                                                          My Commission expires:<PAGE>

                                  EXHIBIT 10.22

                                  -------------

                                                               December 20, 1999

                           MALL SCOPE CHANGE GUARANTY

     THIS MALL SCOPE CHANGE GUARANTY (this  "Guaranty") dated as of December __,
1999,  is made by SHELDON G.  ADELSON  ("Guarantor"),  in favor of (i) the party
designated as the  "Collateral  Agent" in that certain Loan  Agreement  dated of
even date  herewith  among (A) Goldman  Sachs  Mortgage  Company,  and the other
lenders from time to time parties thereto,  (B) Goldman Sachs Mortgage  Company,
as Syndication Agent, (C) The Bank of Nova Scotia, as Administrative  Agent, (D)
The Bank of Nova Scotia,  as  Collateral  Agent,  and (E) Grand Canal Shops Mall
Subsidiary,  LLC, a Delaware limited liability company, as borrower (as amended,
supplemented  or otherwise  modified from time to time,  the "Loan  Agreement"),
having an address  noted in the Loan  Agreement,  (ii)  Goldman  Sachs  Mortgage
Company,  The Bank of Nova Scotia and the other  Lenders (as defined in the Loan
Agreement)  parties  from  time to time to the  Loan  Agreement  and  (iii)  the
respective  successors and assigns of the Collateral  Agent and the Lenders (all
of the Persons  described  in the  foregoing  clauses (i) through and  including
(iii), the "Beneficiaries"; each such Person, a "Beneficiary").

                                    RECITALS

     A. The Project. Las Vegas Sands, Inc. ("LVSI"), Venetian Casino Resort, LLC
        ----------
("VCR"), Grand Canal Shops Mall Construction, LLC ("Construction"),  Grand Canal
Shops Mall, LLC ("Mall LLC") and Grand Canal Shops Mall  Subsidiary,  LLC ("Mall
Subsidiary")   (LVSI,   VCR,   Construction,   Mall  LLC  and  Mall  Subsidiary,
collectively, the "Company")have developed, constructed and operate the Venetian
Casino Resort, a large scale Venetian-themed hotel, casino, retail,  convention,
trade show, meeting and entertainment complex, with related heating, ventilation
and air conditioning and power station facilities,  as part of the redevelopment
of the site of the former Las Vegas Sands Hotel and Casino.

     B.  Loan  Agreement.  Pursuant  to the  Loan  Agreement,  the  Lenders  are
         --------------
providing  a  certain  loan  to  Mall  Subsidiary  in  an  aggregate  amount  of
$105,000,000 (the "Loan").

     C. Take-Out  Lender/Construction  Lender Agreement.  Goldman Sachs Mortgage
        ----------------------------------------------
Company has entered  into that  certain  Take-Out  Lender/  Construction  Lender
Agreement dated as of November 12, 1999 by and between  Salomon  Brothers Realty
Corp.  (as  successor  in  interest  to  GMAC  Commercial  Mortgage  Corporation
("GMAC")) and GSMC (the "Lenders' Agreement") pursuant to which Guarantor agreed
that its execution of this Agreement is a condition  precedent of Beneficiaries'
obligation to fund the Loan.

     D. Benefit to Guarantor.  Guarantor owns all the outstanding  stock of each
        --------------------
of LVSI and Interface  Holding,  the sole members in VCR. VCR is the sole member
in  Construction.  Construction  is the sole member in Mall LLC. Mall LLC is the
sole member in Mall Subsidiary. Guarantor acknowledges that he has benefited and
will  benefit,  directly and  indirectly,  from the  execution by Goldman  Sachs
Mortgage Company of the Lenders' Agreement.

     E. Capitalized  Terms.  Capitalized terms used but not defined herein shall
        ------------------
have the  respective  meanings  given them in Exhibit A to the  Funding  Agents'
Disbursement and  Administration  Agreement dated November 14, 1997 ("FADAA") by
and  among  the  LVSI,  VCR,  Construction,  GMAC and  others,  and the Rules of
Interpretation contained in said Exhibit A shall apply hereto, as applicable.

                                    AGREEMENT

                                    ---------

     NOW,  THEREFORE,  for good and  valuable  consideration,  the  receipt  and
sufficiency  of  which  are  hereby  acknowledged,  and  as  inducement  to  the
Beneficiaries  to enter into the Loan Agreement,  Guarantor  hereby consents and
agrees as follows:

<PAGE>

     1. Guaranty.
        --------

          (a) The  undersigned  Guarantor,  as primary obligor and not merely as
     surety,  unconditionally  and irrevocably  guarantees to the Beneficiaries,
     and any successors and assigns  thereto,  payment and performance when due,
     whether by  acceleration  or otherwise,  of any and all amounts owed by the
     Company or any one of the entities  comprising the Company or any successor
     in interest thereto,  including,  without limitation,  Mall Subsidiary,  in
     accordance with Subsection 6(b) and/or Subsection 6(i) of the FADAA Limited
     Waiver  dated  as of  November  12,  1999,  by and  among  the  LVSI,  VCR,
     Construction,  Guarantor, GMAC and others (the "FADAA Limited Waiver"), and
     (ii) together with all expenses  incurred by the Beneficiaries in enforcing
     any of such  obligations  and  liabilities or the terms hereof,  including,
     without   limitation,   reasonable  fees  and  expenses  of  legal  counsel
     (collectively,  the  "Obligations"),  and agrees that if for any reason the
     Company or any one of the entities  comprising the Company or any successor
     in interest thereto, including,  without limitation, Mall Subsidiary, shall
     fail to pay or perform when due any of such Obligations, Guarantor will pay
     or perform the same  forthwith.  Guarantor  waives  notice of acceptance of
     this Guaranty and of any  obligation to which it applies or may apply under
     the terms hereof,  and waives  diligence,  presentment,  demand of payment,
     notice of dishonor or non-payment,  protest, notice of protest, of any such
     obligations,  suit or taking other action by the Beneficiaries against, and
     giving any  notice of default or other  notice to, or making any demand on,
     any party liable thereon (including Guarantor).

          (b) This  Guaranty  is a primary  obligation  of  Guarantor  and is an
     absolute, unconditional, continuing and irrevocable guaranty of payment and
     not of  collectability  and is in no way  conditioned on or contingent upon
     any attempt to enforce in whole or in part the  Company's  liabilities  and
     obligations to the  Beneficiaries.  If the Company shall fail to pay any of
     the  Obligations as and when they are due,  Guarantor  shall  forthwith pay
     such  Obligations  in  immediately  available  funds.  Each  failure by the
     Company  to pay any  Obligations  shall  give rise to a  separate  cause of
     action herewith,  and separate suits may be brought hereunder as each cause
     of action arises.

          (c) The  Beneficiaries  may at any time and from time to time (whether
     or not after  revocation  or  termination  of this  Guaranty)  without  the
     consent of or notice to Guarantor, except such notice as may be required by
     the Loan  Agreement  or  applicable  law which  cannot be  waived,  without
     incurring  responsibility to Guarantor,  without impairing or releasing the
     obligations of Guarantor hereunder, upon or without any terms or conditions
     and in whole or in part, (i) change the manner,  place and terms of payment
     or change or extend the time of payment of, renew, or alter any Obligation,
     or any  obligations  and  liabilities  (including  any of those  hereunder)
     incurred  directly  or  indirectly  in respect  thereof or hereof or in any
     manner  modify,  amend or supplement the terms of the Loan Agreement or any
     of the Loan Documents or any documents,  instruments or agreements executed
     in connection  therewith (in each case,  with the consent of the Company if
     required by such documents) and the guaranty herein made shall apply to the
     Obligations, changed, extended, renewed, modified, amended, supplemented or
     altered in any manner;  (ii) exercise or refrain from exercising any rights
     against the Company or others  (including  Guarantor)  or otherwise  act or
     refrain  from  acting;  (iii) add or release any other  guarantor  from its
     obligations  without  affecting or impairing the  obligations  of Guarantor
     hereunder; (iv) settle or compromise any Obligations and/or any obligations
     and liabilities  (including any of those  hereunder)  incurred  directly or
     indirectly in respect thereof or hereof, and may subordinate the payment of
     all or any part thereof to the payment of any  obligations  and liabilities
     which  may be due to the  Beneficiaries  or  others;  (v)  sell,  exchange,
     release, surrender, realize upon or otherwise deal with in any manner or in
     any order any  property by  whomsoever  pledged or  mortgaged  to secure or
     howsoever  securing  the  Obligations  or any  liabilities  or  obligations
     (including  any of those  hereunder)  incurred  directly or  indirectly  in
     respect  thereof or hereof and/or any offset  thereagainst;  (vi) apply any
     sums by  whomsoever  paid or  howsoever  realized  to any  obligations  and
     liabilities of the Company to the Beneficiaries under the Loan Agreement in
     the manner provided therein  regardless of what obligations and liabilities
     remain  unpaid;  (vii)  consent  to or waive  any  breach  of,  or any act,
     omission or default under,  the Loan Agreement or any of the Loan Documents
     or otherwise amend,  modify or supplement (with the consent of the Company,
     if  required  by such  documents)  the  Loan  Agreement  or any of the Loan
     Documents or any of such other instruments or agreements; and/or (viii) act
     or fail to act in any manner referred to in this Guaranty which may deprive
     Guarantor of any right to subrogation which Guarantor may,  notwithstanding
     the  provisions  of Section 5, have  against  the  Company to recover  full
     indemnity  for any payments  made pursuant to this Guaranty or of any right
     of contribution which Guarantor may have against any other party.

          (d) No invalidity, irregularity or unenforceability of the Obligations
     shall affect, impair, or be a defense to this Guaranty,  which is a primary
     obligation of Guarantor.

<PAGE>

          (e) This is a  continuing  Guaranty  and all  obligations  to which it
     applies or may apply under the terms hereof shall be conclusively  presumed
     to have been  created in reliance  hereon.  This  Guaranty  shall remain in
     effect  as long as the  Obligations  are  outstanding  notwithstanding  any
     transfer  of the Mall or the  remainder  of the Project  even if  otherwise
     permitted under the Loan  Agreement.  In the event that this Guaranty shall
     be deemed  revocable  in  accordance  with  applicable  law,  then any such
     revocation shall become effective only upon receipt by the Beneficiaries of
     written  notice  of  revocation  signed  by  Guarantor.  No  revocation  or
     termination  hereof shall affect in any manner  rights  arising  under this
     Guaranty  with respect to  Obligations  (i) arising prior to receipt by the
     Beneficiaries  of written notice of such  revocation or termination and the
     sole effect of revocation and  termination  hereof shall be to exclude from
     this Guaranty  Obligations  thereafter  arising which are unconnected  with
     Obligations theretofore arising or transactions theretofore entered into or
     (ii) arising as a result of an Event of Default under the Loan Agreement or
     Limited Waiver occurring by reason of the revocation or termination of this
     Guaranty.

          (f) (i) Except as otherwise  required by law, each payment required to
          be made by  Guarantor  hereunder  shall be made  without  deduction or
          withholding  for  or  on  account  of  Taxes.  If  such  deduction  or
          withholding is so required,  Guarantor shall, upon notice thereof from
          any  Beneficiary,  (A) pay  the  amount  required  to be  deducted  or
          withheld  to  the  appropriate  authorities  before  penalties  attach
          thereto or interest  accrues  thereon,  (B) on or before the  sixtieth
          (60th) day after payment of such amount, forward to the Beneficiary an
          official  receipt   evidencing  such  payment  (or  a  certified  copy
          thereof),  and (C) in the case of any such  deduction or  withholding,
          forthwith  pay to the  Beneficiary  such  additional  amount as may be
          necessary  to ensure  that the net  amount  actually  received  by the
          Beneficiary free and clear of such Taxes,  including any Taxes on such
          additional  amount,  is equal to the amount that the Beneficiary would
          have received had there been no such deduction or withholding.

               (ii) As used  herein,  the term "Tax" means any present or future
          tax,  levy,  impost,  duty,  charge,  assessment  or fee of any nature
          (including interest,  penalties and additions thereto) that is imposed
          by any government or other taxing  authority in respect of any payment
          under  this  Guaranty  other  than any  income,  franchise,  transfer,
          inheritance,  capital  stock or similar tax imposed  upon the gross or
          net income of any lender by the United States, any state of the United
          States,  any  jurisdiction  where any lender is  organized  and/or the
          jurisdiction  in which is  located  any  office  from or at which  any
          Beneficiary is making or maintaining the Loan or acquiring the Deed of
          Trust (as defined in the Loan  Agreement) and the Collateral  Security
          Instruments (as defined in the Loan Agreement), as the case may be, or
          receiving any payments under the Loan Agreement.

     2. Representations and Warranties.  Guarantor makes the representations and
        ------------------------------
warranties set forth below to the Beneficiaries as of the date hereof:

          (a)  All  governmental   authorizations   and  actions   necessary  in
     connection  with the  execution  and delivery by Guarantor of this Guaranty
     and the  performance  of his  obligations  hereunder  have been obtained or
     performed and remain valid and in full force and effect.

          (b) This  Guaranty has been duly  executed and  delivered by Guarantor
     and  constitutes  the legal,  valid and binding  obligation  of  Guarantor,
     enforceable   against   Guarantor  (and   Guarantor's   heirs,   executors,
     administrators,   legal   representatives,   successors   and  assigns)  in
     accordance  with  the  terms  of  this  Guaranty,   subject  to  applicable
     bankruptcy,   insolvency,  moratorium  and  other  similar  laws  affecting
     creditors' rights generally and general principles of equity.

          (c) The execution,  delivery and performance of this Guaranty (i) does
     not and will not contravene any law, rule,  regulation,  order, judgment or
     decree  applicable  to or  binding  on  Guarantor  or any of his  assets or
     properties;  (ii) does not and will not contravene, or result in any breach
     of or constitute  any default  under,  any agreement or instrument to which
     Guarantor  is a  party  or by  which  Guarantor  or any of  his  assets  or
     properties  may be  bound  or  affected;  and  (iii)  does not and will not
     require  the  consent of any  person or entity  under any  existing  law or
     agreement which has not already been obtained.

          (d)  There is no  pending  or, to the best of  Guarantor's  knowledge,
     threatened  action or  proceeding  affecting  Guarantor  before  any court,
     governmental  agency or arbitrator,  which might  reasonably be expected to
     materially  and  adversely  affect  the  financial  condition,  results  of
     operations,  business or prospects of Guarantor or the ability of Guarantor
     to perform his obligations under this Guaranty.

<PAGE>

          (e)  Guarantor  possesses  all  franchises,   certificates,  licenses,
     permits and other governmental  authorizations and approvals  necessary for
     him  to  own  his  properties,  conduct  his  businesses  and  perform  his
     obligations under this Guaranty.

          (f) Guarantor has  established  adequate means of obtaining  financial
     and  other  information  pertaining  to  the  businesses,   operations  and
     condition  (financial  and  otherwise) of the Company,  and any  successors
     thereto  and  their  respective  properties  on  a  continuing  basis,  and
     Guarantor  now is and  hereafter  will  be  completely  familiar  with  the
     businesses,  operations  and  condition  (financial  and  otherwise) of the
     Company, and any successors thereto and their respective properties.

          (g) (i)  Guarantor is not,  and will not as a result of the  execution
     and delivery of this  Guaranty,  be rendered  insolvent and (ii)  Guarantor
     does not intend to incur,  or believe he is incurring,  obligations  beyond
     his ability to pay.

     3. Covenants. So long as any Obligations are outstanding,  Guarantor agrees
        ---------
that:

          (a) He will  maintain  in full force and effect  all  consents  of any
     governmental  or other  authority  that are  required to be obtained by him
     with  respect to this  Guaranty  and will obtain any such  consent that may
     become necessary in the future;

          (b) He will comply in all material  respects with all applicable  laws
     and  orders  to which he may be  subject  if  failure  so to  comply  would
     materially  impair  his  ability  to  perform  his  obligations  under this
     Guaranty;

          (c) Promptly, and in any event within thirty (30) days after obtaining
     knowledge  thereof,  Guarantor  will  give to  Beneficiaries  notice of the
     occurrence  of any event or of any  litigation or  governmental  proceeding
     pending (i) against  Guarantor which could reasonably be expected to affect
     the  business,  operations,  property,  assets or condition  (financial  or
     otherwise)  of  Guarantor  so as to  materially  and  adversely  affect the
     ability of  Guarantor  to perform his  obligations  hereunder or (ii) which
     relates to this Guaranty; and

          (d) He will deliver such other documents and other information  (other
     than personal financial  statements of any type or kind, including personal
     asset  statements,  income  statements,  net worth  statements  and any tax
     returns) reasonably requested by any Beneficiary.

     4. Waiver. To the fullest extent permitted by law,  Guarantor hereby waives
        ------
and relinquishes all rights and remedies  accorded by applicable law to sureties
or guarantors  and agrees not to assert or take  advantage of any such rights or
remedies,  including without limitation (a) any right to require any Beneficiary
to proceed  against  the  Company or any other  person or to proceed  against or
exhaust any security held by any  Beneficiary at any time or to pursue any other
remedy in any Beneficiary's  power before proceeding against Guarantor,  (b) any
defense that may arise by reason of the incapacity,  lack of power or authority,
death,  dissolution,  merger,  termination  or  disability of the Company or any
other  person or entity or the failure of any  Beneficiary  to file or enforce a
claim against the estate (in administration, bankruptcy or any other proceeding)
of the Company or any other person or entity, (c) demand,  presentment,  protest
and notice of any kind,  including  without  limitation notice of the existence,
creation or incurring of any new or additional  indebtedness or obligation or of
any action or non-action  on the part of the Company,  the any  Beneficiary  any
endorser or creditor  of the Company or  Guarantor,  or on the part of any other
person or entity  under  this or any other  instrument  in  connection  with any
obligation or evidence of indebtedness  held by any Beneficiary as collateral or
in connection  with any  Obligations,  (d) any defense based upon an election of
remedies by any Beneficiary, including without limitation an election to proceed
by non-judicial  rather than judicial  foreclosure,  which destroys or otherwise
impairs  any  subrogation  rights  which  Guarantor  may,   notwithstanding  the
provisions  of Section 5, have  against the Company,  any right which  Guarantor
may,  notwithstanding  the provisions of Section 5, have to proceed  against the
Company for reimbursement,  or both, (e) any defense based on any offset against
any  amounts  which  may be owed  by any  Person  to  Guarantor  for any  reason
whatsoever,  (f) any defense based on any act, failure to act, delay or omission
whatsoever  on the part of the Company,  or any other  person or entity,  of the
failure by the Company, or any other person or entity, to do any act or thing or
to observe or perform any  covenant,  condition  or  agreement to be observed or
performed by it or any other person or entity, under the Loan Agreement, (g) any
defense based upon any statute or rule of law which provides that the obligation

<PAGE>

of a  surety  must be  neither  larger  in  amount  nor in other  respects  more
burdensome  than that of the principal  provided,  that, upon payment in full of
the  Obligations,  this Guaranty shall no longer be of any force or effect,  (h)
any  defense,  setoff or  counterclaim  which may at any time be available to or
asserted by the Company against the Construction Consultant,  any Beneficiary or
any  other  Person  under  the  FADAA,  the  Loan  Agreement  or any of the Loan
Documents,  including  in  connection  with the  exercise of any judgment by the
Construction  Consultant or any other Person under the FADAA, the Loan Agreement
or by reason of the delay or failure by the  Construction  Consultant  any other
Person to perform their duties under the FADAA,  (i) any duty on the part of any
Beneficiary  to  disclose  to  Guarantor  any facts any  Beneficiary  may now or
hereafter  know about the Company or any other person or entity,  regardless  of
whether any  Beneficiary  has reason to believe  that any such facts  materially
increase the risk beyond that which Guarantor  intends to assume, or have reason
to  believe  that such  facts are  unknown to  Guarantor,  or have a  reasonable
opportunity to communicate such facts to Guarantor, since Guarantor acknowledges
that  Guarantor  is fully  responsible  for being and  keeping  informed  of the
financial  condition of the Company and all other persons or entities and of all
circumstances  bearing  on  the  risk  of  non-payment  of any  obligations  and
liabilities  hereby  guaranteed,  (j) the fact that Guarantor may at any time in
the  future  dispose of all or part of its direct or  indirect  interest  in the
Company or any other  person or entity,  (k) any defense  based on any change in
the time,  manner or place of any  payment  under,  or in any other term of, the
FADAA, the Loan Agreement,  the Loan Documents or any other amendment,  renewal,
extension,  acceleration,  compromise  or waiver of or any consent or  departure
from the terms of the FADAA, the Loan Agreement or any other Loan Document,  (l)
any defense arising  because of any  Beneficiary's  election,  in any proceeding
instituted  under the Federal  Bankruptcy  Code, of the  application  of Section
1111(b)(2) of the Federal  Bankruptcy  Code,  and (m) any defense based upon any
borrowing  or grant of a security  interest  under  Section  364 of the  Federal
Bankruptcy Code.

     5.  Subrogation.  Until all  obligations  and  liabilities of all kinds and
         -----------
nature under the Loan  Agreement and the other Loan Documents (as defined in the
Loan Agreement) (the "Loan Agreement  Obligations")  have been paid in full, (a)
Guarantor  shall not have any right of  subrogation  and  waives  all  rights to
enforce any remedy which any  Beneficiary  now has or may hereafter have against
the Company,  and waives the benefit of, and all rights to  participate  in, any
security  now or  hereafter  held by any  Beneficiary  from the  Company and (b)
Guarantor  waives any claim,  right or remedy  which  Guarantor  may now have or
hereafter  acquire  against the Company  that arises  hereunder  and/or from the
performance by the Guarantor hereunder including, without limitation, any claim,
remedy  or  right  of  subrogation,  reimbursement,  exoneration,  contribution,
indemnification,  or  participation  in  any  claim,  right  or  remedy  of  any
Beneficiary  against the Company,  or any security which any Beneficiary now has
or  hereafter  acquires,  whether or not such claim,  right or remedy  arises in
equity, under contract, by statute, under common law or otherwise.

     6. Bankruptcy.
        ----------

          (a) So long as any of the Loan Agreement  Obligations  are owed to any
     Beneficiary, Guarantor shall not commence, or join with any other Person in
     commencing,  any  bankruptcy,   reorganization,  or  insolvency  proceeding
     against the Company. The obligations of Guarantor under this Guaranty shall
     not be  altered,  limited  or  affected  by any  proceeding,  voluntary  or
     involuntary,   involving  the   bankruptcy,   reorganization,   insolvency,
     receivership,  liquidation or arrangement of the Company, or by any defense
     which the  Company  may have by reason of any order,  decree or decision of
     any court or administrative body resulting from any such proceeding.

<PAGE>

          (b)  So  long  as any  Loan  Agreement  Obligations  are  owed  to any
     Beneficiary,  to the extent of such Loan Agreement  Obligations,  Guarantor
     shall file, in any bankruptcy or other proceeding of or against the Company
     in which the filing of proofs of claims is  required or  permitted  by law,
     all claims  which  Guarantor  may have against the Company (but only to the
     extent)  relating  to any  indebtedness  of the Company to  Guarantor,  and
     hereby assigns to the Beneficiaries all rights of Guarantor thereunder.  If
     Guarantor  does not file any such  claim,  Lender as  attorney-in-fact  for
     Guarantor,  is hereby  authorized  to do so in the name of Guarantor or, in
     Beneficiary's  discretion,  to assign  the claim to a nominee  and to cause
     proofs  of claim to be filed  in the name of such  nominee.  The  foregoing
     power of  attorney  is coupled  with an  interest  and  cannot be  revoked.
     Beneficiaries  or their  respective  nominees  shall have the sole right to
     accept or reject any plan proposed in any such  proceeding  and to take any
     other action which a party filing a claim is entitled to take.  In all such
     cases,  whether in  administration,  bankruptcy  or  otherwise,  the person
     authorized to pay such a claim shall pay the same to the  Beneficiaries  to
     the extent of any Loan Agreement Obligations which then remain unpaid, and,
     to the full extent necessary for that purpose,  Guarantor hereby assigns to
     Beneficiaries   all  of   Guarantor's   rights  to  all  such  payments  or
     distributions  to which Guarantor  would  otherwise be entitled;  provided,
     however,  that  Guarantor's  obligations  hereunder  shall not be satisfied
     except to the extent that Beneficiaries  receive cash by reason of any such
     payment or distribution.  If Beneficiaries receive anything hereunder other
     than cash,  the same shall be held as collateral for amounts due under this
     Guaranty.

     7. Successions or Assignments.
        --------------------------

          (a) This  Guaranty  shall  inure to the benefit of the  successors  or
     assigns  of the  Beneficiaries  who  shall  have,  to the  extent  of their
     interest, the rights of Beneficiaries hereunder.

          (b) This Guaranty is binding upon Guarantor and his heirs,  executors,
     administrators, legal representatives, successors and assigns. Guarantor is
     not entitled to assign his obligations  hereunder to any other person,  and
     any purported assignment in violation of this provision shall be void.

     8. Waivers.
        -------

          (a) No delay on the part of any  Beneficiary  in exercising any of its
     rights  (including  those  hereunder)  and no  partial  or single  exercise
     thereof and no action or  non-action  by any  Beneficiary,  with or without
     notice to Guarantor or anyone else, shall constitute a waiver of any rights
     or shall affect or impair this Guaranty.

          (b) GUARANTOR  HEREBY WAIVES HIS RIGHT TO A JURY TRIAL OF ANY CLAIM OR
     CAUSE OF ACTION  BASED UPON OR ARISING OUT OF THIS  GUARANTY OR RELATING TO
     THE SUBJECT MATTER OF THIS GUARANTY AND THE RELATIONSHIP  BETWEEN GUARANTOR
     AND BENEFICIARIES  THAT IS BEING ESTABLISHED.  GUARANTOR  ACKNOWLEDGES THAT
     THIS  WAIVER IS A  MATERIAL  INDUCEMENT  TO  BENEFICIARIES  TO ACCEPT  THIS
     GUARANTY  AND  BENEFICIARIES  HAVE RELIED ON THE WAIVER IN  ACCEPTING  THIS
     GUARANTY,  AND THAT  BENEFICIARIES  WILL CONTINUE TO RELY ON THIS WAIVER IN
     THEIR RELATED FUTURE  DEALINGS.  GUARANTOR  FURTHER WARRANTS AND REPRESENTS
     THAT HE HAS  REVIEWED  THIS  WAIVER  WITH HIS  LEGAL  COUNSEL,  AND THAT HE
     KNOWINGLY  AND   VOLUNTARILY   WAIVES  HIS  JURY  TRIAL  RIGHTS   FOLLOWING
     CONSULTATION WITH LEGAL COUNSEL

     9.  Interpretation.  The  section  headings  in this  Guaranty  are for the
         --------------
convenience of reference  only and shall not affect the meaning or  construction
of any provision hereof.

     10. Notices. All notices in connection with this Guaranty shall be given by
         -------
notice  in  writing  hand-delivered  or sent  by  facsimile  transmission  or by
certified mail return-receipt requested (airmail, if overseas), postage prepaid.
All such notices shall be sent to the appropriate  telecopier number or address,
as the case may be, set forth in  Section  14 below or to such  other  number or
address as shall have been subsequently specified by written notice to the other
party,  and shall be sent with  copies,  if any, as  indicated  below.  All such
notices shall be effective upon receipt,  and  confirmation by answerback of any
such  notice so sent by  telecopier  shall be  sufficient  evidence  of  receipt
thereof.

<PAGE>

     11. Amendments.  This Guaranty may be amended only with the written consent
         ----------
of the parties hereto.

     12. Jurisdiction; Governing Law.
         ---------------------------

          (a) Any  action or  proceeding  relating  in any way to this  Guaranty
     shall be  brought  and  enforced  in the courts of the State of New York in
     Manhattan or of the United  States for the  Southern  District of New York.
     Any  such  process  or  summons  in  connection  with any  such  action  or
     proceeding  may be  served  by  mailing  a copy  thereof  by  certified  or
     registered mail, or any  substantially  similar form of mail,  addressed to
     Guarantor as provided for notices hereunder.

          (b) This Guaranty and the rights and  obligations  of Agent and of the
     Guarantor  shall be governed by and construed in accordance with the law of
     the State of New York without  reference to principles of conflicts of laws
     (other than Section 5-1401 of the New York General Obligations Law).

     13.  Integration  of Terms.  This  Guaranty  contains the entire  agreement
          ---------------------
between the  Guarantor  and, the  Beneficiaries  relating to the subject  matter
hereof and supersedes all oral statements and prior writing with respect hereto.

     14. Addresses.
         --------

          (a) The address of Guarantor for notices is:

                                    Sheldon G. Adelson
                                    3355 Las Vegas Boulevard South
                                    Las Vegas, Nevada 89109
                                    Telephone Number: (702)733-5500
                                    Telecopier Number: (702)733-5499

          (b) The address of the Beneficiaries for notices is:

                                    The Bank of Nova Scotia
                                    Loan Administration
                                    Suite 2700
                                    600 Peachtree Street N.E.
                                    Atlanta, Georgia 30308
                                    Attention: Craig Subryan
                                    Telephone Number: (404) 877-1547
                                    Telecopier Number: (404) 888-8998

                                    with a copy to:

                                    The Bank of Nova Scotia
                                    580 California Street
                                    Suite 2100
                                    San Francisco, CA  94104
                                    Attention: Alan Pendergast
                                    Telephone Number: (702) 733-5500
                                    Telecopier Number: (702) 733-5499

     15.  Interest;  Collection  Expenses.  Any  amount  required  to be paid by
          -------------------------------
Guarantor  pursuant  to the terms  hereof  shall bear  interest  at the  highest
default rate  provided in the Loan  Agreement  or the maximum rate  permitted by
law,  whichever  is  less,  from  the  date  due  until  paid  in  full.  If the
Beneficiaries  are  required to pursue any remedy  against  Guarantor  hereunder
(including,  without limitation,  any remedy in connection with enforcing clause
(B) of the first sentence of Section  2(b)(ii)  hereof),  Guarantor shall pay to
the Beneficiaries,  as the case may be, upon demand,  all reasonable  attorneys'
fees and expenses all other costs and expenses  incurred by the Beneficiaries in
enforcing this Guaranty.

     16. Reinstatement of Guaranty. This Guaranty shall continue to be effective
         -------------------------
or be reinstated, as the case may be, if at any time any payment to or on behalf
of the Company or by the Company or by Guarantor  hereunder is rescinded or must
otherwise  be returned by the  Beneficiaries  upon the  insolvency,  bankruptcy,
reorganization,  dissolution or liquidation of the Company or otherwise,  all as
though such payment had not been made.

<PAGE>

     17.  Counterparts.  The Guaranty  may be executed in one or more  duplicate
          ------------
counterparts, and when executed and delivered by all of the parties listed below
shall constitute a single binding agreement.

     18. No Benefit to the Company. This Guaranty is for the benefit of only the
         -------------------------
Beneficiaries and is not for the benefit of the Company. This Guaranty shall not
be deemed to be a contract to make a loan,  or extend  other debt  financing  or
financial accommodation, for the benefit of the Company, in each case within the
meaning of Section 365(e) of the Bankruptcy Code.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

     IN WITNESS  WHEREOF,  the  Guarantor  has caused  this  Guaranty to be duly
executed and delivered as of the day and year first written above.

                                                     /s/ Sheldon G. Adelson
                                                     ---------------------------
                                                     Sheldon G. Adelson

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