Document:

EX-10.2

 Exhibit 10.2 

[Name of Employee] 
 [Address] 

[Date] 
 FORM OF EMPLOYMENT AGREEMENT_A 

PRIVATE & CONFIDENTIAL 
 Dear [Name of
Employee], 
 We are pleased to present you with this offer of employment, subject to the terms and conditions outlined in this Employment Agreement
and the attached Appendices 1, 2 and 3. These collectively constitute the “Agreement” between you and Studio City Entertainment Limited, a company duly incorporated and existing under the laws of Macau (the
“Company”). 
 Appointment 
 You
will be appointed to the position of [Position] This appointment subject to the issuance (and subsequent renewal) of an appropriate work visa and will be effective from [Date] or the date you obtain an appropriate working visa,
whichever is the later, (the “Commencement Date”) and will end on your working visa expiry date. Upon renewal of your working visa this Employment will be automatically renewed until the day of expiry your renewed working visa. 

Your employment entity is the Company. 
 The probation period is
[applicable period, if any]. 
 During the term of your employment you shall serve as [Position] or in any other capacity that the Company may
reasonably require without any additional remuneration. Your place of employment shall be the principal offices of the Company in Macau; provided, however, that you understand and agree that you will be required to travel from time to time for
business reasons between Hong Kong, Macau and other business locations of the Company or any other Group Company. 
 You agree that the Company may
(i) if and as permitted by Macau law, require you to perform duties for any other Group Company whether for the whole or part of your working time and in performing those duties; (ii) transfer your employment to another Group Company with
no impact on your responsibility, employment terms and conditions; and (iii) you will keep your immediate supervisor, to be advised by the Company from time to time (“Supervisor”), and/or the Company, fully informed of your
conduct of the business, finances or affairs of the Company and other Group Companies in a prompt and timely manner. You will, based on your best information and knowledge, promptly disclose to your Supervisor and/or Company full details of any
wrongdoing by any employee of any Group Company where that wrongdoing is material to that employee’s employment by the relevant Group Company or to the interests or reputation of any Group Company. 

For so long as you are employed by the Company, you shall devote your full working time, attention and skill to your duties and you shall faithfully serve the
Company and the Group, shall properly perform your duties and exercise your powers in the best interests of the Company and other Group Companies, comply with the Company or Group policies applicable to you from time to time regarding business
conduct, confidentiality and otherwise, shall in all respects conform to and comply with the lawful directions and instructions given to you by your Supervisor and/or Company and shall use your best efforts to promote and serve the interests and
reputation of the Company and other Group Companies. Further, you shall not, directly or indirectly, render services to any other person or organization without the consent of the Supervisor and/or the Company or otherwise engage in activities that
would interfere with your faithful performance of your duties under this Agreement. 

  

			
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 Remuneration 

Your base salary will be MOP                
per annum (the “Base Salary”). It is the Company’s principle that all employees have to take full responsibility of their income tax according to the tax rules of the working location or the jurisdiction governing this
agreement. Any payments made or benefits provided to you under this Agreement shall be reduced by any applicable withholding taxes or other amounts required to be withheld by law. 

If you are requested to serve as a director or an officer of any Group Company and you agree to do so, you will do so for [remuneration amount, if any]. 

Annual Bonus Plan 
 You will be eligible to
participate in the relevant discretionary Annual Bonus Plan (“Plan”) in accordance with prevailing terms and conditions, as relevant to your business unit. Any payment under the Plan shall take into account your individual
performance. 
 Unless otherwise advised by the Company, any discretionary payments under the Plan will be based on the achievement of Studio City property
objectives. 
 The Plan is an absolute discretionary plan and is not an entitlement. The rules and terms relating to the plan (including without limitation,
the terms of payment) and the continuation of a Plan are at the discretion of and subject to the approval of the Parent Company (as defined in Appendix 2), and any other required approval, and may be amended from time to time at Parent
Company’s discretion. 
 Subject to applicable Company Policy, which may be amended from time to time, and other prevailing terms and conditions of a
Plan, you shall not be eligible to participate in a Plan, if: 
  

	(i)	you are not actively working on payment date (i.e. you are on Garden leave); 

  

	(ii)	you have served termination notice or have been served termination notice by the Company on or before payment date; 

  

	(iii)	you have an unsatisfactory performance rating and/or are subject to any disciplinary action (including without limitation any final written warning) during a Plan relevant cycle 

Long Term Incentive Plan 
 From time to time, the
Parent Company may issue a Group wide equity grant to employees, as determined by the Board and the Compensation Committee of the Parent Company. 
 You may
be considered as a potential recipient of such equity grant, if and when a Group wide issuance is determined, subject to approval of Studio City Holdings Limited and any other applicable approval. The equity grant to employees is an absolutely
discretionary plan, and is not an entitlement. The terms of equity grant will be subject to the rules of the equity grant program at that time. 

Employee Benefits 
 You will be provided with a
personalized Employee Benefits Plan, which is summarized in Appendix 
  

	1.	Our policies concerning employee benefits are subject to periodic review. 

  

			
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 Exemption of working hours 

The appointed position is agreed to be a management position and as such you agree that the functions and inherent duties and responsibilities require that you
will be exempt of a working schedule. You therefore agree to waive the normal working hours contemplated by law. 
 You acknowledge and agree that you may
be required to work beyond normal working hours to complete the duties and responsibilities of your position and that your remuneration includes a component for working beyond normal working hours, notwithstanding your rights and guarantees
including rest periods, mandatory holidays and annual leave. 
 No conflict agreement 

You represent and warrant to the Company that (a) you have not taken, and/or will return or (with the consent of your former employer) destroy without
retaining copies, all proprietary and confidential materials of your former employer; (b) you have not used any confidential, proprietary or trade secret information in violation of any contractual or common law obligation to your former
employer; (c) except as previously disclosed to the Company in writing, you are not party to any agreement, whether written or oral, that would prevent or restrict you from engaging in activities competitive with the activities of your former
employer, from directly or indirectly soliciting any employee, client or customer to leave the employ of, or transfer its business away from, your former employer or, if you are subject to such an agreement or policy, you have complied with it; and
(d) you are not a party to any agreement, whether written or oral, that would be breached by or would prevent or interfere with the execution by you of this Agreement or the fulfillment by you of your obligations hereunder. 

Termination of Employment 
 Your Employment may be
terminated in any of the following circumstances: 
  

	a)	By either party giving to the other not less than 6 months prior written notice; 

  

	b)	On immediate written notice if your Employment is terminated for Cause, in which case you will have no claim for damages or any other remedy against the Company. 

Please refer to Clauses 5 and 6 in Appendix 2 for further terms and conditions. 

Governing Law 
 This Employment Agreement and the
attached Appendices 1, 2 and 3 are governed by and shall be interpreted and construed in accordance with the laws of Macau. The parties agree to submit to the exclusive jurisdiction of the courts of Macau in the event of any dispute, claim or matter
arising from the Agreement. 
 It should be noted that headings to the clauses contained in the Agreement are inserted for convenience only and shall not
affect the construction of the Agreement. The terms and conditions of your Employment are considered confidential and should not be disclosed to any unauthorized parties. 

Save for those matters that are expressly contemplated and dealt with in this Agreement, your entitlements and obligations shall be governed by and subject to
the Group and Group’s internal codes, practices, policies and procedures as may be in place from time to time. 

  

			
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 This Agreement contains the entire agreement and understanding of the parties hereto with respect to the matters
covered herein and supersedes all prior or contemporaneous negotiations, commitments, agreements and writings with respect to the subject matter hereof. All such other negotiations, commitments, agreements and writings shall have no further force or
effect, and the parties to any such other negotiation, commitment, agreement or writing shall have no further rights or obligations there-under. 
 You
acknowledge that you have not been induced to enter into this Agreement by any representation, warranty or undertaking not expressly incorporated into it. You agree and acknowledge that your only rights and remedies in relation to any
representation, warranty or undertaking made or given in connection with this Agreement (unless such representation, warranty or undertaking was made fraudulently) will be for breach of the terms of this Agreement, to the exclusion of all other
rights and remedies (including those in tort or arising under statute). 
 If the foregoing concurs with your understanding of the terms and conditions of
Employment, please sign and return the duplicate original of the Agreement to Human Resources Department, initialing each page, to signify your understanding, acceptance and agreement. 

We would like to take this opportunity to congratulate you on your new position, we are looking forward to working with you and welcoming you to our team.

 For and on behalf of 

Studio City Entertainment Limited 
  

	
	  

	[Name]

  

	
	Accepted and agreed by:
	
	  

	Name:
	Nationality:
	Passport No.:
	Date:

  

			
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 Other Terms and Conditions 

APPENDIX 2 
  

	1.	Conditions of the Present Offer of Employment and Regulatory Approval 

  

	a)	This offer is subject to your possession of a valid working visa in Macau, satisfactory outcome of a pre-employment medical and probity check if required. 

 

	b)	Your Employment continues to be subject to the Group’s security checks and may be conditional upon you maintaining a license issued by a regulatory authority, including any regulatory authority in Macau.

  

	c)	You must advise the Company if you are charged with or convicted of any criminal offence, on the commencement or finalization of any civil proceedings in which you are involved as a party, on the commencement of any
bankruptcy proceedings against you, on the making of any default judgment against you, or upon any change of your name, residential address or residency, or working visa status. Failure to make such advice may lead to suspension or cancellation of
your license (if any) and to disciplinary action which may lead to termination of Employment. 

  

	2.	Duties and Responsibilities 

  

	a)	You agree that you will comply with the Group’s Policies and Procedures as determined or varied from time to time and that such Policies and Procedures shall form part of the Agreement. Some of the Group’s
Policies and Procedures provide that a failure to comply may result in disciplinary or other action being taken by the Company. You must familiarize yourself with all Policies and Procedures, to ensure compliance. This appointment is subject to your
agreement to the Code of Business Conduct and Ethics (refer to Appendix 3). 

  

	b)	During your Employment, no private software or personal files are allowed in the Company’s and/or the relevant Group Company’s user units, application servers, computer terminals or workstations.

  

	c)	During your Employment it is also prohibited to use or download any software from the Company and/or the relevant Group Company to all your self-owned personal computers units, application servers, computer terminals,
workstations, data files, designated sites or printed, electronic, magnetic or optical storage media. 

  

	3.	Place of Work 

 Your principal place of work will be in Macau. You may be required to
travel internationally to work at the Shareholders’ offices or other destinations as required by the Company and/or the relevant Group Company with the approval of management. 

 

	4.	Confidentiality 

  

	a)	During the course of your Employment (unless necessary for the performance of your duties hereunder or unless with prior written consent of the Company) and after its termination, you will not directly or indirectly
divulge, disclose or communicate to any person, firm or corporation in any manner whatsoever any Confidential Information which may come to your knowledge during your Employment, and you will not use or attempt to use any such information in any
manner which may injure or cause loss either directly or indirectly to the Company, the Shareholders or Group Companies. 

  

			
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	b)	In the event you become legally compelled to disclose any Confidential Information, you shall provide the Company with prompt written notice so that the Company, the relevant Group Company or the relevant Shareholder
may seek a protective order or other appropriate remedy. If such protective order or other remedy is not obtained, you shall disclose only that portion of the Confidential Information you are legally compelled to disclose or take only such action as
is legally required by binding order and shall exercise your reasonable efforts to obtain reliable assurance that confidential treatment shall be accorded to any such Confidential Information. The Company shall promptly pay (upon receipt of invoices
and any other documentation as may be requested by the Company) all reasonable expenses and fees incurred by you, including attorneys’ fees, in connection with your compliance with the immediately preceding sentence. 

 

	c)	All written documents and other tangible sources of Confidential Information relating to the Company, the Shareholders or any Group Company or their business belong to such relevant Group Companies and shall be returned
to the Company, if requested, and in any event, immediately during the course and upon termination of your Employment. 

  

	5.	Termination of Employment and Garden Leave 

  

	a)	If your Employment is terminated by either you or the Company on notice, or if you purport to terminate the Employment in breach of contract, the Company may in its absolute discretion by written notice require you not
to attend work (or to perform only specified services) until your Employment ends, subject to Company rules or any applicable policy. 

  

	b)	During any period for which the Company exercises its rights under Clause 5 (a) (“Garden Leave”), the Company shall not be obliged to provide you with any work or vest any powers in you and you shall
have no right to perform any services for the Company. Notwithstanding, during the Garden Leave Period you shall continue to comply with all your obligations towards the Company and, if so requested by the Company, you shall attend to your place of
work and/or perform any specified duties required by the Company. 

  

	c)	During any period of Garden Leave, you will: 

  

	 	i)	continue to receive your Base Salary and your contractual benefits (for the avoidance of doubt you will not be entitled to any other benefits that may be provided by the Company from time to time); 

 

	 	ii)	remain an employee of the Company and be bound by the terms of the Agreement; 

  

	 	iii)	not, without the prior written consent of the Company or otherwise at the request of the Company, attend your place of work or any other premises of the Company or any other Group Company; 

 

	 	iv)	not, without the prior written consent of the Company, contact or deal with (or attempt contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or
other business contact of the Company or any other Group Company; and 

  

			
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	 	v)	(except during any periods taken as holiday in the usual way) ensure that the Company knows where you are and how you can be contacted during working hours. 

 

	d)	During Garden Leave you are still subject to immediate termination if you are terminated for Cause. 

  

	e)	If your Employment is terminated by either you or the Company on notice, or if you purport to terminate the Employment in breach of contract, the Company may at its absolute discretion alter your duties and/or transfer
you to another role (such transfer may involve a relocation if agreed) until your Employment ends provided only that: 

  

	 	i)	you have necessary skills and competencies to perform the duties or new role; and 

  

	 	ii)	your Base Salary remains unaltered. 

  

	f)	The Company may suspend you from your Employment on full Base Salary at any time to investigate any matter in which the Company reasonably believes you are implicated or involved (whether directly or indirectly) and
which might amount to Cause. 

  

	g)	Upon termination of your Employment or, if earlier, at the start a period of Garden Leave: 

  

	 	i)	you shall forthwith cease to use all software of the Company and/or the relevant Group Company and shall not delete or remove such items from such company’s user units, application servers, computer terminals,
workstations, data files, designated sites or printed, electronic, magnetic or optical storage media; 

  

	 	ii)	you shall irretrievably delete any information relating to the business of the Company or any other Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in
your possession, custody, care or control outside the premises of the Company or any other Group Company; 

  

	 	iii)	you shall deliver to the Company or the relevant Group Company all materials, records and other information (in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located)
made, compiled or acquired by you during your Employment and relating to the Company or any other Group Company or its or their business contacts, any keys, credit cards and any other property at the Company or any other Group Company which is in
your possession, custody, care or control; 

  

	 	iv)	upon the request of the Company, you shall confirm in writing your compliance with your obligations under this Clause 5 (g). 

  

	h)	You hereby acknowledge and agree that in case of termination of your Employment with the Company you will not be eligible to be re-employed by the Company to work in a casino
operated by the Company in a property not fully owned by the Company or by a Group Company for a period of three months starting from the date of termination of your Employment with the Company. This Clause 5 (h) only apply to employment with Melco
Resorts (Macau) Limited. 

  

	i)	In the event you are engaged in the future by the Company for the purposes of working in a casino operated by the Company in a property not fully owned by the Company or by a Group Company you will not be entitled for
any purposes to any of the amounts, benefits and/or seniority rights in connection with the Agreement. This Clause 5 (i) only apply to employment with Melco Resorts (Macau) Limited. 

  

			
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	6.	Restrictions after Termination of Employment 

  

	a)	You are likely to obtain trade secrets and confidential information and personal knowledge of and influence over suppliers, customers, consultants and employees of the Group Companies during the course of your
Employment. To protect these interests of the Company, you agree with the Company that you will not during the Restricted Period, directly or indirectly, on your own account or on behalf of or in association with any person: 

 

	 	i)	be engaged, concerned, interested or otherwise involved in any Capacity with any business carried on within the Restricted Area which is (or intends to be) wholly or partly similar to or in competition with any
Restricted Business (save as the holder as a passive investor only of not more than 5% of the issued ordinary shares of any company listed on NASDAQ or any other recognized investment exchange); 

 

	 	ii)	be engaged, concerned, interested or otherwise involved in any Capacity with any business carried on within the Other Restricted Area which is (or intends to be) wholly or partly similar to or in competition with any
Restricted Business (save as the holder as a passive investor only of not more than 5% if the issued ordinary shares of any company listed on NASDAQ or any other recognized investment exchange); 

 

	 	iii)	solicit or seek or endeavour to entice away from any Group Company any business orders or customs of any Customer with a view to providing services to that Customer in competition with or similar to any Restricted
Business in whole or in part; 

  

	 	iv)	induce, solicit or entice or endeavour to induce, solicit or entice away from any Group Company any Restricted Employee or offer employment or engagement to any Restricted Employee with a view to the specific knowledge
or skills of such person being used by or for the benefit of any person carrying on business which is (or intends to be) similar to or in competition with the Restricted Business in whole or in part; and 

 

	 	v)	induce, solicit or entice or endeavour to induce, solicit or entice away from any Group Company anyone (other than any Restricted Employee) in the engagement or employment by any Group Company or offer employment or
engagement to such person with a view to the specific knowledge or skills of such person being used by or for the benefit of any person carrying on business which is (or intends to be) similar to or in competition with the Restricted Business in
whole or in part. 

  

	b)	Each of the paragraphs contained in Clause 6 a) constitutes an entirely separate, independent and severable covenant. If any covenant is found to be invalid or unenforceable, this will not affect the validity or
enforceability of any of the other covenants. While you and the Company consider the restrictions set out in Clause 6 a) to be reasonable and necessary in all the circumstances for the protection of the legitimate interests of the Group, it is
agreed that if any one or more of such restrictions shall either taken by itself or themselves together be adjudged to go beyond what is reasonable in all the circumstances for the protection of the legitimate interests of the Group but would be
adjudged reasonable if any particular restriction or restrictions were deleted or if any part or parts of the wording thereof were deleted, restricted or limited in a particular manner, then the restrictions set out in Clause 6 a) shall apply with
such deletions or restrictions or limitations as the case may be. 

  

	c)	Following the Last Employment Date, you will not represent yourself as being in any way connected with the businesses of the Company or of any other Group Company (except to the extent agreed by such a company).

  

			
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	d)	Any benefit given or deemed to be given by you to any Group Company under the terms hereof is received and held on trust by the Company for the relevant Group Company. You will enter into appropriate restrictive
covenants directly with other Group Companies if asked to do so by the Company. 

  

	e)	Part of your remuneration payable under the Employment Agreement is paid in consideration for your undertakings hereunder. You agree that the provisions of this clause are reasonable and necessary for the protection of
the legitimate interests and the goodwill of the Company, do not unduly restrict your ability to find appropriate employment after leaving the Company’s employment, and go no further than is necessary to protect the Company’s legitimate
business interests. 

  

	7.	Surveillance and Data Privacy 

 You understand that the Company (and the Parent Company,
the Shareholders or other Group Company where applicable) will operate surveillance devices in and about their properties and at any equivalent overseas property due to operation necessities. You acknowledge and consent to the lawful: 

 

	 	i)	audio, optical and other surveillance of your activities, including monitoring and recording of your conversations; and 

  

	 	ii)	collection and use of your personal data by the Company, transfer to other Group Companies, for all purposes relating to your Employment, including, without limitation, administering and maintaining personnel records,
paying and reviewing salary and other remuneration and benefits, providing and administering benefits, undertaking performance appraisals and reviews, maintaining sickness and other absence records, taking decisions as to your fitness for work,
providing information and references to future employers, and if necessary, governmental and quasi-government bodies, providing information to future purchasers and potential purchasers of the Company or any other Group Company, transferring
information concerning you outside Macau and Hong Kong, and the lawful monitoring of communications via the Company’s or any other Group Company’s system. 

 

	8.	Other Terms and Conditions 

 The Company reserves the right to transfer you during the
course of employment between the Group Companies and/or companies within the Shareholders’ group to meet business requirements or for operational reasons. Upon acceptance by you, such transfer will be constructed as a continuation of employment
under this Agreement (subject only to the change of the employment entity and, if applicable, any adjusted terms to be mutually agreed between the parties). 
  

	9.	Intellectual Property Rights 

  

	(a)	You hereby agree that any Intellectual Property Rights (as defined below) either alone or jointly with others created, generated, made, conceived, authored, developed or acquired by you at any time (whether or not
during normal working hours) during the term of your Employment, whether or not being rights made in the course of the Employment in conjunction with or in any way affecting or relating to the business of the Company, any Group Company or of any of
its affiliates or capable of being used or adapted for use therein or in conjunction therewith, shall forthwith be disclosed to the Company and shall belong to and be the absolute property of the Company, any Group Company or any of its affiliates
as the Company may direct. 

  

			
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	(b)	You hereby waive unconditionally and irrevocably all your moral rights and rights of a similar nature (including those rights arising under laws) in respect of any work (including works which may come into existence
after the date hereof) in which copyright may subsist, created by you during the Employment in each jurisdiction throughout the world, to the extent that such rights may be waived in each respective jurisdiction. This waiver extends to any and all
acts of the Company and its successors, assigns and licensees and acts of third persons done with the authority of the Company and its successors and assigns. 

  

	(c)	For the purposes of this Agreement, Intellectual Property Rights means a category of tangible and intangible rights protecting commercially valuable products of the human intellect covering industrial property rights,
unfair competition and copyrights, including but not limited to: trademarks, trade names, service marks, designs, character names, domain names, business names, patent rights, inventions confidential information and trade secret rights, know how,
publicity rights, copy and moral rights, rights against unfair competition, database rights, topography rights, photographs, electronic video or images, all computer generated drawings and designs in their original format or design rights or any
rights similar or analogous to any of the foregoing whether registered or unregistered or any right or any application for registration of the same or interest of any kind arising out of or created in respect of any of the foregoing together with
rights in logos, symbols, emblems, insignia, trade dress, know-how and other identifying material and any other similar industrial and intellectual property in any country in the world, in, or arising as a
result of, the provision of the Employment, including any such rights not yet in existence. 

  

	(d)	This clause shall survive after the termination of this Agreement. 

  

	10.	Prohibition of Gambling and Responsible Gaming Commitment 

  

	a)	During your Employment, you are prohibited from gambling at any gaming facility or operation (including any electronic or internet-based gaming facility or operation) operated or offered by Melco Resorts (Macau) Limited
or any of the Group Companies. The Company will strictly enforce this prohibition and any contravention may subject you to disciplinary action (including termination of employment for cause). 

 

	b)	The Company is fully committed in promoting responsible gaming and a healthy lifestyle for its staff and families. In this regard, the Company strongly believes that a person working for the gaming industry or its
ancillary industries should not use its free time to gamble or to go to casinos. As part of the Company ́s pro-active approach to responsible gaming we strongly recommend that while not on duty and during
your free time you do not gamble and do not go to casinos or other gaming facility operations such as slots machines clubs. 

  

			
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	11.	Definition 

 In the Agreement (including the Employment Agreement and Appendices), the
following terms shall have the meanings set forth below unless the context clearly indicates the contrary: 
  

	 	•	 	“Base Salary” has the meaning given in the Employment Agreement; 

  

	 	•	 	“Capacity” means as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity; 

  

	 	•	 	“Cause” means (1) any serious breach by you of the terms of Employment, (2) continued failure to perform your duties and responsibilities of your job position to the standard reasonably
required by the Company (or to follow a lawful order or direction of the Company), other than any such failure resulting from your sickness or disability, (3) serious misconduct, willful act or omission not done in good faith or in furtherance
of the interests or business of the Company, (4) dishonesty, fraud, embezzlement or any other serious criminal offence committed by you (other than trivial traffic offence), (5) habitual neglect of your duties under the Agreement, (6) any
act that brings disrepute to the Group and/or the Shareholders or such other mischief or unauthorized act as mentioned in the Employee Handbook and/or Group Company policies, or (7) any other ground on which the Company is entitled to terminate
your Employment; 

  

	 	•	 	“Commencement Date” has the meaning given in the Employment Agreement; 

  

	 	•	 	“Company” means the employer company to the Agreement as set out in the opening paragraph of the Employment Agreement; 

 

	 	•	 	“Confidential Information” means all private, personal, confidential or proprietary information, tangible or intangible, owned by or pertaining to the Company, the Shareholders or any other Group
Company, which information was learned or acquired by you as a result of the Employment with the Company. Without limiting the generality of the preceding sentence “Confidential Information” shall include, but not limited to, all the
Company, the Shareholders or any other Group Company’s ideas, trade secrets, training programs and techniques, proprietary ideas and concepts, business methods, lists of customers, strategic plans, recipes, legal advice, financial, commercial
or competitive information, technical knowledge, concepts, decisions, programs, processes, procedures, innovations, inventions, market intelligence and database information, secret formulas, player rating and credit line information, customer
information and data, sales data, costs data, profit data, marketing methods, credit and collection techniques, strategic planning data and financial planning data, analyses, compilations, studies or other documents, whether prepared by you or not;
however “Confidential Information” shall not include information or data that: (i) is or becomes generally available to the public, (ii) is or becomes available to you from a third party which is entitled to disclose it without
restriction, or (iii) was known to you from previous business experience before the Employment; 

  

	 	•	 	“Customer” means any person with whom you or anyone working under your supervision or control deals personally who, at the Last Employment Date, is negotiating with the Company or any Group Company for
Restricted Business or with whom the Company or any Group Company has conducted any Restricted Business at any time during the final [time period] of the Employment; 

 

	 	•	 	“Employment” means the employment between you and the Company; 

  

	 	•	 	“Group” means together (i) the Company, (ii) Parent Company and (iii) every company which is for the time being a direct or indirect Holding company or subsidiary of the Company or Parent
Company or, in respect of which either the Company or Parent Company holds at least 30% of the voting rights; 

  

	 	•	 	“Group Company” means a member of the Group and the expression “Group Companies” will be interpreted accordingly; 

  

			
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	 	•	 	“Holding Company” and “Subsidiary” have the meanings given in sections 13 and 15 of the Companies Ordinance, Cap 622 of the Hong Kong SAR, respectively; 

 

	 	•	 	“Last Employment Date” means the date on which your Employment terminates for any reason whatsoever; 

  

	 	•	 	“Melco Resorts (Macau) Limited” means a company in which the Parent Company is the major shareholder that is the holder of license to carry out games of fortune and chance and other games in casino in
Macau; 

  

	 	•	 	“Other Restricted Area” means any country, territory or region in [area], other than the Restricted Area, in which any competitor of the Company or any Group Company carries on or intends to carry on
any business wholly or partly similar to or in competition with any Restricted Business as at the Last Employment Date; 

  

	 	•	 	“Parent Company” means Melco Resorts & Entertainment Limited; 

  

	 	•	 	“Restricted Area” means [area] and any other country, territory or region in which the Company or any Group Company carries on or intends to carry on any Restricted Business as at the Last Employment
Date; 

  

	 	•	 	“Restricted Business” means and includes the operation of gaming machines and the ownership and/or management of gaming venues or casinos and all other commercial activities carried on or to be carried
on by the Company or any other Group Company in which you worked or about which you knew Confidential Information to a material extent at any time during the final two years of the Employment; 

 

	 	•	 	“Restricted Employee” means any person who is employed or engaged by any Group Company and who could damage the interests of any Group Company if he were involved in any Capacity in any business concern
which competes with or is similar to any Restricted Business in whole or in part, and with whom you dealt in the course of your Employment; 

  

	 	•	 	“Restricted Period” means the period of [time period] after the Last Employment Date for Clause 6 a) i) and Clause 6 a) ii); and the period of [time period] after the Last Employment Date
for Clause 6 a) iii), Clause 6 a) iv), and Clause 6 a) v) respectively; 

  

	 	•	 	“Shareholder(s)” means any direct or indirect shareholders of the Company, including Melco International Development Limited together with their respective subsidiaries, and their successors;

  

	 	•	 	“You” and “you” means the employee to the Agreement as set out in the opening paragraph of the Employment Agreement. 

Acknowledgement and acceptance as part of the Agreement 

Accepted and agreed by: 
  

	
	  

	Name:
	Nationality:
	Passport
	Date:

  

			
	Page 8 of 8	  	Employee’s
Initials:                                     

 [Name of Employee] 

[Address] 
 [Date] 

FORM OF EMPLOYMENT AGREEMENT_B 
 PRIVATE &
CONFIDENTIAL 
 Dear [Name of Employee], 
 We are
pleased to make an offer of employment to you upon the terms and conditions as outlined in this Employment Agreement as well as in the attached Appendices hereto (which will collectively constitute the “Agreement” between you
and Studio City Entertainment Limited, a company duly incorporated and existing under the laws of Macau (the “Company”)). This offer is subject to the conditions set out in Clause 1 in Appendix 2. 

 

	1.	Term/ Contract Duration 

 You will be appointed to the position of [Position] effective from
[Date]. Your employment entity is the Company. 
  

	2.	Remuneration 

 Your base salary will be
                 per annum (the “Base Salary”) less appropriate professional tax in Macau and will be paid on a regular basis as advised by the
Company. There will be an annual review during the Company’s general annual base salary review period; for clarification, a review does not necessarily result in an increase of your Base Salary. The first review will not occur earlier than
                . 
  

	3.	Exemption of Working Hours 

  

	a)	The position to which you are being appointed is a management position and you agree that due to your functions and inherent duties and responsibilities you will be exempt of a working schedule. 

 

	b)	You waive the normal working hours contemplated by law and acknowledge that you may be required to work beyond normal working hours in order to complete the duties and responsibilities of your position and your
remuneration includes a component to work beyond normal working hours, notwithstanding your rights and guarantees including rest periods, mandatory holidays and annual leave. 

  
 Page 1 of 4 

	4.	Annual Bonus Plan 

 You will be eligible to participate in the Group’s discretionary bonus
plan (the “Bonus Plan”, with any award under such plan being referred to as the “Bonus”) in accordance with the prevailing terms and conditions. Please refer to Clause 4 in Appendix 2 for terms and conditions. Your
relevant business unit is Studio City, unless otherwise indicated by the Company. 
  

	5.	Long Term Incentive Plan 

  

	 	a)	From time to time, the Parent Company may issue a Parent Group wide equity grant to Employees, as determined by the board and the compensation committee of Parent Company. You may be considered as a potential recipient
of such equity grants, if and when a Parent Group wide issuance is determined, subject to approval of SCH. The equity grant to Employees is an absolutely discretionary plan, and is not an entitlement. The terms of equity grants will be subject to
the rules of the equity grant program at that time. 

  

	 	b)	Hire-On Equity: Upon commencement of Employment you will be eligible to receive “MLCO” shares recommended as follows, and the terms below are subject to the
recommendation of the Parent Company Board’s Compensation Committee: 

  

	 	i)	Equity value of US$                ; 

  

	 	ii)	Equity mix of                 % restricted shares and
                % share options; 

  

	 	iii)	Grant date will be your Employment Commencement Date, or if your Employment Commencement Date falls within a non-trading period, the first day that the trading window is open
subsequent to your Employment Commencement Date; 

  

	 	iv)	Grant price will be the closing price of MLCO ADS on NASDAQ on the grant date, the exercise price for the share options will be the closing price on the grant date, or the average closing price for the 5 business days
immediately preceding the grant date, whichever is higher; 

  

	 	v)	Award will vest in                  tranches in
                 years,                 % will vest on the
                 anniversary of grant date, and the remaining
                % will vest on the                  anniversary of grant
date. 

  

	6.	Employee Benefits 

 You will be provided with the corresponding Employee Benefits programs as
summarized in Appendix 1. 

  
 Page 2 of 4 

	7.	Governing Law 

 This Employment Agreement and Appendices are governed by and shall be interpreted
and construed in accordance with the laws of Macau. The parties agree to submit to the exclusive jurisdiction of the courts of Macau as regards any dispute, claim or matter arising under this Agreement. 

All headings to clauses herein are inserted for convenience only and shall not affect the construction of this Agreement. Words importing the singular number
shall include the plural and vice versa and a gender shall include all genders and the neuter. 

  
 Page 3 of 4 

 We would like to take this opportunity to congratulate you on your new position with us. We would request that
you keep all the terms and benefits described in this Agreement confidential. 
 Please indicate your acceptance of the foregoing terms by signing in the
space provided and initialing each page and returning the duplicate original of this Agreement to Human Resources Department. 
 For and on behalf of 

Studio City Entertainment Limited 
  

	
	 By
  

	  

	[Name]
	Authorized Signatory

 Acknowledgement and Acceptance 
  

	
	 Accepted and Agreed by:
  

	  

	Name
	ID Card No.:
	Date:

  

			
	 Enclosure:
	 	 Appendix 1: Employee Benefit Summary

		 	 Appendix 2: Other Terms and Conditions

		 	 Appendix 3: Code of Business Conduct and Ethics

  
 Page 4 of 4 

 APPENDIX 2 

Other Terms and Conditions 
  

	1.	Conditions of the Present Offer of Employment and Regulatory Approval 

  

	a)	This offer is subject to your possession of a valid working visa in Macau, unrestraint availability for employment, satisfactory outcome of a pre-employment medical, reference and
probity checks if required. 

  

	b)	Your Employment continues to be subject to the Parent Group’s security checks and may be conditional upon you maintaining a license issued by a regulatory authority, including in Macau. 

 

	c)	You must advise the Company if you are charged with or convicted of any criminal offence, on the commencement or finalization of any civil proceedings in which you are involved as a party, on the commencement of any
bankruptcy proceedings against you, on the making of any default judgment against you, or upon you making any change of name or residential address. Failure to make such advice may lead to suspension or cancellation of your license and disciplinary
action including termination of Employment. 

  

	2.	Duties and Responsibilities 

  

	a)	You agree that you will comply with the Company’s Policies and Procedures as determined or varied from time to time by the Company and that such Policies and Procedures shall form part of the Agreement. Some of the
Company’s Policies and Procedures provide that a failure to comply may result in disciplinary or other action being taken by the Company. You must familiarize yourself with all Policies and Procedures, to ensure compliance. This appointment is
subject to your agreement to the Code of Business Conduct and Ethics (Refer to Appendix 3). 

  

	b)	During your Employment, no private software or personal files are allowed in the Company’s and/or the relevant Parent Group Company’s user units, application servers, computer terminals or workstations.

  

	c)	During your Employment it is also prohibited to use or download any software from the Company and/or the relevant Parent Group Company to all your self-owned personal computers units, application servers, computer
terminals, workstations, data files, designated sites or printed, electronic, magnetic or optical storage media. 

  

	3.	Place of Work 

 Your principal place of work will be in Macau. You may be required to
travel internationally to work at the Shareholders’ offices or other destinations as required by the Company and/or the relevant Group Company with the approval of management. 

 

	4.	Annual Bonus Plan 

  

	a)	You will be eligible to participate in the Parent Group’s discretionary Bonus Plan in accordance with the prevailing terms and conditions. 

 

	b)	Payment of the Bonus shall be based upon the achievement by the Group and/or any Group business units as relevant, of its performance objectives (including without limitation, financial and organizational objectives) in
respect of the period to which the Bonus relates (the “Bonus Period”). Payment of the Bonus may also take into account your individual performance during the Bonus Period. 

  
 Page 1 of 8 

	c)	The rules and terms relating to the Bonus Plan (including without limitation, the terms of payment) and the continuation of the Bonus Plan are subject to applicable rules and terms of the Parent Group, which may be
amended from time to time at the discretion of the Parent Group, whilst the quantum of Bonus payment based on achievement of the relevant business unit, is at the discretion of and subject to the approval of SCH. 

 

	5.	Confidentiality 

  

	a)	During the course of your Employment (unless necessary for the performance of your duties hereunder or unless with prior written consent of the Company) and after its termination, you will not directly or indirectly
divulge, disclose or communicate to any person, firm or corporation in any manner whatsoever any Confidential Information which may come to your knowledge during your Employment, and you will not use or attempt to use any such information in any
manner which may injure or cause loss either directly or indirectly to any Parent Group Company. 

  

	b)	In the event you become legally compelled to disclose any Confidential Information, you shall provide the Company with prompt written notice so that the relevant Parent Group Company or the relevant Shareholder may seek
a protective order or other appropriate remedy. If such protective order or other remedy is not obtained, you shall disclose only that portion of the Confidential Information you are legally compelled to disclose or take only such action as is
legally required by binding order and shall exercise your reasonable efforts to obtain reliable assurance that confidential treatment shall be accorded any such Confidential Information. The Company shall promptly pay (upon receipt of invoices and
any other documentation as may be requested by the Company) all reasonable expenses and fees incurred by you, including attorneys’ fees, in connection with your compliance with the immediately preceding sentence. 

 

	c)	All written documents and other tangible sources of Confidential Information relating to any of the Shareholders or any Parent Group Company or their business belong to such relevant Parent Group Companies and shall be
returned to the Company, if requested, and in any event, immediately during the course and upon termination of your Employment. 

  

	6.	Probation and Termination of Employment 

  

	a)	You will be under a probation period of [applicable time period, if any] from the Commencement Date. 

  

	b)	Your Employment with the Company may be terminated in any of the following circumstances: 

  

	 	i)	During the first month of probation, by either party giving to the other immediate notice without compensation;  

  

	 	ii)	during the remaining period of the probation after the first month of Employment, by either party giving to the other 7 days’ prior written notice; after the probationary period, by either party giving to
the other not less than [                    ] prior written notice; 

 

	 	iii)	on immediate notice if you are terminated for Cause, in which case you will have no claim for damages or any other remedy against the Company. 

 

	c)	If your Employment is terminated by either you or the Company on notice, or if you purport to terminate the Employment in breach of contract, the Company may in its absolute discretion by written notice require you not
to attend work (or to perform only specified services) until your Employment ends. 

  

	d)	During any period for which the Company exercises its rights under Clause 6 (c) (“Garden Leave”), the Company shall not be obliged to provide you with any work or vest any powers in you and you shall
have no right to perform any services for the Company. 

  

	e)	During any period of Garden Leave, you will: 

  

	 	i)	continue to receive your Base Salary and all other contractual benefits in the usual way; 

  
 Page 2 of 8 

	 	ii)	remain an Employee of the Company and bound by the terms of the Agreement; 

  

	 	iii)	not, without the prior written consent of the Company, attend your place of work or any other premises of the Company or any other Parent Group Company; 

 

	 	iv)	not, without the prior written consent of the Company, contact or deal with (or attempt contact or deal with) any officer, Employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or
other business contact of the Company or any other Parent Group Company; and 

  

	 	v)	(except during any periods taken as holiday in the usual way) ensure that the Company knows where you are and how you can be contacted during working hours. 

 

	f)	During Garden Leave you are still subject to immediate termination if you are terminated for Cause. 

  

	g)	If your Employment is terminated by either you or the Company on notice, or if you purport to terminate the Employment in breach of contract, the Company may at its absolute discretion alter your duties and/or transfer
you to another role (such transfer may involve a relocation if agreed) until your Employment ends provided only that: 

  

	 	i)	you have necessary skills and competencies to perform the duties or new role; and 

  

	 	ii)	your total remuneration remains unaltered. 

  

	h)	The Company may suspend you from your Employment on full Base Salary at any time to investigate any matter in which the Company reasonably believes you are implicated or involved (whether directly or indirectly) and
which might amount to Cause. 

  

	i)	Upon termination of your Employment or, if earlier, at the start of a period of Garden Leave; 

  

	 	i)	you shall forthwith cease to use all software of the Company and/or the relevant Parent Group Company and shall not delete or remove such items from such company’s user units, application servers, computer
terminals, workstations, data files, designated sites or printed, electronic, magnetic or optical storage media; 

  

	 	ii)	you shall irretrievably delete any information relating to the business of the Company or any Parent Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in
your possession, custody, care or control outside the premises of the Company or any Parent Group Company; 

  

	 	iii)	you shall deliver to the Company or the relevant Parent Group Company all materials, records and other information (in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever
located) made, compiled or acquired by you during your Employment and relating to the Company or any other Parent Group Company or its or their business contacts, any keys, credit cards and any other property at the Company or any Parent Group
Company which is in your possession, custody, care or control; 

  

	 	iv)	upon the request of the Company, you shall confirm in writing your compliance with your obligations under this Clause 6 (i). 

  

	7.	Restrictions after Termination of Employment 

  

	a)	The Employee is likely to obtain trade secrets and confidential information and personal knowledge of and influence over suppliers, customers, consultants and Employees of the Parent Group Companies during the course of
the Employment. To protect these interests of the Company, the Employee agrees with the Company that he will not during the Restricted Period, directly or indirectly, on the Employee’s own account or on behalf of or in association with any
person: 

  

	 	i)	be engaged, concerned, interested or otherwise involved in any Capacity with any business carried on within the Restricted Area which is (or intends to be) wholly or partly similar to or in competition with any
Restricted Business (save as the holder as a passive investor only of not more than 5% of the issued ordinary shares of any company listed on NASDAQ or any other recognized investment exchange); 

  
 Page 3 of 8 

	 	ii)	be engaged, concerned, interested or otherwise involved in any Capacity with any business carried on within the Other Restricted Area which is (or intends to be) wholly or partly similar to or in competition with any
Restricted Business (save as the holder as a passive investor only of not more than 5% if the issued ordinary shares of any company listed on NASDAQ or any other recognized investment exchange); 

 

	 	iii)	solicit or seek or endeavour to entice away from any Parent Group Company any business orders or customs of any Customer with a view to providing services to that Customer in competition with or similar to any
Restricted Business in whole or in part; 

  

	 	iv)	induce, solicit or entice or endeavour to induce, solicit or entice away from any Parent Group Company any Restricted Employee or offer employment or engagement to any Restricted Employee with a view to the specific
knowledge or skills of such person being used by or for the benefit of any person carrying on business which is (or intends to be) similar to or in competition with the Restricted Business in whole or in part; and 

 

	 	v)	induce, solicit or entice or endeavour to induce, solicit or entice away from any Parent Group Company anyone (other than any Restricted Employee) in the engagement or employment by any Parent Group Company or offer
employment or engagement to such person with a view to the specific knowledge or skills of such person being used by or for the benefit of any person carrying on business which is (or intends to be) similar to or in competition with the Restricted
Business in whole or in part. 

  

	b)	Each of the paragraphs contained in Clause 7 a) constitutes an entirely separate, independent and severable covenant. If any covenant is found to be invalid or unenforceable, this will not affect the validity or
enforceability of any of the other covenants. While the restrictions set out in Clause 7 a) are considered by the Employee and the Company to be reasonable and necessary in all the circumstances for the protection of the legitimate interests of the
Parent Group, it is agreed that if any one or more of such restrictions shall either taken by itself or themselves together be adjudged to go beyond what is reasonable in all the circumstances for the protection of the legitimate interests of the
Parent Group but would be adjudged reasonable if any particular restriction or restrictions were deleted or if any part or parts of the wording thereof were deleted, restricted or limited in a particular manner, then the restrictions set out in
Clause 7 a) shall apply with such deletions or restrictions or limitations as the case may be. 

  

	c)	Following the Termination Date, the Employee will not represent himself/ herself as being in any way connected with the businesses of the Company or of any other Parent Group Company (except to the extent agreed by such
a company). 

  

	d)	Any benefit given or deemed to be given by the Employee to any Parent Group Company under the terms hereof is received and held on trust by the Company for the relevant Parent Group Company. The employee will enter into
appropriate restrictive covenants directly with other Parent Group Companies if asked to do so by the Company. 

  

	e)	Part of the remuneration payable to the Employee under the Employee’s employment is paid in consideration for the Employee’s undertakings hereunder. The Employee agrees that the provisions of this clause are
reasonable and necessary for the protection of the legitimate interests and the goodwill of the Company, do not unduly restrict your ability to find appropriate employment after leaving the Company’s employment, and go no further than is
necessary to protect the Company’s legitimate business interests. 

  

	8.	Surveillance and Data Privacy 

 You understand that the Company (and SCH, the
Shareholders or any other Parent Group Company where applicable) will operate surveillance devices in and about their properties and at any equivalent overseas property due to operation necessities. You acknowledge and consent to the lawful: 

  
 Page 4 of 8 

	 	i)	Audio, optical and other surveillance of your activities, including monitoring and recording of your conversations; and 

  

	 	ii)	collection and use of your personal data by the Company, transfer to other Parent Group Companies, for all purposes relating to your Employment, including, without limitation, administering and maintaining personnel
records, paying and reviewing salary and other remuneration and benefits, providing and administering benefits, undertaking performance appraisals and reviews, maintaining sickness and other absence records, taking decisions as to your fitness for
work, providing information and references to future Employees, and if necessary, governmental and quasi-government bodies, providing information to future purchasers and potential purchasers of the Company or any other Parent Group Company,
transferring information concerning you outside Macau and Hong Kong, and the lawful monitoring of communications via the Company’s or any other Parent Group Company’s system. 

 

	9.	Other Terms and Conditions 

 The Company reserves the right to transfer you during the
course of employment between the Group Companies and/or companies within the Parent Group Companies to meet business requirements or for operational reasons. Upon acceptance by you, such transfer will be constructed as a continuation of employment
under this Agreement (subject only to the change of the employer company and, if applicable, any adjusted terms to be mutually agreed between the parties). 
  

	10.	Intellectual Property Rights 

  

	(a)	The Employee hereby agrees that any Intellectual Property Rights (as defined below) either alone or jointly with others created, generated, made, conceived, authored, developed or acquired by the Employee at any time
(whether or not during normal working hours) during the Term, whether or not being rights made in the course of the Employment in conjunction with or in any way affecting or relating to the business of the Company or of any of its affiliates or
capable of being used or adapted for use therein or in conjunction therewith, shall forthwith be disclosed to the Company and shall belong to and be the absolute property of the Company or any of its affiliate as the Company may direct.

  

	(b)	The Employee hereby waives unconditionally and irrevocably all of Employee’s moral rights and rights of a similar nature (including those rights arising under laws) in respect of any work (including works which may
come into existence after the date hereof) in which copyright may subsist, created by Employee during the employment in each jurisdiction throughout the world, to the extent that such rights may be waived in each respective jurisdiction. This waiver
extends to any and all acts of the Company and its successors, assigns and licensees and acts of third persons done with the authority of the Company and its successors and assigns. 

 

	(c)	For the purposes of this Agreement, Intellectual Property Rights means a category of tangible and intangible rights protecting commercially valuable products of the human intellect covering industrial property rights,
unfair competition and copyrights, including but not limited to: trademarks, trade names, service marks, designs, character names, domain names, business names, patent rights, inventions confidential information and trade secret rights, know how,
publicity rights, copy and moral rights, rights against unfair competition, database rights, topography rights, photographs, electronic video or images, all computer generated drawings and designs in their original format or design rights or any
rights similar or analogous to any of the foregoing whether registered or unregistered or any right or any application for registration of the same or interest of any kind arising out of or created in respect of any of the foregoing together with
rights in logos, symbols, emblems, insignia, trade dress, know-how and other identifying material and any other similar industrial and intellectual property in any country in the world, in, or arising as a
result of, the provision of the Employment, including any such rights not yet in existence. 

  
 Page 5 of 8 

	(d)	This clause shall survive after the termination of this Agreement. 

  

	11.	Prohibition of Gambling and Responsible Gaming Commitment 

  

	a)	During your Employment, you are prohibited from gambling at any gaming facility or operation (including any electronic or internet-based gaming facility or operation) operated or offered by Melco Resorts (Macau) Limited
or any of the Parent Group Companies. The Company will strictly enforce this prohibition and any contravention may subject you to disciplinary action (including dismissal). 

 

	b)	The Company is fully committed in promoting responsible gaming and a healthy lifestyle for its staff and families. In this regard, the Company strongly believes that a person working for the gaming industry or its
ancillary industries should not use its free time to gamble or to go to casinos. As part of the Company ́s pro-active approach to responsible gaming we strongly recommend that while not on duty and during
your free time you should not gamble and should not go to casinos or other gaming facility operations such as slots machines clubs and not gamble. 

  

	12.	Definition 

 In the Agreement (including the Employment Agreement and Appendices), the
following terms shall have the meanings set forth below unless the context clearly indicates the contrary: 
  

	 	•	 	“Base Salary” has the meaning given in Clause 2 of the Employment Agreement; 

  

	 	•	 	“Bonus” has the meaning given in Clause 4 of the Employment Agreement; 

  

	 	•	 	“Capacity” means as agent, consultant, director, Employee, owner, partner, shareholder or in any other capacity; 

  

	 	•	 	“Cause” means (1) any serious breach by you of the terms of Employment, (2) continued failure to perform your duties and responsibilities of your job position to the standard reasonably
required by the Company (or to follow a lawful order or direction of the Company) other than any such failure resulting from your sickness or disability, (3) grave misconduct, willful act or omission not done in good faith or in furtherance of
the interests or business of the Company, (4) dishonesty, fraud, embezzlement or any other serious criminal offence committed by you (other than trivial traffic offence), (5) habitual neglect of your duties hereunder, (6) any act that
brings disrepute to the Parent Group and/or the Shareholders or such other mischief or unauthorized act as mentioned in the Employee Handbook, or (7) any other ground on which the Company is entitled to terminate your Employment;

  

	 	•	 	“Commencement Date” has the meaning given in Clause 1 of the Employment Agreement; 

  

	 	•	 	“Company” means the employer company to the Agreement as set out in the opening paragraph of the Employment Agreement; 

 

	 	•	 	“Confidential Information” means all private, personal, confidential or proprietary information, tangible or intangible, owned by or pertaining to the Company, the Group, the Shareholders or any Parent
Group Company, which information was learned or acquired by you as a result of the Employment with the Company. Without limiting the generality of the preceding sentence “Confidential Information” shall include, but not limited to, all the
Company, the Group, Shareholders or any Parent Group Company’s ideas, trade secrets, training programs and techniques, proprietary ideas and concepts, business methods, lists of customers, strategic plans, recipes, legal advice, financial,
commercial or competitive information, technical knowledge, concepts, decisions, programs, processes, procedures, innovations, inventions, market intelligence and database information, secret formulas, player rating and credit line information,
customer information and data, sales data, costs data, profit data, marketing methods, credit and collection techniques, strategic planning data and financial planning data, analyses, compilations, studies or other documents, whether prepared by you
or not; however “Confidential Information” shall not include information or data that: (i) is or becomes generally available to the public, (ii) is or becomes available to you from a third party which is entitled to disclose it
without restriction, or (iii) was known to you from previous business experience before the Employment; 

  
 Page 6 of 8 

	 	•	 	“Customer” means any person with whom the Employee or anyone working under the supervision or control of the Employee deals personally who, at the Termination Date, is negotiating with the Company or
any Parent Group Company for Restricted Business or with whom the Company or any Parent Group Company has conducted any Restricted Business at any time during the final [time period] of the Employment; 

 

	 	•	 	“Employment” means the employment between the Employee and the Company; 

  

	 	•	 	“Group” means together (i) the Company, (ii) SCH and (iii) every company which is from time to time a direct or indirect subsidiary of the Company or SCH or, in respect of which either
the Company or SCH holds at least 30% of the voting rights; 

  

	 	•	 	“Group Company” means a member of the Group and the expression “Group Companies” will be interpreted accordingly; 

 

	 	•	 	“Holding Company” and “subsidiary” have the meanings given in section 2 of the Companies Ordinance, Cap 622 of the Hong Kong SAR ; 

 

	 	•	 	“Parent Company” means Melco Resorts & Entertainment Limited; 

  

	 	•	 	“Parent Group” means together (i) the Parent Company and (ii) every company which is for the time being a direct or indirect Holding company or subsidiary of the Parent Company or, in respect
of which the Parent Company holds at least 30% of the voting rights, which includes the Group; 

  

	 	•	 	“Parent Group Company” means a member of the Parent Group and the expression “Parent Group Companies” will be interpreted accordingly; 

 

	 	•	 	“Melco Resorts (Macau) Limited” means a company in which the Parent Company is the major shareholder that is the holder of license to carry out games of fortune and chance and other games in casino in
Macau; 

  

	 	•	 	“Other Restricted Area” means [area] and any country, territory or region in Asia and Australasia, other than the Restricted Area, in which any competitor of the Company or any Parent Group Company
carries on or intends to carry on any business wholly or partly similar to or in competition with any Restricted Business as at the Termination Date; 

  

	 	•	 	“Person” includes individual, firm, body corporate, corporation, trust, unincorporated body and association and, in respect of each person who is an individual, his/ her personal representative and, in
respect of all persons, their respective successors in title; 

  

	 	•	 	“Restricted Area” means [area] and any other country, territory or region in which the Company or any Parent Group Company carries on or intends to carry on any Restricted Business as at the Termination
Date; 

  

	 	•	 	“Restricted Business” means and includes the operation of gaming machines and the ownership and/or management of gaming venues or casinos and all other commercial activities carried on or to be carried
on by the Company or any other Parent Group Company in which the Employee worked or about which the Employee knew Confidential Information to a material extent at any time during the final two years of the Employment; 

 

	 	•	 	“Restricted Employee” means any person who is employed or engaged by any Parent Group Company and who could damage the interests of any Parent Group Company if he were involved in any Capacity in any
business concern which competes with or is similar to any Restricted Business in whole or in part, and with whom the Employee dealt in the course of the Employee’s employment; 

 

	 	•	 	“Restricted Period” means the period of [time period] after the Termination Date for Clause 7 a) i) and Clause 7 a) ii); and the period of [time period] after the Termination Date for
Clause 7 a) iii), Clause 7 a) iv), and Clause 7 a) v); 

  

	 	•	 	“Shareholder(s)” means any direct or indirect shareholders of the Company, including the Parent Company and/or Melco International Development Limited, together with their respective subsidiaries, and
their successors; 

  

	 	•	 	“SCH” means Studio City International Holdings Limited; 

  
 Page 7 of 8 

	 	•	 	“Signing Date” means the date of your signing of the Agreement; 

  

	 	•	 	“Termination Date” means the date on which your Employment terminates for any reason whatsoever; 

  

	 	•	 	“You” and “you” means the Employee to the Agreement as set out in the opening paragraph of the Employment Agreement. 

Acknowledgement and Acceptance as part of the Employment Agreement 

Accepted and Agreed by: 
  

	
	  

	Name:
	ID Type:
	ID No.:
	Date:

  
 Page 8 of 8EX-10.3

 Exhibit 10.3 

(English Translation) 

SUBCONCESSION CONTRACT FOR OPERATING CASINO GAMES OF CHANCE 

OR GAMES OF OTHER FORMS IN THE MACAU SPECIAL ADMINISTRATIVE REGION 

Between 
 Wynn Resorts (Macau), S.A., , henceforth simply
referred as the “Concessionaire”, with its registered office in Macau at Alameda Dr. Carlos D’Assumpção, no. 335-341, Edifício Hotline, 9th Floor, registered with the Macau Commercial Registry under no. 14917 (SO), duly represented by its Director(s), Stephen Alan Wynn, married, of American nationality, holder of United States of
America passport number 055142925 issued on 20/01/1998, with address at One Shadow Creek Drive, North Las Vegas, Nevada 89031, United States of America, with powers for this effect 

PBL Diversões (Macau) , S.A. henceforth simply referred as the “Subconcessionaire”, with registered office in Macau at Av.
Dr. Mário Soares, n.° 25, Edificio Montepio, 1.o andar, comp. 13, registered with the Macau Commercial Registry under no. 24325 (SO), duly represented by its Director(s), Rowen Bruce Craigie, married, of Australian nationality,
holder of Australian Passport number L6696463, issued on 20/08/1998 with address on 8 Whiteman Street, Southbank, VIC 3006, Australia, with powers for this effect 

Whereas: 
 It was granted by the Macau SAR to the Concessionaire
a concession to operate games of chance and other games in casino, through an administrative concession contract to operate games of chance and other games in casino in Macau SAR on June 24th
2002, which was amended on 8th September 2006; 
 Wynn Resorts (Macau) S.A.. was authorized to sign
this subconcession contract, under the provisions of Clause seventy five, number one of the concession contract executed between the Macau SAR and the Concessionaire; 

It is agreed by the parties the this administrative subconcession contract to exploit games of fortune and other games in casino, which shall be governed by
the following provisions: 
 CHAPTER 1 

SUBJECT MATTER, TYPE AND TERM OF THE SUBCONCESSION 

Article 1 
 Subject
Matter of the Subconcession 
 1. The subject matter of the subconcession granted under this Subconcession Contract is the operation of games of chance
and other games in casino in the Macau SAR of the People’s Republic of China (hereinafter the “Macau SAR”). 
 2. The Subconcession is based
on the Concession granted to the Concessionaire for the operation of games of chance and other games in casino and is partial, as far as the Concession is concerned; the Concessionaire is exempted of its liabilities as far as the
Subconcessionaire’s obligations regards, and in the terms referred to in this contract. 

	3.	The Subconcession does not include the following gaming activities: 

 (1) mutual bets; 

 

	(2)	gaming activities provided to the public, except under article 3, paragraph 7 of Law 16/2001; 

  

	(3)	interactive gaming; and 

 (4) games of chance or any other gaming, betting or gambling activities on board ships
or planes, except under article 5, paragraph 3, subparagraph 1) and paragraph 4, of Law 16/2001. 
 Article 2 

Purposes of the Subconcession 
 The
Subconcessionaire undertakes to: 
  

	1.	ensure the proper exploitation and operation of games of chance and other games in casino; 

 2. employ only
persons that have appropriate qualifications to perform their activities and to assume relevant responsibilities for the management and operation of games of chance and other games in casino; 

3. exploit and operate games of chance and other games in casino in a fair and honest manner without the influence of criminal activities; and 

4. safeguard and ensure the Macau SAR’s interests in the collection of tax revenue from the operation of casinos and other gaming areas. 

Article 3 
 Governing Law
and Competent Jurisdiction 
  

	1.	This Subconcession Contract shall be exclusively governed by the laws of the Macau SAR. 

 2. The Concessionaire
and the Subconcessionaire recognize and accept the exclusive jurisdiction of the court of the Macau SAR to settle any potential dispute or conflict of interests arising between themselves or against the Macau SAR, separately or jointly with any
third parties, and therefore waive their right to file lawsuit in any court outside the Macau SAR. 
 Article 4 

Compliance with the Laws of the Macau SAR 

The Concessionaire and the Subconcessionaire undertake to comply with the applicable laws of the Macau SAR and waive their right to apply regulations of a
place other than the Macau SAR, inter alia to exempt themselves from performing obligations or acts that must be performed by them or that are imposed on them. 

  
 2 

 Article 5 

Participation in the Operation of Games of Chance or Games of Other Forms 

in Other Jurisdictions 
 1. The
Subconcessionaire must immediately inform the Government of the Macau SAR, hereinafter the Government, of its participation, of the participation of any of its directors, of any dominant shareholder, including the ultimate dominant shareholder, or
any shareholder of the Subconcessionaire holding, directly or indirectly 10% or more of its share capital, including participation in the operation through a management agreement, in the operation of casino games of chance or games of other forms in
any other jurisdictions. 
 2. For the purpose mentioned in number 1 above, the Subconcessionaire undertakes to submit and provide or cause to submit and
provide to the Government, as the case may be, any documents, information or data that may be requested by the Government, except those considered confidential by law. 

Article 6 
 Concession
System 
 1. To this subconcession contract the legal framework of the concession regime consisting of the legal framework which comprises the legal
system for operating casino games of chance or games of other forms as approved by the Law No. 16/2001, the Administrative Regulatios No. 26/2001, the implementing rules for operating games of chance (specifically the rules stated in
Article 55 of the Law No. 16/2001 and other supplemental regulations stated in the Law No. 16/2001) as well as the Concession Contract executed between the Macau SAR and the Concessionairs, shall apply. 

2. Without prejudice of the obligations arising from this subconcession contract, the Subconcessionaire undertakes, before the Government, to comply with all
such similar obligations as those of the Concessionaires of games of chance and other games in casino from time to time arising from the legal framework referred to in the above number one. 

Article 7 
 Operation of
the Conceded Business 
 The Subconcessionaire undertakes to operate the subconcession in accordance with the terms and conditions set forth in this
Subconcession Contract. 
 Article 8 

Term of the Subconcession 
  

	1.	The term of the Subconcession granted hereunder shall be June 26th 2022. 

2. The provision of the preceding paragraph shall not prejudice the survival of certain provisions contained herein after the termination of the subconcession.

  
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 CHAPTER 2 

PLACES FOR OPERATING AND RUNNING CASINOS AND OTHER GAMING AREAS 

Article 9 
 Places for
Operating the Subconcession 
 1. In the operation of its business, the Subconcessionaire may only operate games of chance or games of other forms in the
casinos and other gaming areas previously authorized and categorized by the Government. 
  

	2.	The use of any other places to operate the subconcession is subject to approval of the government. 

Article 10 
 Types of
Games, Gaming Tables and Electrical or Mechanical Gaming Machines 
 1. The Subconcessionaire is authorized to operate all games of chance that the
Concessionaire is authorized to, as well as any other games to be authorized by an Order of the Secretary for Economy and Finance, upon request by the Subconcessionaire and after consulting the Gaming Inspection and Coordination Bureau (the
“GICB”). The rules for operating these other games shall be approved by Order of the Secretary for Economy and Finance, after proposal of the GICB. The Subconcessionaire is also authorized to operate any electrical or mechanical gaming
machines, including slot machines, in accordance with the law. 
 2. The Subconcessionaire undertakes to submit to the “GICB” in December of each
year, a list setting forth the number of gaming tables and electrical or mechanical gaming machines, including slot machines, that it intends to operate during the following year, together with their respective location. 

3. The number of gaming tables and electrical or mechanical gaming machines, including slot machines, to be operated by the Subconcessionaire may be amended by
prior notification to the GICB. 
 4. The Subconcessionaire undertakes to maintain and operate in its casinos a minimum diversity of games, as per the
instructions of the GICB. 
 Article 11 

Continuous Operation of Casinos 
  

	1.	The Subconcessionaire undertakes to open its casinos for business everyday of every year. 

 2. Without prejudice
to the preceding paragraph, the Subconcessionaire may determine the daily period during which its casinos and its activities therein will be open to the public. 

3. The set up of daily business hours during which the casinos and its activities therein are open to the public should be notified to the government in
advance and should be posted on the entrance of the casinos. 
 4. The change of the daily business hours during which the casinos and its activities therein
are open to the public should be notified to the Government at least three days in advance. 

  
 4 

 Article 12 

Suspension of the Operation of Casinos and Other Gaming Areas 

1. The Subconcessionaire undertakes to request from the Government authorization to suspend the operation of one or more of its casinos and other gaming areas
for one or several days at least three days in advance. 
 2. The authorization set forth in the preceding paragraph is not required in case of emergency or
force majeure, inter alia, in case of serious accident, catastrophes or natural disasters that seriously endanger the security of any person, and the Subconcessionaire shall promptly inform the Government and the Concessionaire of the
suspension of the operation of its casinos or other gaming areas. 
 Article 13 

Electronic Monitoring and Surveillance Equipment 

1. The Subconcessionaire undertakes to install high international quality standard electronic monitoring and surveillance equipment approved by the GICB in the
casinos and other gaming areas. For this purpose, the Subconcessionaire shall submit to the said authority a written application identifying the equipment it proposes to install together with the relevant technical specifications. Notwithstanding,
the GICB may at any time request models or samples of abovementioned equipment. 
 2. If so requested by the GICB, the Subconcessionaire also undertakes to
install the approved electronic monitoring and surveillance equipment in other areas adjacent to casinos and other gaming areas or other access areas or areas connecting with casinos and other gaming areas. 

3. When reasonably requested by the GICB, in particular in order to ensure the high international quality standard mentioned in the first paragraph, the
Subconcessionaire undertakes to cause the instation of new electronic monitoring and surveillance equipment approved by the GICB. 
 4. The Subconcessionaire
undertakes to immediately report to the relevant public authorities any criminal facts or acts or illegal administrative acts as well as other illegal acts that it deems as serious as soon as it is aware of the same. 

CHAPTER 3 

SUBCONCESSIONAIRE 

Article 14 
 Business,
Address and Form of the Company 
 1. The Subconcessionaire undertakes to have as scope of business solely the operation of casino games of chance or
other games in the casino. 
 2. Subject to the authorization of the Government, the scope of business of the Subconcessionaire may include activities
correlated to the operation of casino games of chance or other games in the casino. 
  

	3.	The Subconcessionaire undertakes to maintain its head office in the Macau SAR and its status of company limited by shares. 

  
 5 

 Article 15 

Share Capital and Shares 
  

	1.	The Subconcessionaire undertakes to maintain a share capital in an amount no less than MOP200,000,000. 

 2. The
Subconcessionaire undertakes to increase its sharecapital if and when the Chief Executive so determines due to justifiable supervening circumstances. 
  

	3.	All share capital of the Subconcessionaire shall be exclusively represented by certificates representative of nominative shares. 

4. The increase of share capital of the Subconcessionaire by means of public offering is be subject to authorization from the government. 

 

	5.	The issuance of preferential shares by the Subconcessionaire is subject to authorization from the government. 

6. Without prejudice of the preceding paragraph, the establishment or issuance of types or categories of shares representing the share capital of the
Subconcessionaire or the modification of such shares is subject to authorization from the government. 
 7. The Subconcessionaire undertakes to take
necessary measures to ensure that all share capital of legal persons that hold shares of the Subconcessionaire, legal persons that hold capital contributions of the above legal person shareholders, up to the ultimate shareholders (both natural
persons and legal persons) that hold capital contributions of the above shareholders are represented only by nominative shares, save for those legal persons that are listed companies with regard to the shares that are traded on a stock market. 

Article 16 
 Transfer of
Shares and Creation of Encumbrances 
 1. Any inter vivos transfer of or creation of encumbrances over the ownership of or rights over shares
representing the share capital of the Subconcessionaire, as well as any act involving the granting of voting rights or other shareholders’ rights to persons other than the original owners, are subject to authorization of the government. 

2. For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall have the obligation to refuse, under any circumstances, to
record or recognize the shareholding of any entity which possesses or owns shares representing its shareholding in the share capital in violation of the provisions contained herein or the law, and it shall not expressly or implicitly recognize any
effect to the above mentioned inter vivos transfer or creation of encumbrances. 
 3. Any transfer mortis causa of the ownership of or rights over
shares representing the share capital of the Subconcessionaire shall be promptly notified to the government. The Subconcessionaire at the same time undertakes to take the necessary measures to record such transfer in its share register book. 

  
 6 

 4. Upon obtaining the permission referred to in the first paragraph, if an owner of shares representing the
ownership of the share capital of the Subconcessionaire or other rights relating to such shares transfers or creates encumbrance over such ownership or rights, or grants the voting rights or other shareholders’ rights to other persons, he shall
promptly notify the Subconcessionaire of the relevant fact. After the Subconcessionaire makes the relevant record in its registers or completes similar procedures, it shall notify the GICB within 30 days and shall submit a copy of the document
legalizing the relevant legal acts and provide detailed information relating to any other stipulated provisions and terms. 
 5. The Subconcessionaire shall
also take measures to obtain the permission of the government with regard to the following acts: any transfer inter vivos of the ownership of shares or other rights relating to such shares of its shareholders (both natural persons and legal
persons), any transfer inter vivos of shares of the above legal person company (both natural persons and legal persons), and so on up to the transfer inter vivos of the shares of ultimate shareholders (both natural persons and legal persons)
provided that such shares shall be directly or indirectly equal to 5% or more of capital contributions of the Subconcessionaire, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market. 

6. The Subconcessionaire shall promptly notify the government after it is aware of the following acts: any transfer mortis causa of the ownership of 5% or more
of the shares or other rights relating to such shares of its shareholders (both natural persons and legal persons), any transfer mortis causa of 5% or more of shares of the above shareholders (both natural persons and legal persons), and so on up to
the transfer mortis causa of the shares of ultimate shareholders (both natural persons and legal persons). 
 7. The Subconcessionaire shall also promptly
notify the government after it is aware of the following acts: the creation of any encumbrance over the shares representing the share capital of its shareholders, the creation of any encumbrance over the shares owned by the above shareholders, so on
up to the encumbrance over the share capital of ultimate shareholders provided that such shares shall be indirectly equal to 5% or more of share capital of the Subconcessionaire, save that this paragraph shall not apply to a listed company’s
shares that are traded on a stock market. 
 8. The provisions of the preceding paragraph shall also apply to the granting of voting rights or other
shareholders’ rights to persons other than the original owners of such rights, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market. 

9. The provisions of the paragraph 4, after necessary amendments, shall apply to the act of transfer of the ownership of capital contributions of share capital
or other rights relating to such contributions as referred to in paragraph 5. 
 10. If a dominant shareholder of the Subconcessionaire, having received
written instructions of a gaming control entity in another jurisdiction in which such dominant shareholder is licensed to operate casino games of chance or games of other forms, does not wish to continue to be a shareholder of the Subconcessionaire,
then, the Government may authorize the dominant shareholder to transfer its shares on the Subconcessionaire share capital, provided that the written instructions received by the dominant shareholder are not due to any facts for which both the
Subconcessionaire or its dominant shareholder are liable. Still, permission of the Government for the acquisition of those shares needs to be obtained. 

  
 7 

 Article 17 

Issue of Bonds 
 Issue of bonds by the
Subconcessionaire is subject to authorization from the government. 
 Article 18 

Listing on a Stock Exchange 
 1. The
Subconcessionaire or a company in which the Subconcessionaire holds majority shares may not be listed on the stock exchange, except with the permission of the government. 

2. The Subconcessionaire shall also have the obligation to take measures to ensure that legal persons that are controlling shareholders of the
Subconcessionaire and whose major business is to directly or indirectly implement projects set forth in the investment plans attached hereto will not, without prior notice given to the government, apply for listing on a stock exchange or conduct any
act aiming at being accepted for listing on a stock exchange. 
 3. An application requesting the permission referred to in the paragraph 1 above and the
prior notice referred to in paragraph 2 above shall be made by the Subconcessionaire and all the necessary documents shall be attached thereto, and the government shall not be prevented from requesting the provision of additional documents, material
and information. 
 Article 19 

Shareholding Structure and Share Capital 

1. The Subconcessionaire must submit to the government in December of each year a document with the latest information of its shareholding structure and the
structure of the share capital of a legal person, especially the companies owning 5% or more of the share capital of the subconcessionaire, the share capital of a legal person owning 5% or more of the share capital of such legal person, and so on up
to the share capital of a natural person or legal person that is an ultimate shareholder, save that this paragraph shall not apply to a listed company’s shares that are traded on a stock market, or it must submit a statement evidencing that
there is no change in the structure of such shareholders or the share capital. 
 2. The Subconcessionaire shall also take measures to obtain and submit to
the government properly-certified statements that are signed by each of the shareholders of the Subconcessionaire and the persons mentioned in the preceding paragraph. The contents of such statements shall state the amount of share capital owned by
such shareholders and shall also state that such share capital is represented by nominative shares. Such statements shall be submitted together with copies of certificate evidencing capital contributions, as well as the latest information or
statement set forth in the preceding paragraph 1. 
 Article 20 

Forbiddance of Holding Being Concurrent Member in Corporate Bodies 

1. As to the operation of casino games of chance or games of other forms, the Subconcessionaire shall have the obligation not to appoint a person holding posts
in the offices of the other concessionaire, or of any subconcessionaire operating in the Macau SAR or the management company of a certain concessionaire operating in the Macau SAR to serve on the Board, the shareholders’ meetings, the
supervisory board or other corporate bodies of the above referred companies. 

  
 8 

 2. The Subconcessionaire must promptly notify the government of the appointment of any person to the Board, the
shareholders’ meetings, the supervisory board or other corporate bodies. 
 3. As to the operation of casino games of chance or games of other forms,
the government must promptly notify the Subconcessionaire of the appointment of any person to boards of directors, shareholders’ meetings, supervisory boards or other corporate bodies of other concessionaires operating casino games of chance or
games of other forms, or of other subconcessionaires or of other managing companies operating casino games of chance or games of other forms in Macao SAR. 

Article 21 
 Management

 1. Granting of the management power of the Subconcessionaire, including the appointment and the scope of authority of the managing director, the term
of such delegation and any amendment to such delegation, especially amendments involving the temporary or definitive replacement of the managing director, shall be subject to the permission of the government. For such purpose, the Subconcessionaire
shall submit a draft of the resolution of the Board of Directors of the Subconcessionaire to the government including the proposal of the Subconcessionaire on the granting of management power, including identity information of the managing director,
the scope of authority of the managing director and the term of delegation, also a description regarding the replacement in case of failure of the managing director to perform his duties for any reason and any resolution regarding the temporary
replacement or the definitive replacement of the managing director. The granting of the management power to the managing director of the Subconcessionaire shall not take effect prior to the permission by the government in connection with the
management power. 
 2. If the government does not approve one or several matters of the above delegation, the Subconcessionaire shall submit a newly drafted
resolution within 15 days upon its receipt of the non approval of the government and, if the Government does not accept the Managing Director appointed by the Subconcessionaire, the Subconcessionaire shall submit to the Government Annex II of the
Administrative Regulation 26/2001 dully compiled by the new Managing Director. 
 3. Unless it is permitted by the government, the Subconcessionaire shall
have the obligation not to give a power of attorney or to appoint a representative so as to grant, on the basis of a stable relationship, the right to establish the legal acts relating to the operation of the enterprise in the name of the
Subconcessionaire, save that this paragraph shall not apply to the power to handle daily matters, especially with public departments or authorities. 

Article 22 
 Articles of
Association and Shareholders’ Agreements 
 1. Any amendment to the Articles of Association (the “Articles”) of the
Subconcessionaire is subject to approval from the government. 

  
 9 

 2. The draft amendments to the Articles of the Subconcessionaire shall be submitted to the government for its
approval at least 30 days prior to the date of the shareholders’ meeting for reviewing the relevant amendments. 
 3. The Subconcessionaire shall submit
to the government a copy of the certified notarization of the document within 30 days after its approval on the said meeting regarding any amendments to the Articles. 

4. The Subconcessionaire shall inform the government of any proposed shareholders agreement that it has knowledge of. For such purpose, apart from taking other
necessary measures, the Subconcessionaire shall also make inquiries to its shareholders whether there is any proposed agreement, especially the proposed agreement regarding the exercise of voting rights or other shareholders’ rights, 15 days
prior to any shareholders’ meeting or during a shareholders’ meeting in case that such shareholders’ meeting is convened without a prior notice, and it shall inform the government of the results of taking such measures. 

5. Within sixty days, the Government shall notify the Subconcessionaire whether it approves the amendments to the Articles of Association of the
Subconcessionaire as well as its shareholders agreements. 
 Article 23 

Obligation to Provide Information 
 1. Apart
from the obligation to provide information as stipulated for the Concessionaires in the concession system set forth in Article 6, the Subconcessionaires shall have the obligations: 

(1) to promptly notify the government of any situation of which it has actual knowledge that will materially affect the normal operation of the
Subconcessionaire, e.g. situations regarding the liquidity and solvency of the Subconcessionaire, any material court cases instituted against the Subconcessionaire, any of its directors, any shareholders holding 5% or more of the share capital of
the Subconcessionaire or any key employees of casinos, any criminal behaviors or administrative violations in its casinos and other gaming areas that the Subconcessionaire is aware of, any hostile behaviors of any senior officer or staff of the
public administrative authority of the Macau SAR, including officers of the security team and law enforcement office, towards the Subconcessionaire or senior officers of its corporate bodies; 

(2) to promptly notify the government of the following events: all events that may materially affect or hinder the punctual and complete performance of any
obligations or that may impose exceedingly onerous liabilities under this Subconcession Contract or all events which may constitute a reason for termination of the subconcession in accordance with the provisions of Chapter 19; 

 

	(3)	to promptly notify the government of any of the following facts or matters: 

 1. the fixed or
contingent, regular or special reward received by the directors of the Subconcessionaire, financiers of the Subconcessionaire and major employees who hold key posts in the casinos in the form of wages, remuneration, salaries or service fees or in
other forms and the mechanism of profit sharing of the Subconcessionaire by the aforesaid entities (if any); 

  
 10 

 2. the benefits existing or to be established, including profit distribution; 

3. the management contracts and services contracts existing or offered by the Subconcessionaire. 

(4) to promptly submit to the government certified copies of the following documents: 

1. evidence or contracts or other documents describing the reward set forth in the preceding subparagraph 1; 

2. evidence or contracts or other documents describing the benefits existing or to be established or profit distribution; 

3. the management contracts and services contracts existing or offered by the Subconcessionaire. 

(5) to promptly notify the Government of any imminent or predictable material adverse changes in the economic and financial situation of the Subconcessionaire
of which it has knowledge as well as material changes in the economic and financial aspects of any of the following entities: 
 1. the
controlling shareholders of the Subconcessionaire; 
 2. the entities having closely associated with the Subconcessionaire, especially those
undertaking or warranting that they will provide finance to the investment to be made or obligations to be borne by the Subconcessionaire in accordance with the provisions of contracts; 

3. the shareholders owning 5% or more of the Subconcessionaire’s share capital who undertook or warrant to provide finance to the
investment to be made or obligations to be borne by the Subconcessionaire. 
 (6) to promptly notify the Government that the annual turnover between the
Subconcessionaire and a third party has reached MOP 250 million or above; 
 (7) to submit to the GICB in January of each year documents setting forth
all bank accounts of the Subconcessionaire and their balances; 
  

	(8)	to promptly provide supplemental or additional information as requested by the government; 

 (9) to promptly
provide the GICB and the Finance Department with materials and information as required for the full performance of their duties. 
 2. The government may
determine that the obligations set forth in subparagraphs (3) and (4) should be performed once a year. 

  
 11 

 CHAPTER 4 

MANAGEMENT COMPANY 

Article 24 
 Notification
Obligation 
 1. The Subconcessionaire shall inform the Government, with a minimum 90 (ninety) days prior notice, of its intention to contract a
Management Company to manage activities not related to casino games of chance or games of other forms. 
 2. For the applicability of the preceding
paragraph, the Subconcessionaire shall send to the Government a certified copy of the Articles of Association of the Management Company or similar document as well as a copy of the draft of the Management Contract. 

3. The Subconcessionaire shall not celebrate contracts under the provisions of which another company gains management powers over the Subconcessionaire as to
the operation of casino games of chance or games of other forms. 
 4. Non-compliance with number three above,
without prejudice of other sanctions or penalties, shall imply the payment of a penalty of MOP 500.000.000,00 (five hundred million patacas) to the Macau SAR. 

CHAPTER 5 
 APPROPRIATE
QUALIFICATIONS 
 Article 25 

Suitability of the Subconcessionaire 
  

	1.	The Subconcessionaire shall maintain its suitability during the subconcession term, in accordance with the law. 

2. For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall accept the permanent and continuous monitoring and
supervision of the government, in accordance with the law. 
 3. The Subconcessionaire will promptly pay the costs of the suitability processes; for such
purpose, GICB will issue a document with the referred costs. This document will be considered as enough evidence of such costs. 
 Article
26 
 Suitability of the Shareholders, Directors and Major Employees of the Subconcessionaire 

1. Shareholders who own 5% or more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts
in the casinos shall maintain their suitability during the subconcession term, in accordance with the law. 
 2. For the applicability of the provisions of
the preceding paragraph, shareholders who own 5% or more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos shall accept the permanent and continuous monitoring
and supervision exercised by the government, in accordance with the law. 
 3. The Subconcessionaire shall take measures to cause shareholders who own 5% or
more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos to maintain their suitability during the subconcession term, and is fully aware that the said suitability
reflects on the suitability of the Subconcessionaire. 

  
 12 

 4. The Subconcessionaire shall request shareholders who own 5% or more of the share capital of the
Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos to notify the government promptly of any facts which may materially affect the suitability of the Subconcessionaire or of the above
shareholders, directors and key employees. 
 5. For the applicability of the provisions of the preceding paragraph, the Subconcessionaire shall question
shareholders who own 5% or more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos every six months if they are aware of any facts that may materially affect
their suitability or that of the Subconcessionaire. This shall not prevent the Subconcessionaire from notifying the government immediately upon obtaining knowledge of any material facts. 

6. The Subconcessionaire undertakes to promptly notify the Government of any facts that may materially affect the suitability of shareholders who own 5% or
more of the share capital of the Subconcessionaire, directors of the Subconcessionaire and key employees holding important posts in the casinos. 
 7. Number
3 of the preceding Clause is applicable to the suitability process of the shareholders who own 5% or more of the share capital of the Subconcessionaire, and to those of its directors and its key employees on the casino. 

Article 27 
 Special
Obligations of Cooperation 
 In addition to the general obligation of cooperation of Article 67, the Subconcessionaire shall have the obligation to
provide promptly any documents, information or materials that the government deems necessary to examine whether the Subconcessionaire has appropriate suitability. 

Article 28 
 Special
Obligations of Notification 
 1. The Subconcessionaire shall promptly notify the government in case of any termination of license or concession to
operate casino games of chance or games of other forms in any other jurisdiction held by any shareholders who own 5% or more of the share capital of the Subconcessionaire. 

2. The Subconcessionaire shall promptly notify the government, after receiving knowledge of the same, of any investigation relating to a fact that may give
rise to the possibility of a gambling regulator in another jurisdiction to punish, suspend or affect in any other way the license or concession to operate casino games of chance or games of other forms held by any of the shareholders holding 5% or
more of the share capital of the Subconcessionaire in such jurisdiction. 

  
 13 

 CHAPTER 6 

FINANCIAL CAPACITY AND FINANCING 

Article 29 
 Financial
Capacity of the Subconcessionaire 
 1. The Subconcessionaire shall maintain its financial capacity to operate the subconcession, and to fully and
punctually perform its obligations relating to its business, to the investment and obligations provided herein or that the Subconcessionaire undertook, in particular the investments plan attached to this Subconcession Contract. 

2. For the applicability of the provisions of the preceding paragraph, the Subconcessionaire and its shareholders who own 5% or more of the share capital are
subject to the permanent and continuous monitoring and supervision of the government, in accordance with the law. 
 3. The Subconcessionaire shall promptly
pay the costs of its financial suitability process and the financial suitability process of its shareholders who own 5% or more of its share capital; for such purpose, GICB will issue a document with the referred costs. This document will be
considered as enough evidence of those costs. 
 Article 30 

Loans and Similar Contracts 
 1. The
Subconcessionaire shall inform the government of any loans given to a third party and of any contracts of the same kind that exceed the amount of MOP30 million. 

2. The Subconcessionaire undertakes not to give any loans or to enter into similar contracts with its directors, shareholders or key employees holding
important posts in the casinos, unless otherwise permitted by the government. 
 3. The Subconcessionaire undertakes not to enter into any contract with
commercial enterprise owners, which will vest in them the power to manage or participate in the management of the Subconcessionaire, including “step in rights” contracts, except as permitted by the government. 

Article 31 
 Risk
Undertaking 
 1. The Subconcessionaire expressly undertakes all the obligations and full and exclusive liability incurred in connection with all
inherent risks of the subconcession in connection with the financial capacity and financing of the Subconcessionaire, without prejudice to the applicability of the provisions of Article 40. 

2. The Macau SAR is not subject to any obligation, does not undertake any responsibility or risk in connection with the financing of the Subconcessionaire.

 Article 32 

Financing 
 1. The Subconcessionaire
undertakes to obtain the necessary financing to fully and punctually perform its obligations related to any of its activities, investments and to any obligations that it has validly assumed or for which the Subconcessionaire is, under this contract,
obliged to perform, in particular for the investment plans attached to this Subconcession Contract. 

  
 14 

 2. Any defense or counterplea resulting from contractual relations between the Subconcessionaire and third
parties (including entities that provide financing and shareholders of the Subconcessionaire) in connection with the above financing shall not be evocable against the Macau SAR. 

Article 33 
 Legal
Reserves 
 The Subconcessionaire undertakes to keep reserves as required by the law. 

Article 34 
 Special
Obligations of Cooperation 
 1. Without prejudice of the general obligation of cooperation stipulated in Article 67, the Subconcessionaire undertakes to
provide promptly any documents, information or materials that the government deems necessary to determine whether the Subconcessionaire has appropriate financial capacity. 

2. The Subconcessionaire undertakes to promptly inform the government of any loan, mortgage, debt instrument, guarantee or other obligation that equals or
exceeds the amount of MOP8 million assumed or to be assumed in order to obtain financing for any aspect of its business. 
 3. The Subconcessionaire
shall promptly provide the government with certified copies of documents relating to any loan, mortgage, debt instrument, guarantee or obligation assumed or to be assumed in order to obtain financing for any aspect of its business. 

4. The Subconcessionaire undertakes to take the necessary measures to obtain and submit to the government a statement signed by each of its controlling
shareholders (including ultimate controlling shareholders), pursuant to which each of such shareholders agrees to be bound by the above special obligations of cooperation. Accordingly, upon the request of the government, each of such shareholders
shall provide all documents, information, materials or evidence and give any permission. 
 CHAPTER 7 

INVESTMENT PLANS 

Article 35 
 Investment
Plans 
 1. The Subconcessionaire undertakes to implement the investment plan attached to this Subconcession Contract under the terms therein stated.

 2. The Subconcessionaire undertakes, inter alia, to: 

(1) use qualified labour in all its projects; 
 (2) give priority
to corporations with permanent activity or incorporated in the Macau SAR and to Macau SAR residents when retaining enterprises and recruiting workers for implementing the projects set forth in the investment plan attached to this Subconcession
Contract; 

  
 15 

 (3) comply with technical rules and regulation applicable in the Macau SAR, in particular the Land Technical
Rules approved by Decree No. 47/96/M of August 26, and the Rules for Safety and Loading of Building Structure and Bridge Structure approved by Decree No. 56/96/M of September 16, as well as the specifications and homologations issued by
the official authorities and instructions from the manufacturers or patent owners during its conception of the construction projects related with the projects set forth in the investment plan attached to this Subconcession Contract,; 

(4) submit the projects set forth in the investment plan attached to this Subconcession Contract to the Land and Public Works and Transportation Department
(“DSSOPT”) together with a quality control manual prepared by an entity with recognized experience in identical services of the same type, and recognized and approved by such Department, in addition to a operating plan and a financial and
operating records works and the resumes of professionals in charge of each construction area, further to all other documents required by the applicable legislation (in particular the Decree No. 79/85/M of August 21). If the Subconcessionaire fails
to submit a quality control manual or the quality control manual submitted is not approved, the Subconcessionaire must comply with the quality control manual prepared by a professional entity designated by the DSSOPT; 

(5) complete the construction strictly based on the approved projects and in accordance with applicable laws and regulations and in accordance with
internationally recognized standards for similar construction work or supplies and the industry best practice; 
 (6) comply with the construction and
opening periods for the projects set forth in the investment plans attached to this Subconcession Contract; 
 (7) use materials, systems and equipment
certified and approved by recognized entities and in accordance with international standards and generally recognized as having high international quality during the implementation of the projects set forth in the investment plan attached to this
Subconcession Contract; 
 (8) maintain the quality of all projects set forth in the investment plans attached to this Subconcession Contract according to a
high international quality standard; 
 (9) ensure that the quality standard of the commercial facilities therein is of high international quality standard;

 (10) maintain a modern, high efficient and high-quality management according to a high international quality standard; 

(11) promptly inform the Government of any situation that causes or may cause material changes to the normal development of construction or operation of the
facilities of the Subconcessionaire, or in the case of structural anomalies relating to the building structure of the facilities of the Subconcessionaire or any other unusual conditions by submitting a detailed report stating such conditions and
reasons. The report shall state the assistance provided by other entities that are generally recognized as qualified and prestigious and the measures taken or to be taken to solve the relevant situatuations or anomalies. 

3. The Subconcessionaire shall be liable to the Macau SAR and third parties for any damage caused by error or serious negligence and for which the
Subconcessionaire is responsible in the design and dimension of the project, implementation of construction work, and maintenance of the constructions set forth in the investment plan attached to this Subconcession Contract. 

  
 16 

 4. The government may authorize that the periods mentioned in subparagraph (6) be amended without amending
this Subconcession Contract. 
 5. The government undertakes to enable the Subconcessionaire to directly or indirectly implement the projects set forth in
the investment plan attached to this Subconcession Contract in accordance with laws. 
 Article 36 

Amendments to the Projects set forth in the Investment Plans 

1. During the implementation of the investment plan attached to this Subconcession Contract, the government may request the Subconcessionaire to provide any
document or to amend the implementation of projects contained in the investment plans to ensure compliance with current technical norms or rules and the required quality standard. 

2. The government may not impose any amendment to the above projects that may result in an increase of the total amount mentioned in Article 39. 

Article 37 
 Inspection

 1. In accordance with the contents of the investment plan attached to this Subconcession Contract and the applicable regulations, the government may,
in particular through the DSSOPT, supervise and inspect the implementation of the construction work, in particular the implementation of work plans and the quality of materials, systems and equipment. 

2. The DSSOPT shall inform the Subconcessionaire of the representative designated by it for supervision and inspection purpose. If more than one representative
is designated to supervise and inspect the implementation of construction work, one of them shall be appointed as the supervisor. 
 3. For the purposes of
the above paragraph no. 1, the Subconcessionaire must provide a detailed report on a monthly basis regarding the progress of implementing the investment plan attached to this Subconcession Contract. Such monthly report shall include at least the
following: 
 (1) important events, number of personnel and quantity of relevant materials, systems and equipment involved; 

(2) work progress of various work plans (progress control); 
 (3)
updated financial records and implementation records; 
 (4) demand for projects, supply, resources, materials, systems and equipment; 

(5) major measures to be taken to ensure the compliance with the work plans; and 

(6) things to be done to correct errors. 

  
 17 

 4. When necessary, especially when the normal work progress of the investment plan attached to this Subconcession
Contract is affected, the Subconcessionaire undertakes to submit a detailed special written report. 
 5. Upon the request of the government, the
Subconcessionaire undertakes to submit any document within a stipulated period, especially written and graphic information relating to the investment plan attached to this Subconcession Contract. 

6. The Subconcessionaire shall also provide all required supplemental statements and information relating to the documents referred to in the preceding
paragraph. 
 7. If the government has any doubt about work quality, it may force the Subconcessionaire to conduct any tests in addition to scheduled tests.
When necessary, the government may seek the opinion of the Subconcessionaire about the decision-making rules applicable to such tests. 
 8. The expenses for
conducting the above tests and correcting the defects found during such tests shall be borne by the Subconcessionaire. 
 9. Orders, circulars or notices
with a technical nature in connection with the implementation of construction work may be directly sent by the government, namely through the DSSOPT, to the chief technical officer of the construction site. 

10. The chief technical officer shall constantly monitor the relevant work and shall arrive at the construction site upon request. 

11. If it is found that the implementation of construction work is not in compliance with the approved project plan or is in breach of applicable laws,
regulations or contracts, the government may, through the DSSOPT suspend and ban the implementation of construction work in accordance with the law. 
 12.
The right to inspect the performance of obligations provided hereunder shall not result in any liability to the Macau SAR in connection with the implementation of construction work. The Subconcessionaire shall be solely liability for all
imperfections or defects in connection with the planning, implementation or performance of construction work, unless such imperfections or defects are caused by decisions of the government. 

Article 38 
 Contracting
and Subcontracting 
 Third parties contracting and subcontracting shall not exempt the Subconcessionaire from performing its statutory obligations or
contractual obligations. 
 Article 39 

Use of Outstanding Amount of the Investment set forth in the Investment Plan 

If, after the completion of construction set forth in the investment plan attached to this Subconcession Contract, the total amount of expenses made directly
or, subject to prior approval from the Government, indirectly by the Subconcessionaire is lower than MOP 4.000.000.000,00, the Subconcessionaire must use the remaining amount on correlated projects to be designated by the Subconcessionaire and
accepted by the government and or on projects that are designated by the government with significant public benefit to the Macau SAR. 

  
 18 

 Article 40 

Insurance 
 1. The Subconcessionaire must
enter into and renew the necessary insurance contracts to ensure that inherent risks of the subconcesssion are effectively and fully covered by insurance. The relevant insurance contracts must be entered into with insurance companies permitted to
operate in the Macau SAR. If it is not feasible to purchase insurance with such kind of insurance companies or such purchase brings an excessive burden to the Subconcessionaire, upon permission of the government, the relevant insurance contracts may
be entered into with insurance companies outside the Macau SAR. 
 2. The Subconcessionaire shall especially ensure that the following insurance contracts
shall be entered into and the effectiveness of such contracts shall be maintained: 
 (1) work-related accidents and occupational illnesses insurance for
workers of the Subconcessionaire; 
 (2) vehicles civil liability insurance for all the vehicles owned by the Subconcessionaire; 

(3) ships, planes or other aeronautical devices civil liability insurance for those owned by the Subconcessionaire or leased to the Subconcessionaire; 

(4) civil liability insurance for fixing advertising material; 

(5) general civil liability insurance in connection with the operation of casino games of chance or games of other forms in the Macau SAR and the development
of other businesses covered in the subconcession, but not covered by any other insurance contracts; 
 (6) other insurance for loss and damages in buildings,
furniture, equipment and other assets used in the subconcession; 
 (7) construction insurance (all risks, including civil liability) in relation to
conducting any work in buildings related to the subconcession or conducting any work in such buildings. 
 3. The insurance policies referred in paragraph
(6) above shall be “multi-risk”, including, at least, the following: 
 (1) fire, thunder and lightning, or explosion (of any kind); 

(2) pipe rupture or leakage or spillage of water storage tanks, boilers, water pipes, underground water storage, sinks or other water-conveying equipment; 

(3) flood, typhoons, tropical storms, volcano eruptions, earthquake, or any other natural disaster; 

(4) crash or impact of planes or other flying devices or objects fallen or thrown from planes or other flying devices; 

  
 19 

 (5) impact of vehicles; 

(6) burglary or robbery; 
 (7) strikes, assaults, riots, public
disorder or any other acts of the same nature. 
 4. The insurance amount or the minimum protection for the insurance referred to in paragraph 2 above, shall
be: 
 (1) in accordance with the applicable laws and regulations for the insurance referred to in paragraphs (1) to (4); 

(2) the amount to be determined by the government after considering the volume of business of the subconcession and incidence rate for the previous year and
other parameters, for the insurance referred in paragraph (5) above; 
 (3) equal to the net value of the assets, for insurance referred to in paragraph
2(6) above, the net value shall mean the gross value minus accumulated depreciation; and 
 (4) the total value of the construction, for insurance referred
to in paragraph 2(7). 
 5. The Subconcessionaire shall ensure that any entity with which the Subconcessionaire concludes a contract has purchased valid
insurance for work-related accidents and occupational illnesses. 
 6. The Subconcessionaire shall submit evidence to the government of that fully effective
insurance contracts have been entered into. Upon execution of insurance contracts or renewal of such insurance contracts, the Subconcessionaire shall deliver copies of such insurance contracts to the government. 

7. Before copies of insurance contracts set forth in the preceding paragraph are delivered to the government, the Subconcessionaire shall have the obligation
not to start any construction or work. 
 8. The Subconcessionaire may not cancel, suspend, amend or replace any insurance except with the permission of the
government. However, if it is only a case of change of insurance company, the Subconcessionaire shall promptly inform the government of such circumstances. 

9. If the Subconcessionaire fails to pay its insurance premium, the government may directly pay such insurance premium on behalf of the Subconcessionaire by
using the guarantee deposit made for the compliance of the Subconcessionaire’s statutory or contractual obligations. 
 10. The insurance policies that
the Concessionaire is responsible for to provide under the Concession Contract signed between the Government and the Concessionaire, do not include nor replace those referred to in this Clause. 

  
 20 

 CHAPTER 8 

ASSESTS 
 Article 41

 Assets of the Macau SAR 
 1. The
Subconcessionaire shall ensure that the assets of the Macau SAR obtained or to be obtained for the operation of the subconcession by means of the temporary transfer of the right to interest, income and use are in perfect condition or replaced in
accordance with the instructions of the GICB. 
 2. The Subconcessionaire shall ensure that the land and natural resources under the administration of the
government in accordance with the provisions of Article 7 of the Basic Law of the Macau SAR provided or to be provided through leases or concessions due to the operation of the subconcession are in perfect conditions. 

Article 42 
 Other Assets

 1. The casinos, as well as the equipment and utensils used for gaming business shall be located in properties owned by the Subconcessionaire. No
encumbrances shall be created over such casinos, equipment and utensils, except for those authorized by the government. 
 2. Notwithstanding the
authorization specified in the preceding paragraph, the Subconcessionaire shall cause the casinos and the equipment and utensils used for gaming business, including the equipment and utensils located outside the casinos, not to be charged or
encumbered upon the termination of this Subconcession Contract. 
 3. Except when authorized by the Government, the casinos shall not be located at any
properties where the right of use is created by lease contracts or contracts of similar nature or by any other type of contracts which do not grant the full ownership of the property to the Subconcessionaires, even if such contracts are non-typical contracts. The mentioned authorization may stipulate as condition precedent that the Subconcessionaire acquires the units where the casinos are located 180 prior to the date set out in paragraph 1 of
clause 43, unless the subconcession terminates prior to such date and in such case, that such units shall be acquired by the Subconcessionaire in the shortest time possible, namely to allow the transfer of ownership of the casinos to the Macau SAR.

 4. When duly authorized, the Subconcessionaire shall submit to the government copies of the contracts specified in the preceding paragraph and all
amendments to and alternations of such contracts, notwithstanding that such amendments and alternations may have a retroactive effect. 
 5. The
Subconcessionaire shall locate all of its casinos in buildings or complex of buildings with registered strata title even though such buildings or complex of buildings constitute one economic and functional unit, so that the casinos constitute one or
more independent units, which area should be precisely identified and defined. 
 6. For the applicability of the provisions of the preceding paragraph, the
Subconcessionaire shall promptly submit to the government the property registration certificate regarding strata title of the property, which shall set forth the description of all individual units and enclose a plan confirming and defining the
relevant areas. 
 7. The Subconcessionaire shall register any amendments to the strata title and promptly submit the relevant property registration
certificate to the government through the Finance Services Bureau. 

  
 21 

 8. The Subconcessionaire shall also submit to the government the rules and regulations of the condominium
applicable to the units registered under strata title for approval. 
 Article 43 

Reversion of the Casinos and of the Equipment and Utensils used for Gaming Business 

1. On June 26th 2022, except when termination occurs prior to that date, the casinos and the equipment and
utensils used for gaming business, including the equipment and utensils located outside the casinos, shall automatically revert to the Macau SAR without compensation. Upon the delivery of the aforesaid assets, the Subconcessionaire shall ensure that
such assets are good maintenance and operation condition except for fair wear and tear resulting from the use in compliance with the provisions of this subconcession Contract and free from charge or encumbrance. 

2. The Subconcessionaire shall immediately deliver the assets specified in the preceding paragraph. 

3. In case that the Subconcessionaire does not deliver the assets specified in paragraph 1, the government shall immediately have administrative possession
over such assets. The relevant expenses shall be paid from the guarantee deposit provided by the Subconcessionaire to guarantee performance of statutory or contractual obligations. 

4. On the date referred to in number 1 above, the government shall inspect the assets as specified in Articles 41 and 42 to examine the conditions of custody
and maintenance of such assets and prepare a record note of the inspection. At the time of inspection, a representative of the Subconcessionaire may participate in such inspection. 

5. Upon the dissolution or liquidation of the Subconcessionaire, the division of assets of the Subconcessionaire shall not be carried out if the government has
not proved that the assets are in good maintenance and operation condition through the mandatory listing of assets procedures specified in the following article or if the Subconcessionaire fails to ensure that the payment of damages or any amounts
payable to the Macau SAR may be satisfied by any guarantees acceptable to the government. 
 6. The provision of the last part of paragraph 1 shall not
interfere with the normal renovation of the equipment and utensils used in the gaming business. 
 Article 44 

List of Assets Used in the Subconcession 

1. The Subconcessionaire shall prepare a list in triplicate of all assets and rights belonging to the Macau SAR and used for the conceded business and all
revertible assets and update such list of assets. Accordingly, the Subconcessionaire shall update the relevant list in case of any changes by no later than May 31 of each year, and submit copies of such list to the GICB and the Finance
Department respectively. 
 2. In the year of the termination of the subconcession, the aforesaid list shall be mandatorily prepared sixty days prior to the
termination of the subconcession. 

  
 22 

 3. Under other situations of termination of the Subconcession Contract, the listing of assets specified in the
first paragraph shall be conducted on the date and at the time as specified by the government. 
 Article 45 

Improvement 
 The improvements of whatever
nature made to the assets mentioned in Article 41 as well as the revertible assets do not entitle the Subconcessionaire and/or the Concessionaire to any compensation or damages and do not need to be removed. 

Article 46 
 Concession
of Land to be used by the Subconcessionaire 
 1. The regime of the concession of land to be used by the Subconcessionaire especially for the operation
of the conceded business shall be stipulated in the relevant land concession contract. 
 2. The terms of the land concession contract to be executed
between the government and the Subconcessionaire shall be subject to the provisions of this Subconcession Contract, to the applicable extent. 

CHAPTER 9 
 PREMIUM

 Article 47 

Premium 
 1. The subconcessionaire
undertakes to pay to the Macau SAR during the term of the Subconcession an annual premium, in return for the grant of the Subconcession for operating casino games of chance or games of other forms. 

2. The annual amount of the premium to be paid by the Subconcessionaire has a variable portion and a fixed portion. 

3. The fixed portion of the annual premium payable by the Subconcessionaire shall be of MOP30 million per year. 

4. The variable portion of the premium payable yearly by the Subconcessionaire will be calculated in accordance with the number of gaming tables and the number
of electrical or mechanical gaming machines, including slot machines operated by the Subconcessionaire. 
 5. For the applicability of the provisions of the
preceding paragraph: 
 (i) For each gaming table located in special gaming halls or areas reserved exclusively to certain kind of games or to certain
players, the Subconcessionaire shall pay MOP300,000; 
 (ii) For each gaming table not reserved exclusively to certain kind of games or to certain players,
the Subconcessionaire shall pay MOP 150,000; 

  
 23 

 (iii) For each electrical or mechanical gaming machine, including the slot machine, the Subconcessionaire shall
pay MOP1,000 each year; 
 6. Independently of the number of gaming tables that the Subconcessionaire has in each moment in operation, the amount of the
variable portion of the annual premium may not be less than the amount for the permanent operation of 100 gaming tables located in special gaming halls or areas reserved exclusively to certain kinds of games or to certain players and the permanent
operation of 100 gaming tables not reserved exclusively to certain kind of games or to certain players. 
 7. The Subconcessionaire shall pay the fixed
portion of the annual premium by no later than January 10th of the relevant year. The government may also provide payment by monthly installments. 

8. The Subconcessionaire shall pay the variable portion of the annual premium monthly by no later than the
10th day of the month immediately following the relevant month in connection with the operation of the gaming tables and the electrical and mechanical gaming machines including the “slot
machines” in the previous month. 
 9. For the purpose of calculating the amount of variable portion of the annual premium referred to in the preceding
paragraph, the number of days in the relevant month in which the Subconcessionaire operates each gaming table and each electrical and mechanical gaming machine including the “slot machines” shall be taken into consideration. 

10. The payment of premium shall be made by submission of the relevant payment slip to the cashier of the Finance and Tax Department of the Macau SAR. 

CHAPTER 10 

CONTRIBUTIONS 
 Article
48 
 Contribution for a Public Foundation 

1. The Subconcessionaire shall contribute to the Macau SAR an amount equivalent to 1.6% of the gross revenue of the gaming business. Such contribution shall be
delivered to a public foundation designated by the government which scope is to promote, develop or study culture, society, economy, education and science and engage in academic and charity activities. 

2. The contribution referred to in the preceding paragraph shall be paid monthly by the Subconcessionaire with the relevant payment slip given to the cashier
office of the Finance and Tax Department of the Macau SAR by no later than the tenth day of the month immediately following the relevant month. 
 3. The
contribution referred to in the first paragraph shall have its own budget record made by the Macau SAR. 

  
 24 

 Article 49 

Contribution for Urban Development, Tourism Promotion and Social Security 

1. The Subconcessionaire shall contribute to the Macau SAR with an amount equivalent to 2.4% of the gross revenue of the gaming business for the development of
urban construction and tourism promotion of and the provision of social security to the Macau SAR. 
 2. The contribution referred to in the preceding
paragraph shall be paid monthly by the Subconcessionaire with the relevant payment slip given to the cashier office of the Finance and Tax Department of the Macau SAR by no later than the tenth day of the month immediately following the relevant
month. 
 3. The contribution referred to in the first paragraph shall have its own budget record made by the Macau SAR. 

4. The government may designate one or more entities as the beneficiary entities to receive the paid contributions in part or in whole. 

5. The government and the Subconcessionaire may agree to the direct contribution of an amount up to 1.2% of the gross revenue resulting from the operation of
casinos games of chance or games of other forms to be used in one or more specific projects or by one or more specific entities. In such a case, the amount of contribution to be delivered directly to the relevant entity, and the contribution
mentioned in paragraph one above to be paid with the finance and tax department of the Macau SAR shall be reduced accordingly. 
 CHAPTER
11 
 TAXATION OBLIGATIONS AND DELIVERY OF DOCUMENTS 

Article 50 
 Special
Gaming Tax 
 1. The Subconcessionaire shall pay special gaming tax to the Macau SAR in accordance with the law. Such tax shall be paid by twelve
installments, which shall be paid to the government monthly by no later than the 10th day of the month immediately following the relevant month. 
 2.
Special gaming tax may be paid in patacas or in other currency accepted by the government. 
 3. Special gaming tax paid in patacas shall be paid directly to
the treasury of the Macau SAR. 
 4. Special gaming tax paid in a currency other than pataca accepted by the government shall be paid to the Macau Monetary
Authority. Macau Monetary Authority will deliver the exchanged amount in patacas to the treasury of the Macau SAR. 
 Article 51 

Withholding Taxes 
 1. The Subconcessionaire
shall collect and pay the statutory taxes on junket commissions or other remuneration paid to the gaming intermediaries through withholding the definitive amount of such taxes. The relevant taxes shall be paid monthly to the cashier office of the
finance and taxation department of the Macau SAR by no later than the tenth day of the month immediately following the relevant month. 

  
 25 

 2. The Subconcessionaire shall collect and pay the employment tax provided by law in connection with the staff of
the Subconcessionaire through withholding the definitive amount of such taxes. The relevant tax shall be paid to the cashier office of the finance and taxation department of the Macau SAR in accordance with the law. 

Article 52 
 Payment of
Other Due Taxes, Levies, Expenses and Fees 
 The Subconcessionaire shall pay the due and non-exempted taxes,
levies, expenses and fees provided by the laws and regulations of the Macau SAR. 
 Article 53 

Document Evidencing that no Liabilities are due to the Treasury of the Macau SAR 

1. The Subconcessionaire shall annually submit to the government a certificate issued by the Finance Services Bureau by no later than March 31, to prove
that the Subconcessionaire does not owe the Macau SAR any levies, taxes, penalties or additional payments of the precedent year. Additional payments shall include compensatory interest, default interest and 3% over debts. 

2. The Subconcessionaire shall annually submit by no later than March 31 the document stating the tax status of the precedent year of its managing
director, the member of its corporate bodies and shareholders holding 5% or more of the share capital of the Subconcessionaire to the government. 

Article 54 
 Document
Evidencing that no Liabilities are due to Social Security Fund of the Macau SAR 
 The Subconcessionaire shall submit to the government certifying
documents issued by the social security fund of the Macau SAR to evidence that the contributions made by the Subconcessionaire to the social security fund of the Macau SAR are in compliance with the law, by no later than March 31 of each year.

 Article 55 
 Duty to
Provide Information 
 1. The Subconcessionaire shall submit quarterly a trial balance of the previous quarter to the government by no later than the
last day of the month immediately following the end of the relevant quarter, and the trial balance of the last quarter of each year shall be submitted by no later than the last day of February in the following year. 

2. The Subconcessionaire shall also submit the following information to the government at least 30 days before the date of the annual shareholders’
meeting to approve the accounts: 
  

	(1)	All the accounting and statistic statements of the previous year; 

 (2) Full names of members who served on the
Board or the supervisory board, of any representatives appointed and of the person in charge of the accounting department in the relevant business year and the various language versions of such names; 

  
 26 

 (3) A copy of the report and accounts of the Board enclosed with the opinion of the supervisory board and
external auditors. 
 Article 56 

Accounting and Internal Audit 
 1. The
Subconcessionaire shall establish its own accounting system, sound administrative organization and appropriate internal auditing procedures, and shall comply with the instructions of the government issued on such matters, especially through
instructions issued by the GICB and the Finance Department. 
 2. The Subconcessionaire shall only adopt the Official Accounting Plan applicable in the Macau
SAR in its compilation and submission of the accounts. Notwithstanding, the Chief Executive, upon the proposal of the head of the GICB or the Finance Department, may stipulate special accounting rules to be complied with by the Subconcessionaire as
well certain accounting books, documents or other information required to be adopted by the Subconcessionaire in recording its business activities and compilation and submission of the accounts. 

Article 57 
 External
Audit of Annual Accounts 
 The Subconcessionaire shall submit its accounts to an independent external entity with internationally recognized reputation
and previously approved by the GICB and the Finance Department for auditing, and shall provide to such entity in advance all necessary documents, namely the documents referred to in Article 34 of Law 16/2001. 

Article 58 
 Special
Audit 
 When the GICB or the Finance Services Bureau think necessary or appropriate, at any time and with or without prior notice, the
Subconcessionaire shall accept a special audit conducted by an independent external entity or other entities with internationally recognized reputation. 

Article 59 
 Compulsory
Announcement 
 1. The Subconcessionaire undertakes to publish the following information referring to the previous business year ended December 31
on the Official Gazette of the Macau SAR and two newspapers that have the largest circulation among other newspapers (one in Chinese and the other in Portuguese) published in the Macau SAR by no later than April 30 each year: 

(1) The balance sheet, the profit and loss account and annexes; 

(2) The business consolidation report; 
 (3) The opinion of the
supervisory board; 
 (4) The consolidated opinion of external auditors; 

  
 27 

 (5) The list of qualified shareholders holding 5% or more of the share capital of the Subconcessionaire and the
numerical value of the relevant percentage during any period of that year; 
  

	(6)	The names of members of its corporate bodies. 

 2. The Subconcessionaire shall submit to the government copies
of all the information referred to in the preceding paragraph and other information required to be published under the concession legal regime as set forth in Article 6 by no later than 10 days prior to the of publication. 

 

	3.	The Concessionaire and the Subconcessionaire undertake to publish jointly the information referred to in number 1 above. 

Article 60 
 Special Duty
of Cooperation 
 In addition to the general duty of cooperation foreseen in Article 67, the Subconcessionaire shall have the obligation to cooperate
with the government, especially with the GICB and the Finance Department, and provide the material and information required for conducting special audits, assist such departments in analyzing or examining its accounts and perform all the obligations
provided by the concession legal regime as set forth in Article 6. 
 CHAPTER 12 

GUARANTEE 
 Article 61

 Guarantee Deposit as Performance Guarantee of the 

Subconcessionaire’s Statutory and Contractual Obligations 

1. The guarantee deposit to guarantee the performance of legal and contractual obligations by the Subconcessionaire shall be provided by any means as
specified by law and acceptable to the government. 
 2. In order to ensure the performance of the following obligations, the Subconcessionaire must maintain
a “first demand” bank guarantees issued by Banco Nacional Ultramarino, S.A. with the government as the beneficiary: 
  

	(1)	accurate and punctual performance its statutory and contractual obligations; 

  

	(2)	accurate and punctual payment of the premium, payable by the Subconcessionaire to the Macau SAR under Article 47; 

(3) payment of fines or other monetary penalties that may be imposed on the Subconcessionaire in accordance with the law or the provisions contained herein;
and 
 (4) payment of any damages arising from the contractual obligation in connection with any damage or loss of benefits caused by its failure to perform
all or a part of its obligations under this Subconcession Contract. 

  
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	3.	The Subconcessionaire must maintain in favour of the Government the “first demand” bank guarantee set forth in the preceding 

paragraph in a maximum amount of MOP 500,000,000 from the date hereof to 8th September, 2011 and in a
maximum amount of MOP 300,000,000 from that date until the 180th day after the termination date of this Subconcession, referred to in Clause 8.. 
 4. The
Subconcessionaire must take all necessary actions and to perform all obligations necessary to maintain the validity of the “first demand” bank guarantee mentioned in paragraph 2 above. 

5. If the Subconcessionaire fails to perform any of its statutory and contractual obligations, accurately and timely pay the premium payable by it or pay fines
or other monetary penalties imposed in accordance with the law or the provisions contained herein, and it fails to raise its objection within a legally-prescribed period, the government may draw on the “first demand” bank guarantee set
forth in paragraph 2 of this Article, regardless whether or not a judicial award has been made. In case of any damages arising from the contractual obligation in connection with any damage or loss of benefits caused by the Subconcessionaire’s
failure to perform all or a part of its obligations hereunder, the government may also draw on the “first demand” bank guarantee set forth in paragraph 2 of this Article. 

6. If the government draws on the “first demand” bank guarantee set forth in paragraph 2 of this Article, the Subconcessionaire must, within fifteen
days after the date on which it receives a notice in connection with the draw of such “first demand” bank guarantee, take all necessary measures to restore the full validity of such “first demand” bank guarantee. 

7. The “first demand” bank guarantee set forth in paragraph 2 of this Article may be discharged only upon the permission of the government. 

8. The government may permit amendments made to the provisions or terms set forth in paragraphs 3 to 6, and may also permit other means stipulated by the law
in lieu of the “first demand” bank guarantee referred to in paragraph 2 for the provision of a guarantee to secure the performance of statutory and contractual obligations by the Subconcessionaire. 

9. All expenses incurred in connection with the issuance, maintenance and discharge of the guarantee to secure the performance of statutory and contractual
obligations by the Subconcessionaire shall be borne by the Subconcessionaire. 
 Article 62 

Special Bank Guarantee for the Payment of Special Gaming Tax 

1. If the government has reasons to believe that the Subconcessionaire will not pay the special gaming tax anticipated to be payable each month, the
Subconcessionaire shall provide a “first demand” bank guarantee in accordance with the time limit, provisions, terms and amounts stipulated by the government with the government as the beneficiary in order to guarantee the payment of the
above-mentioned amount. 
 2. Without the permission of the government, the terms and conditions of the first demand guarantee set forth in the preceding
paragraph of this Article must not be amended. The Subconcessionaire shall strictly comply with the terms as stipulated in providing the guarantee and to perform all obligations undertaken or to be undertaken in maintaining the validity of the
guarantee. 

  
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 3. If the Subconcessionaire fails to pay the special gaming tax payable to the Macau SAR in accordance with the
laws and the provisions contained herein, the government may draw on the first demand guarantee set forth in the first paragraph of this Article, regardless whether or not a judicial award has been made. 

4. If the government draws on the first demand bank guarantee set forth in the first paragraph of this Article, the Subconcessionaire must, within fifteen days
after the date on which it receives a notice in connection with the use of such first demand guarantee, take all necessary measures to restore the full validity of such guarantee. 

5. The guarantee set forth in the first paragraph of this Article may be discharged by the Subconcessionaire only 180 days after the termination of the
subconcession and upon authorization from the government. 
 6. All expenses incurred in connection with the issuance, maintenance and discharge of the first
demand guarantee set forth in the first paragraph of this Article shall be borne by the Subconcessionaire. 
 Article 63 

Guarantee to be provided by the Controlling Shareholders or 

Shareholders of the Subconcessionaire 
 1.
The government may request a guarantee to be provided by the controlling shareholder of the Subconcessionaire, in terms acceptable by the government, to ensure that the Subconcessionaire performs its undertakings and obligations; in case there is no
controlling shareholder, the government may ask the shareholders of the Subconcessionaire to provide the same. 
 2. The guarantee referred to in the
preceding paragraph, may be demanded, namely, when there is a justified concern that the Subconcessionaire will not be able to perform its undertakings and obligations. 

3. The guarantee referred to in paragraph 1 above may be provided through cash deposit, bank guarantee, guaranteed insurance or any means specified in Article
619 of Civil Code, within the timeframe, terms and conditions and amount to be specified by the Order of the Chief Executive. 
 4. If the Subconcessionaire
fails to perform the undertakings and obligations in accordance with the laws and the provisions contained herein, the government may draw on the guarantee provided according to this Article, regardless of any judicial award. 

5. If the government draws on the guarantee provided according to this Article, the Subconcessionaire shall cause its controlling shareholder or the relevant
shareholders to, within 15 days after it receives a notice regarding the approval order given with respect to the use of such guarantee, take all necessary measures to restore the full validity of such guarantee. 

 

	6.	The guarantee provided according to this Article may not be amended without the permission of the government. 

  
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 CHAPTER 13 

SUPERVISION OF THE PERFORMANCE OF THE SUBCONCESSIONAIRE’S OBLIGATIONS 

Article 64 
 Supervision,
Monitoring and Inspection by the Government 
 1. The power for the supervision, monitoring and inspection of the performance of the
Subconcessionaire’s obligations shall be exercised by the government, especially through the GICB and the Finance Department. 
 2. For appropriate
effectiveness and upon the request of the government, without prior notification, the Subconcessionaire shall allow the government or any other entities specifically and duly authorized and identified by the government to freely enter into any part
of the facilities of the Subconcessionaire and review and examine freely the accounts or books of the Subconcessionaire, including any trading records, books, minutes, accounts and other records or documents and the management statistic materials
and records used. In addition, it shall provide to the government or entities authorized by the government copies of the materials which the entities deem necessary. 

3. The Subconcessionaire shall comply with and implement the decisions of the government within the scope of its power for inspection and supervision,
especially the instructions made by the GICB, including the decision to suspend the operation of the casinos and other gaming area. 
 4. In operating the
subconcession, the Subconcessionaire shall be subject to the permanent supervision and inspection of the GICB in accordance with the provisions of the applicable laws. 

Article 65 
 Daily
Supervision on Gross Income of Gaming Operation 
 The Subconcessionaire shall accept the daily supervision of the government on the gross income of the
gaming operation exercised in accordance with the law by the GICB. 
 CHAPTER 14 

GENERAL OBLIGATIONS OF COOPERATION 

Article 66 

Government’s and Concessionaire General Obligation of Cooperation 

The government and the Concessionaire shall cooperate with the Subconcessionaire so that the Subconcessionaire may fulfill its legal and contractual
obligations. 
 Article 67 

Subconcessionaire’s General Obligation of Cooperation 

1. For the applicability of the provisions of this Subconcession Contract, the Subconcessionaire undertakes to cooperate with the government, and accordingly,
upon the request of the government, undertakes to provide all documents, information, materials, evidence or authorizations. 
 2. The Subconcessionaire
shall also cooperate with the Concessionaire so that the Concessionaire may fulfill its legal or contractual obligations. 

  
 31 

 CHAPTER 15 

OTHER OBLIGATIONS OF THE SUBCONCESSIONAIRE 

Article 68 
 Operation of
Casinos and Other Premises and other Adjacent Properties 
 The Subconcessionaire shall operate all ancillary facilities in the casinos and other
premises and the adjacent properties used for operating the subconcession in a normal way and for the original purposes or authorized purposes. 

Article 69 
 General
Obligations of the Subconcessionaire 
 1. The Subconcessionaire shall undertake the special obligations to procure and require all entities retained
for developing the business covered by the subconcession to abide by all rules that ensure the proper organization and operation and the special security measures designed for the customers and staff of the casinos and other gaming areas and other
people holding positions in the casinos and other gaming areas of the Subconcessionaire. 
 2. In order to develop the business covered by the subconcession,
the Subconcessionaire must retain entities that have appropriate licenses and permits and have appropriate professional and technical abilities in the relevant areas. 

Article 70 
 Other
Government Permissions 
 Any replacement, cancellation or change of certificates and records which relate to the business of the Subconcessionaire or
the acquisition of the gaming equipment and instruments shall be subject to authorization of the government. 
 Article 71 

Government’s Authorizations and Approvals 

The authorizations and approvals from the government or its refusal to grant an approval and authorization shall not exempt the Subconcessionaire’s
obligation to timely perform its obligations under this Subconcession Contract and shall not result in any liability to the government, except if the government’s action imposes liabilities or causes special and unusual damages to the
Subconcessionaire. 
 CHAPTER 16 

LIABILITY OF THE SUBCONCESSIONAIRE AND OF THE CONCESSIONAIRE 

Article 72 
 Civil
Liability towards the Macau SAR 
 1. The Subconcessionaire shall be liable towards the Macau SAR for any damage caused by the non-performance of all or a part of the Subconcessionaire’s legal or contractual obligations as a result of any fact for which the Subconcessionaire is responsible. 

  
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 2. The Concessionaire is not liable for and does not share any liability towards the Macau SAR for the damages
caused by the non-performance of all or a part of the Subconcessionaire’s legal or contractual obligations as a result of any fact for which the Subconcessionaire is responsible. 

Article 73 
 Exemption of
the Macau SAR and of the Concessionaire from the 
 Non-contractual Liabilities of the
Subconcessionaire towards Third Parties 
 1. The Macau SAR shall not bear or share any liability of the Subconcessionaire as a result of an act taken
by or behalf of the Subconcessionaire, involving or possibly involving civil or other liabilities. 
 2. The Concessionaire shall not bear any liability of
the Subconcessionaire as a result of an act taken by or on behalf of the Subconcessionaire, involving or possibly involving civil or other liabilities. 
 3.
The Subconcessionaire shall be also be liable in accordance with the general provisions governing the principal-entrusted party legal regime, and be liable for losses caused by the entities appointed by the Subconcessionaire for the development of
the subconcession. 
 CHAPTER 17 

CHANGE OF THE ENTITY OF THE SUBCONCESSION 

Article 74 
 Assignment,
Encumbrance, Conveyance and Transfer of Contract 
 1. Unless permission of the government is obtained, the Subconcessionaire shall have an obligation
not to, expressly or implicitly, formally or informally, assign, convey or transfer or otherwise create encumbrance over the operation of a casino or over the operation of any gaming area, or carry out any legal act that will have the same effect.

 2. Without prejudice to other applicable penalties or punishments, in case of an act in violation of the preceding paragraph, the Subconcessionaire shall
pay the following penalties: 
  

	•	 	for assignment, conveyance or transfer of the operation of all of its casinos or gaming area: MOP 1,000,000,000; 

  

	•	 	for assignment, conveyance or transfer of the operation of a part of its casinos or gaming area: MOP 500,000,000; and 

  

	•	 	for creation of encumbrance over the operation of all or part of the casinos or gaming area: MOP 300,000,000. 

3. Enclosed with its application for the permission set forth in paragraph 1 shall be all required documents clearly indicating any legal act contemplated by
the Subconcessionaire, without prejudice to the right of the government to request additional documents, materials or information. 

  
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 Article 75 

Sub-Concession 

1. The Subconcessionaire undertakes not to grant a sub-concession of all or a part of the casinos granted under this
subconcession or carry out any legal act that will have the same effect. 
 2. Without prejudice to other applicable penalties or punishments, in case of an
act in violation of the preceding paragraph, the Subconcessionaire shall pay a penalty of MOP 500,000,000 to the Macau SAR. 
 CHAPTER 18

 NON-PERFORMANCE OF CONTRACT 

Article 76 
 Non-performance of Contract 
 1. The Subconcessionaire shall be liable to statutory or contractual punishment or
penalty if the Subconcessionaire fails to perform its responsibility or obligation hereunder or under government decisions as a result of any fact that the Subconcessionaire is to blame, without prejudice to the provisions of Articles 77 and 78.

 2. Under the situations of force majeure or other facts that the Subconcessionaire is proved not to blame, the Subconcessionaire shall be exempted from
the responsibilities set forth in the preceding paragraph to the extent of actual hindrance of the timely and fully performance of the responsibilities or obligations. 

3. Events that are unforeseeable, irresistible or beyond the control of the Subconcessionaire and that the occurrence of their consequences does not rely on
the intention and personnel situations of the Subconcessionaire, especially wars, terrorism, disruption of the public order, pestilence, atomic radiation, fire, thunder and lightening, serious flood, cyclones, hurricanes, earthquake and other
natural disasters directly affecting the businesses covered by the concession, shall be deemed to be the situations of force majeure and shall cause the consequences as specified in the following paragraph. 

4. In case of the occurrence of force majeure events, the Subconcessionaire shall immediately notify the government and promptly indicate the hindrance of its
performance of the obligations under this Subconcession Contract caused by the occurrence of such events deemed by it and shall specify the measures under the circumstances that such measures are proposed to be implemented by the Subconcessionaire
for the purpose of minimizing the effects of such events and/or for the performance of such obligations in compliance with the provisions. 
 5. In case of
the occurrence of any of the situations specified in paragraph 3, the Subconcessionaire shall promptly reconstruct the property damaged or recover the property damaged to its original status so as to resume the proper operation of the casino games
of chance or games of other forms. If the Subconcessionaire does not have any economic benefit over the reconstruction and/or recovery of the aforesaid property, it shall transfer the insurance benefits to the Macau SAR. 

CHAPTER 19 
 REVOCATION
AND TERMINATION OF THE SUBCONCESSION 
 Article 77 

Discharge by Parties’ Agreement 
 1.
The Concessionaire and the Subconcessionaire may discharge this Subconcession Contract at any time by the agreement of the parties. 

  
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 2. In case the government and the Subconcessionaire mutually agree to terminate this Subconcession Contract, the
Concessionaire hereby agrees with such termination. 
 3. The Subconcessionaire shall be fully responsible for the effectiveness of the termination of
contracts to which it is a party and the Macau SAR and the Concessionaire shall not bear any responsibilities in this regard unless it is agreed expressly otherwise. 

Article 78 
 Redemption

 1. From the 15th year of the Subconcession onwards, the government may redeem the subconcession by at least one year prior notice to the
Subconcessionaire sent by registered post with return slip request unless the laws stipulate otherwise. 
 2. By redeeming the Subconcession, the Macau SAR
shall enjoy all rights and undertake all obligations incurred as a result of the redemption from the lawful behaviors under any contracts effectively entered into by the Subconcessionaire before the date of notice set forth in the preceding
paragraph. 
 3. As regards obligations created under any contracts entered into by the Subconcessionaire after the notice set forth in the first paragraph,
the Macau SAR shall bear such obligations only if such contracts have obtained permission from the government before their conclusion. 
 4. The Macau SAR
shall be responsible for the obligations created by the Subconcessionaire, without prejudice to its right to recourse against the Subconcessionaire for obligations created by the Subconcessionaire that exceeds the normal management of the conceded
business. 
 5. Upon the redemption of the concession, the Subconcessionaire shall have the right to obtain reasonable and fair compensation/indemnity for
losses due to the redemption of its Resort — Hotel — Casino facilities referred to in the Investment Plan attached to this Subconcession contract. Standards for the calculation of the amount of compensation/indemnity shall be determined
according to the amount of the revenue of the said premises, generated during the tax year prior to the redemption, before deducting any amounts for interests, depreciation and redemption of equipment, multiplied by the number of years missing to
the term referred to in this Subconcession contract. 
 Article 79 

Temporary Administrative Participation 
 1.
In case of the occurrence or possible occurrence of the situation where the Subconcessionaire terminates or suspends the operation of all or a part of the conceded business without permission and which is not caused by force majeure or in case of
the occurrence of serious chaos in the overall organization and operation of the Subconcessionaire or insufficiency of facilities and equipment which may affect the normal operation of the conceded business, the government may replace the
Subconcessionaire directly or through a third party during the aforesaid termination or suspension or subsistence of the aforesaid chaos and insufficiency and shall ensure the operation of the conceded business and cause the adoption of necessary
measures to protect the subject matter of this Subconcession Contract. 

  
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 2. During the period of temporary administrative participation, the expenses required for maintaining the normal
operation of the conceded business shall be borne by the Subconcessionaire. Accordingly, the government may draw on the guarantee for the performance of the statutory obligations and contractual obligations of the Subconcessionaire and the guarantee
provided by the controlling shareholder of the Subconcessionaire. 
 3. If the reasons for the temporary administrative participation no longer exist and if
the government deems appropriate, the government shall notify the Subconcessionaire to resume the normal operation of the conceded business within a prescribed period. 

4. If the Subconcessionaire does not want to or is not able to resume operation of the conceded business, or even though the operation of the conceded business
is resumed, serious chaos or insufficiency continues to occur in its organization and operation, the government, may announce to discharge this Subconcession Contract unilaterally on the basis that this Subconcession Contract is not performed. 

Article 80 
 Unilateral
Discharge 
 1. In case of the Subconcessionaire’s failure to perform its basic obligations in accordance with the laws or the provisions contained
herein, the government, without having to consult the Concessionaire, may terminate the concession by unilateral discharge of this Subconcession Contract due to failure to perform. 

 

	2.	Major reasons for unilateral discharge of this Subconcession Contract shall be, especially: 

  

	 	(1)	Deviation from the subject matter of the subconcession due to operation of gaming without permission or operation of business which do not fall within the business scope of the Subconcessionaire; 

 

	 	(2)	waiver of operation of the conceded business or. suspension of operation of the conceded business without reasonable grounds for more than seven consecutive days or more than fourteen
non-consecutive days within one calendar year; 

  

	 	(3)	temporary or definite transfer of all or part of the operation in violation of provisions concerning the concession system specified in Article 6; 

 

	 	(4)	failure to pay the taxes, premiums, levies or other returns payable to the Macau SAR as stipulated in the concession system specified in .Article 6 and not impugned within the statutory time limit; 

 

	 	(5)	refusal or failure of the Subconcessionaire to re-gain the subconcession in accordance with the provisions of paragraph 

(4) of the preceding Article or subsistence of conditions that may lead to temporary administrative participation notwithstanding that the
subconcession has been re-gained; 

  
 36 

	 	(6)	repeated objections to the implementation of supervision and inspection power by the government or repeated failure to comply with government decisions, especially the instructions of the GICB; 

 

	 	(7)	systematic non-compliance with the basic obligations included in the concession system specified in Article 6; 

 

	 	(8)	failure to provide or supplement guarantee deposit or guarantees specified in this Subconcession Contract as required and within the prescribed period; 

 

	 	(9)	bankruptcy or insolvency of the Subconcessionaire; 

  

	 	(10)	carrying out any serious fraudulent activity whose purpose is to jeopardize the public interests; 

  

	 	(11)	serious and repeated violation of the implementation rules for carrying out casino games of chance or games of other forms or damage to the fairness of casino games of chance or games of other forms; 

 

	 	(12)	granting to any other legal person managing powers over the Subconcessionaire in order to operate casino games of chance or any other games in casino, or granting a subconcession, in whole or in part, of this
Subconcession, or entering into any agreement to obtain the same effect. 

  

	 	(13)	The non compliance with the obligation referred to in Article 16(10) to transfer the shares, within ninety days, for which the controlling shareholder is liable for. 

3. Without prejudice to the provisions of Article 83, in the occurrence of any of the situations specified in the preceding paragraph or any other situations
which may cause the unilateral discharge of this Subconcession Contract in accordance with the provisions of this Article due to failure to perform, the government shall notify the Subconcessionaire to fully perform its obligations and remedy or
indemnify the results caused by its behaviors within a prescribed period, except for those situations which cannot be remedied. 
 4. If the
Subconcessionaire fails to perform its obligations or correct or indemnify the results caused by its behaviors in accordance with the provisions as stipulated by the government, the government may unilaterally discharge this Subconcession Contract
upon notification to the Subconcessionaire and to the Concessionaire. The government may also notify, in writing, the entity which has undertaken to provide finance to the investment to be made and the obligations to be borne by the
Subconcessionaire, in accordance with and for the purposes stated on the concessions legal framework referred to in Clause 6, related to the financial capacity. 

5. Notice to the Subconcessionaire in connection with the decision to discharge this Subconcession Contract as specified in the preceding paragraph shall be
effective immediately without going through any other procedures. 

  
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 6. In case of emergency and where the delay in the process of remedying the
non-performance as specified in paragraph 3 is unbearable, the government may immediately perform temporary administrative participation in accordance with the provisions of the preceding Article without
prejudice of due compliance with such process and the provisions of paragraph 4. 
 7. The Subconcessionaire shall be liable for damages to the Macau SAR as
a result of the unilateral discharge of this Subconcession Contract in accordance with the provisions of this Article due to failure to perform, the damages shall be calculated in accordance with the general provisions of the laws. 

8. The unilateral discharge of this Subconcession Contract due to failure to perform will result in the immediate attribution of the ownership of the casinos
and the equipment and utensils used for gaming, even though they do not locate at the casinos, to the Macau SAR without compensation. 

Article 81 

Expiration/Forfeiture 
 1.This
Subconcession Contract shall become invalid at the expiration of the term as stipulated in Article 8 and the contractual relationship between the parties to this Subconcession Contract shall terminate, without prejudice to the survival of applicable
provisions contained herein after the expiration of the subconcession term. 
 2. In case of the occurrence of the invalidity as stipulated in the preceding
paragraph, the Subconcessionaire shall be fully responsible for the effectiveness of the termination of the contracts to which it is a party and the Macau SAR shall not bear any responsibilities in this regard. 

CHAPTER 20 
 AMENDMENT
AND MODIFICATION OF CONTRACT 
 Article 82 

Amendments To The Subconcession Contract 

1. Notwithstanding the authorization of the Government, this Contract may be amended after negotiations between the Concessionaire and the Subconcessionaire,
in accordance with the law. 
 2. The Concessionaire hereby agrees with any future amendments to this Subconcession Contract agreed between the government
and the Subconcessionaire provided that they do not increase the obligations of the Concessionaire. 
 3. The amendment to this Subconcession Contract and to
any Amendments to this Subconcession Contract shall be made in compliance with the procedures set forth by the Government. 

  
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 CHAPTER 21 

PHASES PRIOR TO LEGAL PROCEEDINGS 

Article 83 
 Consultation
Prior to Legal Proceedings 
 1. The government, the Concessionaire and the Subconcessionaire, or the government and the subconcessionaire or the
government and the Concessionaire shall resolve through consultation issues or disputes arising between the parties on the validity, application, execution, interpretation of the rules governing this Subconcession Contract. 

2. The occurrence of issues shall not exempt the Subconcessionaire and/or the Concessionaire from timely and full performance of the provisions of this
Subconcession Contract and the government decisions notified to the Subconcessionaire according to the provisions contained herein or permit the Subconcessionaire to suspend the development of any aspect of its business. The relevant development
shall continue to be made according to the provisions in effect on the date the issue is brought up. 
 3. The provisions of the preceding paragraph
regarding the performance by the Subconcessionaire and/or the Concessionaire of the government decisions shall also apply to the succeeding decisions made on the same matter even if such decisions are made after the date the consultation starts,
provided that the first decision of such succeeding decisions is notified to the Subconcessionaire and/or the Concessionaire, respectively, prior to the date the consultation starts. 

CHAPTER 22 
 FINAL
PROVISIONS 
 Article 84 

Obtaining of Approvals, Licenses or Permits 

1. This Subconcession Contract shall not exempt the obligations of the Subconcessionaire to submit applications, pay fees and/or take measures for the purpose
of obtaining the approvals, licenses or permits necessary for the operation of any aspect of its business or the performance of its obligations hereunder and shall not exempt the Subconcessionaire from abiding by or compliance with all requirements
necessary for obtaining such approvals, licenses or permits and maintaining the effectiveness thereof. 
 2. If any approval, license or permit set forth in
the preceding paragraph is revoked, void, suspended or abolished or no longer be effective due to any reason, the Subconcessionaire shall notify the government immediately and state the measures taken or to be taken in order to re-gain such approval, license or permit or make such approval, license or permit effective again. 
 3. None of the
provisions contained herein shall be construed as replacing the statutory provisions or contracts on obtaining any approval, license or permit. 

Article 85 
 Industrial
Property Rights and Intellectual Property Rights 
 1. In operating its business, the Subconcessionaire shall respect the industrial property rights and
intellectual property rights according to the existing laws of the Macau SAR, and independently assume liabilities for infringement upon such property rights. 

2. As a condition precedent to the issuance of approvals, licenses and permits, especially those relating to the performance of the investment plans attached
to this Subconcession Contract, the Subconcessionaire shall comply with all industrial property rights and intellectual property rights. 

  
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 3. The Subconcessionaire shall assign to the Macau SAR free of charge, research, drafts, plans, drawings,
documents or other materials of any nature that are necessary or helpful for the Subconcessionaire to perform the duties hereunder or to exercise the rights granted hereunder. 

4. Upon the request of the Macau SAR, the Subconcessionaire must prepare any kind of document or declaration to confirm or register the rights set forth in the
preceding paragraph. 
 5. If the industrial property rights or intellectual property rights transferred or to be transferred to the Macau SAR according to
this Article are infringed, and the Subconcessionaire has not solved any dispute with a third person over such infringement, the Macau SAR may interfere with such dispute to safeguard such property rights. The Subconcessionaire shall provide all
assistance required for such purpose. 
 Article 86 

Notices, Announcements, Permits and Approvals 

1. Unless otherwise provided, the notices, announcements, permits and approvals as referred to herein must be made in writing and delivered in the following
method: 
  

	 	(1)	delivered in person, but the signature of the recipient is a must; 

  

	 	(2)	sent by fax, but the receipt of the fax is a must; 

  

	 	(3)	sent by registered mail with return receipt request. 

 2. Permits granted by the, government shall be prior
permits and may be conditional. 
 3. No answers to the application for permits and approvals or other requests made by the Subconcessionaire and/or the
Concessionaire shall be deemed as being rejected; 
 4. For the applicability of the provisions of this Subconcession Contract, the following address and
place for receiving faxes shall be deemed as the domicile of the Government, the Concessionaire and Subconcessionaire hereto: 
 The Macau
SAR: 
 Gambling Inspection and Coordination Bureau 

21st Floor, China Plaza, 
 No. 762-804, Av. da Praia Grande, Macau 
 Fax: 370296 

Concessionaire: Wynn Resorts (Macau) S.A. 

Address: Alameda Dr. Carlos D ́Assumpção, n.os 335 a 341, Edificio Centro Hotline, 9o andar, Macau 

Fax: 8965500 
 Subconcessionaire:
PBL Diversôes (Macau) S.A. 
 Address: Av. Dr. Mario Soares, n.° 25, Edificio Montepio, Apartamento 25, 1° andar, 

Comp. 13, Macau. 
 Fax: 713883

  
 40 

 5. Upon prior notice to the other parties, the Government, the Concessionaire and the Subconcessionaire may amend
the aforesaid address and place for receiving faxes. 
 Article 87 

Prohibition of Act Limiting Competition 

1. The Subconcessionaire must conduct its business in positive and fair competition, subject to the inherent principles of market economy. 

2. The Subconcessionaire has the obligation not to execute agreements or conduct agreed acts with other concessionaires, or other Subconcessionaires or
managing companies operating in Macao SAR, as to operating casino games of chance or games of other forms, or companies of the relevant group that may hinder, restrict or jeopardize competition in any manner. 

3. The Subconcessionaire has the obligation not to misuse the leading position it has in the market or the considerable market share it has in order to hinder,
restrict or jeopardize competition. 
 Article 88 

Gaming Intermediaries 
 The
Subconcessionaire must assume liabilities to the government for the activities conducted in the casinos and other gaming areas by the gaming intermediaries registered in its company, its directors and cooperative parties. Accordingly, it shall
supervise the activities of such intermediaries, directors and cooperative parties. 
 Article 89 

Promotion of the Facilities of the Subconcessionaire 

1. The Subconcessionaire has the obligation to conduct publicity and marketing activities with respect to its facilities, especially the casinos, within and
outside the Macau SAR. 
 2. The government and the Subconcessionaire shall have the obligations to coordinate the work and activities in promoting Macau
outside the territory of Macau when they conduct their publicity and marketing work and activities. 
 3. Without permission of the government, the
Subconcessionaire has the obligation not to allow the use of the image of its casinos or other places and adjacent areas, for operating the conceded business or a large amount of introductory explanations implying the same in the website or website
address of the Internet or any other place used for promoting interactive gambling. 
 Article 90 

Contents Incorporated in the Subconcession Contract 

The content of the executive summary submitted by the Subconcessionaire to the Government shall be deemed as being incorporated in this Subconcession
Contract, except to the extent expressly or implicitly overriden by this Subconcession Contract. 

  
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 Article 91 

Chips Used in the Operation of Conceded Business 

1. The Subconcessionaire must abide by the guidance of the government when it issues chips of any kind or nature and puts them into circulation. 

2. Without prejudice of the maximum amount being determined by the government, the amount of chips issued and put in circulation does not depend upon
permission of the government. 
  

	3.	The Subconcessionaire guarantees to pay by cash, check or equivalent credit proof for the chips put into circulation. 

4. With respect to all chips put into circulation, the Subconcessionaire must provide cash and proof of high solvency to maintain solvency ratio, establish
reserve funds and abide by the prudent rules stipulated by the government at any time in order to ensure the prompt payment for the chips. 

Article 92 

Confidentiality 
 1. Documents prepared by
the Government, the Concessionaire and the Subconcessionaire for the implementation of the concessions legal framework referred to in Article 6 or performance of the provisions of this Subconcession Contract shall have the nature of confidentiality,
which may be provided to a third party only upon the permission of the Government. 
 2. The government, the Concessionaire and the Subconcessionaire shall
take necessary measures so that their staff is bound by the obligation of confidentiality. 
 3. The government, the Concessionaire and the Subconcessionaire
shall urge others who are able to get access to or may get access to confidential documents to comply with the obligation of confidentiality, especially those being able to do so through consultant contracts, labor provision contracts or other
contracts. 
 4. The Concessionaire and the Subconcessionaire shall keep the confidentiality of this contract, and of any other documents that may reveal its
content, and shall only reveal it to third parties upon permission of the government. 
 5. It is not included within the confidentiality referred in number
1 and 4 above, any documents, information or materials that may be reasonably requested by judicial order, by any gaming regulator agency of other jurisdiction or by a stock regulator agency; however, the Concessionaire or the Subconcessionaire, as
the case may be, must inform the government. 
 6. The Concessionaire and the Subconcessionaire are also exempted of this confidentiality obligation referred
in number 1 and 4 above, for any documents, information or materials that they deem necessary to present to any financial institution, lawyer, accountant, or consulting entity, provided that this confidentiality is extended to those parties. 

7. After obtaining authorization referred in number 4 above, the Concessionaire or the Subconcessionaire, as the case may be, shall urge to take all necessary
actions in order to guarantee that anyone that has or will become aware of the content of this Subconcession Contract, including any related documents that may reveal its content, are bind to this confidentiality. 

  
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 Article 93 

Complaint Book 
 1. The Subconcessionaire
shall set up a complaint book particularly for complaints in connection with the operation of casino games of chance or games of other forms, and ensure such complaint book for use by customers in the casinos and other gaming areas. 

2. The Subconcessionaire shall post notices in the casinos and other gaming areas in an outstanding manner, stating the existence of the complaint book. 

3. The Subconcessionaire shall submit a copy of the complaints written in the complaint book to the government in 48 hours, together with a report on such
complaints prepared by the Subconcessionaire. 
 Article 94 

Termination of the Concession 
 1. The
termination of the concession granted to the concessionaire before the date foreseen in article 8 of this Subconcession Contract shall not determine the termination of the subconcession granted under this Subconcession contract. 

2. In the case mentioned in the preceding paragraph, the Government shall use its best efforts to transfer the position of the concessionaire in this
Subconcession Contract to another concessionaire for the operation of games of chance and other games in casino. 
 CHAPTER 23 

TRANSITIONAL PROVISIONS 

Article 95 
 Occupational
Training Plan 
 1. The Subconcessionaire must prepare the occupational training plan for employees who hold posts in the operation of the business
covered by the subconcession within the time limit prescribed by the government. 
 2. The Subconcessionaire must deliver to the government any other
additional documents or materials with respect to the plan referred to in the preceding paragraph within the stipulated time limit. 

Article 96 
 Deposit of
the Company‘s Share Capital 
 The Subconcessionaire shall undertake to keep its share capital deposited with a local credit institution or a
branch or subsidiary of a credit institution permitted to be operated in the Macau SAR and such share capital shall not be transferred before the commencement of business of the Subconcessionaire. The date which is expressly acknowledged by the
government through the order of the Secretary for Economy and Finance to be the date of the commencement of business of a Subconcessionaire shall be deemed to be the date of the commencement of business of such Subconcessionaire. 

  
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 Article 97 

Managing Director Designated 
 1. The
government shall, by no later than fifteen days after the conclusion of this Subconcession Contract, notify the Subconcessionaire whether to permit the candidate specified in Annex 1 of the Administrative Regulations No. 26/2001 submitted by
the Subconcessionaire to act as the managing director of the Subconcessionaire. 
 2. The provisions of paragraphs 1 and 2 of Article 21 are applicable to
the act of granting the management power of the Subconcessionaire for the first time to the managing director after the conclusion of this Subconcession Contract. 

Article 98 
 Bank
Accounts 
 The Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession Contract, submit to the government the
documents setting forth all bank accounts and the relevant balance in the name of the Subconcessionaire to the government. 
 Article 99

 Declaration of the Obligations of Cooperation 

The Subconcessionaire shall take measures to obtain a declaration executed by every shareholder holding 5% or more of the capital of the Subconcessionaire,
every director and major employee holding key post in the casinos and every controlling shareholder, including the ultimate controlling shareholders of the Subconcessionaire, stating that such persons are willing to be bound by a special obligation
to cooperate with the government. Accordingly, they shall undertake to provide any documents, information, materials or evidence and give any permission upon request. The Subconcessionaire shall submit to the government such declaration by no later
than fifteen days after the execution of this Subconcession Contract. 
 Article 100 

Fixed Portion and the Variable Portion of the Premium 

1. The due portion of the fixed part of the annual premium referred to in Article 47, will only be due from June 26’ of the year 2009, unless, until
then, the Subconcessionaire begins to operate a casino or a gaming area within the Resort-Hotel-Casino referred to in the investment plans attached to this Subconcession contract. If so, the fixed part of the premium shall be due from that moment
on. 
 2. The payment of the variable part of the annual premium referred to in Clause 47 will only be due after the date the Subconcessionaire begins
operating either in temporary facilities or in the facility referred to in the preceding paragraph; to allow the Government to calculate the variable part of the annual premium, the Subconcessionaire shall, within ten days before opening its first
casino or first gaming area, submit to the government a list which will set forth the number of gaming tables and the number of electrical or mechanical gaming machines including “slot machines” and the locations proposed to be operated by
the Subconcessionaire in that year. 

  
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 3. If the Subconcessionaire opens its first casino or gaming area in a temporary facility, the amount of the
variable part of the annual premium cannot be less than the amount that the long-term operation of 20 gaming tables, namely of those located in special gaming halls or areas reserved exclusively to certain kinds of games or to certain players and
the long-term operation of 20 gaming tables not reserved exclusively to certain kind of games or to certain players, until the opening of the casino or gaming area on the facility referred to in paragraph I above. 

4. The amounts of the variable part of the annual premium referred to in Article 47(5) will be subject to renegotiations between the government and the
Subconcessionaire from the third year after the conclusion of this Subconcession contract on. 
 Article 101 of the Articles of
Association and of the Shareholders Agreement 
 The government shall, by no later than sixty days after the conclusion of this Subconcession contract,
notify the Subconcessionaire whether the Articles of Association of the Subconcessionaire and its shareholders agreement have been approved. 

Article 102 
 Proxy and
Powers of Attorney 
 The Subconcessionaire shall, by no later than fifteen days after the conclusion of this Subconcession contract notify the
government of all and any existing power of attorney or appointment of representatives for granting, on the basis of a stable relationship, the right to establish the legal acts relating to the operation of the enterprise in the name of the
Subconcessionaire, so that the government may grant its permission. Save that this paragraph shall not apply to the power to handle routine matters especially with public departments or authorities, or to provide, within the same time frame referred
to above, a statement certifying its non existence. 
 Article 103 

Existing Participation in the Operation of Casino Games of Chance 

and Gaming of Other Forms in Other Jurisdiction 

The Subconcessionaire shall, by no later than fifteen days after the conclusion of this Subconcession contract notify the government of the existing
participation in the operation of casino games of chance or gaming of other forms in any other jurisdiction by any of its directors and controlling shareholders, including the ultimate controlling shareholders, or all shareholders directly or
indirectly holding “the equivalent of 10% or more of the share capital of the Subconcessionaire, including the participation through a management contract. 

Article 104 
 Composition
of the Corporate Bodies of the Subconcessionaire 
 The Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession
contract notify the government of the composition of its Board of Directors, shareholders’ meetings and Supervisory Board and other corporate bodies on the day of execution of this Subconcession Contract. 

  
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 Article 105 

Structure of Shareholders and Share Capital 

1. The Subconcessionaire shall, by no later than seven days after the conclusion of this Subconcession contract, submit to the government a document with the
shareholders’ structure of the Subconcessionaire on the day of execution of this Subconcession Contract. 
 2. The Subconcessionaire shall, by no later
than seven days after the conclusion of this Subconcession contract, submit to the government the structure of share capital of a legal person, especially a company, owning 5% or more of the share capital of the Subconcessionaire, and the share
capital of a legal person owning 5% or more of the share capital of such legal person, and so on up to the share capital of a natural person or legal person that is an ultimate shareholder on the day of execution of this Subconcession Contract. 

3. The Subconcessionaire shall, by no later than fifteen days after the conclusion of this Subconcession contract, submit to the government a declaration for
the year 2006 as specified in paragraph 2 of Article 19. 
 Article 106 

“Most favorable nation” 
 If the
Macau SAR grants new concessions for operating casino games of chance or games of other forms under conditions that are, in global terms, more favorable than those specified in this Subconcession Contract, then the Macau SAR shall also extend them
to the Subconcessionaire by amending this Subconcession Contract. 
 Article 107 

Amendment to the Percentage of Allocation 

The percentages specified in Articles 48 and 49 shall be amended by the government and the Subconcessionaire in 2010. 

Article 108 

Effectiveness 
 This Subconcession Contract
shall be written in the two official languages and become effective as of 8 September, 2006. 
 This Contract has been read by the signatories present
and the contents of this Contract have been explained and, as it corresponds to their will, it is going to be signed. 
 This Subconcession Contract is going
to be executed in three counterparts, one of which will be to the Concessionaire, another to the Subconcessionaire and the other to the government of the Macau SAR. 

Macau, 8 September, 2006. 

  
 46 

					
	For and on behalf of the Concessionaire	  		  	For and on behalf of the Subconcessionaire
			
	 Stephen Wynn
	  		  	 Rowen Craigie

	Certified Signature	  		  	Certified Signature

  
 47 

 ANNEX TO THE SUBCONCESSION CONTRACT 

Investment Plans 
 Without prejudice of
Clause 39 of this Subconcession Contract, the Subconcessionaire shall implement, namely: 
  

	 	•	 	One Resort-Hotel-Casino complex, to be concluded and open to the public in December 2010; 

  

	 	•	 	One “City Club”, in Taipa. 

 Total amount: 4.000.000.000,00 (Four Billion Patacas) to be invested
within a maximum of 7 (seven) years counting from the signature of this Subconcession Contract. 

  
 48

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