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Exhibit 10.52    
  

FORM OF

WYNN RESORTS, LIMITED

RESTRICTED STOCK AGREEMENT  

        THIS RESTRICTED STOCK AGREEMENT (the "Agreement") is made and entered into as
of                        , 2002
("Grant Date") by and between Wynn Resorts, Limited, a Nevada corporation (the "Company"), and
                        (the "Grantee"), with reference to the following facts:

        A.    The
Grantee is an Employee, Director, or Consultant of the Company or one of its Subsidiaries. 

        B.    Pursuant
to the Company's 2002 Stock Incentive Plan (the "Plan"), the Administrative Committee of the Plan has determined
to grant to the Grantee a Stock Award of            Shares of the Common Stock of the Company (the "Shares"), with such grant being subject to
certain vesting conditions. 

        C.    Accordingly,
the Company wishes to grant the Shares to the Grantee, and the Grantee wishes to accept such grant, on the terms and conditions set forth in this Agreement. 

        NOW,
THEREFORE, in consideration of the mutual agreements contained herein, the Grantee and the Company hereby agree as follows: 

	1.
	Grant and Terms of Shares. 

        1.1  Grant of Shares. The Company hereby grants the Shares to the Grantee, subject to the terms and conditions set forth in
this Agreement. 

        1.2  Vesting. As of the Grant Date, all of the Shares are "unvested." Subject to the restrictions and limitations of this
Agreement and the Plan, the Shares shall become fully vested on                        ,
200            . Notwithstanding the foregoing, in the event of the termination of Grantee's Continuous Status as an
Employee, Director or Consultant (a) under circumstances which entitle Grantee to receive a "Separation Payment" under the Employment Agreement (the "Employment
Agreement") between Grantee and the Company or any of its "Affiliates" (as defined in such Employment Agreement), all Shares shall become fully vested, except to the extent
that such vesting would subject Grantee to an excise tax under Section 4999 of the Code, with any Shares whose vesting would subject Grantee to an excise tax under Section 4999 of the
Code being immediately cancelled and retired without the need for any action on the part of the Company, and (b) under circumstances which do not entitled Grantee to receive a Separation
Payment under the Employment Agreement, all vesting with respect to the Shares shall immediately cease and any Shares which are unvested as of such date shall be immediately cancelled and retired,
without the need for any action on the part of the Company. The certificates representing unvested Shares shall be held in escrow by an officer of the Company pursuant to an escrow agreement to be
entered into among the Company, Grantee and such officer. 

        2.    General Restrictions on Transfer of Shares. 

        2.1  Conditions to Transfer. No Transfer (including a Permitted Transfer) of any Shares may occur unless and until
(a) the Company shall have received written notice of the proposed Transfer, setting forth the circumstance and details thereof at least 30 days prior to its effectiveness;
(b) the Company shall (at its option) have received a written opinion, from an attorney and in a form reasonably satisfactory to the Company, specifying the nature and circumstances of the
proposed Transfer, and stating that the proposed Transfer will not be in violation of any Applicable Laws; (c) the Company shall have received from the Transferee (and the Transferee's spouse
if such spouse will have a community property interest in the Shares) a written consent to be bound by all of the terms and conditions of this Agreement; and (d) the Company shall have received
reasonable assurances (in its sole and absolute discretion) that the Transfer complies with all other applicable requirements of this Agreement and the Plan. 

 

        2.2  No Transfers of Unvested Shares. In no event shall the Grantee Transfer any Shares that are not vested (or any right or
interest therein) to any Person in any manner whatsoever, whether voluntarily or by operation of law or otherwise, other than in a Permitted Transfer. 

        2.3  Transferee Bound by Agreement. The Shares owned or controlled by a Transferee (including a Permitted Transferee) shall
for all purposes be subject to the terms of this Agreement (as if the
Transferee were the Grantee), whether or not such Transferee has executed a consent to be bound by this Agreement. 

        2.4  Invalid Sales. Any purported Transfer of Shares made without fully complying with all of the provisions of this Agreement
shall be null and void and without force or effect. 

        2.5  Termination of Transfer Restrictions. The restrictions set forth in this Section 2 shall terminate upon the
written agreement of the Company and the Grantee. 

        3.    Permitted Transfers of Shares. Subject to compliance with the restrictions and conditions set forth in Section 2,
the Grantee shall be permitted to Transfer Shares (i) to his or her spouse, lineal or legally adopted descendants or ancestors (and their spouses), (ii) to the trustee of a trust for the
sole benefit of such persons, or (iii) to an entity in which such Grantee or his Permitted Transferees own, directly or indirectly, 100% of the equity interests (any such Transfer shall be
referred to as a "Permitted Transfer"), provided in each case that the Grantee retains all voting rights in the Shares. No Permitted Transferee of the
Grantee shall be permitted to Transfer Shares to any Person to whom the Grantee would not be permitted to Transfer Shares pursuant to the terms of this Agreement. 

        4.    Company's Right to Repurchase Shares. The Shares shall be subject to the right of redemption set forth in
Article VII of the Company's Amended and Restated Articles of Incorporation if Grantee or an "Affiliate" of Grantee becomes an "Unsuitable Person" (as such terms are defined in
Article VII of the Company's Amended and Restated Articles of Incorporation); provided, however, that the redemption price for all unvested Shares shall be $1.00 if the "Gaming Authority" (as
defined in Article VII of the Company's Amended and Restated Articles of Incorporation) does not require that another price be paid. 

        5.    Voting and Distribution Rights. 

        The
Grantee shall have no right to vote any unvested Shares. Any distributions or dividends with respect to unvested Shares shall be held by the Company and shall be released to Grantee
only as the underlying Shares vest. In the event that any unvested Shares are cancelled pursuant to Section 1.2, any distributions or dividends related to such unvested Shares shall be retained
by the Company. 

        6.    Compliance With Applicable Laws. 

        The
Grantee will do all acts and things, execute, acknowledge and deliver all documents and instruments, and make all representations and warranties that are necessary or appropriate, in
the judgment of the Company, for the grant, vesting, holding or Transfer of the Shares to comply with
Applicable Laws. Without limiting the generality of the foregoing, the Grantee hereby represents and warrants that: 

        (a)  He
is sufficiently aware of the Company's business affairs and financial condition to reach an informed and knowledgeable decision to acquire the Shares. He is
purchasing the Shares for his own account for investment purposes only and not with a view to, or for the resale in connection with, any "distribution" thereof for purposes of the Securities Act of
1933, as amended, and the rules promulgated thereunder (the "Securities Act"). 

        (b)  He
further understands that the Shares must be held indefinitely unless subsequently registered under the Securities Act or unless an exemption from registration is
otherwise available (such as Rule 144 under the Securities Act). In addition, he understands that the certificate 

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evidencing the Shares will be imprinted with a legend which prohibits the transfer of the Shares unless they are registered or such registration is not required in the opinion of counsel for the
Company. 

        (c)  He
understands that at the time he wishes to sell the Shares, there may be no public market upon which to make such a sale, and that, even if such a public market then
exists, the Company may not be satisfying the current public information requirements of Rule 144, and that, in such event, he would be precluded from selling the Shares under Rule 144
even if the minimum holding periods had been satisfied. 

        7.    Tax Withholding. 

        To
the extent that the grant or the vesting of the Shares results in taxable income to the Grantee for federal, state or local income tax purposes, the Grantee shall pay to the Company
the amount of any required withholding taxes with respect to such taxable income (in such amounts as reasonably determined by the Company). 

        8.    Market StandOff. 

        Grantee
agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of (including by means of sales pursuant to Rule 144) any
shares of Common Stock, or any securities convertible into or exchangeable or exercisable for Common Stock, during the 180-day period beginning on the effective date of the registration
statement for the Initial Public Offering and during the 90-day period beginning on the effective date of the registration statement for any other underwritten offering (except as part of
such underwritten registration), unless the managing
underwriters for the registered public offering otherwise agree. This provision shall expire two years after the date of the Initial Public Offering. 

        9.    Certain Definitions. 

        Capitalized
terms not otherwise defined in this Agreement (including Exhibit A) shall have the meaning set forth in the Plan. For purposes of this Agreement, the following terms
are defined as follows: 

        9.1  "Applicable Laws" means the legal requirements relating to the grant, vesting, holding, or Transfer of the Shares,
including, without limitation, the requirements of state corporations law, federal and state securities law, federal and state tax law, and the requirements of any stock exchange or quotation system
upon which the Shares may then be listed or quoted. For all purposes of this Agreement, references to statutes and regulations shall be deemed to include any successor statutes and regulations, to the
extent reasonably appropriate as determined by the Company. 

        9.2  "Initial Public Offering" shall mean the initial underwritten public offering by the Company of its Common Stock pursuant
to an effective registration statement under the Securities Act of 1933, as amended. 

        9.3  "Permitted Transferee" shall mean any Person to whom a Permitted Transfer of Shares is made, but only with regard to the
Shares which were the subject of a Permitted Transfer. 

        9.4  "Person" shall mean a company, a corporation, an association, a partnership, a limited liability company, an
organization, a joint venture, a trust or other legal entity, an individual, a government or political subdivision thereof or a governmental agency. 

        9.5  "Transfer" shall mean any sale, transfer, assignment, hypothecation, encumbrance, placement in trust (voting or
otherwise) or transfer by operation of law (other than by way of a merger or consolidation of the Company) or other disposition, whether direct or indirect, whether voluntary or involuntary, whether
by gift, bequest or otherwise, of Shares. In the case of a 

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hypothecation, the Transfer shall be deemed to occur both at the time of the initial pledge and at any pledgee's sale or a sale by any secured creditor or a retention by the secured creditor of the
pledged Shares in complete or partial satisfaction of the indebtedness for which the Shares are security. 

        9.6  "Transferee" shall mean any Person (including a Permitted Transferee) to whom the Grantee wishes to Transfer any Shares. 

        10.  General. 

        10.1     Governing Law. This Agreement shall be governed by and construed under the laws of the state of Nevada
applicable to Agreements made and to be performed entirely in Nevada, without regard to the conflicts of law provisions of Nevada or any other jurisdiction. 

        10.2     Notices. Any notice required or permitted under this Agreement shall be given in writing by express
courier or by postage prepaid, United States registered or certified mail, return receipt requested, to the address set forth below or to such other address for a party as that party may designate by
10 days advance written notice to the other parties. Notice shall be effective upon the earlier of receipt or 3 days after the mailing of such notice. 

	 
	 	 

	If to the Company:	 	WYNN RESORTS, LIMITED

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Legal Department
	

If to the Grantee:	
 	

	

 	
 	

	

 	
 	

        10.3     Legend. In addition to any other legend which may be required by agreement or Applicable Laws, each share
certificate representing Shares shall have endorsed upon its face a legend in substantially the form set forth below: 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO VESTING AND TO CERTAIN RESTRICTIONS ON TRANSFER, SALE AND HYPOTHECATION AND CERTAIN REPURCHASE RIGHTS. A COMPLETE
STATEMENT OF THE TERMS AND CONDITIONS GOVERNING SUCH RESTRICTIONS IS SET FORTH IN AN AGREEMENT, DATED AS
OF                        , 2002, A COPY OF WHICH IS ON FILE AT THE CORPORATION'S PRINCIPAL
OFFICE.

        10.4     Deposit of Certificates With Company. In order to ensure that the Grantee complies with the provisions of
this Agreement, and that no Transfers of Shares are made in violation hereof, the Grantee shall deposit all certificates representing Shares with the Company. 

        10.5     Community Property. Without prejudice to the actual rights of the spouses as between each other, for all
purposes of this Agreement, the Grantee shall be treated as agent and attorney-in-fact for that interest held or claimed by his or her spouse with respect to any Shares and the
parties hereto shall act in all matters as if the Grantee was the sole owner of such Shares. This appointment is coupled with an interest and is irrevocable. 

        10.6     Modifications. This Agreement may be amended, altered or modified only by a writing signed by each of the
parties hereto. 

        10.7     Application to Other Stock. In the event any capital stock of the Company or any other corporation shall
be distributed on, with respect to, or in exchange for shares of Common Stock as a stock dividend, stock split, reclassification or recapitalization in connection with any merger or reorganization or
otherwise, all restrictions, rights and obligations set forth in this Agreement shall 

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apply with respect to such other capital stock to the same extent as they are, or would have been applicable, to the Shares on or with respect to which such other capital stock was distributed. 

        10.8     Additional Documents. Each party agrees to execute any and all further documents and writings, and to
perform such other actions, which may be or become reasonably necessary or expedient to be made effective and carry out this Agreement. 

        10.9     No Third-Party Benefits. Except as otherwise expressly provided in this Agreement, none of the provisions
of this Agreement shall be for the benefit of, or enforceable by, any third-party beneficiary. 

        10.10    Successors and Assigns. Except as provided herein to the contrary, this Agreement shall be binding upon
and inure to the benefit of the parties, their respective successors and permitted assigns. 

        10.11    No Assignment. Except as otherwise provided in this Agreement, the Grantee may not assign any of his, her
or its rights under this Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion. The Company shall be permitted to assign its rights or
obligations under this Agreement, but no such assignment shall release the Company of any obligations pursuant to this Agreement. 

        10.12    Severability. The validity, legality or enforceability of the remainder of this Agreement shall not be
affected even if one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable in any respect. 

        10.13    Equitable Relief. The Grantee acknowledges that, in the event of a threatened or actual breach of any of
the provisions of this Agreement, damages alone will be an inadequate remedy, and such breach will cause the Company great, immediate and irreparable injury and damage. Accordingly, the Grantee agrees
that the Company shall be entitled to injunctive and other equitable relief, and that such relief shall be in addition to, and not in lieu of, any remedies they may have at law or under this
Agreement. 

        10.14    Arbitration. 

        10.14.1    General. Any controversy, dispute, or claim between the parties to this Agreement, including any claim
arising out of, in connection with, or in relation to the formation, interpretation, performance or breach of this Agreement shall be settled exclusively by arbitration, before a single arbitrator, in
accordance with this section 10.14 and the then most applicable rules of the American Arbitration Association. Judgment upon any award rendered by the arbitrator may be entered by any state or
federal court having jurisdiction thereof. Such arbitration shall be administered by the American Arbitration Association. Arbitration shall be the exclusive remedy for determining any such dispute,
regardless of its nature. Notwithstanding the foregoing, either party may in an appropriate matter apply to a court for provisional relief, including a temporary restraining order or a preliminary
injunction, on the ground that the award to which the applicant may be entitled in arbitration may be rendered ineffectual without provisional relief. Unless mutually agreed by the parties otherwise,
any arbitration shall take place in Las Vegas, Nevada. 

        10.14.2    Selection of Arbitrator. In the event the parties are unable to agree upon an arbitrator, the parties
shall select a single arbitrator from a list of nine arbitrators drawn by the parties at random from a list of nine persons (which shall be retired judges or corporate or litigation attorneys
experienced in restricted stock agreements and buy-sell agreements) provided by the office of the American Arbitration Association having jurisdiction over Las Vegas, Nevada. If the
parties are unable to agree upon an arbitrator from the list so drawn, then the parties shall each strike names alternately from the list, with the first to strike being determined by lot. After each
party has used four strikes, the remaining name on the list shall 

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be the arbitrator. If such person is unable to serve for any reason, the parties shall repeat this process until an arbitrator is selected. 

        10.14.3    Applicability of Arbitration; Remedial Authority. This agreement to resolve any disputes by binding
arbitration shall extend to claims against any parent, subsidiary or affiliate of each party, and, when acting within such capacity, any officer, director, shareholder, employee or agent of each
party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local
ordinances as well as to claims arising under the common law. In the event of a dispute subject to this paragraph the parties shall be entitled to reasonable discovery subject to the discretion of the
arbitrator. The remedial authority of the arbitrator (which shall include the right to grant injunctive or other equitable relief) shall be the same as, but no greater than, would be the remedial
power of a court having jurisdiction over the parties and their dispute. The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the
motion establishes that he or it would be entitled to summary judgement if the matter had been pursued in court litigation. In the event of a conflict between the applicable rules of the American
Arbitration Association and these procedures, the provisions of these procedures shall govern. 

        10.14.4    Fees and Costs. Any filing or administrative fees shall be borne initially by the party requesting
arbitration. The Company shall be responsible for the costs and fees of the arbitration, unless the Grantee wishes to contribute (up to 50%) of the costs and fees of the arbitration. Notwithstanding
the foregoing, the prevailing party in such arbitration, as determined by the arbitrator, and in any enforcement or other court proceedings, shall be entitled, to the extent permitted by law, to
reimbursement from the other party for all of the prevailing party's costs (including but not limited to the arbitrator's compensation), expenses, and attorneys' fees. 

        10.14.5    Award Final and Binding. The arbitrator shall render an award and written opinion, and the award shall
be final and binding upon the parties. If any of the provisions of this paragraph, or of this Agreement, are determined to be unlawful or otherwise unenforceable, in whole or in part, such
determination shall not affect the validity of the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible
and to insure that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that
the arbitration provisions of this Agreement are not absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action, given
great weight by any finder of fact, and treated as determinative to the maximum extent permitted by law. 

        10.15    Headings. The section headings in this Agreement are inserted only as a matter of convenience, and in no
way define, limit, extend or interpret the scope of this Agreement or of any particular section. 

        10.16    Number and Gender. Throughout this Agreement, as the context may require, (a) the masculine gender
includes the feminine and the neuter gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural tense and number includes the
singular; (c) the past tense includes the present, and the present tense includes the past; (d) references to parties, sections, paragraphs and exhibits mean the parties, sections,
paragraphs and exhibits of and to this Agreement; and (e) periods of days, weeks or months mean calendar days, weeks or months. 

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        10.17    Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 

        10.18    Complete Agreement. This Agreement and the Plan constitute the parties' entire agreement with respect to
the subject matter hereof and supersede all agreements, representations, warranties, statements, promises and understandings, whether oral or written, with respect to the subject matter hereof. 

7

 

        IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement, to be effective as of the date first above written. 

	 	 	The "Company"
	

 	
 	

WYNN RESORTS, LIMITED, a Nevada corporation
	

 	
 	

By:	

	 	 	Its:	

	

 	
 	

The "Grantee"
	

 	
 	

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CONSENT OF SPOUSE  

        The undersigned spouse of Grantee hereby acknowledges that I have read the foregoing Restricted Stock Agreement and that I understand its contents. I am aware
that the Agreement provides for the repurchase of my spouse's Shares under certain circumstances and imposes other restrictions on the transfer of such Shares. I agree that my spouse's interest in the
Shares is subject to this Agreement and any interest I may have in such Shares shall be irrevocably bound by this Agreement and further that the my community property interest, if any, shall be
similarly bound by this Agreement. 

        I
am aware that the legal, financial and other matters contained in this Agreement are complex and I am free to seek advice with respect thereto from independent counsel. I have either
sought such advice or determined after carefully reviewing this Agreement that I will waive such right. 

	 
	 	 
	 	 
	 	 
	 	 

	Dated:	 	As of	 	
	 	, 2002	 	

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Exhibit 10.53  

 
 

DISTRIBUTION AGREEMENT
  AND
  ASSIGNMENT    
  

        THIS DISTRIBUTION AGREEMENT AND ASSIGNMENT (this "Agreement") is made and entered into effective as of October 17,
2002 (the "Distribution Date"), by and between Wynn Resorts, Limited, a Nevada corporation ("Wynn
Resorts"), and Valvino Lamore, LLC, a Nevada limited liability company ("Valvino"), with reference to the following facts: 

        A.    Wynn
Resorts is the sole member of Valvino and owns a 100% member's interest in Valvino, which includes the right to all profits and losses, capital, and distributions of
Valvino. 

        B.    Valvino
owns various assets, including without limitation interests in various entities. 

        C.    The
parties hereto desire that Valvino distribute certain of its assets, including without limitation certain of its interests in entities, to Wynn Resorts and that Wynn
Resorts become the owner of those assets. 

        NOW,
THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as
follows: 

        1.    Distribution and Assignment. Effective upon the Distribution Date, Valvino hereby assigns, transfers, conveys, and
delivers to Wynn Resorts, as a distribution, all of Valvino's right, title, and interest in, to, and under the Assets, free and clear of all Encumbrances. For purposes of this Agreement,
"Assets" means all of Valvino's assets, real or personal, tangible or intangible, fixed or contingent, including without limitation those assets set
forth on Schedule 1A attached hereto, but specifically excluding those assets set forth on Schedule 1B attached hereto (such excluded assets are hereinafter referred to as the
"Retained Assets"). "Encumbrances" means, for purposes of this Agreement, any security interest, pledge,
mortgage, lien (including environmental and tax liens), charge, encumbrance, adverse claim, preferential arrangement, or restriction of any kind, including without limitation any restriction on the
use, voting, transfer, receipt of income, or other exercise of any attributes of ownership. 

        2.    Release, Acceptance, and LLC Membership. Valvino hereby releases and relinquishes any and all right, title, and interest
that it now has in the Assets, effective upon the Distribution Date, and Wynn Resorts hereby acquires and accepts the Assets from Valvino and, with respect to each of the limited liability companies
listed in item 3 of Schedule 1A, becomes the sole member thereof. 

        3.    Deliveries. As of the Distribution Date, Valvino shall deliver, and herewith is delivering, to Wynn Resorts, for
cancellation, each of the membership, stock, or other certificates evidencing Valvino's equity interest in the entities listed in item 3 of Schedule 1A. Each party further agrees to execute and
deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate the distribution of the Assets contemplated by this Agreement. 

        4.    Sales and Use Tax. Wynn Resorts and Valvino shall cooperate in preparing and filing any sales and use tax returns relating
to, and Wynn Resorts shall pay any sales or use tax due with regard to, the distribution of the Assets contemplated by this Agreement. 

        5.    Securities Laws. Wynn Resorts understands and hereby acknowledges that the distribution of the member's interest, stock,
or other equity interest in each of the entities listed in item 3 of Schedule 1A has not been registered under the Securities Act of 1933, as amended, or registered or qualified under the
securities laws of any state of the United States, and unless so registered or qualified, such member's interest, stock, or other equity interest may not be transferred or sold except pursuant to an
exemption from, or in a transaction or with respect to an interest not subject to, the 

 

registration and qualification requirements of the Securities Act of 1933, as amended, or applicable state securities laws. Wynn Resorts represents and agrees that it is acquiring such member's
interest, stock, or other equity interest for its own account and not with a view to, or for sale in connection with, any distribution thereof. 

        6.    Miscellaneous. 

        a.    Additional Documents and Acts. Each party agrees to execute and deliver, from time to time, such additional documents and
instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out, and perform all of the terms, provisions, and conditions of this Agreement and the
transactions contemplated hereby. 

        b.    Governing Law. The laws of the State of Nevada applicable to contracts made in that State, without giving effect to its
conflict of law rules, shall govern the validity, construction, performance, and effect of this Agreement. 

        c.    Interpretation. In the interpretation of this Agreement, the singular may be read as the plural, and  vice versa, the neuter gender as the masculine or feminine, and
vice versa, and the future tense as the
past or present, and vice versa, all interchangeably as the context may require in order to effectuate fully the intent of the parties and the
transactions contemplated herein. Syntax shall yield to the substance of the terms and provisions hereof. Paragraph headings are for convenience of reference only and shall not be used in the
interpretation of the Agreement. 

        d.    Entire Agreement. This Agreement sets forth the entire understanding of the parties, and supersedes all previous
agreements, negotiations, memoranda, and understandings, whether written or oral. In the event of any conflict between this Agreement and any exhibits or schedules attached hereto, this Agreement
shall control. 

        e.    Invalidity. If any term, provision, covenant, or condition of this Agreement, or any application thereof, should be held
by a court of competent jurisdiction to be invalid, void, or unenforceable, that provision shall be deemed severable and all terms, provisions, covenants, and conditions of this Agreement, and all
applications thereof not held invalid, void, or unenforceable, shall continue in full force and effect and shall in no way be affected, impaired, or invalidated thereby. 

        f.    Binding Effect. This Agreement shall be binding on and inure to the benefit of the heirs, personal representatives,
successors, and permitted assigns of the parties hereto. 

2

 

        IN
WITNESS WHEREOF, Valvino and Wynn Resorts have caused this Agreement to be duly executed as of the date first written above. 

	

 	

 	

 	
 	

 
	"VALVINO"	 	 
	

 	

 	

 	
 	

 
	 VALVINO LAMORE, LLC,

a Nevada limited liability company	 	 
	

 	

 	

 	
 	

 
	By:	Wynn Resorts, Limited,

a Nevada corporation,

its sole member	 	 
	

 	

 	

 	
 	

 
	 	By:	/s/  STEPHEN A. WYNN      	 	 
	 	 	
 Stephen A. Wynn,

Chief Executive Officer	 	 
	

 	

 	

 	
 	

 
	"WYNN RESORTS"	 	 
	

 	

 	

 	
 	

 
	 WYNN RESORTS, LIMITED,

a Nevada corporation
	

 	

 	

 	
 	

 
	By:	/s/  STEPHEN A. WYNN      	 	 
	 	
 Stephen A. Wynn,

Chief Executive Officer	 	 

3

 
SCHEDULE 1A

DISTRIBUTED ASSETS  

        The assets to be distributed by Valvino to Wynn Resorts include without limitation the following: 

        1.    Amounts Due from Related Parties. All amounts due as of the Distribution Date from Stephen A. Wynn, Marc D. Schorr,
Kenneth R. Wynn, or any other current or former Member, officer, or affiliate of Valvino. 

        2.    Inventory. All inventory owned by Valvino as of the Distribution Date, including without limitation all wine inventory. 

        3.    Interests in Entities. All of the member's interest, capital stock, or other equity interest in each of the following
entities, and all amounts (including without limitation intercompany receivables) owed as of the Distribution Date to Valvino by each such entity: 

	a.
	Wynn
Group Asia, Inc., a Nevada corporation.

	b.
	Kevyn,
LLC, a Nevada limited liability company.

	c.
	Rambas
Marketing Co., LLC, a Nevada limited liability company.

	d.
	Toasty,
LLC, a Delaware limited liability company.

	e.
	Worldwide
Wynn, LLC, a Nevada limited liability company. 

        4.    Certain Amounts Due from Affiliates. All amounts (including without limitation intercompany receivables) owed as of the
Distribution Date to Valvino by each entity that is a direct or indirect, wholly- or partially-owned subsidiary of an entity listed in item 3 above. 

        5.    Other Macau Attributes. To the extent not included in any other item of this Schedule 1A, all other ownership
attributes and other rights attributable to investments and activities in Macau (including without limitation all rights, if any, in any bank account or temporary cash investment referable to
investments or activities in Macau). 

        6.    Debt Issue Costs. Any asset referable to debt issue costs, to the extent such asset relates to securities issued or to be
issued by Wynn Resorts. 

        7.    Tax Refund Claims. All claims for refunds of taxes and other governmental charges, to the extent that such claims
(i) relate to the Assets, or (ii) are attributable to the conduct of any business activities of Valvino for periods ending before the Distribution Date. 

        8.    Third Party Claims. All rights and claims against third parties, to the extent that such rights or claims:
(i) relate to the Assets; or (ii) are attributable to the conduct of any business activities of Valvino for
periods ending before the Distribution Date, including without limitation any rights to any refund of any commissions, finder's fees, or similar charges paid in connection with Valvino's financing
activities. 

        9.    Insurance. All rights and claims under insurance policies, to the extent that such rights or claims: (i) relate to
the Assets; or (ii) are attributable to the conduct of any business activities of Valvino for periods ending before the Distribution Date (including without limitation any rights to any
cancellation value as of the day immediately preceding the Distribution Date). 

        10.    Unrelated Confidential Information. Any proprietary or confidential business or technical information, records, and
policies pertaining to the Assets or relating generally to Valvino and not pertaining to the Retained Assets. 

        11.    Books and Records. (a) Valvino's books and records—including without limitation the files, documents,
papers, books of account, and other records—pertaining to the Assets or relating generally to Valvino and not pertaining to the Retained Assets; and (b) the tax returns, reports,
and records of Valvino. 

4

 
SCHEDULE 1B

RETAINED ASSETS  

        The Retained Assets include and shall be limited to, without duplication, the following assets: 

        1.    Cash and Cash Equivalents. All cash on hand as of the Distribution Date, including bank accounts and temporary cash
investments, but specifically excluding any asset listed in item 5 of Schedule 1A. 

        2.    Certain Business Revenues. All rights and claims to revenues of or attributable to any business activities of Valvino or
of the former Desert Inn hotel/casino, including all casino receivables and hotel receivables, where such revenues are attributable to periods ending prior to the Distribution Date. 

        3.    Real Property. All of the land, consisting of approximately twenty (20) acres, that is owned by Valvino as of the
Distribution Date on or near the Las Vegas Strip at the site of the former Desert Inn Resort & Casino, together with any buildings located on such land. 

        4.    Equipment. All equipment owned by Valvino as of the Distribution Date. 

        5.    Interests in Entities. All of the member's interest, capital stock, or other equity interest in each of the following
entities, and all amounts (including without limitation intercompany receivables) owed as of the Distribution Date to Valvino by each such entity: 

        a.    Wynn
Resorts Holdings, LLC, a Nevada limited liability company. 

        b.    Desert
Inn Water Company, LLC, a Nevada limited liability company. 

        c.    Wynn
Design and Development, LLC, a Nevada limited liability company. 

        d.    Las
Vegas Jet, LLC, a Nevada limited liability company. 

        e.    World
Travel, LLC, a Nevada limited liability company. 

        6.    Certain Amounts Due from Affiliates. All amounts (including without limitation intercompany receivables) owed as of the
Distribution Date to Valvino by each entity that is a direct or indirect, wholly- or partially-owned subsidiary of an entity listed in item 5 above. 

        7.    Le Rêve Project. Any rights or interest in or to any approvals or agreements for the Le Rêve
hotel-casino project, including without limitation original use permits and contracts with engineering firms. 

        8.    DIIC. Any investment in Desert Inn Improvement Co., a Nevada corporation. 

        9.    Debt Issue Costs. Any asset referable to debt issue costs, except for any such asset listed in item 6 of
Schedule 1A. 

        10.    Third Party Claims. All rights and claims against third parties, to the extent that such rights or claims relate to the
Retained Assets. 

        11.    Insurance. All rights and claims under insurance policies, to the extent that such rights or claims relate to the
Retained Assets. 

        12.    Unrelated Confidential Information. Any proprietary or confidential business or technical information, records, and
policies pertaining to the Retained Assets. 

        13.    Books and Records. Valvino's books and records—including without limitation the files, documents, papers,
books of account, and other records—pertaining to the Retained Assets. 

5

QuickLinks

DISTRIBUTION AGREEMENT AND ASSIGNMENT

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