Document:

EX-10.22

 Exhibit 10.22 

 

			
	 Despacho do Secretário para os Transportes e

Obras Públicas n.o 37/2013
	  	 Order of the Secretary for Transport and

Public Works no. 37/2013

		
	Usando da faculdade conferida pelo artigo 64.o da Lei Básica da Região Administrativa Especial de Macau e nos termos do artigo 153.o e seguintes da Lei n.o 6/80/M, de 5 de
Julho, o Secretário para os Transportes e Obras Públicas manda:	  	Using the power granted by Article 64 of the Basic Law of the Macau Special Administrative Region and in accordance with Article 153 and the following articles of Law no. 6/80/M, of 5 July, the Secretary for Transport and Public
Works orders:
		
	1. É autorizada a transmissão onerosa a favor da «Cotai Strip Lote 2 Apart Hotel (Macau), S.A.», dos direitos resultantes da concessão, por arrendamento, da fracção
autónoma designada por «D R/C» do lote II do terreno com a área global de 405 658 m2, situado na zona de aterro entre as ilhas da Taipa e de Coloane, a Poente da
Estrada do Istmo e a Sul da Estrada da Baía de Nossa Senhora da Esperança, descrito na Conservatória do Registo Predial sob os n.os 23 223, 23 224 e 23 225, titulada e revista pelos Despachos
do Secretário para os Transportes e Obras Públicas n.o 27/2007 e n.o 31/2008.	  	1. It is authorized the onerous transfer to “Cotai Strip Lot 2 Apart Hotel (Macau), Limited” of the rights arising from the concession, by lease, of the strata title unit designated by “D R/C” located in lot II
of land with the total area of 405 658 m2, located on the land fill between the islands of Taipa and Coloane, to the west of Estrada do Istmo and south of Estrada da Baía de Nossa Senhora
da Esperança, registered in the Property Registry under no.s 23 223, 23 224 and 23 225, titled and revised by the Orders of the Secretary for Transport and Public Works no. 27/2007 and no. 31/2008.
		
	2. O presente despacho entra imediatamente em vigor.	  	2. This order is effective immediately.
		
	31 de Maio de 2013.	  	May 31, 2013.
		
	O Secretário para os Transportes e Obras Públicas, Lau Si Io.	  	The Secretary for Transport and Public Works, Lau Si Io.
		
	ANEXO	  	SCHEDULE
		
	(Processo n.o 6 412.04 da Direcção dos Serviços de Solos, Obras Públicas e Transportes e Processo n.o 30/2012 da Comissão de Terras)	  	(File no. 6 412.04 of the Lands, Public Works and Transport Bureau and File no. 30/2012 of the Lands Commission)
		
	Contrato acordado entre:	  	Contract agreed between:
		
	A Região Administrativa Especial de Macau, como primeiro outorgante;	  	Macau Special Administrative Region, as first party;
		
	A «Cotai Strip Lote 2 Apart Hotel (Macau), S.A.», como segundo outorgante; e	  	“Cotai Strip Lot 2 Apart Hotel (Macau) Limited” as second party; and
		
	A Venetian Cotai, S.A., como terceiro outorgante.	  	Venetian Cotai Limited, as third party.

			
		
	Considerando que:	  	Whereas:
		
	1. Pelo Despacho do Secretário para os Transportes e Obras Públicas n.o 27/2007, publicado no Boletim Oficial da Região Administrativa Especial de Macau n.o 16, II Série, de 18 de Abril de
2007, foi titulado o contrato de concessão, por arrendamento, a favor da sociedade «Venetian Cotai, S.A.», do terreno com a área global de 405 658 m2, composto de três
lotes, denominados lote I, lote II e lote III, com a área de, respectivamente, 292,315 m2, 52,864 m2 e 60,479 m2, situado na zona de aterro entre as ilhas da Taipa e de Coloane adiante designada por COTAI, a Poente da Estrada do Istmo e a Sul da Estrada da Baía de Nossa Senhora da Esperança,
descritos na Conservatória do Registo Predial, adiante designada por CRP, sob os n.os 23 225, 23 223 e 23 224, e inscritos a seu favor sob o n.o 31 681F, para ser aproveitado com a construção de um complexo de casino,
hotéis, hotéis-apartamentos e de centros de exposições, de convenções e de congressos, em regime de propriedade horizontal.	  	1. By Order of the Secretary for Transport and Public Works no. 27/2007, published in Official Gazette of the Macau Special Administrative Region no. 16, Series II, on 18 April 2007, it was granted the concession contract by lease
to “Venetian Cotai Limited” of the land with the total area of ​​405 658 m2, composed of three lots, designated as lot I, lot II and lot III, with an area of, respectively,
292 315 m2, 52 864 m2 and 60 479 m2, located on the land fill between the islands of Taipa
and Coloane, hereinafter designated as COTAI, to the west of Estrada do Istmo and south of Estrada da Baía de Nossa Senhora da Esperança, registered in the Property Registry under no.s 23 225, 23 223 and 23 224, and recorded in its favor
under no. 31 681F, to be developed with the construction of a complex of casino, hotels, apartment hotels and exhibition, convention and congress centers in strata title regime.
		
	2. Posteriormente, o referido contrato foi revisto pelo Despacho do Secretário para os Transportes e Obras Públicas n.o 31/2008, publicado no Boletim Oficial da Região Administrativa Especial de Macau
n.o 44, II Série, de 29 de Outubro de 2008. De acordo com o contrato de revisão titulado por este despacho as áreas dos lotes I e II foram alteradas para 291 479 m2 e 53
700 m2, mantendo-se o lote III com a área de 60 479 m2, e foi introduzida a finalidade comercial no lote II.	  	2. Subsequently, the said contract was amended by Order of the Secretary for Transport and Public Works no. 31/2008, published in Official Gazette of the Macau Special Administrative Region no. 44, Series II, on 29 October 2008.
According to the said amendment contract the areas of lots I and II were changed to 291 479 m2 and 53 700 m2, whilst lot III kept an area of
​​60 479 m2, and it was added the commercial purpose to lot II.
		
	3. Em 9 de Março de 2010, através de requerimento dirigido ao Chefe do Executivo, a concessionária veio solicitar a transmissão dos direitos resultantes da concessão, por arrendamento, da fracção
autónoma designada por «D R/C», destinada a hotel-apartamento de 4 estrelas, construída no lote II, a favor da sociedade «Cotai Strip Lote 2 Apart Hotel (Macau), S.A.», sociedade subsidiária da requerente,
com sede na ilha da Taipa, na Estrada da Baía de Nossa Senhora da Esperança, The Venetian Macao Resort Hotel, Executive Offices – L2, registada na Conservatória dos Registos Comercial e de Bens Móveis, sob o
n.o 32 172 (SO).	  	3. On March 9, 2010, the concessionaire submitted an application to the Chief Executive requesting the transfer of the rights arising from the concession by lease of the strata title unit designated “D R/C”, intended for
the development of a 4-stars’ hotel-apartment, built in lot II, to “Cotai Strip Lot 2 Apart Hotel (Macau) Limited”, a subsidiary of the applicant, with registered address in the Taipa island, at Estrada da Baía de Nossa Senhora
da Esperança, The Venetian Macao Resort Hotel, Executive Offices – L2, registered at the Commercial and Movable Assets Registry under no. 32 172 (SO).

			
	4. A requerente alega que subjacente ao pedido não está qualquer fim especulativo uma vez que continua a deter a maioria do capital social da sociedade transmissária, mas sim a realização do investimento
através de um modelo cooperativo.	  	4. The applicant claims that the application does not have any underlying speculative purpose as it will continue to hold the majority of shares of the purchaser, but has the purpose of investment through a cooperative
model.
		
	5. No âmbito da instrução do procedimento foram obtidos os pareceres da Direcção de Inspecção e Coordenação de Jogos e da Direcção dos Serviços de Turismo e introduzidas
várias alterações na minuta de contrato, de forma a assegurar que a fracção autónoma possa desempenhar a sua função durante o prazo da concessão e evitar que a mesma venha a tornar-se objecto de
comercialização no mercado de imóveis, bem como garantir que a exploração do estabelecimento hoteleiro observe as disposições do Decreto-Lei n.o 16/96/M, de 1 de Abril.	  	5. During the administrative procedure, the opinions of the Gaming Inspection and Coordination Bureau and of the Tourism Office were seek and several modifications were made in the draft of contract to ensure that the strata title
unit will operate in accordance with its purpose throughout the term of the concession and avoid its commercialization in the property market, as well as to ensure that the operation of the property complies with the provisions of Decree-Law no.
16/96/M, dated 1 April.
		
	6. A minuta do contrato de transmissão dos direitos da concessão mereceu a concordância da sociedade transmitente e da sociedade transmissária, expressa em declaração apresentada em 16 de Maio de
2012.	  	6. The draft of the contract for the transmission of the rights arising from the concession was accepted by the seller and purchaser, expressed in a declaration submitted on May 16, 2012.
		
	7. O procedimento seguiu a sua tramitação normal, tendo o processo sido enviado à Comissão de Terras que, reunida em 7 de Junho de 2012, emitiu parecer favorável ao deferimento do pedido, o qual foi
homologado por despacho do Chefe do Executivo, de 22 de Maio de 2013.	  	7. The procedure followed its normal course and was sent to the Lands Commission which, after meeting on June 7, 2012, issued a favorable opinion to the approval of the application, which was homologated by the Chief Executive on
May 22 , 2013.
		
	8. Nos termos e para os efeitos previstos no artigo 125.o da Lei n.o 6/80/M, de 5 de Julho, as condições do contrato titulado pelo presente despacho foram notificadas à sociedade transmitente e
transmissária e por estas expressamente aceites, conforme declaração apresentada em 28 de Maio de 2013, assinada por Edward Matthew Tracy, com domicílio profissional em Macau, na Estrada da Baía de Nossa Senhora da
Esperança, The Venetian Resort Hotel, Executive Offices – L2, Taipa, na qualidade de administrador e em representação da sociedade «Venetian Cotai, S.A.» e da sociedade «Cotai Strip Lote 2 Apart Hotel (Macau),
S.A.», qualidade e poderes que foram verificados pelo notário privado Diamantino de Oliveira Ferreira, conforme reconhecimento exarado naquela declaração.	  	8. Pursuant to Article 125 of Law no. 6/80/M, dated 5 July, the conditions of the contract stipulated in this Order have been notified to the seller and purchaser and they expressly accepted them in accordance with a declaration
submitted on May 28, 2013, signed by Edward Matthew Tracy, with professional domicile in Estrada da Baía de Nossa Senhora da Esperança, The Venetian Resort Hotel, Executive Offices – L2, Taipa, as director and on behalf of
“Venetian Cotai Limited” and “Cotai Strip Lot 2 Apart Hotel (Macau) Limited”, capacity and powers that have been verified by the private notary Diamantino de Oliveira Ferreira, in accordance with the certification made in the
said declaration.

			
	 Artigo primeiro — Objecto do contrato
  

Pelo presente contrato o terceiro outorgante, com autorização do primeiro outorgante, e pelo preço de $ 89 000 000,00 (oitenta e nove
milhões de patacas), transmite ao segundo outorgante, que aceita, os direitos resultantes da concessão, por arrendamento, da fracção «D R/C», com a área bruta de construção de 101 028 m2 (cento e um mil e vinte e oito metros quadrados) da finalidade hotel-apartamento de 4 estrelas, situada no lote II do terreno com a área global de 405 658 m2 (quatrocentos e cinco mil, seiscentos e cinquenta e oito metros quadrados), situado na zona do COTAI, a Poente da Estrada do Istmo e a Sul da Estrada da Baía de Nossa Senhora da
Esperança, descrito na CRP com os n.os 23 223, 23 224 e 23 225, cujo contrato de concessão é titulado pelo Despacho do Secretário para os Transportes e Obras Públicas n.o 27/2007, publicado no Boletim Oficial da
Região Administrativa Especial de Macau n.o 16, II Série, de 18 de Abril de 2007, e revisto pelo Despacho do Secretário para os Transportes e Obras Públicas n.o 31/2008, publicado no Boletim Oficial da
Região Administrativa Especial de Macau n.o 44, II Série, de 29 de Outubro de 2008. A exploração do estabelecimento hoteleiro a instalar na referida fracção autónoma rege-se pelo Decreto-Lei
n.o 16/96/M, de 1 de Abril.
	  	 Clause 1 — Object of the contract
  

Through this Contract, the third party, with the authorization of the first party, transfers to the second party, at the price of $89,000,000.00 (eighty nine
million patacas), the rights derived from the concession by lease of the unit “D R/C”, and the second party accepts the transfer. The gross floor construction area of the unit is 101 028
m2 (one hundred and one thousand and twenty eight square meters), to for a “4-stars apart-hotel”, located in Lot II of a piece of land with the total area of ​​405 658 m2 (four hundred and five thousand and six hundred and fifty eight square meters), located on the COTAI, to the west of Estrada do Istmo and south of Estrada da Baía de Nossa Senhora da
Esperança, registered in the Property Registry under no.s 23 225, 23 223 and 23 224, the concession of which land was granted by the Order of the Secretary for Transport and Public Works no. 27/2007, published in the Official Gazette no. 16,
Series II, on 18 April 2007, amended by Order of the Secretary for Transport and Public Works no. 31/2008, published in the Official Gazette no. 44, Series II, on 29 October 2008. The operation of the hotel premises located in the above independent
unit shall be regulated by Decree-law no. 16/96/M, dated April 1.

		
	 Artigo segundo — Obrigações
  

1. O segundo outorgante, relativamente à fracção autónoma «hotel-apartamento de 4 estrelas do lote II», assume todas as
obrigações resultantes do contrato de concessão, por arrendamento, designadamente as previstas no n.o 1 da cláusula décima terceira do contrato titulado pelo Despacho do Secretário para os Transportes e
Obras Públicas n.o 27/2007, publicado no Boletim Oficial da Região Administrativa Especial de Macau n.o 16, II Série, de 18 de Abril de 2007, revisto pelo Despacho do Secretário para os Transportes e Obras
Públicas n.o 31/2008, publicado no Boletim Oficial da Região Administrativa Especial de Macau n.o 44, II Série, de 29 de Outubro de 2008.
	  	 Clause 2 — Obligations
  

1. The second party shall assume all the obligations derived from the concession contract by lease in relation to the independent unit for “4-stars
apart-hotel of lot II”, including the obligations stipulated in paragraph 1 of Clause 13 of the contract titled by the Order of Secretary for Transport and Public Works no. 27/2007, published in the Official Gazette no. 16, Series II, on 18
April 2007, amended by Order of the Secretary for Transport and Public Works no. 31/2008, published in the Official Gazette no. 44, Series II, on 29 October 2008.

  

			
	2. O segundo outorgante e o terceiro outorgante obrigam-se a prosseguir a finalidade «hotel-apartamento de 4 estrelas do lote II», de acordo com o estipulado na legislação aplicável, designadamente no
Decreto-Lei n.o 16/96/M, de 1 de Abril, durante todo o prazo da concessão e de eventuais renovações.	  	2. The second party and third party have to maintain throughout the term of the concession and of its renewals, if any, the utilization purpose of the “4-stars apart-hotel of Lot II”, in accordance with the applicable law,
in particular the Decree-law no. 16/96/M, dated 1 April.
		
	3. Para prosseguir a finalidade «hotel-apartamento de 4 estrelas do lote II», evitando que o mesmo venha a tornar-se objecto de comercialização no mercado de imóveis, o segundo outorgante:	  	3. In order to maintain the utilization purpose of the “4-stars apart-hotel of Lot II”, thus avoiding that the apart-hotel becomes commercialized in the property market, the second party:
		
	1) Sem a autorização prévia por escrito do primeiro outorgante, não pode vender nem transmitir, a qualquer título, qualquer acção preferencial com direito a uso de unidades de alojamento do
hotel-apartamento;	  	1) shall not, at any title, sell or transfer any preferential share which entitles the holder thereof to use the accommodation units of the apart-hotel unless it receives prior written approval of first party;
		
	2) Não pode vender ou transmitir, a qualquer título, a propriedade e/ou quaisquer outros direitos reais de unidades de alojamento do hotel-apartamento;	  	2) shall not, at any title, sell or transfer the ownership and/or any other real rights of the accommodation units of the apart-hotel;
		
	3) Não pode vender ou transmitir, a qualquer título, os direitos resultantes da concessão da fracção «D R/C» que inclui o hotel-apartamento e as suas unidades de alojamento nela
instalados;	  	3) shall not, at any title, sell or transfer the rights derived from the concession of the strata title unit “D R/C” which includes the apart-hotel and its accommodation units constructed therein;
		
	4) Não pode organizar quaisquer actividades relativas à comercialização ou transmissão de unidades de alojamento do hotel-apartamento;	  	4) shall not organize any activities related with the commercialization or transfer of accommodation units in the apart-hotel;
		
	5) Deve garantir que o estabelecimento hoteleiro esteja aberto ao público e, observando o estipulado na legislação aplicável, designadamente no Decreto-Lei n.o 16/96/M, de 1 de Abril, proporcione ao
público alojamento.	  	5) must ensure that the hotel premises are open to the public and, complying with the applicable laws, including the Decree-law no. 16/96/M, dated 1 April, provides accommodations to the public;

			
	4. A pedido do segundo outorgante e após ouvido o terceiro outorgante, o primeiro outorgante, só depois de ter sido garantida a manutenção da finalidade «hotel-apartamento de 4 estrelas do lote II»,
irá ponderar conceder ou não a autorização referida na alínea 1) do número anterior.	  	4. At the request of the second party and after consulting the opinion of third party, the first party will only consider whether to grant the approval mentioned in subparagraph 1) of the preceding paragraph, if it is ensured that
the utilization purpose of the “4-stars apart-hotel inf Lot II” is maintained.
		
	5. Durante o prazo da concessão, o segundo outorgante obriga-se a disponibilizar anualmente ao primeiro outorgante a lista nominal actualizada de todos os accionistas com ou sem direito ao uso das unidades de alojamento do
«hotel-apartamento de 4 estrelas do lote II».	  	5. Throughout the term of the concession, the second party shall provide annually to the first party an updated nominal list of all the shareholders, including those with or without the right to use the accommodation units of the
“4-stars apart-hotel in Lot II”.
		
	6. Quaisquer alterações da sede social, dos estatutos e do número de acções da sociedade transmissária (segundo outorgante), detidas pelo terceiro outorgante, terão de ser aprovadas pelo primeiro
outorgante.	  	6. Any changes to the company address, to the articles of association and to the number of shares of the second party, held by the third party, are subject to the approval of the first party.
		
	7. Caso o segundo outorgante tenha obtido a autorização do primeiro outorgante para a venda ou transmissão de acções preferenciais com direito a uso de unidades de alojamento, deverá informar, por
escrito, os investidores, aquando da venda ou transmissão de acções preferenciais com direito a uso de unidades de alojamento, que:	  	7. In case the second party obtains the approval of first party to sell or transfer preferential shares which entitle the holders to use accommodation units, it should notify the following in writing to the investors at the time of
the sale or transfer:
		
	1) A respectiva aquisição não confere o direito de propriedade nem quaisquer outros direitos reais sobre as respectivas unidades de alojamento;	  	(1) the acquisition of the relevant shares will not entitle them to the ownership or to any other rights with real nature over the relevant accommodation units;
		
	2) Existem ou não quaisquer ónus sobre o direito resultante da concessão, por arrendamento, da fracção autónoma «hotel-apartamento de 4 estrelas do lote II», designadamente hipoteca.	  	(2) whether there are any charges over the rights derived from the concession by lease of the strata title unit for “4-stars apart-hotel in Lot II”, namely a mortgage.
		
	 Artigo terceiro — Multa
  

1. Ao segundo outorgante podem ser aplicadas as seguintes multas pelo:
	  	 Clause 3 — Fines
  

1. The following fines may be imposed on the second party in the following situations:

		
	1) Incumprimento das obrigações previstas na alínea 1) do n.o 3 do artigo anterior: por cada acção vendida ou transmitida, multa no valor igual ao preço dessa acção;	  	1) Non-compliance with the obligation provided in subparagraph 1) of paragraph 3 of the preceding clause: for each share sold or transferred, the fine equals to the price of each share;

			
	2) Incumprimento das obrigações previstas nas alĺneas 2) ou 3) do n.o 3 do artigo anterior: por cada acto de venda ou transmissão relativa a unidades de alojamento, multa no valor igual ao preço
de unidade de alojamento respeitante a esse acto de venda ou transmissão;	  	2) Non-compliance with the obligations of subparagraph 2) or 3) of paragraph 3 of the preceding clause: for each act of sale or transfer of accommodation units, the fine equals to the price of the accommodation unit involved in the
sale or transfer activity;
		
	3) Incumprimento das obrigações previstas na alĺnea 4) do n.o 3 do artigo anterior: $500 000,00 (quinhentas mil patacas) por cada dia da realização de cada actividade;	  	3) Non-compliance with the obligation of subparagraph 4) of paragraph 3 of the preceding clause: For each day of each activity, a fine of $500 000.00 shall be levied;
		
	4) Incumprimento das obrigações previstas na alĺnea 5) do n.o 3 do artigo anterior: $100 000,00 (cem mil patacas) por cada infracção, sem prejuĺzo da aplicação de penalidades
previstas na legislação aplicável;	  	4) Non-compliance with the obligation of subparagraph 5) of paragraph 3 of the preceding clause: for each violation, a fine of $100 000.00 shall be levied, without limiting the penalties of the applicable laws;
		
	5) Incumprimento das obrigações previstas nos n.os 5, 6 ou 7 do artigo anterior: $50 000,00 (cinquenta mil patacas) por cada infracção;	  	5) Non-compliance with the obligations of the paragraph 5, 6, 7 of the preceding clause: for each violation, a fine of $50 000.00 shall be levied;
		
	6) Incumprimento das condições a estabelecer na eventual autorização para a venda ou transmissão de acções preferenciais com direito a uso de unidades de alojamento: por cada acção
vendida ou transmitida, multa no valor igual ao preço dessa acção.	  	6) Non-compliance with the conditions laid down in the approval, if any, to sell or transfer the preferential shares with the entitlement to use the accommodation units in the apart-hotel: for each share sold or transferred, the
fine equals to the price of the share.
		
	2. O terceiro outorgante responde solidariamente pelo pagamento da multa aplicada ao segundo outorgante nos termos do número anterior.	  	2. The third party is jointly liable for the payment of the fines imposed on the second party pursuant to the above paragraph.
		
	Artigo quarto — Rescisão	  	Clause 4 — Rescission
		
	1. O presente contrato e a concessão da fracção «D R/C» podem ser rescindidos pelo primeiro outorgante designadamente nas seguintes situações:	  	1. The first party can rescind this contract and the concession of the strata title unit “D R/C” namely in the following situations:
		
	1) Incumprimento das obrigações estabelecidas nos n.os 1 ou 2 do artigo segundo;	  	1) Non-compliance with the obligations of paragraphs 1 or 2 of Clause 2;
		
	2) Incumprimento de qualquer das obrigações estabelecidas nos n.os 3 ou 5 a 7 do artigo segundo, sem prejuízo da aplicação de multa prevista no artigo
anterior;	  	2) Non-compliance with any one of the obligations of paragraphs 3 or 5 to 7 of Clause 2, without limiting the fines imposed pursuant to the preceding clause;

  

			
	3) Incumprimento das condições a estabelecer na eventual autorização para a venda ou transmissão de acções preferenciais com direito a uso de unidades de alojamento, sem prejuízo da
aplicação de multa prevista no artigo anterior;	  	3) Non-compliance with the conditions laid down in the approval, if any, to sell or transfer the preferential shares with the entitlement to use the accommodation units of the apart-hotel, without prejudice to the fines imposed
pursuant to the preceding clause;
		
	4) Quando se verifique qualquer dos factos previstos no n.o 1 da cláusula décima sexta do contrato de concessão do terreno titulado pelo Despacho do Secretário para os Transportes e Obras
Públicas n.o 27/2007, publicado no Boletim Oficial da Região Administrativa Especial de Macau n.o 16, II Série, de 18 de Abril de 2007, e revisto pelo Despacho do Secretário para os Transportes e Obras
Públicas n.o 31/2008, publicado no Boletim Oficial da Região Administrativa Especial de Macau n.o 44, II Série, de 29 de Outubro de 2008;	  	4) In the occurrence of any of the facts provided in paragraph 1 of Clause 16 of the land concession contract titled by the Order of Secretary for Transport and Public Works no. 27/2007, published in the Official Gazette no. 16,
Series II, on 18 April 2007, amended by Order of the Secretary for Transport and Public Works no. 31/2008, published in the Official Gazette no. 44, Series II, on 29 October 2008;
		
	5) Se for declarada a falência do segundo outorgante.	  	5) If the second party is declared bankrupt.
		
	2. A rescisão do contrato e da concessão da fracção «D R/C» é declarada por despacho do Chefe do Executivo, a publicar no Boletim Oficial da Região Administrativa Especial de Macau e
determina a reversão da fracção «D R/C», correspondente ao «hotel apartamento de 4 estrelas do lote II», a favor do primeiro outorgante.	  	2. The rescission of the contract and of the concession of the strata title unit “D R/C” shall be declared by Order of the Chief Executive, which shall be published in Official Gazette of the Macau Special Administrative
Region and shall determine the reversion of the strata title unit “D R/C” corresponding to the “4-stars apart-hotel in lot II” to the first party.
		
	3. A rescisão do contrato e da concessão da fracção «D R/C» não isenta o segundo outorgante e o terceiro outorgante do pagamento de multa aplicada no âmbito do presente contrato.	  	3. The rescission of the contract and of the concession of the strata title unit “D R/C” does not waive the fines levied to the second party and to the third party pursuant to this Contract.
		
	Artigo quinto — Foro competente	  	Clause 5 — Jurisdiction
		
	Para efeitos de resolução de qualquer litígio emergente do presente contrato, o foro competente é o da Região Administrativa Especial de Macau.	  	For the purposes of resolving any disputes arising from this contract, the competent forum is that of the Macau Special Administrative Region are competent.

			
		
	Artigo sexto — Legislação aplicável	  	Clause 6 — Applicable Law
		
	O presente contrato rege-se, nos casos omissos, pela Lei n.o 6/80/M, de 5 de Julho, e demais legislação aplicável.	  	In case of anything unspecified, Law no. 6/80/M, dated 5 July, and other applicable laws shall apply.
		
	
                       
         
  
 Gabinete do
Secretário para os Transportes e Obras Públicas, aos 31 de Maio de 2013. — A Chefe do Gabinete, substituta, Cheong Pui I.
	  	
                       
         
  
 Office of the
Secretary for Transport and Public Works, on 31 May 2013. — The replacing Chief of the Office, Cheong Pui I.EX-10.23

 Exhibit 10.23 

Order of the Secretary for Transport 

and Public Works no. 52/2014 
 Using the
powers granted by Article 64 of the Basic Law of the Macau Special Administrative Region and in accordance with Article 153, paragraph 2, and Article 213, both of Law no. 10/2013 (Land Law), the Secretary for Transport and Public Works orders: 

1. The land lease concession contract with a total area of 722 m2, composed of three lots, designated as Lot I, Lot II and Lot III with the an area of,
respectively, 291 479 m2, 53 700 m2 and 60 479 m2 located on the landfill between the islands of Taipa and Coloane, hereinafter designated as COTAI, to the west of Estrada do Istmo and south of Estrada da Baía de Nossa Senhora da
Esperança, registered in the Property Registry under nos. 23 225, 23 223 and 23 224, for the construction of complex including with casino, hotels, apart-hotels, commercial and a convention, exhibition and seminar centers, is hereby amended
pursuant to the terms and conditions of the attached contract, which forms integral part of this Order. 
 2. Included in the amendment mentioned in the
previous paragraph, the object of the concession is amended as regards the area and boundaries of the mentioned three lots, whereby the areas of Lot I, Lot II and Lot III will be amended to the areas of 290562 m2, 53 303 m2 and 61681 m2. 

3. In compliance with the new alignments assigned to the location, a parcel of land with an area of 112 m2 to be detached from Lot I, registered in the
Property Registry under no.23225, shall revert to the Public Domain, as consequently the total area of the mentioned land composed by the three lots will henceforth be of 405 546m2. 

4. This order is effective immediately. 
 October 16, 2014.

 The Secretary for Transport and Public Works, Lau Si Io. 
  

 
 SCHEDULE

 (Proceedings no. 6 412.09 of the Lands, Public Works and Transport Bureau 

and File no. 33/2014 of the Lands Commission) 

Contract agreed between: 
 Macau Special Administrative Region,
as first party; 
 Venetian Cotai Limited, as second party; and 

Venetian Macau Limited, as third party. 
 Cotai Strip Lot 2
Apart Hotel (Macau) Limited, as fourth party. 
 Whereas: 

 

 

澳 門 特 別 行 政 區 政 府 

Government of the Macau Special Administrative Region 

地 圖 繪 製 暨 地 籍 局 

Cartography and Cadastre Bureau 
 1. By
Order of the Secretary for Transport and Public Works no. 27/2007, published in the Official Gazette of the Macau Special Administrative Region no. 16, Series II, of 18 April 2007, the land concession contract of the land with the total area of
405 658 m2, composed of three lots, designated as lot I, lot II and lot III, with an area of, respectively, 292 315m2, 52 864m2 and 60 479 m2, located on the landfill between the islands of Taipa and Coloane, hereinafter designated as COTAI, to the
west of Estrada do Istmo and south of Estrada da Baía de Nossa Senhora da Esperança, was granted to “Venetian Cotai Limited”, a company registered with the Macau Commercial and Moveable Assets Registry under no. 19845(SO),
with registered office at Estrada da Baía de Nossa Senhora da Esperança, The Venetian Macao Resort Hotel, Executive Offices – L2, Taipa, Macau. 

2. In accordance with Article 3, paragraph 1, of the mentioned land lease concession contract set forth in the said Order, this land is developed by erecting a
complex including with casino, hotels, apart-hotels, commercial and a convention, exhibition and seminar centers, in horizontal property regime. 
 3. The
concession contract has been registered in the Property Registry, and having Lots I, II and II been registered under nos. 23 225, 23 223 and 23 224, respectively, and having the right resulting from the land lease concession been registered in the
name of the concessionaire under no. 31 681F. 
 4. Subsequently, by Order of the Secretary for Transport and Public Works no. 31/2008, published in Official
Gazette of the Macau Special Administrative Region no. 44, Series II, of 29 October 2008, the said contract was amended as a consequence of the amendment of the object of the contract as regards the area and the boundaries of Lot I and Lot II,
and of the separation of the commercial area of Lot II previously included in the gross construction area assigned to the purpose of hotel, and to the adjustment of the remaining gross construction areas of the other purposes. 

5. As a consequence of the said amendment, the areas of lots I and II were amended to 291 479m2 and 53 700m2, whilst lot III maintained the area of 60,479 m2.

 6. By means of an application dated of August 21, 2013, Venetian Cotai Limited requested the amendment of the areas of the three lots, as a
consequence of the need to the introduce a minor adjustment to the Northern boundary of Lot III to better suit the building to be erected in the said lot, and whereas as a result of the said amendment no changes to the total or partial construction
capacity set forth in the concession contract would arise. 
 7. Once the technical opinions and documents required to be filed under the proceedings were
obtained, the Lands, Public Works and Transport Bureau issued a favorable opinion, whereas it concerned only a slight adjustment of the areas of the lots, without any amendment to the respective gross construction areas set forth in the concession
contract, the said Bureau proceeded with the drafting of the of the concession contract amendment. 
 8. Pursuant to the present amendment, the lease land,
composed of lots I, II and III, shall be amended to 405 546m2 and specified and labeled as “A1”, “A2”, “A3”, “A3a” and “A3b” in the plan no. 6124/2013 issued by the Cartography and Cadaster Serviced
Bureau, dated September 10, 2014. 
 9. The parcel of land identified as “A1” corresponds to lot I, which area is reduced to 290 562m2. 

10. The parcel of land identified as “A2” corresponds to lot II, which area is reduced to 53 303m2. 

11. The parcels of land identified as “A3”, “A3a” and “A3b” correspond to lot III, which area is increased to 61 681m2. 

  
 2 

 

 

澳 門 特 別 行 政 區 政 府 

Government of the Macau Special Administrative Region 

地 圖 繪 製 暨 地 籍 局 

Cartography and Cadastre Bureau 
 12. The
aforementioned parcel of land with an area of 112m2 identified as “D”, to be detached from Lot I, shall revert to the Public domain. 
 13. The
proceedings followed its normal course and was sent to the Lands Committee, which, having met on September 25, 2014, issued a favorable opinion to the approval of the request based on articles 129 and 139 of Law no. 10/2013, , which was further
agreed by the Chief Executive by an Order dated of October 7, 2014. 
 14. The terms of the concession contract set forth in the present Dispatch were
notified to the concessionaires and by them specifically accepted and agreed, as per declarations filed on October 10, 20154, signed by Mr. David Alec Andrew Fleming and Mr. Toh Hup Hock, both with professional domicile in Macau,
Estrada da Baía de Nossa Senhora da Esperança, The Venetian Macao Resort Hotel, Executive Offices – L2, Taipa, in their capacity of directors and in representation of the companies Venetian Cotai Limited, Venetian Macau Limited,
and Cotai Strip Lot 2 Apart Hotel (Macau) Limited, which capacity and powers for the said effect were certified by the private notary Marcelo Poon, as per notary certificate included in the said declarations. 

15. Whereas the aforementioned parcel identified as “D” in the said plan, which reverts to the Public domain, is secured with mortgages registered
with the Property Registry under nos. 129 631C and 169 371C in favour of Bank of China Limited, the latter declared, for all legal effects, it authorized the cancelation thereof as regards the mentioned parcel. 

Article 1 – Subject Matter of the Contract 
  

	 	1.	 The subject matters of the Contract are: 

 

	 	1)	 On the basis of permissions, to reduce the area of parcel I and parcel II and increase the area of parcel III,
and revise the concession, on a leasing basis, of a 405,658 (four hundred and five thousand, six hundred and fifty-eight) square-meter area of land located next to Isthmus Road and Our Lady of Hope Bay Road in Cotai for the intended purpose of
constructing an integrated complex for casino, hotel, serviced apartment, commercial, and conference/exhibition center uses. The land is described in No. 23223, No. 23224 and No. 23225 of the Property Registry (Conservatória
Registo Predial, or C.R.P.), and its concession is evidenced in Order No. 27/2007 from the Director of the D.S.S.O.P.T. as promulgated in Part 2 of the 16th issue of the Macau Special Administrative Region Communiqué (the
“Communiqué”) of 18 April 2007, and is subject to Order No. 31/2008 from the Director of the D.S.S.O.P.T. in Part 2 of the 44th Communiqué of 29 October 2008, and revision No. 37/2013 by the Director of
the D.S.S.O.P.T. in Part 2 of the 23rd Communiqué of 5 June 2013. 

  

	 	2)	 In accordance with the provisions of the new street alignment plan, a parcel of land free of all charges or
encumbrances, which was delineated and marked with the letter “D” in the cadastral map (“the D.S.C.C. Map”) issued by the Cartography and Cadastre Bureau (Direcção dos Serviços de Cartografia e Cadastro, or
the D.S.C.C.) on 10 September 2014, with an area of 112 (one hundred and twelve) square meters and a value of MOP$112,000.00 (one hundred and twelve thousand patacas), shall be disengaged from the aforementioned parcel and returned to Party A,
and be included as public property. 

  

	 	2.	 On the basis of the above: 

 

	 	1)	 The parcels 805 (eight hundred and five) square meters and 112 (one hundred and twelve) square meters in area
marked as “A3a” and “D”, respectively, on the D.S.C.C. Map, as parts of the land described in C.R.P. No. 23225, shall be separated from land parcel I, which is valued at MOP$1,458,574,919.00 (one billion four hundred and
fifty-eight million, five hundred and seventy-four thousand, nine hundred and nineteen patacas), and its area is reduced to 290,562 (two hundred and ninety thousand, five hundred and sixty-two) square meters,
delineated and marked as “A1” on the D.S.C.C. Map, corresponding to the total land area described in C.R.P. No. 23225; 

  
 3 

 

 

澳 門 特 別 行 政 區 政 府 

Government of the Macau Special Administrative Region 

地 圖 繪 製 暨 地 籍 局 

Cartography and Cadastre Bureau 
  

	 	2)	 The parcel 397 (three hundred and ninety-seven) square meters in area marked as parcel “A3b” on the
D.S.C.C. Map, and as part of the land described in C.R.P. No. 23225, shall be separated from land parcel II, which is valued at MOP$688,982,508.00 (six hundred and eighty-eight million, nine hundred and
eighty-two thousand, five hundred and eight patacas), and its area is reduced to 53,303 (fifty-three thousand, three hundred and three) square meters, delineated and marked as “A2” on the D.S.C.C.
Map, and corresponding to the total area of the land described in C.R.P. No. 23223; 

  

	 	3)	 The 805 (eight hundred and five) square-meter parcel in parcel I and the 397 (three hundred and ninety-seven)
square-meter parcel in parcel II shall be integrated into parcel III, which is valued at MOP$594,374,049.00 (five hundred and ninety-four million, three hundred and seventy-four thousand, and forty-nine patacas), and the area shall be adjusted to
61,681 (sixty-one thousand, six hundred and eighty-one) square meters, delineated and marked as “A3”, “A3a” and “A3b” on the D.S.C.C. Map,
and corresponding to the total land area described in C.R.P. No. 23224; 

  

	 	4)	 The total area of the land concession is adjusted to 405,546 (four hundred and five thousand, five hundred and forty-six) square meters, comprising the parcels delineated and marked as “A1”, “A2”, “A3”, “A3a” and “A3b” in cadastral map No. 6124/2003 issued by D.S.C.C. on
10 September 2014, hereinafter referred to as the Land, the concession of which is governed by the provisions of this Contract; 

  

	 	5)	 As evidenced in Order No. 27/2007 from the Director of the D.S.S.O.P.T. as promulgated in Part 2 of the
16th issue of the Communiqué of 18 April 2007 and subject to Order No. 31/2008 from the Director of the D.S.S.O.P.T. in Part 2 of the 44th Communiqué of 29 October 2008, and revision No. 37/2013 by the Director of
the D.S.S.O.P.T. in Part 2 of the 23rd Communiqué of 5 June 2013, the text of Clause Three and Clause Seven are revised as follows: 

“Clause Three – Usage and Purpose of the Land 

 

	 	1.	
                       
                                         
                                         
                                         
                                         
   

  

	 	1)	 Parcel I, a land area of 290,562 (two hundred and ninety thousand, five hundred and sixty-two) square meters: 

  

	 	(1)	
                       
                                         
                                         
                                         
                       

  

	 	(2)	
                       
                                         
                                         
                                         
                       

  

	 	(3)	
                       
                                         
                                         
                                         
                       

  

	 	(4)	
                       
                                         
                                         
                                         
                       

  

	 	(5)	
                       
                                         
                                         
                                         
                       

  

	 	2)	 Parcel II, a land area of 53,303 (fifty-three thousand, three hundred and three) square meters:

  

	 	(1)	
                       
                                         
                                         
                                         
                       

  

	 	(2)	
                       
                                         
                                         
                                         
                       

  

	 	(3)	
                       
                                         
                                         
                                         
                       

  

	 	(4)	
                       
                                         
                                         
                                         
                       

  

	 	(5)	
                       
                                         
                                         
                                         
                       

  

	 	3)	 Parcel III, a land area of 61,681 (sixty-one thousand, six hundred and eighty-one) square meters: 

  
 4 

 

 

澳 門 特 別 行 政 區 政 府 

Government of the Macau Special Administrative Region 

地 圖 繪 製 暨 地 籍 局 

Cartography and Cadastre Bureau 
  

	 	(1)	
                       
                                         
                                         
                                         
                       

  

	 	(2)	
                       
                                         
                                         
                                         
                       

  

	 	(3)	
                       
                                         
                                         
                                         
                       

  

	 	(4)	
                       
                                         
                                         
                                         
                       

  

	 	(5)	
                       
                                         
                                         
                                         
                       

  

	 	2.	
                       
                                         
                                         
                                         
                                         
   

  

	 	3.	 Party B must comply with the urban planning regulations in effect within the zone where the Land is situated.

 Clause Seven – Rent 
  

	 	1.	 During the period of use of the Land, Party B must pay annual rent of MOP$30.00 (thirty patacas) per square
meter of land conceded, to a total amount of MOP$12,166,380.00 (twelve million, one hundred and sixty-six thousand, three hundred and eighty patacas); 

	 	2.	
                       
                                         
                                         
                                         
                                         
   

  

	 	3.	
                       
                                         
                                         
                                         
                                         
 ” 

 Article 2 – Period of Use 

 

	 	1.	 The period of use for the Land concludes on 17 April 2016. 

 

	 	2.	 The above-mentioned period includes the time for Party B to submit the project program, and for Party A to
review the program and issue permits. 

 Article 3 – Default Fines 

 

	 	1.	 In cases where Party B fails to comply with the terms specified in Article 2, a default fine equal to 0.1%
(zero point one per cent) of the total value shall be collected for each day past due, for up to 150 (one hundred and fifty) days. 

  

	 	2.	 In cases where responsibility does not lie with Party B and reasons are considered sufficient by Party A who
then subsequently approves the termination or the extension of the period of use, Party B shall be exempt from the above mentioned liability. 

Article 4 – Transfer 
  

	 	1.	 Based on the special nature of the concession, prior permission from Party A must be obtained before the
transfer of any terms derived from the concession, otherwise such a transfer shall be invalid or rendered ineffective, and shall not prejudice the provisions of Article 6. 

 

	 	2.	 In order to substantiate the above provision, the following situations shall be deemed as the transfer of terms
derived from the concession: 

  

	 	1)	 A one-off or multiple transfer amounting to more than 50% (fifty per
cent) of the capital of Party B or its controlling company; 

  

	 	2)	 Where, in accordance with the provision of Article 258, Clause 3 of the Civil Code, an authorization letter or re-authorization letter irrevocable without the consent of all stakeholders is drawn up, and such authorization letter entitles the authorized party to dispose of the terms derived from the concession and to take
all actions in proceedings. 

  
 5 

 

 

澳 門 特 別 行 政 區 政 府 

Government of the Macau Special Administrative Region 

地 圖 繪 製 暨 地 籍 局 

Cartography and Cadastre Bureau 
  

	 	3.	 Without prejudicing the provisions above, if Party B transfers more than 10% (ten per cent) of its capital or
that of its controlling company, Party B must notify the D.S.S.O.P.T. within thirty days of such a transfer, otherwise, for the first instance of such a breach, Party B shall be fined 1% (one per cent) of the total value, and for the second instance
of such a breach, the concession shall be revoked. 

  

	 	4.	 Any transferees must be bound by the revised terms and conditions of this Contract, in particular those aspects
regarding the period of use and additional premiums. 

  

	 	5.	 Before utilisation is completed, in accordance with the provisions of Article 42 Clause 3 of Law
No. 10/2013, Party B may only mortgage the rights derived from the concession to credit institutions licensed to operate in the Macau Special Administrative Region. 

 

	 	6.	 Any mortgage in violation of the above provision is invalid. 

Article 5 – Invalidation 
  

	 	1.	 This concession is invalidated in the following situations: 

 

	 	1)	 Where utilization is still not completed after 150 days as specified in Article 3 Clause 1, notwithstanding
whether a default fine has been paid previously or not. 

  

	 	2)	 Where usage of the land is suspended for more than 90 (ninety) consecutive or cumulative days, except when
reasons are given and considered sufficient by Party A. 

  

	 	2.	 Invalidation of the concession shall be declared by order of the Chief Executive, and promulgated in the Macau
Special Administrative Region Official Gazette. 

  

	 	3.	 Any consequent fines or premiums already paid and all improvements made by any means to the Land shall, upon
invalidation, be owned by Party A, for which Party B has no right to compensation or reimbursement, and which will not prejudice Party A’s entitlement to any overdue rent or fines. 

Article 6 – Termination 
  

	 	1.	 This Contract may be terminated in any of the following situations: 

 

	 	1)	 Where, without consent, the usage of the Land is changed or the purpose of the concession are revised;

  

	 	2)	 Where obligations as specified in Article 9 and as evidenced in Order No. 27/2007 from the Director of the
D.S.S.O.P.T. are not performed; 

  

	 	3)	 Where obligations as specified in Article 11 and as evidenced in Order No. 27/2007 from the Director of
the D.S.S.O.P.T. are repeatedly not fulfilled on four or more occasions; 

  

	 	4)	 Where terms derived from the concession are transferred without prior permission in violation of the provisions
of Article 4, Clause 1; 

  
 6 

 

 

澳 門 特 別 行 政 區 政 府 

Government of the Macau Special Administrative Region 

地 圖 繪 製 暨 地 籍 局 

Cartography and Cadastre Bureau 
  

	 	5)	 Where the provisions of Article 4, Clause 3 are violated twice; 

 

	 	6)	 Where usage of the Land deviates from the approved purpose, or such a purpose is never realized;

  

	 	7)	 Where it is not possible to commence or continue Land usage due to urban planning changes, and in any of the
situations described in Article 140, Clause 2 of Law No. 10/2013; 

  

	 	8)	 Where the lease is transferred. 

 

	 	2.	 Termination of the concession shall be declared by order of the Chief Executive, and promulgated in the Macau
Special Administrative Region Communiqué. 

  

	 	3.	 Any consequent fines or premiums already paid and all improvements made by any means to the Land shall, upon
invalidation, be owned by Party A, for which Party B has no right to compensation or reimbursement, and which will not prejudice Party A’s entitlement to any overdue rent or fines. 

Article 7 – Mutatis mutandis 

All termsin this Contract not expressly deleted shall remain effective as per the original Contract, which is evidenced in Order
No. 27/2007 from the Director of the D.S.S.O.P.T. as promulgated in Part 2 of the 16th issue of the Macau Special Administrative Region Communiqué (the “Communiqué”) of 18 April 2007, and subject to Order
No. 31/2008 from the Director of the D.S.S.O.P.T. in Part 2 of the 44th Communiqué of 29 October 2008, and revision No. 37/2013 by the Director of the D.S.S.O.P.T. in Part 2 of the 23rd Communiqué of 5 June 2013. 

Article 8 – Court of Jurisdiction 

The Court of the Macau Special Administrative Region is the court authorized to resolve any disputes arising from this Contract. 

Article 9 – Court of Jurisdiction 

For any unaddressed issues herein, this Contract is subject to the provisions of Law No. 10/2013 and other applicable laws. 

  
 7 

 

 

澳 門 特 別 行 政 區 政 府 

Government of the Macau Special Administrative Region 

地 圖 繪 製 暨 地 籍 局 

Cartography and Cadastre Bureau 
  

 
 Dispatch no. 52/SOPT/2014 Opinion of C.T. no. 98/2014 on 25/09/2014 6124/2003 on 10/09/2014 

  
 8 

 

 

澳 門 特 別 行 政 區 政 府 

Government of the Macau Special Administrative Region 

地 圖 繪 製 暨 地 籍 局 

Cartography and Cadastre Bureau 
  

					
	 Parcel A1      =
  

Parcel A2      =
  

Parcel A3      =
  

Parcel A3a    =
  

Parcel A3b    =
  

Parcel B    =
  

Parcel C    =
  

Parcel D    =
	 	 290,562 m2
  

53,303 m2
  

60,479 m2
  

805 m2
  

397 m2
  

15,914 m2
  

8610 m2
  

112 m2
	  	

 Current boundaries: 
  

	 	-	 Parcel A1 + A2 + A3 + A3a + A3b: 

 

	 	N	 -     Estrada da Baia da Nossa Senhora da Esperança; 

	 	S	 -     Avenida de COTAI; 

	 	E	 -     Parcel B; 

	 	W	 -     Parcel D and Avenida Cidade Nova; 

 

	 	-	 Parcel D: 

  

	 	S	 -     Avenida de COTAI; 

	 	E	 -     Parcel A1; 

	 	W	 -     Avenida Cidade Nova. 

Remarks: - Parcels “A1 + A3a + D” correspond to description No. 23225(AR). 

 

	 	    -	 Parcels “A2 + A3b” correspond to description No. 23223(AR). 

 

	 	    -	 Parcel “A3” corresponds to description No. 23224(AR). 

 

	 	    -	 Parcel “B” is land presumed by the C.R.P. to be unregistered, designated for the purpose of public
greening, and the land lessee should undertake the planning, clearing and execution work. 

  

	 	    -	 Parcel “C” is land presumed by the C.R.P. to be unregistered, designated for the purpose of public
foot paths, a green belt and future expansion of the roadway; underground pipe infrastructure should be installed, and the lessee is responsible for the construction and maintenance of paving and planting during the period of the land lease.

  

	 	    -	 Parcel “D” is land which, in order to meet the requirements of land readjustment, should be vacated
and integrated into the state-owned public domain. 

 Annex of the map 6124/2013 on 10/09/2014 

  
 9

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