Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

JOINDER AGREEMENT 
 DATED AS OF
APRIL 10, 2015 
 TO THE AMENDED AND RESTATED 

CREDIT AGREEMENT DATED MARCH 31, 2014 

among 
 VML US FINANCE LLC, 

as the Borrower, 
 GOLDMAN SACHS
(ASIA) L.L.C., GOLDMAN SACHS BANK USA, BARCLAYS 
 BANK PLC, BANCO NACIONAL ULTRAMARINO, S.A., THE BANK OF NOVA 

SCOTIA, BANK OF AMERICA N.A., BANK OF CHINA LIMITED, MACAU 

BRANCH, INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) 

LIMITED, CHINA CONSTRUCTION BANK CORPORATION MACAU BRANCH, 

BANK OF COMMUNICATIONS CO., LTD. MACAU BRANCH, SUMITOMO 

MITSUI BANKING CORPORATION, OVERSEA-CHINESE BANKING 

CORPORATION LIMITED, WING LUNG BANK LTD., MACAU BRANCH, DBS 

BANK LTD. and UNITED OVERSEAS BANK LIMITED, 

as Global Coordinators and Lead Arrangers, 

CITIBANK, N.A., HONG KONG BRANCH and BNP PARIBAS HONG KONG 

BRANCH, 
 as Managers, 

and 
 BANK OF CHINA LIMITED, MACAU
BRANCH, 
 as Administrative Agent 
  

 JOINDER AGREEMENT 

THIS JOINDER AGREEMENT, dated as of April 10, 2015 (this “Agreement”), by and among Goldman Sachs (Asia) L.L.C., Goldman Sachs
Bank USA, Barclays Bank PLC, Banco Nacional Ultramarino, S.A., The Bank of Nova Scotia, Bank of America N.A., Bank of China Limited, Macau Branch, Industrial and Commercial Bank of China (Macau) Limited, China Construction Bank Corporation Macau
Branch, Bank of Communications Co., Ltd. Macau Branch, Sumitomo Mitsui Banking Corporation, Oversea-Chinese Banking Corporation Limited, Wing Lung Bank Ltd., Macau Branch, DBS Bank Ltd., United Overseas Bank Limited, Citibank, N.A., Hong Kong Branch
and BNP Paribas Hong Kong Branch (each a “New Lender” and collectively the “New Lenders”), VML US Finance LLC, a Delaware limited liability company (“Borrower”), and Bank of China Limited, Macau
Branch (“BOC”), as administrative agent for the Lenders (as defined below) and the New Lenders (in such capacity, “Administrative Agent”), under the Credit Agreement referred to below. 

RECITALS: 

WHEREAS, reference is hereby made to the Amended and Restated Credit Agreement, dated as of March 31, 2014 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”, the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among the Borrower, Venetian Macau Limited, a
Macau corporation (the “Company”), the Administrative Agent, each of Goldman Sachs (Asia) L.L.C., Barclays Bank PLC, Banco Nacional Ultramarino, S.A., Bank of America, N.A., BOC, BNP Paribas Hong Kong Branch, Citigroup Global
Markets Asia Limited, Citibank, N.A., Hong Kong Branch, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., Industrial and Commercial Bank of China (Macau) Limited, Oversea-Chinese Banking Corporation Limited, Sumitomo Mitsui
Banking Corporation and United Overseas Bank Limited, as global coordinators and bookrunners for the Term Loan Facility and Revolving Credit Facility and as co-syndication agents for the Term Loan Lenders and
Revolving Loan Lenders (the “Co-Syndication Agents”), The Bank of Nova Scotia and Wing Lung Bank Ltd., Macau Branch, as lead arrangers for the Term Loan Facility and Revolving Credit Facility,
each of the other agents and arrangers from time to time party thereto and the financial institutions from time to time party thereto (the “Lenders”); and 

WHEREAS, subject to the terms and conditions of the Credit Agreement, the Borrower may increase the existing Revolving Loan Commitments
and/or establish New Term Loan Commitments by entering into one or more Joinder Agreements with the New Term Loan Lenders and/or New Revolving Loan Lenders, as applicable. 

WHEREAS, each New Lender party hereto and making a commitment hereunder was immediately prior to the date hereof and remains a Lender
under the Credit Agreement; 
 NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein
contained, the parties hereto agree as follows: 

  
 2 

 Each New Lender party hereto hereby agrees to commit to provide its respective Commitment as
set forth on Schedule A annexed hereto, on the terms and subject to the conditions set forth below: 
 Each New
Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to
make its own credit analysis and decision to enter into this Joinder Agreement (this “Agreement”); (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or Agent and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement and the other Loan Documents; (iii) appoints and authorizes
Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent, by the terms thereof, together with such powers as are
reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 

Each New Lender hereby agrees to make its Commitment on the following terms and conditions: 

 

	1.	 Applicable Margin. The Applicable Margin for each Series A New Term Loan shall mean, as of any date of
determination, a percentage per annum as set forth below: 

  

													
	 Series A New Term Loans1
	 
	 Consolidated

Leverage Ratio
	  	HIBOR Rate
Loans	 	 	Eurodollar Rate
Loans	 	 	Base Rate
Loans	 
	 Greater than 2.5:1.0
	  	 	2.125	% 	 	 	2.125	% 	 	 	1.125	% 
	 Greater than 2.25:1.0

but less than or equal to 2.5:1.0
	  	 	2.000	% 	 	 	2.000	% 	 	 	1.000	% 
	 Greater than 2.0:1.0

but less than or equal to 2.25:1.0
	  	 	1.875	% 	 	 	1.875	% 	 	 	0.875	% 
	 Greater than 1.75:1.0

but less than or equal to 2.0:1.0
	  	 	1.750	% 	 	 	1.750	% 	 	 	0.750	% 
	 Greater than 1.5:1.0

but less than or equal to 1.75:1.0
	  	 	1.625	% 	 	 	1.625	% 	 	 	0.625	% 
	 Greater than 1.25:1.0

but less than or equal to 1.5:1.0
	  	 	1.500	% 	 	 	1.500	% 	 	 	0.500	% 
	 Greater than 1.0:1.0

but less than or equal to 1.25:1.0
	  	 	1.375	% 	 	 	1.375	% 	 	 	0.375	% 
	 Less than or equal to 1.0:1.0
	  	 	1.250	% 	 	 	1.250	% 	 	 	0.250	% 

  

	1 	 The Consolidated Leverage Ratio used to compute the Applicable Margin shall be determined as provided in the
last paragraph of the definition of “Applicable Margin” in Section 1.1 of the Credit Agreement. 

  
 3 

	2.	 Principal Payments. The Borrower shall make principal payments on the Series A New Term Loans in
the relevant currency in installments on each Quarterly Date set forth below in the aggregate amount equal to the percentage of the initial aggregate principal amount of the Series A New Term Loans set forth below: 

 

					
	     (A)

Payment

Date
	  	(B)
Scheduled
Repayment of
Series A New Term Loans	 
	 June 30, 2018
	  	 	2.50	% 
	 September 30, 2018
	  	 	2.50	% 
	 December 31, 2018
	  	 	2.50	% 
	 March 31, 2019
	  	 	2.50	% 
	 June 30, 2019
	  	 	5.00	% 
	 September 30, 2019
	  	 	5.00	% 

  
 4 

					
	     (A)

Payment

Date
	  	(B)
Scheduled
Repayment of
Series A New Term Loans	 
	 December 31, 2019
	  	 	5.00	% 
	 March 31, 2020
	  	 	5.00	% 
	 June 30, 2020
	  	 	12.00	% 
	 September 30, 2020
	  	 	12.00	% 
	 December 31, 2020
	  	 	12.00	% 
	 New Term Loan Maturity Date

(March 30, 2021)
	  	 	34.00	% 
		  	  
	  
	 
	 TOTAL
	  	 	100	% 
		  	  
	  
	 

  

	3.	 Voluntary and Mandatory Prepayments. Scheduled installments of principal of the Series A New Term
Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the Series A New Term Loans in accordance with Section 2.4 of the Credit Agreement; provided, that the final installment payable by
Borrower in respect of the Series A New Term Loans on the New Term Loan Maturity Date shall be in an amount, if such amount is different from the amount specified above, sufficient to repay all amounts owing by Borrower under the Credit Agreement
with respect to the Series A New Term Loans. 

  

	4.	 Upfront Fees. Borrower agrees to pay each New Lender an upfront fee on the Series A New Term Loan
Increased Amount Date (as defined below) in the amount set forth opposite the name of such New Lender on Schedule B annexed hereto 

  

	5.	 Proposed Borrowing. This Agreement represents Borrower’s request to borrow Series A New Term
Loans from the New Term Loan Lenders as follows (the “Proposed Borrowing”): 

  

	 	a.	 Business Day of Proposed Borrowing: The date (the “Series A New Term Loan Increased Amount
Date”) that is the Increased Amount Date specified in the notice in respect of the Series A New Term Loans delivered by the Borrower to the Administrative Agent and the Co-Syndication Agents pursuant
to subsection 2.9A of the Credit Agreement. 

  

	 	b.	 Total Amount of Proposed Borrowing: $1,000,000,000 

  
 5 

	 	c.	 Interest rate option: 

 

	 	☐ a.	 Base Rate Loan(s) 

  

	 	☐ b.	 Eurodollar Rate Loans with an initial Interest Period of         
month(s) 

  

	 	☐ c.	 HIBOR Rate Loans with an initial Interest Period of          month(s)

 The Administrative Agent agrees that the Series A New Term Loan Increased Amount Date may be less than ten (10) Business Days (but
not less than seven (7) Business Days) after the date on which notice in respect of the Series A New Term Loans pursuant to subsection 2.9A of the Credit Agreement is delivered to the Administrative Agent and the
Co-Syndication Agents. 
 The Administrative Agent further agrees that the Borrowing Notice in respect of the Series
A New Term Loans may be delivered by the Borrower to the Administrative Agent less than five (5) Business Days (but not less than four (4) Business Days) before the Series A New Term Loan Increased Amount Date. 

 

	6.	 Other Terms. 

  

	 	a.	 The New Term Loan Maturity Date of the Series A New Term Loans shall be March 30, 2021.

  

	 	b.	 The obligation of the New Term Loan Lenders to fund Series A New Term Loans on the Series A New Term Loan
Increased Amount Date shall be subject to (i) the Administrative Agent’s receipt of a certificate of the Borrower certifying that the Company has received all regulatory approvals from the government of Macau SAR required in respect of the
issuance of the Series A New Term Loans and (ii) the execution and delivery by the Guarantors of the reaffirmation of the Guaranty and all amendments to the Foreign Security Agreements required by the Administrative Agent in respect of the
issuance of the Series A New Term Loans and set forth in Schedule C annexed hereto. 

  

	 	c.	 Each New Term Loan Lender agrees to fund its Commitment on the Series A New Term Loan Increased Amount Date
subject to the conditions of this Agreement. 

  

	7.	 Credit Agreement Governs. Except as set forth in this Agreement, Series A New Term Loans shall
otherwise be subject to the provisions of the Credit Agreement and the other Loan Documents. 

  

	2 	 To be completed in the Borrowing Notice in respect of the Series A New Term Loans. 

  
 6 

	8.	 Certifications. By its execution of this Agreement, the Borrower and the Company hereby certify
that: 

  

	 	i.	 The representations and warranties contained in the Credit Agreement and in the other Loan Documents are true
and correct in all material respects on and as of the date hereof and on the Business Day of Proposed Borrowing as set forth above to the same extent as though made on and as of the date hereof and on the Business Day of Proposed Borrowing as set
forth above, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as of such earlier date;

  

	 	ii.	 No event has occurred and is continuing or would result from the consummation of the Proposed Borrowing
contemplated hereby that would constitute an Event of Default or a Potential Event of Default; 

  

	 	iii.	 No order, judgment or decree of any court, arbitrator or Governmental Instrumentality shall purport to enjoin
or restrain any Lender from making the Series A New Term Loan; and 

  

	 	iv.	 The making of the Loans requested on the date hereof does not violate any law applicable to the Loan Parties or
Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System. 

  

	9.	 Covenants. By its execution of this Agreement, the Borrower hereby covenants that:

  

	 	i.	 The Borrower shall make any payments required pursuant to Sections 2.6(D) and 2.7 of the Credit Agreement
in connection with the Proposed Borrowing contemplated hereby; 

  

	 	ii.	 The Borrower shall deliver or cause to be delivered documents reasonably requested by Administrative Agent in
connection with this Agreement; and 

  

	 	iii.	 Set forth on the attached Officers’ Certificate are the calculations (in reasonable detail) demonstrating
compliance with the financial tests described in subsection 2.9B(2) and subsection 7.6 of the Credit Agreement after giving effect to the Proposed Borrowing contemplated hereby. 

 

	10.	 Eligible Assignee. By its execution of this Agreement, each New Term Loan Lender represents and
warrants that it is an Eligible Assignee. 

  
 7 

	11.	 Notice. For purposes of the Credit Agreement, the initial notice address of each New Term Loan
Lender, if not already included in or if different from Schedule 10.9 to the Credit Agreement, shall be as set forth below its signature below. 

  

	12.	 Tax Information. For each New Term Loan Lender delivered herewith to Administrative Agent
are such properly completed and executed documentation prescribed by applicable law and such other information with respect to Included Taxes as such New Term Loan Lender may be required to deliver to Administrative Agent pursuant to subsection
2.7(C)(vii) of the Credit Agreement. 

  

	13.	 Recordation of the New Loans. Upon execution and delivery hereof, Administrative Agent will record
the Series A New Term Loans made by New Term Loan Lenders in the Register. 

  

	14.	 Amendment, Modification and Waiver. This Agreement may not be amended, modified or waived except by
an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto. 

  

	15.	 Entire Agreement. This Agreement, the Credit Agreement and the other Loan Documents constitute the
entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter
hereof. 

  

	16.	 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING §5-1401 OF THE GENERAL OBLIGATIONS LAW OF STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES. 

  

	17.	 Severability. Any term or provision of this Agreement which is invalid or unenforceable in any
jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or
enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.

  

	18.	 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an
original, but all of which shall constitute one and the same agreement. 

  
 8 

	19.	 Amendment of the Credit Agreement. Each of the Administrative Agent and the Co-Syndication Agents party hereto deem it necessary and appropriate that Sections 1, 2, 3, 5 and 6 of this Agreement amend the Credit Agreement and the other Loan Documents in order to effect the provisions of such
Sections in accordance with subsection 2.9 of the Credit Agreement. This Agreement shall be deemed a Loan Document for all purposes under the Credit Agreement. 

[Remainder of page intentionally left blank] 

  
 9 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Bank of China Limited, Macau Branch
		
	By:	 	 /s/ WONG IAO KUN

	Name:	 	Wong Iao Kun
	Title:	 	 Deputy Director of Credit
 Administration
Department

		
		 	 Notice Address:
 Avenida Doutor Mario
Soares,
 no.323, 13/F,
 Bank of China Building

Macau
  

Attention: Jade Gan / Iris Ielong
 Telephone: (853) 8792 1661 /
1682
 Facsimile: (853) 8792 1659 / 0308

  
 10 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Industrial and Commercial Bank of China (Macau) Limited
		
	By:	 	 /s/ CHAN KAM LUN / YANG PENG

	Name:	 	Chan Kam Lun / Yang Peng
	Title:	 	 Chief Consumer Banking Officer /
 General
Manager

		
		 	 Notice Address:
 18/F, ICBC Tower, Macau
Landmark
 555 Avenida de Amizade,
 Macau

 
 Attention: Linda Chan / Selene Ren

Telephone: 83982452 / 83982499
 Facsimile: 28584496

  
 11 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	China Construction Bank Corporation Macau Branch
		
	By:	 	 /s/ WADE HOU

	Name:	 	Wade Hou
	Title:	 	General Manager
	
	 Notice Address:
 5/F, Circle
Square,
 61 Avenida de Almeida Ribeiro,
 Macau

 
 Attention: Alex Ng / Mandy Kuong

Telephone: (853) 8291 1814 / 1825
 Facsimile: (853) 8291 1839 /
1880

  
 12 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Bank of Communications Co., Ltd. Macau Branch
		
	By:	 	 /s/ WU YE / LENG SAN

	Name:	 	Wu Ye / Leng San
	Title:	 	 General Manager /
 Head of Management
Department

	
	 Notice Address:
 16/F, AIA
Tower,
 No. 251A-301,
 Avenida Comercial de Macau

 
 Attention:

Telephone:
 Facsimile:

  
 13 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Banco Nacional Ultramarino, S.A.
		
	By:	 	 /s/ TOU KEI SAN / LEANDRO

RODRIGUES DA GRACA SILVA

	Name:	 	 Tou Kei San / Leandro Rodrigues da
 Graca
Silva

	Title:	 	General Manager / Executive Director
	
	 Notice Address:
 No.22,

Avenida de Almeida Ribeiro,
 Macau

 
 Attention: Violet Choi

Telephone: (853) 8398 9106
 Facsimile: (853) 2835
6867

  
 14 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Oversea-Chinese Banking Corporation Limited
		
	By:	 	 /s/ CHEOK KEE HOCK RICHARD

	Name:	 	Cheok Kee Hock Richard
	Title:	 	Head, Real Estate
	
	 Notice Address:
 65 Chulia
Street,
 #10-00 OCBC Centre,

Singapore 049513
  

Attention:
 Telephone:

Facsimile:

  
 15 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Sumitomo Mitsui Banking Corporation
		
	By:	 	 /s/ WILLIAM G. KARL

	Name:	 	William G. Karl
	Title:	 	Executive Officer
	
	 Notice Address:
 277 Park Avenue

New York, NY 10172
  

Attention: John Corrigan
 Telephone: 212-224-4735
 Facsimile: 212-224-4887

  
 16 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Wing Lung Bank Ltd., Macau Branch
		
	By:	 	 /s/ WONG WAH CHUEN

	Name:	 	Wong Wah Chuen
	Title:	 	Deputy General Manager
	
	 Notice Address:
 Unit 18 F-J
 Finance and IT Centre of Macau

Nam Van Lake, Quarteirao 5, Lote A,
 Macau

 
 Attention: Charlie Chen / Philip Deng

Telephone: (853) 2888 8111, Ext. 3801
 Facsimile: (853) 2875
0933

  
 17 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Bank of America N.A.
		
	By:	 	 /s/ JOYCE Y. CHAN

	Name:	 	Joyce Y. Chan
	Title:	 	Director
	
	 Notice Address:
 52/F, Cheung Kong
Center,
 2 Queen’s Road Central,
 Hong Kong

 
 Attention: Elena Ng

Telephone: 852-3508-2094

Facsimile: 852-3508-2914

  
 18 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	DBS Bank Ltd.
		
	By:	 	 /s/ YEO KIA CHIAK

	Name:	 	Yeo Kia Chiak
	Title:	 	Vice President
	
	 Notice Address:
 12 Marina
Boulevard,
 Marina Bay Financial Centre Tower 3,

Level 46,
 Singapore 018982

 
 Attention: Max Lim / Diana Tay

Telephone: +65 6878 6490 / 2108
 Facsimile: +65 6324
4127

  
 19 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	United Overseas Bank Limited
		
	By:	 	 /s/ LIM CHIN HONG

	Name:	 	Lim Chin Hong
	Title:	 	 Executive Director
 Corporate Banking
Singapore

	
	 Notice Address:
 1 Raffles Place

#23-61 One Raffles Place Tower 2

Singapore 048616
  

Attention:
 Telephone:

Facsimile:

  
 20 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	The Bank of Nova Scotia
		
	By:	 	 /s/ DIANE EMANUEL

	Name:	 	Diane Emanuel
	Title:	 	Managing Director
	
	 Notice Address:
 720 King Street
West,
 Toronto, Ontario,
 Canada M5V2T3

 
 Attention:

Telephone:
 Facsimile: 212-225-5708

  
 21 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Barclays Bank PLC
		
	By:	 	 /s/ JAMES NAGAYA

	Name:	 	James Nagaya
	Title:	 	Director
	
	 Notice Address:
 5 The North
Colonnade,
 Canary Wharf,
 London E14 4BB

 
 Attention: Mark Pope

Telephone: +44(0) 207 773 2190
 Facsimile: +44(0) 207 773
1840

  
 22 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Goldman Sachs Bank USA
		
	By:	 	 /s/ REBECCA KRATZ

	Name:	 	Rebecca Kratz
	Title:	 	Authorized Signatory
	
	 Notice Address:
 200 West
Street,
 New York, NY 10282-2198
  

Attention: Michelle Latzoni
 Telephone: 212-934-3921
 Facsimile: 917-977-3966

  
 23 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Goldman Sachs (Asia) L.L.C.
		
	By:	 	 /s/ NELSON LO

	Name:	 	Nelson Lo
	Title:	 	Managing Director
	
	 Notice Address:
 68th Floor, Cheung Kong Center,
 2 Queen’s Road Central,

Hong Kong
  

Attention: Asia Loan Servicing
 Telephone:

Facsimile: 917-977-3915

  
 24 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	BNP Paribas Hong Kong Branch
		
	By:	 	 /s/ PAUL YANG / MARY HSE

	Name:	 	Paul Yang / Mary Hse
	Title:	 	 Head of Greater China & Chief

Executive Officer HK /
 Managing Director, Senior Banker,

Coverage, HK Investment Banking
 Asia-Pacific

	
	 Notice Address:
 63/F., Two
International Finance Centre
 8 Finance Street, Central,
 Hong
Kong
  
 Attention: Joshua Lau

Telephone: 2909 8722
 Facsimile: 2970 0296

  
 25 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	Citibank, N.A., Hong Kong Branch
		
	By:	 	 /s/ WILLIAM CHU

	Name:	 	William Chu
	Title:	 	Director
	
	 Notice Address:
 44th Floor Citibank Tower,
 Citibank Plaza,

3 Garden Road,
 Central, Hong Kong

 
 Attention: William Chu

Telephone: (852) 2868 8005
 Facsimile: (852) 3009
0309

  
 26 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of April 10, 2015. 
  

			
	VML US FINANCE LLC
		
	By:	 	 /s/ TOH HUP HOCK

	Name:	 	Toh Hup Hock
	Title:	 	Borrower Designated Officer

  
 27 

 Consented to by: 
  

			
	 BANK OF CHINA LIMITED, MACAU BRANCH,

as Administrative Agent

		
	By:	 	 /s/ WONG IAO KUN

	Name:	 	Wong Iao Kun
	Title:	 	Deputy Director of Credit Administration Department

  
 28 

 SCHEDULE A 

TO JOINDER AGREEMENT 
  

																			
	 Name of New

Lender
	  	 Type of

Commitment
	  	Amount in
USD	 	  	Amount in
HKD	 	  	Amount in
MOP	 	  	Amount in
USD
Equivalent3	 
	 Bank of China Limited, Macau Branch
	  	New Term Loan Commitment	  	 	—  	 	  	 	—  	 	  	 	1,157,477,000	 	  	 	145,000,000	 
	 Industrial and Commercial Bank of China (Macau) Limited
	  	New Term Loan Commitment	  	 	—  	 	  	 	1,123,764,500	 	  	 	—  	 	  	 	145,000,000	 
	 China Construction Bank Corporation Macau Branch
	  	New Term Loan Commitment	  	 	—  	 	  	 	968,762,500	 	  	 	—  	 	  	 	125,000,000	 
	 Bank of Communications Co., Ltd. Macau Branch
	  	New Term Loan Commitment	  	 	—  	 	  	 	697,509,000	 	  	 	—  	 	  	 	90,000,000	 
	 Banco Nacional Ultramarino, S.A.
	  	New Term Loan Commitment	  	 	—  	 	  	 	310,004,000	 	  	 	319,304,000	 	  	 	80,000,000	 
	 Oversea-Chinese Banking Corporation Limited
	  	New Term Loan Commitment	  	 	65,000,000	 	  	 	—  	 	  	 	—  	 	  	 	65,000,000	 
	 Sumitomo Mitsui Banking Corporation
	  	New Term Loan Commitment	  	 	65,000,000	 	  	 	—  	 	  	 	—  	 	  	 	65,000,000	 
	 Wing Lung Bank Ltd., Macau Branch
	  	New Term Loan Commitment	  	 	—  	 	  	 	387,505,000	 	  	 	—  	 	  	 	50,000,000	 
	 Bank of America N.A.
	  	New Term Loan Commitment	  	 	50,000,000	 	  	 	—  	 	  	 	—  	 	  	 	50,000,000	 
	 DBS Bank Ltd.
	  	New Term Loan Commitment	  	 	35,000,000	 	  	 	—  	 	  	 	—  	 	  	 	35,000,000	 
	 United Overseas Bank Limited
	  	New Term Loan Commitment	  	 	35,000,000	 	  	 	—  	 	  	 	—  	 	  	 	35,000,000	 
	 The Bank of Nova Scotia
	  	New Term Loan Commitment	  	 	17,500,000	 	  	 	58,125,750	 	  	 	—  	 	  	 	25,000,000	 
	 Barclays Bank PLC
	  	New Term Loan Commitment	  	 	—  	 	  	 	193,752,500	 	  	 	—  	 	  	 	25,000,000	 
	 Goldman Sachs Bank USA
	  	New Term Loan Commitment	  	 	12,500,000	 	  	 	96,876,250	 	  	 	—  	 	  	 	25,000,000	 
	 BNP Paribas Hong Kong Branch
	  	New Term Loan Commitment	  	 	20,000,000	 	  	 	—  	 	  	 	—  	 	  	 	20,000,000	 
	 Citibank, N.A., Hong Kong Branch
	  	New Term Loan Commitment	  	 	—  	 	  	 	155,002,000	 	  	 	—  	 	  	 	20,000,000	 
	 Total:
	  		  	 	300,000,000	 	  	 	3,991,301,500	 	  	 	1,476,781,000	 	  	 	1,000,000,000	 

  

	3	 USD Equivalent is calculated by using Recalculation Exchange Rate as of April 01, 2015: USD/USD: 1.0000,
USD/HKD: 7.7501 and USD/MOP: 7.9826. 

  
 29 

 SCHEDULE B 

TO JOINDER AGREEMENT 
 [
Redacted ] 

  
 30 

 SCHEDULE C 

TO JOINDER AGREEMENT 

Reaffirmation of Guaranty 

and Amendments to the Foreign Security Agreements 
  

	1	 Amendment to the Venetian Macau Limited Pledge over Gaming Equipment and Utensils (Portuguese official version
and English version for reference only) 

  

	2	 Amendment to the Venetian Macau Limited Floating Charge 

(Portuguese official version and English version for reference only) 
  

	3	 Amendment to the Venetian Cotai Limited Floating Charge 

(Portuguese official version and English version for reference only) 
  

	4	 Amendment to the Venetian Orient Limited Floating Charge 

(Portuguese official version and English version for reference only) 
  

	5	 Modification of the Venetian Macau Limited and Venetian Cotai Limited Mortgage (Portuguese official version and
English version for reference only), including replacement of applicable powers of attorney. 

  

	6	 Modification of the Venetian Cotai Limited Alternative Mortgage (Portuguese official version and English
version for reference only), including replacement of applicable power of attorney. 

  

	7	 Modification of the Venetian Orient Limited Mortgage (Portuguese official version and English version for
reference only), including replacement of applicable power of attorney. 

  

	8	 Amendment to Venetian Macau Limited Land Security Assignment 

(English version only) 
  

	9	 Amendment to Venetian Cotai Limited Land Security Assignment 

(English version only) 
  

	10	 Amendment to Venetian Orient Limited Land Security Assignment 

(English version only) 
  

	11	 Reaffirmation of the Guaranty by the Guarantors. 

  
 31EX-10.4

 Exhibit 10.4 

AMENDMENT AND RESTATEMENT AGREEMENT 

dated as of JUNE 30, 2016 

among 
 VML US FINANCE
LLC, 
 as Borrower, 

GUARANTORS PARTY HERETO, 

LENDERS PARTY HERETO 

and 
 BANK OF CHINA
LIMITED, MACAU BRANCH, 
 as Administrative Agent and Collateral Agent 

 
  

BANK OF CHINA LIMITED, MACAU BRANCH, INDUSTRIAL AND 

COMMERCIAL BANK OF CHINA (MACAU) LIMITED, BANK OF AMERICA, N.A., 

BANK OF COMMUNICATIONS CO., LTD. MACAU BRANCH, 

BARCLAYS BANK PLC and GOLDMAN SACHS BANK USA, 

as New Initial Term Loan Global Coordinators and New Initial Term Loan Lead Arrangers, 

OVERSEA-CHINESE BANKING CORPORATION LIMITED and UNITED OVERSEAS BANK LIMITED, 

as New Initial Term Loan Senior Managers, 

SUMITOMO MITSUI BANKING CORPORATION, BNP PARIBAS HONG KONG BRANCH, 

WING LUNG BANK LTD., MACAU BRANCH, BANCO NACIONAL, ULTRAMARINO, S.A., DBS BANK LTD., 

THE BANK OF NOVA SCOTIA, CITIBANK, N.A., HONG KONG BRANCH, TAI FUNG BANK LIMITED, 

FIRST COMMERCIAL BANK MACAU BRANCH, BANK SINOPAC COMPANY LIMITED, MACAU BRANCH and 

E.SUN COMMERCIAL BANK, LTD., HONG KONG BRANCH 

as New Initial Term Loan Managers 
  

 

 AMENDMENT AND RESTATEMENT AGREEMENT dated as of June 30, 2016 (this
“Amendment”), among VML US FINANCE LLC, a Delaware limited liability company (the “Borrower”), VENETIAN MACAU LIMITED, a Macau corporation (the “Company”), the other GUARANTORS party hereto, the
LENDERS party hereto and BANK OF CHINA LIMITED, MACAU BRANCH, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”)
under the Amended and Restated Credit Agreement, dated as of March 31, 2014 (as amended by the 2015 Joinder Agreement and as otherwise amended prior to the date hereof, the “2014 Credit Agreement”), among the Borrower, the
Company, the Lenders party thereto from time to time and the agents, arrangers, coordinators and bookrunners party thereto. 
 A. Pursuant to
the 2014 Credit Agreement, the Lenders have extended credit to the Borrower in an approximate aggregate amount equal to $5,386,828,593, consisting of (i) the Dollar Equivalent (such capitalized term and other capitalized terms used in these
recitals have the meanings given in Section 1 below) of $2,386,828,592.94 initial aggregate principal amount of Extended Initial Term Loans (as defined in the 2014 Credit Agreement) (the “Existing Extended Initial Term Loans”),
(ii) the Dollar Equivalent of $1,000,000,000 initial aggregate principal amount of Series A New Term Loans (the “Series A New Term Loans” and, together with the Existing Extended Initial Term Loans, the “Existing Term
Loans”) and (iii) up to $2,000,000,000 aggregate principal amount of Revolving Loan Commitments (as defined in the 2014 Credit Agreement), in each case as of the 2014 Restatement Date. 

B. The Borrower has requested that the 2014 Credit Agreement be amended and restated in the form of the Second Amended and Restated Credit
Agreement attached hereto as Annex A (the 2014 Credit Agreement, as so amended and restated, being referred to as the “Amended Credit Agreement”) to modify the terms and conditions of the 2014 Credit Agreement to, among other
things, allow the Borrower to (a) extend the final maturity and the scheduled amortization payment dates of the Existing Term Loans of the existing Lenders consenting hereto, (b) provide additional term loans under the Amended Credit
Agreement in an aggregate principal amount equal to the Dollar Equivalent of $1,000,000,000 and (c) make certain other changes to the 2014 Credit Agreement. 

C. Upon the 2016 Restatement Date, the outstanding Existing Term Loans of each Lender that consents to this Amendment (each an
“Extending Initial Term Lender”) by executing and delivering to the Administrative Agent (or its counsel), on or prior to 5:00 p.m., Hong Kong time, on June 30, 2016 (the “Delivery Time”), a signature page to
this Amendment will be converted into Extended Initial Term Loans (each Lender with an outstanding Existing Term Loan that does not so consent being referred to herein as a “Declining Initial Term Lender”). 

  
 2 

 Accordingly, the parties hereto hereby agree as follows: 

SECTION 1. Defined Terms. All capitalized terms used but not defined herein shall have the meanings given to them in the Amended
Credit Agreement. As used in this Amendment, the following term has the meaning specified below: 
 “Authorized
Officer” means, relative to any Loan Party, those of its officers, directors, attorneys, general partners or managing members (as applicable) or those of the officers of the general partners or managing members (as applicable) whose
signatures and incumbency shall have been certified to the Administrative Agent, the Lenders and the Issuing Lenders pursuant to Section 7(b) hereof. 

SECTION 2. Amendment and Restatement of the 2014 Credit Agreement; Execution of the Amendment. (a) Effective as of the 2016
Restatement Date, the 2014 Credit Agreement is hereby amended and restated in the form of Annex A hereto, showing additions in blue with underline, deletions in red with strikethrough and relocations in green with underline or strikethrough,
as applicable. The Administrative Agent is hereby directed and authorized to date the Amended Credit Agreement as of the 2016 Restatement Date. 

(b) Effective as of the 2016 Restatement Date, (x) the exhibits set forth as Exhibits A-1, A-2, A-3, B-1, B-2,
B-3, C-2, C-3, D-1,
D-2, E-4, E-12, E-13, E-14-I, E-14-II, E-14-III, E-14-IV, H-1, H-2, L-1, L-2, P, Q, R, U, V and W in the instrument delivered pursuant to Section 7(j) of this Amendment (collectively, the “Amended Exhibits”) shall be
inserted into the exhibits to the Amended Credit Agreement and replace the existing Exhibits A-1, A-2, A-3, B-1, B-2, B-3, C-2, C-3,
D-1, D-2, E-4, E-12, E-13, E-14-I, E-14-II,
E-14-III, E-14-IV, H-1, H-2, L-1, L-2, P, Q, R, U, V and W, respectively, and (y) the exhibits E-1-I, E-1-II, E-1-III, E-3-I, E-3-II, E-5, E-6-I, E-6-II, E-6-III, E-7, E-8, E-9, E-10-I,
E-10-II, E-11, E-15, O and T to the 2014 Credit Agreement, each as in effect immediately
prior to the 2016 Restatement Date, shall continue to be the exhibits E-1-I, E-1-II, E-1-III, E-3-I,
E-3-II, E-5, E-6-I, E-6-II, E-6-III, E-7,
E-8, E-9, E-10-I,
E-10-II, E-11 (broken out as E-11-I, E-11-II and E-11-III), E-15, O and T, respectively, to
the Amended Credit Agreement. 
 (c) Effective as of the 2016 Restatement Date, (x) the schedules set forth as
Schedules 1A, 1B, 1C, 1D, 2.1, 5.2, 5.5, 5.13, 5.16B, 5.17B, 7.1, 7.2, 7.3, 7.5, 7.7, 7.10(ii), 7.10(xix) and
10.9 in the instrument delivered pursuant to Section 7(j) of this Amendment (collectively, the “Amended Schedules”) shall be inserted into the schedules to the Amended Credit Agreement and replace the existing Schedules
1A, 1B, 1C, 1D, 2.1, 5.2, 5.5, 5.13, 5.16B, 5.17B, 7.1, 7.2, 7.3, 7.5, 7.7, 7.10(ii), 7.10(xix) and 10.9, respectively and (y) the schedules set forth as Schedules 1E and 1F in the instrument delivered pursuant to
Section 7(j) of this Amendment (collectively, the “New Schedules”) shall be inserted into the schedules to the Amended Credit Agreement. 

(d) Bank of China Limited, Macau Branch is hereby directed by the undersigned Lenders to enter into, in the relevant capacity as Administrative
Agent or Collateral Agent, as applicable, the Loan Documents set forth in clause (b) of Section 7 and Section 9 hereof and to take such other actions as may be necessary or reasonably requested by the Loan Parties to give effect
to the transactions contemplated by this Amendment, the Amended Credit Agreement and such other Loan Documents. The undersigned Lenders further consent to (and direct the Administrative Agent and the Collateral Agent, as applicable, to consent
to, on behalf of the Secured Parties) the termination of or entry into (or the amendment to or amendment and restatement or reaffirmation of) any Loan Document by the Administrative Agent or the Collateral Agent, as applicable, deemed necessary or
reasonably requested by the Loan Parties to release, perfect or continue the perfection (with the applicable priority) of the liens securing the Obligations. 

  
 3 

 SECTION 3. Existing Term Loans. Subject to the terms and conditions set forth
herein and in the Amended Credit Agreement, as of the 2016 Restatement Date, each Extending Initial Term Lender agrees that its Existing Term Loan will be modified to become an Extended Initial Term Loan of like outstanding principal amount and in
the same currency. The Existing Term Loans of each Declining Initial Term Lender shall remain outstanding as Non-Extended Initial Term Loans. The Interest Periods and Adjusted Eurodollar Rates or
HIBOR Rates, as applicable, in effect for the Existing Term Loans immediately prior to the 2016 Restatement Date shall remain in effect for the Non-Extended Initial Term Loans and the Extended Initial Term
Loans resulting from the effectiveness of this Amendment on the 2016 Restatement Date, notwithstanding any contrary provision of Section 2.2 of the 2014 Credit Agreement or the Amended Credit Agreement. 

SECTION 4. New Initial Term Loans. (a) Each Person that submits a signature page hereto as a New Initial Term Lender (the
“New Initial Term Lenders”) hereby agrees to provide its respective commitment as set forth on Schedule A annexed hereto (the “New Initial Term Commitments”) to make a term loan on the 2016 Restatement Date
in the amount of such New Initial Term Commitment (the “New Initial Term Loans”), on the terms and subject to the conditions set forth in this Amendment and the Amended Credit Agreement. As of the 2016 Restatement Date, each New
Initial Term Lender, to the extent not already a Lender, will become a Lender under the Amended Credit Agreement. 
 (a) Each New Initial
Term Lender (i) confirms that it has received a copy of the Amended Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or Agent and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Amended Credit Agreement and the other Loan Documents; (iii) appoints and authorizes Administrative Agent
to take such action as agent on its behalf and to exercise such powers under the Amended Credit Agreement and the other Loan Documents as are delegated to Administrative Agent, by the terms thereof, together with such powers as are reasonably
incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Amended Credit Agreement are required to be performed by it as a Lender. 

SECTION 5. Fees. (a) The Borrower agrees to pay to the Administrative Agent, on the 2016 Restatement Date, for the account of
each Extending Initial Term Lender that transmits its executed counterpart of this Amendment, indicating its consent hereto, to the Administrative Agent on or prior to the Delivery Time (a “Consenting Extending Initial Term
Lender”), an extension fee in an amount equal to 0.50% of the aggregate principal amount of the Existing Term Loans which will constitute Extended Initial Term Loans, held by such Extending Initial Term Lender as of the 2016 Restatement
Date. 

  
 4 

 (a) Borrower agrees to pay to the Administrative Agent, on the 2016 Restatement Date, for
the account of each New Initial Term Lender, an upfront fee in the amount set forth opposite the name of such New Initial Term Lender on Schedule B annexed hereto. 

(b) Borrower agrees to pay to the Administrative Agent, on the 2016 Restatement Date, for the account of each Consenting Extending Initial Term
Lender that is also a New Initial Term Lender, an additional fee in the amount set forth opposite the name of such Lender on Schedule C annexed hereto. 

SECTION 6. Representations and Warranties. To induce the other parties hereto to enter into this Amendment, each of the Company and the
Borrower represents and warrants to each of the other parties hereto, that: (a) the representations and warranties set forth in Section 5 of the Amended Credit Agreement and the other Loan Documents are true, correct and complete in all
material respects on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case they were true, correct and complete in all material respects as of such earlier date and
(b) after giving effect to this Amendment, no Event of Default or Potential Event of Default has occurred and is continuing. 
 SECTION
7. Conditions to the Occurrence of the 2016 Restatement Date. The Amended Credit Agreement shall become effective as of the first date (the “2016 Restatement Date”) that each of the following conditions have been
satisfied: 
 (a) This Amendment has become effective pursuant to Section 9 below. 

(b) Delivery to the Collateral Agent of (i) the amendment to or modification of each of the Foreign Security Agreements set forth on
Schedule D hereto (as in effect immediately prior to the 2016 Restatement Date) and (ii) each of the Foreign Security Agreements set forth on Schedule E hereto, in each case, dated on or before the 2016 Restatement Date, duly
executed and delivered by an Authorized Officer of the applicable Loan Party and, to the extent required, notarized, stamped and in appropriate form for filing with the government of Macau SAR. 

(c) The Administrative Agent shall have received, with respect to each Loan Party, (i) copies of the Organizational Documents of such
Person, certified by the Secretary of State or functional equivalent of its jurisdiction of organization if such certification is generally available dated a recent date prior to the 2016 Restatement Date and in each other case, by such
Person’s secretary or assistant secretary, including the Usufruct Agreements in respect of the Loan Parties organized under the laws of Macau SAR, to the extent applicable; (ii) signature and incumbency certificates of the officers of such
Person executing the Loan Documents being executed on or prior to the 2016 Restatement Date to which it is a party; (iii) resolutions of the Shareholders General Meeting and Declarations from the Directors or resolutions of the Board of
Directors or sole member, as applicable, of such Person approving and authorizing the execution, delivery and performance of this Amendment and the other Loan Documents being executed or amended or amended and restated on or prior to the 2016
Restatement Date to which it is a party, certified as of the 2016 Restatement Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment; and (iv) to the extent available, a good standing
certificate from its jurisdiction of organization and a certificate or other evidence of good standing as to payment of any applicable franchise or similar taxes from the appropriate taxing authority of such jurisdiction, or, in the case of each
Macau corporation, certificates issued by each of the Macau Companies Registry, the Courts of Macau SAR and the Tax Department of Macau SAR (together with an English translation) confirming that such Person exists and that no bankruptcy or other
proceedings customarily covered by such certificates have been filed against such Person and such Person is in good standing as to payment of any taxes levied by the Tax Department of Macau SAR, each dated a recent date prior to the 2016 Restatement
Date. 

  
 5 

 (d) The Administrative Agent shall have received copies of written opinions of
(i) Simpson Thacher & Bartlett LLP, counsel for the Loan Parties, and (ii) Sá Carneiro & Pinheiro Torres, Macau counsel for the Loan Parties, each in form and substance reasonably satisfactory to the Administrative
Agent, the Arrangers and their respective counsel, dated as of the 2016 Restatement Date and setting forth substantially the matters in the opinions designated in Exhibits H-1
and H-2 of the Amended Exhibits, respectively, and as to such other matters as the Administrative Agent or any Arranger may reasonably request. The Company hereby acknowledges and confirms
that it has requested such counsel to deliver such opinions to the Lenders. 
 (e) The Borrower shall have paid (or irrevocably directed the
Administrative Agent to pay) to the Arrangers and the Administrative Agent, for distribution (as appropriate) to the Lenders, the fees payable on the 2016 Restatement Date referred to in Section 5 hereof and subsection 2.3 of the Amended Credit
Agreement and all other costs, expenses and fees owing to any Arranger or any Agent. 
 (f) The Lenders shall have received a Financial
Condition Certificate from the Company dated the 2016 Restatement Date, substantially in the form of Exhibit C-3 of the Amended Exhibits and with appropriate attachments and otherwise
reasonably satisfactory to the Arrangers and the Administrative Agent, demonstrating that, after giving effect to the transactions contemplated by this Amendment and the other Loan Documents, the Loan Parties taken as a whole will be Solvent. 

(g) The government of Macau SAR shall have approved the entry by the Company into this Amendment and the Amended Credit Agreement or, if such
approval has not been granted, the Arrangers and the Borrower shall have reasonably agreed to any amendments necessary to receive such approval and, after giving effect to any such amendments, this Amendment and the Amended Credit Agreement shall be
in form and substance reasonably satisfactory to the Arrangers and the Borrower. 
 (h) The Administrative Agent shall have received a letter
from Corporate Services Company or any other Person reasonably satisfactory to the Arrangers consenting to, or confirming, its appointment by each Loan Party in each case in form and substance acceptable to the Arrangers, as each such Person’s
agent to receive service of process in New York, New York. 

  
 6 

 (i) The Administrative Agent shall have received all Term Loan Notes requested by New
Initial Term Lenders (which requests, if any, shall have been made at least five Business Days prior to the 2016 Restatement Date) executed by the Borrower. 

(j) Each Amended Exhibit, Amended Schedule and New Schedule shall have been agreed between all of the Arrangers and the Borrower, as evidenced
by an instrument executed by the Administrative Agent and the Borrower and attaching the agreed form of each such Exhibit and Schedule. 

SECTION 8. Reaffirmation. Each of the Borrower and the Guarantors, by its signature below, hereby (a) confirms (except as
contemplated by Section 10(e) below) its respective guarantees, pledges and grants of security interests, as applicable, under each of the Loan Documents (as amended, amended and restated or entered into as contemplated hereby) to which it is a
party, and agrees that, notwithstanding the effectiveness of this Amendment or the Amended Credit Agreement, such guarantees, pledges and grants of security interests shall continue to be in full force and effect and shall continue to accrue to the
benefit of the Lenders and the Secured Parties and (b) confirms that all of the representations and warranties made by it contained in the Amended Credit Agreement and each of the other Loan Documents (as amended, amended and restated or
entered into as contemplated hereby) are true, correct and complete in all material respects on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case they were true,
correct and complete in all material respects as of such earlier date. 
 SECTION 9. Effectiveness of this Amendment. The
Administrative Agent is hereby directed and authorized to date this Amendment, and this Amendment shall become effective on such date (the “2016 Amendment Agreement Effective Date”), upon receipt by the Administrative Agent (or its
counsel) of counterparts of this Amendment that, when taken together, bear the signatures of (i) the Borrower, (ii) the Guarantors, (iii) the Requisite Lenders, (iv) the Administrative Agent, (v) the Collateral Agent,
(vi) each Extending Initial Term Lender and (vii) each New Initial Term Lender. 
 SECTION 10. Effect of
Restatement. (a) The Amended Credit Agreement shall, except as otherwise expressly set forth therein, supersede the 2014 Credit Agreement from and after the 2016 Restatement Date with respect to the transactions under the Amended
Credit Agreement and with respect to the Term Loans outstanding under the 2014 Credit Agreement as of the 2016 Restatement Date. All references in the other Loan Documents to the 2014 Credit Agreement shall be deemed to refer without further
amendment to the Amended Credit Agreement. 
 (b) Except as expressly provided herein or in the Amended Credit Agreement, neither this
Amendment nor the effectiveness of the Amended Credit Agreement shall extinguish the Obligations for the payment of money outstanding under the 2014 Credit Agreement or discharge or release the lien or priority of any Loan Document or any other
security therefor or any guarantee thereof, and the liens and security interests in favor of the Collateral Agent for the benefit of the Secured Parties securing payment of the Obligations are in all respects continuing and in full force and effect
with respect to all Obligations. Nothing herein contained shall be construed as a substitution or novation, or a payment and reborrowing, or a termination, of the Obligations outstanding under the 2014 Credit Agreement or instruments
guaranteeing or securing the same, which shall remain in full force and effect, except as modified hereby or by instruments executed concurrently herewith. Except as expressly provided herein (including, without limitation Section 10(e)
below) or in the Amended Credit Agreement, nothing in this Amendment, the Amended Credit Agreement or any other document contemplated hereby or thereby shall be construed as a release or other discharge of the Borrower under the 2014 Credit
Agreement or the Borrower or any other Loan Party under any Loan Document from any of its obligations and liabilities thereunder, and such obligations are in all respects continuing with only the terms being modified as provided in this Amendment
and in the Amended Credit Agreement. 

  
 7 

 (c) The 2014 Credit Agreement and each of the other Loan Documents shall remain in full
force and effect, until and except as modified hereby. This Amendment shall constitute a Loan Document for all purposes of the 2014 Credit Agreement and the Amended Credit Agreement. 

(d) Notwithstanding anything to the contrary in the Amended Credit Agreement, on and after the 2016 Restatement Date, none of the Loan Parties
shall be required to renew, amend or otherwise maintain effectiveness of, or be in compliance with the terms and conditions of, the Gaming Concession Consent or the Land Concessions Consent or (to the extent they imply the effectiveness of the
Gaming Concession Consent or the Land Concessions Consent) the Land Security Assignment between the Collateral Agent and the Company or the Land Security Assignment between the Collateral Agent and the Cotai Subsidiary. 

(e) On or prior to the 2016 Restatement Date, (i) the Collateral Agent shall deliver to the Borrower the original Livranças and
Livranças Side Letter under (and as defined in) the 2014 Credit Agreement, marked “cancelled”, and (ii) each Power of Attorney executed (and as defined) under the 2015 Joinder Agreement shall be revoked and terminated.

 SECTION 11. Notices. All notices hereunder shall be given in accordance with the provisions of Section 10.9 of the
Amended Credit Agreement. 
 SECTION 12. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF
THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 
 SECTION 13.
Jurisdiction. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY LOAN PARTY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT (OTHER THAN THE CONSENTS), OR ANY OF THE OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR
FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK OR ANY COMPETENT COURT OF MACAU SAR. BY EXECUTING AND DELIVERING THIS AMENDMENT, EACH LOAN PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY
(A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE LOAN PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SUBSECTION 10.9 OF THE AMENDED CREDIT AGREEMENT OR TO SUCH PERSON’S AGENT FOR SERVICE OF PROCESS SET
FORTH IN SUBSECTION 10.18B OF THE AMENDED CREDIT AGREEMENT; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE LOAN PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT,
AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; (E) AGREES THAT LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER
JURISDICTION; AND (F) AGREES THAT THE PROVISIONS OF THIS SECTION 13 RELATING TO JURISDICTION AND VENUE SHALL BE BINDING AND ENFORCEABLE TO THE FULLEST EXTENT PERMISSIBLE UNDER NEW YORK GENERAL OBLIGATIONS LAW
SECTION 5-1402 OR OTHERWISE. 

  
 8 

 SECTION 14. Costs and Expenses. The Borrower agrees to reimburse the
Administrative Agent and the Arrangers for their reasonable and documented out-of-pocket expenses incurred in connection with this Amendment, including the reasonable
and documented fees, charges and disbursements of counsel to the Administrative Agent and the Arrangers. 
 SECTION 15.
Counterparts. This Amendment may be executed in counterparts and by different parties hereto on different counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract,
and shall become effective as provided in Section 9 hereof. Delivery of an executed signature page to this Amendment by facsimile or other electronic method of transmission shall be effective as delivery of a manually signed counterpart of
this Amendment. 
 SECTION 16. Headings. Section headings used herein are for convenience of reference only, are not part of
this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 
 SECTION 17.
Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AMENDMENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR
ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AMENDMENT. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that
relate to the subject matter of this transaction, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter
into a business relationship, that each has already relied on this waiver in entering into this Amendment and that each will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents
that it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY
OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 17 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS. In the event of litigation, this Amendment may be filed as a written consent to a trial by the court. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
as of the date first above written. 
  

					
	VML US FINANCE LLC, as Borrower
		
	By:	 	 /s/ Chum Kwon Lock Grant

		 	Name:	 	Chum Kwan Lock Grant
		 	Title:	 	Borrower Designated Officer

 [Signature Page to Amendment and Restatement Agreement] 

					
	VENETIAN MACAU LIMITED
		
	By:	 	 /s/ Chum Kwan Lock Grant

		 	Name:	 	Chum Kwan Lock Grant
		 	Title:	 	Director
	
	VENETIAN COTAI LIMITED
		
	By:	 	 /s/ Chum Kwan Lock Grant

		 	Name:	 	Chum Kwan Lock Grant
		 	Title:	 	Director
	
	VENETIAN ORIENT LIMITED
		
	By:	 	 /s/ Chum Kwan Lock Grant

		 	Name:	 	Chum Kwan Lock Grant
		 	Title:	 	Director

 [Signature Page to Amendment and Restatement Agreement] 

 
					
	 BANK OF CHINA LIMITED, MACAU BRANCH,

as Administrative Agent, Collateral Agent, Swing Line Lender, Issuing Lender and a Lender

		
	By:	 	 /s/ Wong Iao Kun

		 	Name:	 	Wong Iao Kun
		 	Title:	 	Deputy Director of Credit Administration Department

 [Signature Page to Amendment and Restatement Agreement]

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