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EX10.276a2088833zex10_27.htmEXHIBIT10.27
QuickLinksClickheretorapidlynavigatethroughthisdocument
Exhibit10.27
DECLARATION
I,LAMShingMing([Chinesecharacters]),male,holderofHongKongIdentityCardNo.G085965(5),ofDiners
ProfessionalTranslationServices,13C,RightEmperorCommercialBuilding,122126WellingtonSt.,Central,HongKong,
solemnlyandsincerelydeclarethat:
1.IamconversantwiththeChineseandEnglishlanguages.
2.Ireceivedmy"MasterofArtsinTranslation"degreefromtheChineseUniversityofHongKongin1996.
3.IhavehadexperienceintranslatinglegaldocumentsfromChineseintoEnglishforover10years.
4.Iherebycertifythatthe64pagedocumentheretoattachedandmarkedExhibit"A"andentitled"Concession
ContractforOperatingCasinoGamingorOtherFormsofGamingintheMacaoSpecialAdministrativeRegion"isa
true,correctandcompleteEnglishtranslationofthe54pageChinesedocumentheretoattachedandmarkedExhibit"B"and
entitled"[Chinesecharacters]".
AndImakethissolemndeclarationconscientiouslybelievingthesametobetrueandbyvirtueoftheOathsand
DeclarationsOrdinance.
DeclaredattheAmericanConsulateGeneral
HongKong,26GardenRoad,Central,
HongKongthis30thdayofAugust,2002.

)
)
)

/s/LAM,SHINGMING
SignatureofDeclarant
LAM,ShingMing

beforeme,

ConsulateGeneralofthe
UnitedStatesofAmerica
atHongKong

)
)SS:
)

Subscribedandsworntobeforemethis30 thdayofAugust,2002byLAMShingMing.

/s/MARISAL.PLOWDEN

MarisaL.Plowden,
ViceConsul

ConcessionContractforOperatingCasinoGamingorOtherFormsofGamingintheMacaoSpecialAdministrative
Region
Onthe24thdayofJune,2002,intheHeadquartersoftheGovernmentoftheMacaoSpecialAdministrativeRegionin
AvenidadaPraiaGrande,Macau,duetotheabsenceoftheSpecialNotaryPublicoftheFinanceServicesBureau,I,Choo
YickChong(transliteration),SeniorTechnicianIIoftheLegalAssistanceCentreofthesaidBureau,havebeenappointedto
betheSubstituteSpecialNotaryPublicpursuanttotheprovisionsofOrderNumber216/2000oftheChiefExecutivedated
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8thNovember.ThefollowingPartiestothisContractwereinfrontofme:

PartyA:

TheMacaoSpecialAdministrativeRegion,representedbytheChiefExecutiveEdmundHoEdmundHo,
married,businessaddressattheGovernmentHeadquarters,AvenidadaPraiaGrande,Macau.Ihave,pursuant
totheprovisionsofArticle45oftheBasicLawoftheMacaoSpecialAdministrativeRegion,verifiedhis
capacityandauthority.

PartyB:

WynnResorts(Macau)Limited,withheadquartersatAvenidadaAmizade,nmero918,edificio"World
TradeCentre",8.andar"C"Macau,whoseRegistrationNumberattheBusinessandAutomobile
RegistrationBureauis14917,isrepresentedbySTEPHENALANWYNN,amemberofitsadministrationand
managementorgan.STEPHENALANWYNNismarriedandresidesatOneShadowCreekDrive,NorthLas
Vegas,Nevada,UnitedStatesofAmerica.Byrelyingonanidentificationdocumentissuedbythesaid
RegistrationBureau,Ihaveverifiedhiseligibilityandauthorityandfiledthesame.

TheidentityofPartyAhasbeenverifiedasIampersonallyacquaintedwithhim.TheidentityofPartyAhasbeen
verifiedbymeonthebasisofthePassportNo.055142925presentedbyhimandissuedon20 thJanuary1998bytheSan
FranciscoPassportAgencyOfficeoftheUnitedStates.
PartyAdeclaresinitsaforesaidcapacitythat:
BytheOrderNo.217/2001oftheChiefExecutive,theprocessofopenandpublictendersforthe(three)concession
licensesforoperatingcasinogamingsorotherformsofgamingoperationswaslaunched.

(Stamp)

[ThisistheexhibitmarkedAreferredtointheDeclarationofLAMShingMingdeclaredbeforemeon30
August2002.]

Theprocessofopenandpublictendersforthe(three)concessionlicensesforcasinogamingsorotherformsofgaming
operationswaslaunchedfollowingtheactofopening'thetenders.Theactofopeningthetenderswasdividedintotwostages
thestageofopeningthevarioussealedenvelopesonwhichtheword"Documents"wasspecifiedandthestageofopening
thevarioussealedenvelopesonwhichtheword"Tender"wasspecified.Followingthat,aconsultationstagewascarriedout
duringwhichthetenders"wereintroducedandreviewed.Theprocessofopenandpublictenderswascompletedaftera
expositoryreporthasbeenprepared.Basedonthatreport,theChiefExecutivehasannouncedtheawardoftheprovisional
concessionairesfortheconcessionlicensesforoperatingcasinogamingsorotherformsofgamingoperationswhichwere
madeavailableforpublictenders.
BytheOrderNo.26/2002oftheChiefExecutive,oneoftheConcessionLicensesforCasinoGamingsorOtherFormsof
GamingOperationswhichweremadeavailableforpublictenderswasgrantedtoWynnResorts(Macau)Limited,which
becameoneoftheprovisionalconcessionaires(hereinafterreferredtoasthe"Concessionaire")
2

PursuanttotheprovisionsofClause1ofArticle84oftheAdministrativeRegulationNo.26/2001,theConcessionaire
hasprovidedthesecuritydepositforguaranteeingtheConcessionaire'sperformanceofitsstatutoryobligationsor
contractualobligations:
PursuanttotheprovisionsofClause5ofArticle82oftheAdministrativeRegulationNo.26/2001,theConcessionaire
hasprovedtotheCommissionfortheFirstPublicTendertoGrantConcessionstoOperateCasinoGamesofChancethatit
haspaidinfullincashthecompanycapitalinthesumofnotlessthan200millionpatacas,andthatthecompanycapitalhas
alreadybeendepositedwithabranchorsubsidiaryofalocalcreditagencyorofacreditagencywhichhasbeenapprovedfor
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operatingintheMacaoSpecialAdministrativeRegion
TheConcessionairehasagreedtothisDraftConcessionContractforOperatingCasinoGamingsorOtherFormsof
GamingintheMacaoSpecialAdministrativeRegion
TheConcessionaire,shareholdersholding5%orover5%ofthecompanycapitaloftheConcessionaire,andthedirectors
oftheConcessionairehavesubmittedtotheprocedureswhichdeterminewhethertheypossesstheproperqualifications.Such
procedureswerecompletedafterthesaidreporthasbeenprepared.Thereportindicatedthatthoseentitiespossesstheproper
qualifications
TheConcessionairehasalreadysubmittedtotheprocedureswhichdeterminewhetheritpossessesthefinancial
capabilitytooperatetheConcessionLicenseforCasinoGamingsorOtherFormsofGamingOperations.Suchprocedures
werecompletedafterthesaidreporthasbeenprepared.ThereportindicatedthattheConcessionairepossessestheproper
financialcapability
BytheOrderNo.142/2002oftheChiefExecutive,oneoftheConcessionLicensesforOperatingCasinoGamingsor
OtherFormsofGaming,whichwereavailableforpublictenders,hasbeengrantedtoWynnResorts(Macau)Limited.
BothPartiesdeclareintheiraforesaidcapacitiesthat,aftertheconsultationsbetweenbothParties,theyagreetoenter
intothisAdministrativeContractforTheConcessionLicenseforCasinoGamingsorOtherFormsofGamingOperations.This
AdministrativeContractshallbegovernedbythefollowingregulations.

Chapter1
Subject,Type,andTermofConcession
Article1
SubjectofConcession
1.

ThesubjectofconcessionofthisConcessionContractistheoperationofcasinogamingsorotherformsofgamingin
theMacaoSpecialAdministrativeRegionofthePeople'sRepublicofChina(hereinafterreferredtoasthe"Macao
SpecialAdministrativeRegion"or"ConcessionLicensor").

2.

TheConcessiondoesnotcovertheoperationofthefollowinggamingactivities:

(1)

MutualGaming

(2)

Gamingactivitiesprovidedtothepublicnevertheless,theapplicabilityoftheprovisionsofClause7of
Article3ofLawNo.16/2001shallnotbeobstructed

(3)

InteractiveGaming

(4)

Gamingoranyotherformsofgaming,betting,orgamingbusinessconductedinavesseloraircraft
nevertheless,theapplicabilityoftheprovisionsofClause3.1andClause4ofArticle5ofLawNo.16/2001
shallnotbeobstructed.
3

Article2
ObjectofConcession
TheConcessionaireshallhavethefollowingobligations:
(1)

Toensuretheproperoperationandrunningofcasinogamingsorotherformsofgaming

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(2)

Intheoperationandrunningofcasinogamingsorotherformsofgaming,onlypersonswhopossesstheproper
qualificationstoholdsuchpositionsandassumesuchresponsibilitiesshallbeemployed

(3)

Tooperateandruncasinogamingsorotherformsofgaming,inamannerwhichis.fair,honest,andfreeofthe
influenceofcriminalactivities

(4)

TomaintainandprotecttheinterestsoftheMacaoSpecialAdministrativeRegioninreceivingtaxes
originatingfromtheoperationoftheConcessionaire'scasinosandothergamingzones.
Article3
ApplicableLawsandCompetentCourts

1.

ThisConcessionshallonlybeboundbythelawsoftheMacaoSpecialAdministrativeRegion.

2.

TheConcessionaireacceptsandsubmitsitselftotheexclusivejurisdictionoftheCourtsoftheMacaoSpecial
AdministrativeRegionintherulingofanydisputesorconflictsofinterestswhichmayarise.Therefore,itwaivesits
righttoinstitutelegalproceedingswithanycourtinanyareaoutsidetheMacaoSpecialAdministrativeRegion.
Article4
AbidingbytheLawsoftheMacaoSpecialAdministrativeRegion

TheConcessionaireshallabidebytheapplicablelawsoftheMacaoSpecialAdministrativeRegionandgiveup
adducingthelawsofaplaceoutsidetheMacaoSpecialAdministrativeRegion,particularlyforthepurposeofexemptingthe
performanceofobligationsoractswhichitmustperformorwhichareimposedonit.
Article5
ParticipationintheOperationofCasinoGamingsorOtherFormsofGaminginOtherJurisdictions
1.

IftheConcessionaireparticipatesintheproceduresofgrantinglicensesorconcessionsandtheoperationofcasino
gamingsorotherformsofgaming,aswellastheoperationofcasinogamingsorotherformsofgaminginanyother
jurisdiction,includingtheparticipationmerelythroughamanagementcontract,itshallinformtheGovernmentofthe
MacaoSpecialAdministrativeRegion(hereinafterreferredtoasthe"Government")ofsuchafact.Ifthe
Concessionaireisawarethatanyofitsdirectors,anyofitscontrollingshareholders,includingtheultimate
controllingshareholder,orifanyonewhodirectlyorindirectlyholds10%orover10%ofthecompanycapitalofthe
Concessionairebiasparticipatedintie.sameasmentionedabove,itshallalsoinformtheGovernmentimmediately.

2.

Fortheapplicabilityoftheprovisionsoftheaforesaidclause,theConcessionaireshall,basedonthespecific
circumstances,providetheGovernmentwithallthedocuments,materialsorinformationsorequestedoritshalltake
measurestoobtaintheaforesaiddocuments,materialsorinformationwhicharerequiredtobeprovidedtothe
Government.However,documents,materialsorinformationwhichareconfidentialpursuanttotheprovisionsoflaw
shallbeexcepted.
4

Article6
TheConcessionarySystem
Theconcessionarysystemiscomposedofalegalframework,andsuchalegalframeworkincludesthelegalsystem
governingtheoperationofcasinogamingsorotherformsofgamingadoptedinLawNo.16/2001,AdministrativeRegulation
No.26/2001,RulesfortheImplementationofGaming,particularlytherulesstatedinArticle55ofLawNo.16/2001,other
complementaryregulationstoLawNo.16/2001,andthisConcessionContract.
Article7
OperationofBusinessinConcession
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TheConcessionaireshalloperatethebusinessinconcessionpursuanttotheprovisionsandconditionssetforthinthis
ConcessionContract.
Article8
TermofConcession
1.

ThedurationofthisConcessionContractshallbe20years,commencingfrom27 thJune2002until26 thJune2022.

2.

TheaforesaidprovisionsshallnotobstructtheapplicabilityofthosetermsinthisConcessionContractwhicharestill
effectiveevenaftertheexpiryoftheTermofConcession.

Chapter2
PlacesfortheOperationandRunningofCasinosandOtherGamingZones
Article9
PremisesforOperatingtheBusinessinConcession
1.

Incarryingonitsbusiness,theConcessionairecanonlyoperatecasinogamingsorotherformsofgaminginthose
casinosandothergamingzoneswhichhavebeenpreapprovedandclassifiedbytheGovernment.

2.

Thereassignedusageofanyotherpremiseswhicharefortheoperationofthebusinessinconcessionshallbesubject
totheapprovaloftheGovernment.
Article10
GamingTypes,GamingTables,andElectricalorMechanicalGamingMachines

1.

TheConcessionaireislicensedtooperateallthoseformsofgamingreferredtoinClause3ofArticle3ofLaw
No.16/2001,aswellasotherformsofgamingallowedpursuanttotheprovisionsofClauses4and5ofthesame
Article.TheConcessionaireisalsoallowedtooperateanyelectricalormechanicalgamingmachines,including"slot
machines",pursuanttotheprovisionsoflaws.

2.

InDecemberofeachyear,theConcessionaireshallsubmittotheGamblingInspectionandCoordinationBureaualist
whichspecifiesthequantitiesandlocationsofgamingtablesandelectricalormechanicalgamingmachines,
including"slotmachines",whichtheConcessionaireintendstooperateinthefollowingyear.

3.

Thequantitiesandlocationsofgamingtablesandelectricalormechanicalgamingmachines,including"slot
machines"operatedbytheConcessionaire,maybechangedbymeansofgivingadvancenoticetotheGambling
InspectionandCoordinationBureau.
5

Article11
ContinuousOperationofCasinos
1.

TheConcessionaireshallopenthecasinoseverydayandeveryyear.

2.

The,Concessionairemaysetthedailyhoursduringwhichthecasinosandtheactivitiescarryingonthereinare
openedtothepublicnevertheless,theapplicabilityoftheprecedingclauseshallnotbeobstructed.

3.

TheGovernmentshallbegivenadvancenoticeregardingthedailyhoursduringwhichthecasinosandtheactivities
carryingonthereinareopenedtothepublic,andthesameshallalsobepostedattheentranceofthecasinos.

4.

Ifthedailyhoursduringwhichthecasinosandtheactivitiescarryingonthereinareopenedtothepublicaretobe
changed,theGovernmentshallbegivenatleast3dayadvancenotice.

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Article12
TemporarySuspensionsoftheOperationofCasinosandOtherGamingZones
1.

IftheConcessionaireintendstotemporarilysuspendtheoperationofoneormorecasinosandothergamingzonesata
certainperiodoftimeononeormoredays,itshallrequesttheGovernment'sapprovalbysubmittinganexpository
applicationatleast3daysinadvance.

2.

Intheeventofemergenciesorforcemajeure,particularlywhenlifethreateningsituationssuchasseriousaccidents,
disastersornaturaldisastersoccur,theapprovalmentionedintheprecedingclauseshallbeexempted.Inthese
circumstances,theConcessionaireshallinformtheGovernmentofthetemporarysuspensionoftheoperationof
casinosandothergamingzonesassoonaspossible.
Article13
ElectronicSurveillanceandMonitoringEquipment

1.

TheConcessionaireshallinstallelectronicsurveillanceandmonitoringequipmentwhichhavebeenapprovedbythe
GamblingInspectionandCoordinationBureauandwhichareofsuperiorinternationalquality,inthecasinosand
othergamingzones.Therefore,theConcessionaireshallmakeanapplicationinwritingtothesaidBureau.The
applicationshallspecifytheequipmentintendedtobeinstalledandtherelevanttechnicalspecificationsshallbe
attachedthereto.Moreover,theGamblingInspectionandCoordinationBureaumayrequestthesamplemachinesor
samplesoftheaforesaidequipmentbeprovidedatanytime.

2.

IfsorequestedbytheGamblingInspectionandCoordinationBureau,theConcessionaireshallalsoinstallelectronic
surveillanceandmonitoringequipmentapprovedbytheBureauinotheradjoiningareasofthecasinosandother
gamingzones,orinotherareaswhichhaveaccesstoorareadjoiningtosuchcasinosandothergamingzones.

3.

IftheGamblingInspectionandCoordinationBureaumakesanexpositoryrequest,especiallywhensuchrequestsare
madeinordertoensurethattheelectronicsurveillanceandmonitoringequipmentaremaintainedatthesuperior
internationalqualitymentionedinClause1,theConcessionaireshallprocuretheinstallationofthenewelectronic
surveillanceandmonitoringequipmentapprovedbytheBureau.

4.

IftheConcessionaireisawareofanyactorfactwhichconstitutesanoffenceorillegaladministrativeact,andany
illegalactorfactwhichisconsideredseriousbytheConcessionaire,thesameshallbereportedtoacompetentpublic
authorityassoonaspossible.
6

Chapter3
TheConcessionaire
Article14
BusinessoperatedbytheCompany,itsLocationandForm
1.

ThebusinesstobeoperatedbytheConcessionaireshallbelimitedtotheoperationofcasinogamingsorotherforms
ofgaming.

2.

SubjecttotheGovernment'sapproval,thebusinesstobeoperatedbytheConcessionairemayincludebusinessesthat
arerelatedtocasinogamingsorotherformsofgaming.

3.

TheConcessionaireshallmaintainitscompanyaddressintheMacaoSpecialAdministrativeRegionandshall
maintainitsformoforganisationasalimitedcompanybyshares.
Article15
CompanyCapitalandShares

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1.

TheConcessionaireshallmaintainacompanycapitalofnotlessthan$200millionpatacas.

2.

AllofthecompanycapitaloftheConcessionaireshallonlybeshowninregisteredevidenceswhichindicateshares.

3.

TheincreaseoftheConcessionaire'scompanycapitalbymeansofpublicofferingshallbesubjecttothe
Government'sapproval.

4.

TheissueofprioritysharesbytheConcessionaireshallbesubjecttotheGovernment'sapproval.

5.

ThesettinguporissueofshareswhichsignifythetypesorclassesofthecompanycapitaloftheConcessionaireas
wellastheconversionofsuchsharesshallbesubjecttotheGovernment'sapproval.Moreover,theapplicabilityofthe
provisionsoftheprecedingclauseshallnotbeobstructed.

6.

TheConcessionaireshalltakemeasuressothatallthecompanycapitalofthosebodiescorporatewhichholdthe
sharesoftheConcessionaire,allthecompanycapitalofthosebodiescorporatewhichholdsuchcompanycapital
contributionofsuchbodiescorporate,andsoforthallthewayuptoallthecompanycapitalofnaturalpersonsor
bodiescorporatewhichbelongtotheultimateholdersofthecompanycapitalcontribution,aremerelyshownbyway
ofregisteredevidenceswhichindicateshares.However,inthecaseofbodiescorporateswhichareauthorizedtobe
listedinthesecuritiesexchange,whosesharesthataretradedinthesecuritiesexchangeshallbeexemptedfromsuch
restrictions.
Article16
TransferofSharesandSettingUpofEncumbrances

1.

Thelivingtransfer(inwhatsoevername)oforsettingupencumbrancesagainstthetitleofownershipofshareswhich
showthecompanycapitaloftheConcessionaireorotherrightsofsuchshares,aswellastheperformingofanyact
whichinvolvestheconferringofthevotingrightsorothershareholdersrightsuponanypersonotherthantheoriginal
holderofsuchrights,shallbesubjecttotheGovernment'sapproval.

2.

Ifasituationarisesasindicatedintheprecedingclause,theConcessionaireshallinanycircumstancehavethe
obligationtorefusetomakesuchrecordsforanyentitieswhichobtainorholdsharesshowingtheircompanycapital
inawaywhichviolatesthisConcessionContractorprovisionsofthelaw.Moreover,theConcessionaireshallnot
acknowledgetheshareholdercapacityofthesaidentitiesandshallnotperformanyactwhichacknowledgesinan
expressor
7

impliedmanneranyeffectofthelivingtransferorsettingupofencumbrancesmentionedintheprecedingclause.
3.

IfapostmortaltransferofthetitleofownershipofshareswhichshowthecompanycapitaloftheConcessionaireor
otherrightsofsuchsharesistobecarriedout,theGovernmentshallbeinformedassoonaspossible.The
Concessionaireshallmeanwhiletakemeasurestorecordsuchtransfersontoitsshareregister.

4.

AfterobtainingtheapprovalmentionedinClause1,iftheholderofthetitleofownershipofshareswhichshowthe
companycapitaloftheConcessionaireoriftheholderofotherrightsofsuchsharestransfersorsetsupencumbrances
againstsuchtitleofownershiporrights,orifheperformsanyactwhichinvolvestheconferringofthevotingrightsor
othershareholdersrightsuponotherpersons,theConcessionaireshallbeinformedofsuchfactsimmediately.After
makingsuchrecordsontoitsshareregisterorcompletingtheequivalentprocedures,theConcessionaireshallinform
theGamblingInspectionandCoordinationBureauwithin30daysthereof,andshallsubmitcopiesofdocuments
whichmakesuchlegalactscomplywiththestandard,andshallprovidedetailedinformationonanyotherprovisions
andconditionsstipulated.

5.

TheConcessionaireshallalsotakemeasurestoprocuretheauthorizationoftheGovernmentonthefollowingacts:
Thelivingtransfer(inwhatsoevername)ofthetitleofownershipofthecompanycapitalcontributionofthenatural
personorbodycorporateofthecompanycapitalcontributionofshareswhichshowthecompanycapitalofthe

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Concessionaire'sshareholdersorotherrightsofsuchcompanycapitalcontribution,thelivingtransfer(inwhatsoever
name)ofthetitleofownershipofthecompanycapitalofthenaturalpersonorbodycorporateoftheaforesaid
companycapitalcontributionofthebodycorporate,andsoforthallthewayuptothelivingtransfer(inwhatsoever
name)ofthecompanycapitalofthenaturalpersonorbodycorporateoftheultimateholderofthecompanycapital
contributionnevertheless,suchtransfersshallbelimitedtothedirectorindirectcompanycapitalcontributionof5%
orover5%oftheConcessionaire.Inthecaseofbodiescorporateswhichareauthorizedtobelistedinthesecurities
exchange,whosesharesthataretradedinthesecuritiesexchangeshallbeexemptedfromsuchrestrictions.
6.

WhentheConcessionaireisawareofthefollowingacts,itshallinformtheGovernmentimmediately:thepostmortal
transferofthetitleofownershipofthecompanycapitalcontributionof5%orover5%ofthenaturalpersonorbody
corporateofthecompanycapitalcontributionrepresentingtheholdingofthecompanycapitalofthe
Concessionaire'sshareholders,or(thepostmortaltransferof)otherrightsofsuchcompanycapitalcontributionthe
postmortaltransferof5%orover5%ofthecompanycapitalcontributionofthenaturalpersonorbodycorporateof
thecompanycapitalcontributionoftheaforesaidbodycorporateandsoforthallthewayuptothepostmortal
transferofthecompanycapitalofthenaturalpersonorbodycorporateoftheultimateholderofthecompanycapital
contribution.

7.

WhentheConcessionaireisawareofthefollowingacts,itshallinformtheGovernmentassoonaspossible:the
settingupofencumbrances(inwhatsoevername)againstthecompanycapitalcontributionwhichsignifiesthe
companycapitaloftheConcessionaireshareholdersthesettingupofencumbrances(inwhatsoevername)againstthe
companycapitalcontributionofthecompanycapitalcontributionoftheaforesaidshareholders,andsoforthallthe
wayuptothesettingupofencumbrances(inwhatsoevername)againstthecompanycapitalcontributionofthe
companycapitalcontributionoftheultimateholder.Nevertheless,itshallbeindirectlylimitedtobecorresponding
tojust5%orover5%ofthecompanycapitalcontributionoftheConcessionaire'sthecompanycapital.Ifitis
companycapitalcontributionofthecompanycapitalofbodiescorporateswhichareauthorizedtobelistedinthe
securitiesexchange,whosesharesthataretradedinthesecuritiesexchangeshallbeexemptedfromsuchrestrictions.
8

8.

Theprovisionsoftheprecedingclauseshallalsoapplytothoseconditionsinwhichtheperformingofanyact
involvestheconferringofthevotingrightsorothershareholdersrightsuponanypersonotherthantheoriginal
holderofsuchrights.Inthecaseofbodiescorporateswhichareauthorizedtobelistedinthesecuritiesexchange,
whosesharesthataretradedinthesecuritiesexchangeshallbeexemptedfromsuchrestrictions.

9.

Afterpropercoordinations,theprovisionsofClause4shallbeapplicabletothoseactsoftransfer(inwhatsoever
names)ofthetitleofownershipofthecompanycapitalcontributionreferredtoinClause5orotherrightsofsuch
companycapitalcontribution.

10.

IfoneofthecontrollingshareholdersoftheConcessionaireistheconcessionaireofcasinogamingsorhasbeen
grantedalicensetooperatecasinogaminginanotherjurisdiction,oritisacontrollingshareholderofthe
concessionaireforoperatingcasinogamingsoritisacontrollingshareholderofacompanywhichhasbeengranteda
licensetooperatecasinogaminginanotherjurisdiction,whenitdoesnotdesiretocontinuetobeashareholderofthe
Concessionaireduetoitsreceiptofthewritteninstructionthatitcannotcontinuetobeashareholderofthe
Concessionaireissuedbytheauthoritieswhichoverseetheoperationalactivitiesofcasinogamingsorotherformsof
gaminginthatjurisdiction,iftheGovernmentconsidersthatthesaidwritteninstructionisnotattributabletotheacts
oftheConcessionaireorsuchcontrollingshareholder,thenthatcontrollingshareholdershallbeauthorizedtotransfer
itscapitalcontributionintheConcessionairewhichheholds.However,ifthecapitalcontributionofsuchcompanies
isacquiredbyathirdparty,itshallstillbesubjecttotheGovernment'sapproval.
Article17
IssuanceofBonds

TheissuanceofbondsbytheConcessionaireshallbesubjecttotheGovernment'sapproval.
Article18
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ListinginaSecuritiesExchange
1.

TheConcessionaireoracompanywhosecontrollingshareholderistheConcessionaireshallnotbelistedina
securitiesexchangeunlessotherwiseapprovedbytheGovernment.

2.

TheConcessionaireshallalsohavetheobligationtotakemeasuressothatthebodycorporate,whichisacontrolling
shareholderoftheConcessionaireandwhoseprimarybusinessistodirectlyorindirectlyimplementtheprojects
statedintheInvestmentPlanattachedtothisConcessionContract,willnot,withoutgivingadvancenoticetothe
Government,applyforlistinginasecuritiesexchangeorperformanyactsaimingatbeingallowedtobelistedina
securitiesexchange.

3.

TheapplicationforconsentmentionedinClause1andtheadvancenoticementionedintheprecedingclauseshallbe
madeorgivenbytheConcessionaireandshallbeattachedwithalltherequireddocumentsandshallnotobstructthe
Governmentfromrequestingthefurnishingofadditionaldocuments,materials,orinformation.
Article19
StructureofShareholdersandStructureofCorporateCapital

1.

InDecemberofeachyear,theConcessionaireshallsubmittotheGovernmentsuchdocumentswhichsetforththe
structureoftheConcessionaire'sshareholders,thecompanycapitalstructureofthebodycorporate,especiallya
company,whichholds5%orover5%ofthecompanycapitaloftheConcessionaire,aswellasthestructureofthe
companycapitalofthebodycorporatewhichholds5%orover5%ofthecompanycapitalofsuchbodycorporate,
andsoforthallthewayup
9

tothestructureofthecompanycapitalofthenaturalpersonandbodycorporatewhoaretheultimateshareholders.
Nevertheless,inthecaseofbodies,corporateswhichare,authorizedtobelistedinthesecuritiesexchange,whose
sharesthataretradedinthesecuritiesexchangeshallbeexemptedfromsuchrestrictions.Alternatively,astatementof
declarationevidencingthatsuchshareholderstructureandcompanycapitalstructurehavenotundergoneanychange
shallbesubmitted.
2.

TheConcessionaireshallalsotakemeasuressoastoobtainstatementsofdeclarationwhichhavebeenproperly
certifiedandwhichhavebeensignedbyeveryshareholderoftheConcessionaireandthepersonsmentionedinthe
precedingclause.Thecontentofsuchdeclarationsshallbe:theycertifythattheypersonallyowntheamountof
companycapitalcontributionasdeclaredandthatsuchcompanycapitalisnameregistered,andcopiesofevidences
showingsuchcompanycapitalcontributionshallalsobeattachedtheretoandsubmittedtogetherwhensubmitting
themostuptodateinformationorstatementsofdeclarationreferredtointheprecedingclause.
Article20
ProhibitionsonHoldingConcurrentPositionsintheCompanyOrganisation

1.

TheConcessionaireshallhavetheobligationofnotappointingindividualswhoholdpositionsinanother
concessionaireintheMacaoSpecialAdministrativeRegion,inatransfereeofaconcession,orinacompany
organisationofthemanagementcompanyofaconcessionaireoperatingintheMacaoSpecialAdministrativeRegion,
orinamanagementcompanyhavingtodowiththeoperationsofcasinogamingsorotherformsofgaming
operations,toholdpositionsinitsBoardofDirectors,PresidencyoftheShareholdersMeeting,BoardofSupervisors
orothercompanyorganisations.

2.

TheConcessionaireshallinformtheGovernmentassoonaspossibleofsuchafactwheneveranyoneisappointedto
holdpositioninitsBoardofDirectors,PresidencyoftheShareholdersMeeting,BoardofSupervisorsorother
companyorganisations.

3.

TheGovernmentshallinformtheConcessionaireofthefactsrelatingtotheappointmentofanyonetoholdposition
intheBoardofDirectors,PresidencyoftheShareholdersMeeting,BoardofSupervisorsorothercompany

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organisationsofotherConcessionairesoperatingintheMacaoSpecialAdministrativeRegion,transfereesofsuch
concessions,ormanagementcompanieshavingtodowiththeoperationsofcasinogamingsorotherformsofgaming
operationsintheMacaoSpecialAdministrativeRegion.
Article21
Management
1.

TheConcessionaire'sdelegationofmanagementauthority,includingtheappointmentofthemanagingdirector,the
scopeofpowerofthemanagingdirector,termofauthorizationandanychangestothesaidactsofauthorization,
especiallythechangesinvolvingthetemporarysubstitutionordefinitivereplacementofthemanagingdirector,shall
besubjecttotheGovernment'sapproval.Therefore,theConcessionaireshallsubmittotheGovernmentadraftofthe
resolutionsoftheBoardofDirectorsoftheConcessionaire,inwhichtheproposaloftheConcessionaire'sdelegation
ofmanagementauthorityshallbestated,includingtheidentityandparticularsofthemanagingdirector,thescopeof
powerofmanagingdirectors,termofauthorization,andexpositionsonthesubstitutionoftheappointmentofa
managingdirectorduetohislackofabilitytoattendtohisdutiesforanyreason,aswellasanyresolutiononwhether
thesubstitutionappointmentofthemanagingdirectorisatemporarysubstitutionorpermanentreplacement.Before
theGovernmentgivesitsapprovalinrespectofallthecontentsofthe
10

delegationofmanagementauthority,theConcessionaire'sdelegationofmanagementauthorityshallnottakeany
effect.
2.

IftheGovernmentdoesnotapprovethecontentofoneormoreitemsofthedelegationofauthoritymentionedinthe
precedingclause,theConcessionairemust,within15daysofthereceiptofthenoticeconcerningtheGovernment's
disapproval,submitanewdraftoftheresolutionstotheGovernment.Ifitisthecasethatthedesignatedcandidateis
notaccepted,theConcessionaireshallalsosubmittheformstatedinAppendixIIoftheAdministrativeRegulation
No.26/2001whichhasbeenproperlyfilledinbythenewlydesignatedmanagingdirector.

3.

UnlessotherwiseapprovedbytheGovernment,theConcessionaireshallhavetheobligationnottomakeany
appointmentorauthorization,soastodelegateonafoundationofstablerelationshipthepowerswhicharewithinthe
limitofauthorityoftheBoardofDirectorsandwhicharelegalactsenteredintointhenameoftheConcessionaire
andwhicharerelatedtotheoperatingenterprise.Nevertheless,thepowerstoperformactswhicharesolelyofthe
natureofregularaffairs,especiallythepowerstoperformsuchactsinpublicauthoritiesorpublicorganisations,shall
beexemptedfromtheselimitations.
Article22
ArticlesofAssociationandProspectiveCompanyAgreement

1.

AnyamendmentstotheConcessionaire'sArticlesofAssociationshallbesubjecttotheGovernment'sapproval.

2.

ThedraftoftheamendmentstotheConcessionaire'sArticlesofAssociationshallbesubmittedtotheGovernmentfor
reviewandapprovalatleast30dayspriortothedateonwhichtheshareholdersmeetingfordeliberatingsuch
amendmentsistobeconvened.

3.

Within30daysfromsigningthedocumentswhichserveastheevidenceofanyamendmentstotheArticlesof
Association,theConcessionaireshallsubmitcopiesofthecertifieddocumentstotheGovernment.

4.

TheConcessionaireshallinformtheGovernmentofanyprospectivecompanyagreementwhichitisawareof.
Therefore,inadditiontoothermeasureswhichmaybetakenorshallbetaken,theConcessionaireshallalso,within
15dayspriortotheconventionofanyshareholdersmeeting,(orinthecaseofashareholdersmeetingwhichisheld
beforeitiscalledfor,thenduringtheproceedingsofsuchshareholdersmeeting),enquirewiththeshareholderstosee
ifthereisanyprospectivecompanyagreement,especiallyprospectivecompanyagreementswhicharerelatedtothe
exerciseofvotingrightsorothershareholder'srights,andtheGovernmentshallbeinformedoftheresultsofthe
aforesaidmeasuresthathavebeentaken.

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5.

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Fortheapplicabilityoftheprovisionsoftheprecedingclause,theConcessionaireshall,atanintervalofevery
6months,enquirewiththeshareholdersholding5%orover5%oftheConcessionaire'scompanycapital,the
Concessionaire'sdirectors,andkeyemployeesholdingprominentpositionsatthecasinostoseewhethertheyare
awareofanyfactwhichmaybeofsignificancetotheConcessionaire'sortotheirproperqualifications.Moreover,that
shallnotobstructtheConcessionairefrominformingtheGovernmentassoonaspossiblewhentheConcessionaireis
awareofanysignificantfacts.
11

Article23
ObligationtoProvideInformation
1.

Inadditiontothoseotherobligationsofprovidinginformationasstipulatedbytheconcessionarysystemstatedin
Article6,theConcessionaireshallalsohavethefollowingobligations:

(1)

InformtheGovernmentofanysituationwhichmayaffectthenormaloperationoftheConcessionaireassoon
aspossible,suchas:situationsconcerningtheConcessionaire'sabilitytosatisfypaymentortheabilityof
repaymentanylegalproceedingswhicharecommencedagainsttheConcessionaire,anyofitsdirectors,any
shareholderholding5%orover5%ofitscompanycapitaloranyofitskeyemployeesholdingaprominent
positionatthecasinosanyactorfactwhichtakesplaceatitscasinosandothergamingzonesandwhich
constitutesanoffenceorillegaladministrativeactandknownbytheConcessionaireanyhostileactagainst
theConcessionaireorapositionholderofitscompanyorganisationtakenbyanypositionholderorofficerof
anyorganisationofthepublicadministrationauthorities,includingtheofficersofthesecurityforcesandlaw
andorderdepartmentintheMacaoSpecialAdministrativeRegion

(2)

InformtheGovernmentofthefollowingeventsassoonaspossible:allincidentsthatmayaffectorobstructthe
timelyandcompleteperformanceofanyoftheobligationsarisingfromthisConcessionContract,allincidents
thatmayconstituteaheavyburdenorgreatdifficultyinthetimelyandcompleteperformanceofsuch
obligations,orallincidentsthatmayconstituteareasonforrevokingtheconcessionpursuanttothe
provisionsofChapter19

(3)

InformtheGovernmentofanyofthefollowingfactsormattersassoonaspossible:

(4)

(i)

Fixedorincidental,regularorspecialrenumerationreceivedbythedirectorsoftheConcessionaire,
financersofthecompany,andkeyemployeesholdingprominentpositionsinthecasinosintheformof
salary,income,wages,servicecharge,oranyotherdescriptionaswellasthemechanism,ifany,ofthe
sharingofprofitsoftheConcessionairebytheaforesaidentities

(ii)

Currentlyexistingwelfareorwelfaretobeestablished,includingthewayprofitsaredistributed

(iii)

Managementcontractsandcontractsforprovidingservicesthatcurrentlyexistorsuggestedbythe
Concessionaire.

SubmitcertifiedcopiesofthefollowingdocumentstotheGovernmentassoonaspossible:

(i)

Contractsorotherdocumentswhichserveasthedocumentaryevidenceshowinganyofthe
renumerationordescribesuchrenumerationstatedintheprecedingitem(1)or

(ii)

Contractsorotherdocumentswhichserveasthedocumentaryevidenceshowinganyofthecurrently

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existingwelfareorwhichdescribesuchwelfareormannertobeestablishedorthewayprofitsare
distributed
(iii)

(5)

Managementcontractsandcontractsforprovidingservicesthatcurrentlyexistorsuggestedbythe
Concessionaire.

InformtheGovernmentassoonaspossibleofanyimminentorforeseeablematerialchangestotheeconomic
andfinancialstatusoftheConcessionaireandanyofthefollowingentities:

(i)

ControllingshareholdersoftheConcessionaire

(ii)

EntitiescloselyassociatedwiththeConcessionaire,especiallythoseentitieswhichundertakeor
guaranteetoprovidefinancingfortheinvestmentstobelaunchedbyor
12

obligationstobetakenupbytheConcessionairepursuanttotheprovisionsofthisContract
(iii)

2.

PursuanttotheprovisionsofItem(2)ofClause1ofArticle18ofLawNo.16/2001,shareholders
holding5%orover5%ofthecompanycapitaloftheConcessionairewhoundertakeorguaranteeto
providefinancingfortheinvestmentstobelaunchedbyorobligationstobetakenupbythe
ConcessionairepursuanttotheprovisionsoftheContract

(6)

InformtheGovernmentassoonaspossibleofthefactthattheaverageannualturnoverbetweenthe
Concessionaireandathirdpartyhasalreadyreachedtwohundredandfiftymillionpatacasorovertwo
hundredandfiftymillionpatacas

(7)

SubmitdocumentswhichcontainallthebankledgersandbalancesoftheConcessionairetotheGambling
InspectionandCoordinationBureauinJanuaryofeachyear

(8)

ProvidesupplementaryoradditionalmaterialsrequestedbytheGovernmentassoonaspossible

(9)

ProvideinformationandmaterialstotheGamblingInspectionandCoordinationBureauandtheFinance
ServicesBureauwhicharerequiredforthesmoothdischargeoftheirownduties.

TheGovernmentmaystipulatethattheobligationsstatedinitems(3)and(4)intheprecedingclauseshallbe
performedonceeveryyear.

Chapter4
ManagementCompany
Article24
ObligationtoGiveAdvanceNoticeandGovernment'sApproval
1.

TheConcessionaireshallgivetheGovernmentatleast90dayadvancenoticeofitsintenttoenterintoacontractwith
amanagementcompany.

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2.

WhentheConcessionaireintendstoenterintoacontractwiththemanagementcompanywhichwillenablethe
managementcompanytopossessthepowertomanagetheConcessionaire,itshallmakearequesttotheGovernment
forapproval.

3.

Fortheapplicabilityoftheprovisionsoftheprecedingclause,certifiedcopiesoftheArticlesofAssociationofthe
managementcompanyorequivalentdocumentsandthedraftofthesaidmanagementcontractshallbesubmittedby
theConcessionairetogetherwiththeapplicationrequestingsuchapproval.
13

Chapter5
ProperQualifications
Article25
ProperQualificationsoftheConcessionaire
1.

TheConcessionaireshallmaintainitsproperqualificationsduringtheconcessiontermpursuanttotheprovisionsof
thelaw.

2.

Fortheapplicabilityoftheprovisionsoftheprecedingclause,theConcessionaireshallsubmittotheongoingand
longterminspectionandmonitoringoftheGovernmentaccordingtolaw.

3.

TheConcessionaireshallpaythefeesforverifyingwhetheritpossessestheproperqualificationsassoonaspossible.
Therefore,theGamblingInspectionandCoordinationBureaushallissueadocumentlistingthesaidfeeswhichshall
becometheconclusiveevidenceofsuchfees.

Article26
ProperQualificationsoftheShareholders,Directors,andKeyEmployeesoftheConcessionaireandoftheManagement
Company
1.

Shareholdersholding5%orover5%oftheConcessionaire'scompanycapital,theConcessionaire'sdirectors,andkey
employeesholdingprominentpositionsatthecasinosshallmaintaintheirproperqualificationsduringtheeffective
termoftheconcessionpursuanttotheprovisionsofthelaw.

2.

Fortheapplicabilityoftheprovisionsoftheprecedingclause,theshareholdersholding5%orover5%ofthe
Concessionaire'scompanycapital,theConcessionaire'sdirectors,andkeyemployeesholdingprominentpositionsat
thecasinosshallsubmitthemselvestotheongoingandlongterminspectionandmonitoringoftheGovernment
accordingtolaw.

3.

TheConcessionaireshalltakemeasuressothattheshareholdersholding5%orover5%oftheConcessionaire's
companycapital,theConcessionaire'sdirectors,andkeyemployeesholdingprominentpositionsatthecasinos
maintainproperqualificationsduringtheeffectivetermoftheconcessionandarefullyawarethattheproper
qualificationsofsuchshareholders,directors,andkeyemployeesarereflectedintheproperqualificationsofthe
Concessionaire.

4.

TheConcessionaireshallrequiretheshareholdersholding5%orover5%oftheConcessionaire'scompanycapital,
theConcessionaire'sdirectors,andkeyemployeesholdingprominentpositionsatthecasinostoinformthe
GovernmentassoonaspossiblewhentheyareawareofanyfactwhichmaybeofsignificancetotheConcessionaire's
ortotheirproperqualifications.

5.

Fortheapplicabilityoftheprovisionsoftheprecedingclause,theConcessionaireshall,atanintervalofevery
6months,enquirewiththeshareholdersholding5%orover5%oftheConcessionaire'scompanycapital,the
Concessionaire'sdirectors,andkeyemployeesholdingprominentpositionsatthecasinostoseewhethertheyare
awareofanyfactwhichmaybeofsignificancetotheConcessionaire'sortotheirproperqualifications.Moreover,that

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shallnotobstructtheConcessionairefrominformingtheGovernmentassoonaspossiblewhentheConcessionaireis
awareofanysignificantfacts.
6.

IftheConcessionaireisawareofanyfactswhichmaybeofsignificancetotheproperqualificationsofthe
shareholdersholding5%orover5%oftheConcessionaire'scompanycapital,theConcessionaire'sdirectors,andkey
employeesholdingprominentpositionsatthecasinos,itshallinformtheGovernmentassoonaspossible.

7.

TheConcessionaireshalltakemeasuressothatthemanagementcompanywithwhomcontractsareenteredinto,
shareholdersholding5%orover5%ofthecompanycapitalofthemanagementcompany,directorsofthe
managementcompany,andkeyemployeesholdingprominentpositions
14

atthecasinoswillmaintaintheirproperqualificationsduringtheeffectivetermoftheconcession,andthattheyare
fullyawarethattheproperqualificationsofthemanagementcompanyanditsshareholders,directors,andkey
employeesarereflectedintheproperqualificationsoftheConcessionaire.
8.

TheprovisionsofClause3oftheprecedingarticleshallbeapplicabletotheproceduresfordeterminingwhether
properqualificationsarepossessedbytheshareholdersholding5%orover5%oftheConcessionaire'scompany
capital,shareholdersholding5%orover5%ofthecompanycapitalofthemanagementcompany,directorsofthe
Concessionaireandmanagementcompany,andkeyemployeesholdingprominentpositionsatthecasinos.
Article27
SpecialObligationsforCooperation

ApartfromthegeneralobligationsforcooperationstatedinArticle67,theConcessionaireshallalsohavethe
obligationstoprovidetheGovernmentimmediatelywithanydocument,materials,orinformationwhichtheGovernment
deemsnecessaryfor,determiningwhethertheConcessionairehaspossessedproperqualifications.
Article28
SpecialObligationforNotification
1.

IftheConcessionaireisawareoftheterminationofthelicenseorconcessionforoperatingcasinogamingsorother
formsofgaminginanyjurisdictionheldbyanyshareholderholding5%orover5%ofthecompanycapitalofthe
Concessionaire,itshallinformtheGovernmentassoonaspossible.

2.

IftheConcessionaireisawareofanyinvestigationsbyanorganisationoverseeingtheoperationsandactivitiesof
casinogamingsorotherformsofgaminginanotherjurisdictionwhicharecarriedoutinrespectofsomefactswhich
maycausethesaidorganisationtoimposepenalties,andsuspendorinfluenceinanymannerthelicenseor
concessionforoperatingcasinogamingsorotherformsofgamingobtainedinthatjurisdictionbyanyshareholder
holding5%orover5%ofthecompanycapitaloftheconcessionaire,itshallinformtheGovernmentassoonas
possible.

Chapter6
FinancialAbilityandFinancing
Article29
TheConcessionaire'sFinancialAbility
1.

TheConcessionaireshallmaintainitsfinancialabilitysoastooperatethebusinessinconcessionandtoperformits
obligationsinanyaspectrelatingtoitsbusinessandtolaunchinvestmentsorassumeobligationsstipulatedinthe
Contractinatimelyandcompletemannerpursuanttotheprovisionsofthis,ConcessionContract,especially
pursuanttotheprovisionsoftheInvestmentPlanattachedtothisConcessionContract.

2.
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Fortheapplicabilityoftheprovisionsoftheprecedingclause,theConcessionaireandshareholdersholding5%or
over5%ofthecompanycapitaloftheconcessionaireshallsubmittothemselvestheongoingandlongterm
inspectionandmonitoringoftheGovernmentaccordingtolaw.
3.

TheConcessionaireshallpaythefeesforverifyingwhethertheConcessionaireandshareholdersholding5%orover
5%ofthecompanycapitaloftheConcessionairepossessthefinancialability
15

assoonaspossible.Therefore,theGamblingInspectionandCoordinationBureaushallissueadocumentlistingthe
saidfeeswhichshallbecometheconclusiveevidenceofsuchfees.
Article30
ConsumerCreditandSimilarContracts
1.

TheConcessionaireshallhavetheobligationtoinformtheGovernmentofthefactsrelatingtoanyconsumercredit
whichisworthoverthirtymillionpatacasandprovidedtoathirdpartyoranysimilarcontractsenteredintowitha
thirdparty.

2.

TheConcessionaireshallhavetheobligationnottoprovideitsdirectors,shareholders,orkeyemployeesholding
prominentpositionsinthecasinoswithanyconsumercreditandnottoenterintoanysimilarcontractswiththesame,
unlessotherwiseapprovedbytheGovernment.

3.

TheConcessionaireshallhavetheobligationnottoenterintoanycontractswithbusinessenterpreneurswhichmay
enablethemtohavethepowertomanageorparticipateinthemanagementoftheConcessionaire,including"stepin
rights"contractsunlessotherwiseapprovedbytheGovernment.
Article31
BearingofRisks

1.

TheConcessionaireexpresslyindicatesthatitshallbearalltheliabilities,andshallsolelybearsuchresponsibilities,
inrespectofalltheinherentrisksandtherisksrelatedtotheConcessionaire'sfinancialabilityandfinancing
nevertheless,theapplicabilityoftheprovisionsofArticles40and75ofthisConcessionContractshallnotbe
obstructed

2.

TheConcessionLicensorshallnotbearanyobligationorassumeanyresponsibilityorriskinrespectofthefinancing
oftheConcessionaire.
Article32
ObtainingFinancing

1.

TheConcessionaireshallobtaintherequiredfinancingsoastoperformitsobligationsinanyaspectrelatingtoits
businessandtolaunchinvestmentsorassumeobligationsstipulatedinthisContractinatimelyandcompletemanner
pursuanttotheprovisionsofthisConcessionContract,especiallypursuanttotheprovisionsoftheInvestmentPlan
attachedtothisConcessionContract.

2.

Anycontestordefensemethodarisingfromtheestablishmentofacontractualrelationshipbetweenthe
Concessionaireandathirdparty,includingtheentityprovidingthefinancingandtheConcessionaire'sshareholders,
fortheobtainingofthefinancingmentionedintheprecedingclause,shallnotbeusedagainsttheConcession
Licensor.
Article33
StatutoryReserve

TheConcessionaireshallmaintainareserveasrequiredbylaw.
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Article34
SpecialObligationsforCooperation
1.

ApartfromthegeneralobligationsforcooperationstatedinArticle67,theConcessionaireshallalsohavethe
obligationtoprovidetheGovernmentimmediatelywithanydocument,materials,orinformationwhichthe
GovernmentdeemsnecessaryfordeterminingwhethertheConcessionairehasmaintaineditsproperfinancialability.
16

2.

IfthevalueinvolvedisequivalenttoorovereightmillionPatacas,theConcessionaireshallinformtheGovernment
assoonaspossibleofanysuchconsumercredit,pledge,announcementofliabilities,guarantee,oranyother
liabilitiesassumedortobeassumedinordertosecuretheprovisionoffinancingfortheConcessionaire'sbusinessin
whatsoeveraspect.

3.

TheConcessionaireshallsubmittotheGovernmentassoonaspossiblecertifiedcopiesofthosedocumentsrelating
toanyconsumercredit,pledge,announcementofliabilities,guarantee,oranyotherliabilitiesassumedortobe
assumedinordertosecuretheprovisionoffinancingfortheConcessionaire'sbusinessinwhatsoeveraspect.

4.

TheConcessionaireshalltakemeasuressoastoobtainandtosubmittotheGovernmentastatementofdeclaration
signedbyeverycontrollingshareholderoftheConcessionaire,includingtheultimatecontrollingshareholders,
whosecontentistheyagreetobeboundbytheaforesaidspecialobligationsforcooperation.Therefore,attherequest
oftheGovernment,theyshallprovideallthedocuments,materials,informationorevidence,andshallgiveany
permission.

Chapter7
InvestmentPlan
Article35
InvestmentPlan
1.

TheConcessionaireshallimplementtheInvestmentPlanasprovidedintheInvestmentPlanattachedtothis
ConcessionContract.

2.

TheConcessionaireshallhavethefollowingobligations,particularlyto:

(1)

usethelaborforceofqualityinalltheprojects

(2)

whenanyenterpriseistobeengagedoranyworkeristobeemployedintheimplementationofanyproject
statedintheInvestmentPlanattachedhereto,anenterprisewhichhasbeenengagedinbusinessintheMacao
SpecialAdministrativeRegionforalongtimeoralocalenterpriseoraworkerintheMacaoSpecial
AdministrativeRegionshallbeengagedoremployedinpriority

(3)

intheformulationofanyengineeringprojectsinrelationtoanyprojectstatedintheInvestmentPlanattached
hereto,observethecurrenttechnicalspecificationsandtechnicalregulationsoftheMacaoSpecial
AdministrativeRegion,especiallythe"TechnicalRegulationsonLandWork"approvedbyDecree
No.47/96/Mon26thAugustandthe"RegulationsonSafetyandLoadsofBuildingStructureandBridge
Structure"approvedbyDecreeNo.56/96/Mon16thSeptemberandanyinstructionsandapprovaldocument
ofanygovernmentagencyandanyinstructionsoftheproduceroranyentitywhoisprovidedwithanypatent
right

(4)

inthesubmissionofanyprojectstatedintheInvestmentPlanattachedheretototheLands,PublicWorksand
TransportBureauforitsapproval,theConcessionaireshallsubmitaqualitycontrolmanualapprovedbythe
Lands,PublicWorksandTransportBureauanddevelopedbyanentitywhichistechnicallyqualifiedbythe

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Bureauandwhichcandemonstrateitsexperienceinthesameandsimilarwork,aworkingplanandthe
relevantbooksoforiginalentryinfinanceandwork,samplesofimportantmaterialsandthecurriculumvitae
ofthepersoninchargeofeachconstructiondisciplineinadditiontotheotherdocumentsstipulatedinthe
currentlawsandregulations,especiallyDecreeNo.79/85/Mdated21stAugust.Ifnoqualitycontrolmanualis
submittedorthequalitycontrolmanualsubmittedisnotapproved,theConcessionaireshallobservethe
qualitycontrolmanualdevelopedbysuchaprofessionalentityasspecifiedbytheLands,PublicWorksand
TransportBureauatthattime
17

(5)

strictlyimplementtheapprovedprojectinaccordancewiththeprovisionsofthecurrentlawsandregulations
andtheinternationallyrecognizedstandardsandindustryregulationsforthesimilarprojectorsupply

(6)

meetthedeadlinefortheconstructionoftheprojectstatedintheInvestmentPlanattachedheretoandthe
deadlineforopeningtheprojecttothepublic

(7)

usethematerials,systemsandequipmentofhighquality,whicharecertifiedandapproved,consistentwith
internationalstandardsandaregenerallyrecognizedbytheinternationalcommunity,intheimplementation
oftheprojectstatedintheInvestmentPlanattachedhereto

(8)

maintainthequalityofalltheprojectsstatedintheInvestmentPlanattachedheretoinaccordancewithhigh
internationalqualitystandards

(9)

ensurethatthebusinesspremisesinthefacilitiesmeethighinternationalqualitystandards

(10)

maintainmodernized,highlyefficientandhighqualitymanagementinaccordancewithhighinternational
qualitystandardsand

(11)

informtheGovernmentofalltherelevantsituationassoonaspossiblebymeansofareportelaboratingonthe
situationandexplainingitsreasonwhenanysituationwhichhasresultedinormayresultinanymaterial
changetothenormalprogressoftheworkintheconstructionstageoftheConcessionaire'sfacilitiesorinthe
operationstageoftheConcessionaire'sbusinessinanyrespectorwhenanystructuralabnormalityorother
abnormalityoccursintheConcessionaire'sfacilities,thereportshallindicatetheassistance(ifany)provided
byanentitywhichiswidelyrecognizedtobequalifiedandreputedoutsidetheConcessionaireandindicate
themeasuresadoptedortobeadoptedforthesolutionofsuchproblems.

3.

TheConcessionaireshallberesponsibletotheConcessionLicensororathirdpartyforanydamagewhichis
attributabletotheinadequacy,errororgrossnegligenceoftheConcessionaireinthedesignandscopeoftheproject,
theimplementationofthebuildingworksandthemaintenanceofthebuildingswithintheInvestmentPlan,attached
hereto.

4.

TheGovernmentmayauthorizeachangetobemadetothetimelimitmentionedinItem(6)ofClause2without
havingtoamendthisConcessionContract.

5.

TheGovernmentundertakestoenabletheConcessionairetobeabletodirectlyorindirectlyasprovidedbylaw
implementtheprojectsstatedintheInvestmentPlanattachedtothisConcessionContract.
Article36
ModificationofAnyProjectListedintheInvestmentPlan

1.

IntheexecutionoftheInvestmentPlanattachedhereto,theGovernmentmayrequirethefurnishingofanydocument
orenforceanymodificationinrelationtotheimplementationofanyprojectlistedintheInvestmentPlaninorderto
ensurethecompliancewiththecurrenttechnicalspecificationsandtechnicalregulationsandensuretheattainmentof

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therequiredqualitystandards.
2.

TheGovernmentshallnotenforceanymodificationofthesaidprojecttosuchanextentastoincreasethetotal
amountstatedinArticle39.
18

Article37
Supervision
1.

TheGovernmentshall,especiallythroughtheLands,PublicWorksandTransportBureau,followupandsupervisethe
implementationoftheproject,especiallytheexecutionoftheworkingplanandthequalityofthematerials,systems
andequipmentinaccordancewiththecontentsintheInvestmentPlanattachedheretoandonthebasisofthe
provisionsofapplicablelawsandregulations.

2.

TheLands,PublicWorksandTransportBureaushallinformtheConcessionaireoftheBureau'srepresentative
designatedforthefollowupandsupervisionoftheimplementationoftheproject.Ifmorethanonerepresentativeis
inchargeofthefollowupandsupervisionoftheimplementationoftheproject,oneofthemshallbeassignedasthe
chief.

3.

FortheapplicabilityoftheprovisionsinClause1,theConcessionaireshallsubmitadetailedreportofthe
implementationprogressinwritingeachmonth,whichisexhibitedintheInvestmentPlanattachedtothis
ConcessionContractthemonthly.reportshallatleaststatethe:

(1)

majorevents,numberofworkers,quantitiesofmaterials,systemsandequipment

(2)

progressoftheworkingplan(progresscontrol)

(3)

latestinformationonbooksoforiginalentryinfinanceandwork

(4)

project,supply,methodstobeadoptedandthedemandsformaterials,systemsandequipment

(5)

majormeasurestakentoensuretheexecutionoftheworkingplan

(6)

worktobelaunchedinordertocorrectanydeviation

4.

TheConcessionaireshallsubmitadditionaldetailedreportsinwritingifnecessary,especiallywhenthenormal
workingprogressintheexecutionoftheInvestmentPlanattachedtothisConcessionContractisaffected.

5.

IfsorequestedbytheGovernment,theConcessionaireshallsubmitanydocumentwithinthespecifiedperiod,
especiallythetextualandgraphicalinformationontheInvestmentPlanattachedtothisConcessionContract.

6.

TheConcessionaireshallalsoprovideallsuchdescriptionsandinformationasrequiredtosupplementthedocuments
statedintheprecedingclause.

7.

Ifthereisanydoubtaboutthequalityofthework,theGovernmentmayprocuretheenforcementofanytestother
thanthetestplannedbytheConcessionaireandifnecessary,seekopinionsfromtheConcessionaireaboutthe
decisionmakingrulesadoptedinthetest.

8.

Theexpensesrequiredfortheteststatedintheprecedingclauseandtomakegoodthedefectsfoundshallbeborneby
theConcessionaire.

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9.

Anyorder,announcementornoticeinrelationtothetechnicalaspectoftheimplementationoftheprojectshallbe
givenbytheGovernmenttothetechnicalofficeroftheproject,especiallydirectlythroughtheLands,PublicWorks
andTransportBureau.

10.

Thetechnicalofficeroftheprojectshallbedevotedtofollowinguptherelevantworkandshallarriveatthe
constructionsitewhensocalledupon.

11.

Iftheimplementationoftheprojectisfoundtobeinconsistentwiththeapprovedprojectorinviolationofthe
provisionsofanylaw,regulationorthecontract,theGovernmentmay,especially
19

throughtheLands,PublicWorksandTransportBureau,suspendandputabanontheimplementationoftheproject.
12.

ThepowerofthesupervisionontheperformanceoftheobligationsunderthisConcessionContractshallnotresultin
anyresponsibilityonthepartoftheConcessionLicensorfortheimplementationofthebuildingprojectthe
Concessionaireshallsolelybeheldresponsibleforanythingimperfectoranydefectinthedesign,implementationor
operationoftheproject,unlessthesameiscausedbythedecisionoftheConcessionLicensor.
Article38
ContractingandSubcontracting

Athirdparty'scontractingorsubcontractingshallnotrelievetheConcessionaireofanystatutoryobligationsor
contractualobligationshereunder.
Article39
AppropriationoftheBalanceoftheInvestmentintheInvestmentPlan
AfterthecompletionoftheprojectstatedintheInvestmentPlanattachedtothisConcessionContract,the
Concessionaireshalluseanybalanceintheprojectsinrelationtoitsbusiness,whichisspecifiedbyitselfandacceptedby
theGovernment,orinaprojectspecifiedbytheGovernment,whichisofmaterialpublicinteresttotheMacaoSpecial
AdministrativeRegionifthetotalexpensesdirectlyorindirectlyincurredbytheConcessionairearelowerthanthe
budgetaryinvestmentofFourBillionPatacasasreflectedinthesaidinvestmentplanandinthetendersubmittedbythe
Concessionaireinitscapacityasabidderforthefirstprocessofopenandpublictendersforthe(3)concessionlicensesfor
operatingcasinogamingsorotherformsofgaming.
Article40
Insurance
1.

TheConcessionaireshallenterintoandmaintaininsurancecontractstoberenewedinordertoensuretheeffective
andcompleteprotectionagainsttheinherentrisksinthedevelopmentofthebusinesscoveredintheconcession.Such
insuranceshallbetakenoutwiththeinsurancecompaniesauthorizedtooperateintheMacaoSpecialAdministrative
Regionifitisnotfeasibletotakeoutinsurancewithsuchinsurancecompaniesoranexcessiveburdenmaybe
imposedontheConcessionaire,theinsurancemaybetakenoutwithaninsurancecompanyoutsideMacaosubjectto
theconsentoftheGovernment.

2.

TheConcessionaireshallespeciallyensuretheconclusionoftheyfollowinginsurancecontractsandmaintaintheir
validity:

(1)

toinsuretheConcessionaire'sworkingpersonnelagainstsuchrisksasaccidentsatworkandoccupational
diseases

(2)

toinsurethevehiclesownedbytheConcessionaireagainstsuchrisksascivilliabilities

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(3)

toinsurethevessels,aircraftorotherairvehiclesownedbytheConcessionaireorcharteredbythe
Concessionairebymeansofthefinancialleasingsystemagainstriskssuchascivilliabilities

(4)

toinsureinstalledpublicitymaterialsagainstriskssuchascivilliabilities

(5)

totakeoutgeneralcivilliabilityinsuranceagainsttherisksrelatedtotheoperationofcasinogamingsorother
formsofgamingintheMacaoSpecialAdministrativeRegion,thedevelopmentoftheotherbusinessin
concession,whicharenotinsuredagainstbymeansofanyotherinsurancecontract
20

3.

4.

(6)

toinsurebuildings,furniture,equipmentandotherpropertiescoveredinthebusinessinconcessionagainst
risksofdamage

(7)

totakeoutbuildinginsurance(againstallrisks,includingcivilliabilityinsurance)foranyprojectofthe
buildingsoranyworkstobecarriedoutwithinthebuildingsinrelationtothebusinesscoveredinthe
concession.

TheprotectionbymeansoftheinsurancestatedinItem(6)oftheprecedingclauseshallbeallrisksinsurancewhich
shallatleastcoverthefollowingitems:

(1)

fire,thunderandlightningorexplosion(inwhatsoevernature)

(2)

pipeburstingleakageorspillageofreservoir,boiler,pipeline,undergroundreservoir,lavatorybasinorany
otherwaterconveyance

(3)

flood,typhoon,tropicalstorm,volcanoeruption,earthquakeorothernaturaldisaster

(4)

aircraftoranyotherairvehicle,fallofaircraftoranyotherairvehicleorfallorcollisionofarticlesjettisoned

(5)

vehiclecollision

(6)

theftorrobbery

(7)

strike,attack,riot,disturbanceofpublicorderoranyotherfactinsimilarnature.

TheinsuranceamountorminimuminsuranceamountofthoseinsureditemsstatedinClause2shallbeasfollows:

(1)

theinsuredamountstatedinItems(1)to(4)shallbehandledpursuanttotheprovisionsofthecurrentlawsand
regulations

(2)

theinsuredamountstatedinItem(5)shallbedeterminedbytheGovernmentaftertheconsiderationofthe
turnoverofthebusinessinconcession,riskoccurrenceindexintheprecedingyearandotherparameters

(3)

theinsuredamountstatedinItem(6)shallbeequaltothenetvalueofthe,propertydesignated,whichmeans
thegrossvaluelesstheaccumulateddepreciation

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(4)

theinsuredamountstatedinItem(7)shallbethetotalvalueoftheproject.

5.

TheConcessionaireshallalsoensurethattheentitywhichhasenteredintocontractswithitshallhavetakenout
effectiveinsuranceagainstaccidentsatworkandoccupationaldiseases.

6.

TheConcessionaireshallprovetotheGovernmentthatalltheinsurancecontractsenteredintoarecompletely
effective.CopiesoftheinsurancecontractsshallbesubmittedtotheGovernmentatthetimeofsigningandrenewal
ofsuchinsurancecontracts.

7.

BeforethecopiesstatedintheprecedingclausearesubmittedtotheGovernment,theConcessionaireshallhavethe
obligationnottolaunchanyprojectorworks.

8.

UnlessotherwiseauthorizedbytheGovernment,theConcessionaireshallnotcancel,suspend,modifyorreplaceany
insurancecontractunlesssolelyforthereplacementofinsuranceentities.Underthesecircumstances,the
ConcessionaireshallinformtheGovernmentofsuchfactsassoonaspossible.

9.

IftheConcessionairefailstopayanyinsurancepremium,theGovernmentmaycarryoutthecalculationforthe
ConcessionaireandusethesecuritydepositwhichguaranteestheConcessionaire'sperformanceofitsstatutory
obligationsorcontractualobligationshereunderforthedirectpaymentofthepremium.
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Chapter8
Property
Article41
PropertyofMacaoSpecialAdministrativeRegion
1.

TheConcessionaireshallfollowingtheinstructionoftheGamblingInspectionandCoordinationBureauensurethe
custodyorreplacementofthepropertyoftheMacaoSpecialAdministrativeRegion,whichisprovidedbythe
temporarytransferoftheenjoyment,returnandusethereofforthepurposeoftheoperationofthebusinessin
concession.

2.

TheConcessionaireshallensurethepreservationofthelandandnaturalresourcesundertheadministrationofthe
GovernmentsuchasprovidedinArticle7ofthe"BasicLawofMacaoSpecialAdministrativeRegion",whichis
providedortobeprovidedbymeansofleasingorconcessionforthepurposeoftheoperationofthebusinessin
concession.
Article42
OtherProperties

1.

Thecasinosandtheequipmentandtoolsusedforthegamingbusinessshallbelocatedwithintherealestateowned
bytheConcessionaire.Noencumbrancesshallbesetupforthecasino,suchequipmentandtoolsunlessotherwise
approvedbytheGovernment.

2.

Notwithstandingthegrantingoftheapprovalstatedintheprecedingclause,theConcessionaireshallstillfreethe
casinoandtheequipmentandtoolsusedforthegamingbusiness,includingthoseoutsidethecasino,fromany
encumbranceupontheextinguishmentoftheconcession.

3.

Thecasinoshallnotbelocatedwithintherealestatewhoseuseandreturnaresecuredbymeansofanyleasing
contractinanynatureoranycontractofanyotherkind,whichdoesnotfurnishtheConcessionairewiththecomplete
titleofownership,namelyanontypicalcontract,unlessotherwiseapprovedbytheGovernment.Particularly,itis

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acceptabletostipulateaconditioninthesaidapprovalthattheConcessionaireshallprocuretheindependentunit
wherethecasinoislocatedonehundredandeighty(180)daysbeforesuchadateasfixedinClause1ofArticle43so
astoputthecasinoundertheownershipoftheMacaoSpecialAdministrativeRegionunlesstheconcessionis
revokedbeforesuchdate,inwhicheventsuchaprocurementshallbemadeassoonaspossible.
4.

Afterproperconsenthasbeenobtained,theConcessionaireshallprovidetheGovernmentwithcopiesofthecontracts
statedintheprecedingclauseandthecopiesofallthealterationsofandamendmentstothecontractsevenifsuch
contracts,alterationsoramendmentshaveretroactiveeffects.

5.

TheConcessionaireshalllocateallofitscasinoswithinthebuildingorbuildingcomplexgovernedbythesystemof
"floorbyfloor"ownershipeventhoughthebuildingsorbuildingcomplexesconstituteaneconomicorafunctional
unitsoastomakethecasinosoneormoreindependentunitswithareaspreciselyidentifiedanddelineated.

6.

Fortheapplicabilityoftheprovisionsoftheprecedingclause,theConcessionaireshallsubmittotheGovernmentthe
certificatesoftheregistrationofthepropertygovernedbythesystemof"floorbyfloor"ownershipassoonas
possible,which,shallcontainthedescriptionsofalltheindependentunitswiththeattachmentofdrawingswithareas
determinedanddelineated.

7.

TheConcessionaireshallhaveanyamendmenttothecertificateof"floorbyfloor"ownershipregisteredandsubmit
thecertificateofthepropertyregistrationthroughtheFinanceServicesBureautotheGovernmentassoonaspossible.
22

8.

TheConcessionaireshallalsosubmittheregulationsof"floorbyfloor"buildingsunderthesystemof"floorbyfloor"
ownershiptotheGovernmentforapproval.
Article43
EntitlementtoCasinosandFacilitiesandToolsUsedforGamingBusiness

1.

On26 thJune2022,theConcessionLicensorshallbeautomaticallyentitledtothecasino,thefacilitiesandthetools
usedforgamingbusinessincludingthefacilitiesandtoolsoutsidethecasinowithoutcompensationexceptwhenthe
concessionisrevokedpriortothesaiddate.Upondeliveryofsuchproperties,theConcessionaireshallassurethat
suchpropertiesarebeingkeptproperlyandingoodoperationconditionsbutexcludingthenormalwearandtear
occurringintheuseofsuchpropertiesincompliancewiththeprovisionsofthisConcessionContract.Inaddition,
suchpropertiesshallnotbesubjecttoanyencumbrance.

2.

TheConcessionaireshalldeliverimmediatelythepropertiesreferredtointhepreviousclause.

3.

IntheeventthattheConcessionairefailstodeliverthepropertiesreferredtoinClause1,theGovernmentshalltake
possessionofsuchpropertiesimmediatelybyadministrativemeansandtherelevantexpensesshallbepaidfromthe
securitydepositforwarrantingtheConcessionaire'sperformanceofitsstatutoryobligationsorcontractual
obligations.

4.

OnthedatementionedinClause1,theGovernmentshallinspectthepropertiesreferredtoinArticle41andArticle42
inordertoinspectthekeepingandmaintenanceconditionsofsuchpropertiesandshallrecordtheexaminationin
writing.Duringinspection,therepresentative(s)oftheConcessionairemayparticipateonthespot.

5.

UpondissolutionorliquidationoftheConcessionaire,ifwithoutthecertificationoftheGovernmentbymeansofthe
compulsoryliquidationprocedurereferredtointheclausehereinbelowthatthepropertiesreturnedareproperlykept
andingood,operationconditions,orincaseoffailuretoindicateitscapabilityofguaranteeingthepaymentofany
sumpayabletotheConcessionLicensorintermsofdamagesoranyotherpurposebymeansofanyguarantee
acceptablebytheGovernment,then,thepropertiesoftheConcessionaireshallnotbedivided.

6.

TheprovisionofthelastpartofClause1shallnotobstructthenormalrenewalofthefacilitiesandtoolsforthe
gamingbusiness.

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Article44
InventoryApplicabletothePropertiesoftheBusinessinConcession
1.

TheConcessionaireshallprepareaninventoryofpropertiesintriplicatecoveringthepropertiesandtherightsusedin
theconcessionbusinessandbelongingtoMacaoSpecialAdministrativeRegionandallthepropertieswhichthe
MacaoSpecialAdministrativeRegionisentitledtoandshallupdatetheinformationontheinventoryofproperties.
Forthispurpose,theConcessionaireshallupdatenolaterthan31 stMayeveryyeartherelevantstatementhaving
undergonechangesforsubmissiontotheGamblingInspectionandCoordinationBureauandtheFinanceServices
Bureaurespectively.

2.

Intheyearinwhichtheconcessiontermwillexpire,theaforesaidinventoryshallbemadesixtydayspriortothe
terminationoftheconcession.

3.

Underothercircumstancesthattheconcessionisrevoked,theinventoryreferredtoinClause1shallbeproceededat
thedateandtimesetbytheGovernment.
23

Article45
Improvements
TheimprovementsmadeinanynametothepropertiesreferredtoinArticle41andattributabletotheConcession
LicensorshallnotbeendowedwiththerighttoobtainanycompensationordamagesbytheConcessionaire,andthe
Concessionaireshallnotberequiredtoremovetheimprovements.
Article46
ConcessionoftheLandUsedbytheConcessionaire
1.

Inparticular,theconcessionarysystemofthelandforusebytheConcessionaireforoperatingtheconcessionbusiness
shallbesetbytherelevantlandconcessioncontract.

2.

ThelandconcessioncontractexecutedbetweentheGovernmentandtheConcessionaireshallbeboundbythe
provisionsoftheapplicablepart(s)ofthisConcessionContract.

Chapter9
Premium
Article47
Premium
1.

Duringtheeffectivetermoftheconcession,theConcessionaireshallpayanannualpremiumtoMacaoSpecial
AdministrativeRegioninreturnfortheconcessionofoperatingthecasinogamingsorotherformsofgaming.

2.

TheamountoftheannualpremiumpayablebytheConcessionaireshallbecomposedofafixedamountanda
variableamount.

3.

PursuanttotheprovisionsoftheOrderNo.215/2001oftheChiefExecutive,thefixedamountoftheannualpremium
tobepaidbytheConcessionaireshallbeThirtyMillionPatacas.

4.

ThevariableamountoftheannualpremiumtobepaidbytheConcessionaireshallbecalculatedaccordingtothe
numberofgamingtablesandelectricalormechanicalgamingmachinesincluding"slotmachines"underthe
operationoftheConcessionaire.

5.

Fortheapplicabilityoftheprovisionsoftheprecedingclause:

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6.

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(1)

TheConcessionaireshallpayanannualamountofThreeHundredThousandPatacasfortheuseofeach
gamingtableexclusivelyassignedfortheparticulargamingorgamers,especiallyofthoseunderoperationin
thegaminghallorzones

(2)

TheConcessionaireshallpayanannualamountofOneHundredandFiftyThousandPatacasfortheuseof
eachgamingtablenotexclusivelyassignedfortheparticulargamingorgainers

(3)

TheConcessionaireshallpayanannualamountofOneThousandPatacasforeachelectricalormechanical
gamingmachineincludingthe"slotmachines"underitsoperation.

RegardlessofthenumberofgamingtablesundertheoperationoftheConcessionaireatanytime,thevariableamount
oftheannualpremiumshallnotbelowerthantheamountpayableforonehundredgamingtables,duetolongterm
operation,exclusivelyassignedfortheparticulargamingorgainers,especiallythoseunderoperationinthegaming
hallorzones,andtheamountpayableforonehundredgamingtablesunderlongtermoperationnotexclusively
assignedfortheparticulargamingorgainers.
24

7.

TheConcessionaireshallpaythefixedamountoftheannualpremiumnolaterthanthe10 thdayofJanuaryforthe
relevantyear.TheGovernmentmayalsorequirepaymentintheformofmonthlyinstallments.

8.

TheConcessionaireshallpaythevariableamountoftheannualpremiumcoveringthegamingtablesandthe
electricalormechanicalgamingmachinesincluding"slotmachines"underoperationinthepreviousmonthnolater
thanthe10 thdayofthemonthfollowingtherelevantmonth.

9.

Inordertocalculatethevariableamountoftheannualpremiumreferredtointheprecedingclause,thenumberof
daysforeachgamingtableandeachelectricalormechanicalgamingmachineincludingtheslotmachineunder
operationoftheConcessionaireintherelevantmonthshallbetakenintoconsideration.

10.

ThepaymentoftheannualpremiumshallbemadebymeansofforwardingtherelevantpaymentvouchertotheShroff
CounteroftheFinancialOfficeofMacaoSpecialAdministrativeRegion.

Chapter10
PaymentStipulatedinItem(7)andItem(8)ofArticle22ofLawNo.16/2001
Article48
PaymentstipulatedinArticle22(7)ofLawNo.16/2001
1.

TheConcessionaireshallmakeanannualpaymenttotheConcessionLicensorwhichequalsto1.6%ofthegross
gamingcasinorevenuewhichwillbegiventoagovernmentdesignatedpublicfoundationwhoseobjectisthe
promotion,development,orstudyofcultural,social,economic,educational,scientific,academic,andcharity
activities.

2.

ThepaymentmentionedintheprecedingclauseshallbepaidbytheConcessionairetotheShroffCounterofthe
DepartmentofFinanceandTaxationoftheMacaoSpecialAdministrativeRegiononamonthlybasisandpaidno
laterthanthe10thdayofthemonthfollowingtherelevantmonth.

3.

ThefundingreferredtoinClause1shallberecordedbytheConcessionLicensoraspartofitsownbudget.
Article49

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PaymentstipulatedinArticle22(8)ofLawNo.16/2001
1.

TheconcessionaireshallmakeanannualpaymenttotheConcessionLicensorwhichequalsto2.4%ofthegross
gamingcasinorevenuewhichwillbeusedforurbandevelopmentandconstruction,promotionoftourismandsocial
securityoftheMacaoSpecialAdministrativeRegion.

2.

ThepaymentmentionedintheprecedingclauseshallbepaidbytheConcessionairetotheShroffCounterofthe
DepartmentofFinanceandTaxationoftheMacaoSpecialAdministrativeRegiononamonthlybasisandpaidno
laterthanthe10thdayofthemonthfollowingtherelevantmonth.

3.

ThefundingreferredtoinClause1shallberecordedbytheConcessionLicensoraspartofitsownbudget.

4.

TheGovernmentmaydesignateoneormoreprojects,oroneormoreentitiestobethebeneficialprojectsorentitiesto
receivepartofthefundingpaid.

5.

TheGovernmentandtheConcessionairemayagreetogivethefundingtooneormoreprojectsoroneormore
entities,andtheupperlimitoftheamountofthetotalfundingshallbesetat1.2%ofthegrossincomeofthegaming
operations.Undersuchcircumstances,theConcessionairemay
25

givesuchfundingdirectly,andtheamountofthefundingpayabletotheShroffCounteroftheFinancialOfficeof
MacaoSpecialAdministrativeregionasreferredtoinClause1shallbedecreasedaccordingly.

Chapter11
ObligationsofTaxPaymentandSubmissionofDocuments
Article50
SpecialGamingTax
1.

TheConcessionaireshallpaytheMacaoSpecialAdministrativeRegionaspecialgamblingtaxrequiredbylawin
twelvemonthlyinstallmentstobepaidtotheGovernmentnolaterthanthe10thdayofthemonthfollowingthe
relevantmonth.

2.

ThepaymentofthespecialgamblingtaxshallbemadeinPatacasorcurrenciesotherthanPatacaswhichare
acceptablebytheGovernment.

3.

IfthespecialgamblingtaxispaidinPatacas,thetaxpaymentshallbemadedirecttotheTreasuryofthePublic
CurrencyBureauofMacaoSpecialAdministrativeRegion.

4.

IfthespecialgamblingtaxispaidincurrenciesotherthanPatacaswhichareacceptablebytheGovernment,the
relevantcurrenciesshallbesubmittedtotheMacaoMonetaryAuthorityforconvertingthesameintoPatacasand
subsequentdeliverytotheTreasuryofthePublicCurrencyBureauofMacaoSpecialAdministrativeRegionatits
disposal.
Article51
WithholdingPaymentforTax

1.

TheConcessionaireshall,bymeansofconfirmedwithholdingpaymentfromthecommissionorotherremuneration
forthegamingjunkettourpromoters,collectandpaytherelevantstatutorytaxes,whichshallbepaidtotheShroff
CounteroftheFinanceServicesDepartmentoftheMacaoSpecialAdministrativeRegionnolaterthanthe10 thdayof
themonthfollowingtherelevantmonth.

2.

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employeesoftheConcessionaire.TherelevanttaxesshallbepaidtotheShroffCounteroftheFinanceServices
DepartmentoftheMacaoSpecialAdministrativeRegionpursuanttotheprovisionsofthelaw.
Article52
PaymentofOtherPayableTaxes,Duties,ExpensesandHandlingCharges
TheConcessionaireshallpaythepayableandnotexemptedtaxes,duties,expensesorhandlingchargesforpayment
pursuanttotheprovisionsofthelawofMacaoSpecialAdministrativeRegion.
Article53
DocumentCertifyingNoDebtOwedtothePublicCurrencyBureauoftheMacaoSpecialAdministrativeRegion
1.

Everyyear,theConcessionaireshallsubmittotheGovernmentnolaterthanthe31 stofMarchacertificateinrespect
oftheprevioustaxationyearissuedbytheFinancialBureaucertifyingthattheConcessionairedoesnotowethe
PublicCurrencyBureauofMacaoSpecialAdministrativeRegionanyduty,tax,penaltyorsurcharge.Theconceptof
thesurchargeincludesthecompensatoryinterest,deferredinterestandthesumamountingto3%ofthedebts.
26

2.

Everyyear,theConcessionaireshall,inrespectoftheprevioustaxationyear,alsosubmittotheGovernmentnolater
thanthe31 stofMarchsuchdocumentsshowingthetaxationstatusofthemanagingdirector,thepositionholderof
thecompanyorganizationandtheshareholdersholding5%orover5%ofthecompanycapitaloftheConcessionaire.
Article54
DocumentCertifyingNoDebtOwedInRespectoftheSocialSecurityofMacaoSpecialAdministrativeRegion

Everyyear,theConcessionaireshallsubmittotheGovernmentnolaterthanthe31 stofMarchsuchdocumentsissuedby
theSocialSecurityFoundationoftheMacaoSpecialAdministrativeRegioncertifyingthattheConcessionairehascomplied
withthespecifiedstipulationsconcerningthecontributiontothesocialsecurityoftheMacaoSpecialAdministrative
Region.
Article55
SupplyofMaterials
1.

TheConcessionaireshallsubmittotheGovernmentonaquarterlybasisnolaterthanthelastdayofthemonthafter
theclosingoftherelevantquarterthetrialbalanceofthepreviousquarterforthetrialbalanceofthelastquartereach
year,itshallbesubmittednolaterthanthelastdayinFebruaryofthefollowingyear.

2.

TheConcessionaireshallalsoforwardtotheGovernmentthefollowinginformationatleast30dayspriortothedate
ofholdingthegeneralmeetingofshareholdersforpassingtheaccounts:

(1)

Alltheaccountingstatementsandstatisticsreportsofthepreviousbusinessyear

(2)

Thefullnamesofthepersoninchargeoftheaccountingdepartment,thetrusteesandthepersonshavingbeen
themembersoftheBoardofDirectorsorBoardofSupervisorsintherelevantbusinessyearandthevarious
versionswhereinsuchnamesshallbestatedandused

(3)

AreportandaccountsoftheBoardofDirectorsattachedwiththeopinionsoftheBoardofSupervisorsand
externalauditors.
Article56
AccountingandInternalAuditing

1.
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TheConcessionaireshallsetupitsownaccountingsystemwithsoundadministrativeorganizationandadequate
internalauditingprocedureandshallcomplywiththeinstructionsissuedbytheGovernmentregardingsuchissues,in
particulartheinstructionsissuedthroughtheGamblingInspectionandCoordinationBureauortheFinancialBureau.
2.

TheConcessionaire,asfarastheaccountingcompilationandsubmissionareconcerned,shallonlyadoptthecurrent
standardaccountingformsoftheMacaoSpecialAdministrativeRegion.However,thatshallnotobstructthe
establishmentoftheaccountingbooks,accountingdocumentsorotheraccountinginformationrequiredbytheChief
ExecutiveforAdministrationaccordingtotheproposaloftheCommissionerforGamblingInspectionand
CoordinationBureauortheCommissionerfortheFinancialBureau,andtheChiefExecutivemayformulatethe
requiredstandardsfortheConcessionairetomakeaccountingentriesforitsbusinessactivities,andthe
Concessionaireshallcomplywiththespecialprovisionsintheaccountingcompilationandsubmission.
27

Article57
ExternalAuditingofTheAccountsforTheYear
TheConcessionaireshallsubmititsannualaccountstoareputedindependentexternalentityrecognizedworldwideand
agreedinadvancebytheGamblingInspectionandCoordinationBureauandtheFinancialBureauforproceedingwiththe
auditing.The,Concessionaireshallalsoprovidethesaidentityinadvancewithalldocumentsrequired,especiallythe
documentsreferredtoinArticle34ofLawNo.16/2001.
Article58
SpecialAuditing
WhenitisdeemednecessaryorappropriatebytheGamblingInspectionandCoordinationBureauortheFinancial
Bureau,theConcessionaireshall,atanytimeandwhetherpriornoticeisgivenornot,submititselftothespecialauditing
conductedbyareputedindependentexternalentityorotherentitiesrecognized
Article59
CompulsoryAnnouncement
1.

2.

TheConcessionaireundertakestopublishnolaterthan30 thAprilofeachyearthefollowinginformationduringthe
previousbusinessyearasat31 stDecemberinthe"OfficialBulletinoftheMacaoSpecialAdministrativeRegion"and
intwoofthemostpopularnewspapersintheMacaoSpecialAdministrativeRegion.Oneofthesenewspapersshallbe
aChinesenewspaperwhiletheotheraPortuguesenewspaper:

(1)

Thebalancesheet,theprofitandlossaccountandtheappendixes

(2)

Theconsolidatedbusinessreport

(3)

TheopinionsoftheBoardofSupervisors

(4)

Theconsolidatedopinionsoftheexternalauditors

(5)

Thelistofthemajorshareholdersholding5%orover5%ofthecompanycapitaloftheConcessionaireatany
periodoftheyear,withthedisclosureoftheirrelevantpercentageheld

(6)

Thenameofthepositionholderofthecompanyorganization.

Atleasttendayspriortothedateofpublication,theConcessionaireshallalsosubmittotheGovernmentthecopiesof

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alltheinformationreferredtointheprecedingclauseandcopiesofotherinformationrequiredtobeannouncedby
theconcessionarysystemmentionedinArticle6.
Article60
SpecialObligationsofCooperation
ApartfromthegeneralobligationsofcooperationspecifiedinArticle67,theConcessionaireshallalsohaveobligations
tocooperatewiththeGovernment,especiallyinthecooperationwiththeGamblingInspectionandCoordinationBureauand
theFinanceServicesBureau,inprovidingtheinformationandparticularsrequestedinthecourseofspecialauditing,
assistingsuchdepartmentsinanalyzingorcheckingtheaccountingsystemoftheConcessionaire,andperformingallthe
obligationsspecifiedbytheconcessionarysystemmentionedinArticle6.
28

Chapter12
Guarantee
Article61
SecurityDepositGuaranteeingtheConcessionaire'sFulfillmentofStatutoryObligationsorContractualObligations
1.

AsecuritydepositguaranteeingtheConcessionaire'sfulfillmentofstatutoryobligationsorcontractualobligations
maybeprovidedinanywayasspecifiedbythelawandacceptedbytheGovernment.

2.

TheConcessionaireshallmaintainafirstdemandinfavoroftheGovernmentandissuedbytheBancoNacional
UltramarinoS.A.,forthepurposeofguaranteeingthe:

(1)

AccurateandtimelyfulfillmentofstatutoryobligationsorcontractualobligationsbytheConcessionaire

(2)

AccurateandtimelypaymentofthestipulatedpremiumtotheMacaoSpecialAdministrativeRegionbythe
ConcessionaireasspecifiedinArticle47

(3)

PaymentofpenaltyorotherfineswhichmaybeimposedontheConcessionaireasspecifiedbythelaworas
stipulatedbythetermsandconditionsinthisConcessionContract

(4)

PaymentofanydamagesincurredasaresultoftheConcessionaire'sfailuretofulfilltheobligationswhollyor
partially,resultingindamageorlossofbenefit,asstipulatedinthisConcessionContract.

3.

TheConcessionaireshallmaintainafirstdemandreferredtointheprecedingclauseinfavorofGovernment,the
maximumamountofwhichshallbeSevenHundredMillionPatacas,withaguaranteeperiodfromthedateofthis
ConcessionContractuntil31 stMarch2007,andafirstdemandwithamaximumamountofThreeHundredMillion
Patacas,withaguaranteeperiodfrom1 stApril2007untiltheexpirydateofthisConcessionContractplusone
hundredandeightydays.

4.

TheConcessionaireshalltakeallnecessarymeasuresandfulfillallobligationstomaintaintheeffectivenessofthe
firstdemandasspecifiedinClause2.

5.

ShouldtheConcessionairefailtofulfillitsrequiredstatutoryobligations,failtopaytherequiredpremiumaccurately
andtimely,failtopaythepenaltyorotherfinesimposedonitasspecifiedbythelaworasstipulatedbythetermsand
conditionsofthisConcessionContract,andhasnotvoicedobjectionwithinthestatutorytimelimit,thenirrespective

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ofwhetherthereisanyjudiciarydecisionbefore,theGovernmentmaydrawthefirstdemandstatedinClause2and
shouldpaymentofanydamagesincurredasaresultoftheConcessionaire'sfailuretofulfilltheobligationswhollyor
partiallyorfailuretofulfillthecontractualobligations,resultingindamageorlossofbenefit,asstipulatedinthis
Contract,theGovernmentshallalsodrawthefirstdemandmentionedinClause2.
6.

ShouldtheGovernmentusethefirstdemandmentionedinClause2,theConcessionaireshall,withinfifteendays
uponreceiptofthenotificationofusingthefirstdemand,takeallnecessarymeasurestorestorethecomplete
effectivenessoftheguarantee.

7.

ThefirstdemandmentionedinClause2mayonlybecancelledsubjecttotheapprovaloftheGovernment.

8.

TheGovernmentmayauthorizetheamendmentoftheprovisionsorconditionsmentionedinClause3toClause6,
andmayauthorizethereplacementofthefirstdemandmentionedinClause2byothermeansstipulatedbythelaw,so
astoprovidetheguaranteeinrespectoftheConcessionaire'sfulfillmentofitsstatutoryobligationsandcontractual
obligations.
29

9.

TheConcessionaireshallbearalltheexpensesincurredfromtheissuance,maintenanceandcancellationofthe
securitydepositguaranteeingtheConcessionaire'sfulfillmentofstatutoryobligationsandcontractualobligations.
Article62
SpecificBankGuaranteeinRespectoftheGuaranteeofPaymentofSpecialGamingTax

1.

WhentheGovernmenthasreasontoworrythattheConcessionairewillnotpaythemonthlyamountassessedunder
theSpecialGamingTaxandraisestherequestasspecifiedunderClause5ofArticle27ofLawNo.16/2001,the
Concessionaire,shallprovideafirstdemandinfavourofGovernmentaccordingtotheGovernment'sspecifiedtime
limit,provisions,conditionsandamounttoguaranteethepaymentoftheaforesaidamount.

2.

WithouttheGovernment'spermission,theprovisionsandconditionsmentionedintheaforesaidfirstdemandshall
notbechangedtheConcessionaireshallstrictlyadheretothoseprovisionsspecifiedatthetimewhentheguarantee
isprovided,andshallfulfillalltheobligationswhichareincurredormaybeincurredtotheConcessionaireasaresult
ofmaintainingtheeffectivenessoftheguarantee.

3.

ShouldtheConcessionairenotpaytheSpecialGamingTaxwhichispayabletotheConcessionLicensoraccordingto
thelawandtheprovisionsofthisConcessionContract,thenirrespectiveofwhetherthereisanyjudiciarydecision
before,theGovernmentmaydrawthefirstdemandmentionedinClause1.

4.

ShouldtheGovernmentdrawthefirstdemandmentionedinClause1,theConcessionaireshall,withinfifteendays
uponreceiptofthenotificationofusingthefirstdemand,takeallnecessarymeasurestorestorethecomplete
effectivenessoftheguarantee.

5.

TheConcessionairecanonlycancelthefirstdemandmentionedinClause1aftertheconcessionhasbeenrevokedfor
onehundredandeightydaysandsubjecttotheapprovaloftheGovernment.

6.

TheConcessionaireshallbearalltheexpensesincurredfromtheissuance,maintenanceandcancellationofthefirst
demandmentionedinClause1.
Article63
OtherGuarantees

ThefirstdemandasspecifiedinClause2ofArticle61shallincludeClause3ofArticle20andArticle22(2)ofLaw
No.16/2001,aswellastheguaranteementionedinClause1andClause2ofArticle84ofAdministrativeRegulation
No.26/2001.
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Chapter13
MonitoringtheFulfillmentofConcessionaire'sObligations
Article64
Monitoring,SupervisionandControlbytheGovernment
1.

Thepowerofmonitoring,supervisionandcontroloftheconditionsoftheConcessionaire'sfulfillmentofobligations
shallbeexercisedbytheGovernment,especiallythroughtheGamblingInspectionandCoordinationBureauandthe
FinanceServicesBureau.

2.

Forthesakeofappropriateeffectiveness,ifsorequestedbytheGovernmentandwithoutpriornotice,the
ConcessionaireshallallowtheGovernmentoranyotherspeciallyandappropriatelyentrustedandidentifiedentities
tohavefreeaccesstoanypartoftheConcessionaire'sfacilitiesthereinandtofreelyinspectandauditthe
Concessionaire'saccountingorbookkeepingbooks,
30

includinganytransactionrecords,ledgers,minutes,accountsandotherrecordsordocuments,andthemanagement
andstatisticalinformationandrecordsinuse.Moreover,itshallalsoprovidephotocopiesoftheinformationdeemed
necessarybytheGovernmentortheGovernment'sappointedentities.
3.

TheConcessionaireshallcomplywithandexecutethedecisionmadebytheGovernmentwithinthescopeofits
powerinsuchinspectionandmonitoring,especiallytheinstructionsissuedbytheGamblingInspectionand
CoordinationBureau,includingthedecisionoftemporarysuspension(ifany)oftheoperationofthecasinosand
othergamingzones.

4.

Theoperationofthebusinessinconcessionshallbesubmittedtothelongtermmonitoringandinspectionconducted
bytheGamblingInspectionandCoordinationBureauaccordingtotheprovisionsoftheapplicablelaw.
Article65
DailyMonitoringoftheGrossIncomeofGamingOperation

TheConcessionaireshallsubmititselftotheGovernment'sdailymonitoringofthegrossincomeofthegamingoperation
throughtheGamblingInspectionandCoordinationBureau.

Chapter14
GeneralObligationsofCooperation
Article66
Government'sGeneralObligationsofCooperation
TheGovernmentshallcooperatewiththeConcessionairesoastoenabletheConcessionairetofulfillitsstatutory
obligationsandcontractualobligations.
Article67
Concessionaire'sGeneralObligationsofCooperation
FortheapplicabilityoftheprovisionsofthisConcessionContract,theConcessionaireshallcooperatewiththe
Government.Therefore,ifsorequestedbytheGovernment,theConcessionaireshallprovideallthedocuments,information,
dataorevidenceandshallgrantanypermission.

Chapter15
OtherObligationsoftheConcessionaire
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Article68
OperationofCasinos,OtherPremises,andAdjoiningAreas
TheConcessionaireshallensurethatalltheancillaryfacilitiesofthecasinosandotherpremises,aswellastheadjoining
areasforoperatingthebusinessinconcession,areundernormaloperationaccordingtotheoriginalusageorapprovedusage.
Article69
Concessionaire'sGeneralObligations
1.

TheConcessionaireshallhavethespecialobligationstopromoteandtorequestallentitiesemployedtodevelopthe
businessinconcessiontoobserveandensuretherulesofaperfectorganizationandoperation,andtakeotherspecial
securitymeasuresfortheConcessionaire'scasinoandcustomersandstaffofothergamingzonesandforthe
employeesofthecasinosandothergamingzones.
31

2.

Forthesakeofdevelopingthebusinessinconcession,theConcessionaireshallemployentitieswhohaveobtained
theproperlicensesandhavebeengivenproperauthorizations,andpossessappropriateexpertiseandtechnological
abilityintherelevantareas.
Article70
OtherApprovalsoftheGovernment

Thereplacement,cancellationandamendmentofanydocumentsandrecordsrelatedtotheConcessionaire'sbusinessor
relatedtotheacquisitionofgamingequipmentandmaterials,shallbesubjecttotheGovernment'sapproval.
Article71
GovernmentConsentsandApprovals
TheGovernment'sconsentsandapprovals,ortherefusalofgrantingsuchconsentsandapprovals,shallnotexemptthe
Concessionaire'stimelyfulfillmentofitscontractualobligationsassumedinthisConcessionContractandshallnotholdthe
Governmentresponsibleforanyliability,unlesstheGovernment'sactionhasimposedaburdenorhascausedspecialand
extraordinarylossestotheConcessionaire.

Chapter16
Concessionaire'sResponsibilities
Article72
BeingResponsibletotheConcessionLicensorforCivilLiabilities
TheConcessionaireshallberesponsibletotheConcessionLicensorinrespectofdamageswhichareattributabletothe
factthattheConcessionairehasfailedtofulfillitsstatutoryobligationsorcontractualobligationswhollyorpartially.
Article73
ExemptionofConcessionLicensor'sResponsibilityinRespectoftheConcessionaire'sNonContractualLiability
TowardsaThirdParty
1.

TheConcessionLicensorshallnotberesponsiblewhollyorpartiallyfortheConcessionaire'sactionstakenormaybe
takenduetointerest,involvingormaybeinvolvingcivilliabilitiesorotherliabilitieswhichmaycausethe
Concessionairetoberesponsibleforsuchliabilities.

2.

TheConcessionaireshallalsoberesponsibleforlossesincurredtothoseentitieswhichareemployedbythe
Concessionaireforthedevelopmentofbusinessinconcessionaccordingtothegeneralprovisionsgoverninga
principalanditsagent.

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Chapter17
ChangeofSubjectintheConcession
Article74
Assignment,SettingupofEncumbrances,TransferTogetherwithFixtureandTransfer
1.

TheConcessionaireshallhavetheobligations,overtlyorcovertly,formalorinformally,nottoassign,transfer
togetherwithfixture,ortransferthebusinessofacertaincasinooracertaingamingzoneortosetupencumbrancesor
totakeanylegalactiontoachievethesamegoal,unlessotherwiseapprovedbytheGovernment.
32

2.

3.

Ifanactinbreachoftheprovisionsoftheaforesaidclausehasbeenperformed,thefollowingpenaltyforbreachof
contractshallbepaidtotheMacaoSpecialAdministrativeRegion,andtheimposingofotherapplicablepenaltiesor
penaltyrulesshallnotbeaffected:

Subcontracting,transferringtogetherwithfixtureortransferofthewholebusinessofthecasinoorgaming
zone:OneBillionPatacas.

Subcontracting,transferringtogetherwithfixtureortransferofpartialbusinessofthecasinoorgamingzones:
FiveHundredMillionPatacas.

Settingupanencumbranceonallorpartofthebusinessofthecasinoorgamingzones:ThreeHundred
MillionPatacas.

TheapplicationsrequestingtheapprovalsmentionedinClause1shallbeattachedwithallnecessarydocumentsand
shallstatethefullcontentofthelegalactionsintendedtobetakenbytheConcessionaire.Moreover,itshallnot
obstructtheGovernmentfromrequestingthefurnishingofadditionaldocuments,materialsorinformation.
Article75
SubConcessions

1.

TheConcessionaireshallhavetheobligationnottowhollyorpartiallymakeanysubconcessionoftheconcession
grantedtoit,norshallitperformanylegalactculminatingtoachievingthesameobject,savewiththeGovernment's
approval.

2.

Ifanactinbreachoftheprovisionsoftheprecedingclausehasbeenperformed,thefollowingpenaltyforbreachof
contractshallbepaidtotheMacaoSpecialAdministrativeRegion,andtheotherapplicablepenaltiesorpenaltyrules
shallnotbeaffected:

3.

Fullsubconcession:FiveHundredMillionPatacas

Partialsubconcession:ThreeHundredMillionPatacas

InordertoobtaintheapprovalmentionedinClause1,theConcessionaireshallinformtheGovernmentofitsintentto
makeasubconcessionandshallprovideallinformationdeemednecessarybytheGovernment,includingallthe
correspondencesbetweentheConcessionaireandtheentitywithwhomacontractiscontemplated.

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AsubconcessionshallnotexempttheConcessionairefromitsfulfillmentofitsrequiredstatutoryobligationsor
contractualobligations,unlessotherwiseapprovedbytheGovernmentandwithinthescopeoftheGovernment's
approval.Apartfromthis,irrespectiveofwhethertheConcessionaireisatfaultornot,theConcessionaireshall
assumecomplementaryresponsibilitiestowardstheMacaoSpecialAdministrativeRegioninrespectofthedamage
causedbythenonfulfillmentofallorpartofitscontractualobligationswhichisattributabletothefactsofthe
Concessionaire'ssubconcessionaire.Moreover,theConcessionaireshallhavetherighttoproceedagainstthesub
concessionairetorecoverthedamagesresultingfromsuchnonfulfillment.

Chapter18
NonPerformanceofContract
Article76
NonPerformanceofContract
1.

IftheConcessionaire,duetofactsattributabletotheConcessionaire,failstoperformanyresponsibilityorobligation
arisenfromthisConcessionContractorfromthedecisionsofthe
33

Government,theConcessionaireshallacceptthepenaltyorpenaltyrulesstipulatedbytheLaworthisContract,and
theprovisionsofArticles77and78shallnotbeobstructed.
2.

Intheeventofforcemajeure,orunderanyothercircumstancesoffactsproventobenotattributedtothe
Concessionaire,theConcessionaireshallbeexemptedfromtheresponsibilitymentionedintheprecedingclauseonly
whenithasactuallybeenpreventedfromthetimelyandcompleteperformanceofitsresponsibilitiesorobligations.

3.

Onlyincidentsthatareunpredictableandinsurmountable,beyondtheConcessionaireandtheoccurrenceoftheir
effectsarenotsubjecttothewilloftheConcessionaireorthepersonnelmattersoftheConcessionaire,especially
warfare,terrorism,publicdisorder,epidemicdiseases,atomicradiation,fire,thunderandlightning,greatflood,
cyclone,typhoon,earthquakeandothernaturaldisastersthatdirectlyaffectthebusinesscoveredintheconcession,
canberegardedasaforcemajeureevent,andtheconsequencesstipulatedinthefollowingclauseshallarise.

4.

Ifaforcemajeureeventoccurs,theConcessionaireshallinformtheGovernmentimmediatelyandpointoutassoonas
possibletheobligationsarisenfromthisConcessionContract,thecarryingoutofwhicharedeemedtobeobstructed
bytheConcessionaireandunderthesituationsofmeasuresthattheConcessionaireintendstoimplementwiththe
purposeofeliminatingtheeffectoftheincidentsand/ortomaketheperformanceofsuchobligationscomplywiththe
stipulations,andshallindicatesuchmeasures.

5.

IntheeventofanyofthesituationsmentionedinClause3,theConcessionaireshallreinstatethedamagedproperty
and/orrestoresuchpropertytoitsoriginalstateassoonaspossible,soastorestoretheproperrunningandoperation
ofcasinogamingsorotherformsofgaming.IftheConcessionaireisnotentitledtoanyeconomicbenefitinthe
reconstructionoftheabovementionedpropertyand/ortherestorationofsuchpropertytotheoriginalstate,the
ConcessionaireshalltransfertheinsuranceamounttotheConcessionLicensor.

Chapter19
RevocationorTerminationofConcession
Article77
DissolutionAgreedbyBothParties
1.

TheGovernmentandtheConcessionairemaydissolvethisConcessionContractatanytimethroughmutual
agreement.

2.

TheConcessionaireshallassumefullresponsibilityfortheeffectofterminatinganycontractinwhichitisaparty

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thereto.TheConcessionLicensorshallnotassumeanyresponsibilitythereof,unlessotherwiseexplicitlyspecified.
Article78
Redemption
1.

FromthefifteenthyearoftheConcessiononward,theGovernmentmayredeemtheConcessionfromthe
Concessionairebysendinganoticewithadviceofreceiptthroughregisteredpostatleastoneyearinadvance,unless
otherwisestipulatedbyLaw.

2.

TheConcessionLicensorduetosuchredemption,shallbeentitledtoandassumesalltherightsandobligations
arisenfromthelegalactseffectivelyenteredintobytheConcessionairebeforethedateofnoticementionedinthe
precedingclause.
34

3.

ForobligationsthataresetupbycontractsenteredintoafterthenoticementionedinClause1sentbythe
Concessionaire,theConcessionLicensorshallassumesuchobligationsonlywhenthecontractshavealreadybeen
approvedbytheGovernmentbeforesuchcontractsareconcluded.

4.

EventhoughtheConcessionLicensormayassumetheobligationssetupbytheConcessionaire,thisshallnot
obstructtherightofclaimtheConcessionLicensorenjoysregardingtheobligationssetbytheConcessionairethat
exceedthenormalmanagementofthebusinessinconcession.

5.

Aftertheconcessionisredeemed,theConcessionaireshallbeentitledtoreceivereasonableandfairdamageswhichis
equivalenttothebenefitsthatarenolongerobtainedbytheConcessionairefromtheredeemedresorthotelcasino
complexstatedintheInvestmentPlanattachedtothisConcessionContract.Theamountofdamagesshallbe
equivalenttothevalueoftheaforesaidcomplex'srevenue(beforedeductingtheinterest,depreciation,and
amortisation)obtainedinthetaxationyearprecedingtheredemptionoftheconcession,multipliedbythenumberof
yearsremainedpriortotheterminationoftheconcession.
Article79
TemporaryAdministrativeInterventions

1.

IfasituationinwhichtheConcessionaireterminatesorsuspendsallorpartofthebusinessinconcessionwithout
approvalandnotduetoforcemajeureeventshashappenedorisabouttoappear,ortheorganizationandoperationof
theConcessionaireortheoverallconditionoftheinstallationandequipmentshowseriousdisorderordeficiencythat
mayaffectthenormaloperationofthebusinessinconcession,duringthetimewhentheabovementionedtermination
orsuspensionpersists,orwhentheabovementioneddisorderordeficiencycontinuestoexist,theGovernmentmay
replacetheConcessionairedirectlyorthroughathird,partysoastoensuretheoperationofthebusinessin
concessionandprocurenecessarymeasurestosafeguardthesubjectofthisConcessionContract.

2.

Duringtheperiodoftemporaryadministrativeinterventions,thenecessaryexpensesformaintainingthenormal
operationofthebusinessinconcessionshallbepaidbytheConcessionaire.Forthispurpose,theGovernmentmay
drawonthesecuritydepositthatguaranteestheConcessionaire'sperformanceofitsstatutoryobligationsor
contractualobligationsanddrawontheguaranteeprovidedbythecontrollingshareholderoftheConcessionaire.

3.

Afterthefactorscausingthetemporaryadministrativeinterventionshavedisappeared,iftheGovernmentdeems
appropriate,theGovernmentshallinstructtheConcessionairetoresumethenormaloperationofthebusinessin
concessionwithinadesignatedtimelimit.

4.

IftheConcessionairedoesnotwishtoorisunabletoreoperatethebusinessinconcession,or,despitethe
Concessionairehasreoperatedthesaidbusinesses,theorganizationandoperationcontinuetosufferfromserious
disorderordeficiency,thentheGovernmentmaydeclarethatthisConcessionContractbeunilaterallydissolvedon
thebasisofnonperformance.

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Article80
UnilateralDissolutionduetoNonPerformance
1.

UnderthecircumstancesthattheConcessionairefailstocarryoutitsbasicobligationsrequiredbyLaworthis
Contract,theGovernmentmaydissolvethisConcessionContractunilaterallyonthebasisofnonperformance,and
terminatetheconcessionaccordingly.

2.

ThemainreasonsthatconstitutetheunilateraldissolutionofthisConcessionContractinclude:

(1)

deviationfromthesubjectoftheconcessionbyoperatingunauthorizedgamingorbyoperatingbusinesses
otherthanthoseoftheConcessionaire
35

3.

(2)

abandonmentoftheoperationofthebusinessinconcessionortemporarysuspensionoftheoperationofthe
saidbusinesswithoutvalidreasonsforover7daysconsecutivelyorforover14daysintermittentlywithina
calendaryear

(3)

transferinwholeorinpartoftheoperationtemporarilyordefinitivelyincontraventionoftheprovisionsof
theconcessionarysystemmentionedinArticle6

(4)

defaultofpaymentoftax,premium,dutiesorotherreturnspayabletotheConcessionLicensorasstipulated
bytheconcessionarysystemmentionedinArticle6andfailtosubmitanydefensewithinthetimelimit
requiredbyLaw

(5)

refusalorfailureoftheConcessionairetorecovertheconcessionpursuanttotheprovisionsofClause4ofthe
precedingArticle.Oreventhoughtheconcessionhasbeenrecovered,theconditionthatcausedtemporary
administrativeinterventioncontinuestoexist

(6)

repeatedobjectionstothemonitoringandinspection,orrepeatedfailuretocomplywiththedecisionofthe
Government,especiallytheinstructionsoftheGamblingInspectionandCoordinationBureau

(7)

constantfailurestoobservethebasicobligationsincludedintheconcessionarysystemmentionedin
Article6

(8)

failuretoprovideorreplenishthesecuritydepositorguaranteepursuanttotheprovisionsandtimelimits
specifiedinthisConcessionContract

(9)

bankruptcyorinsolvencyoftheConcessionaire

(10)

engagementinanyseriousfraudulentactivitieswiththepurposeofcausinginjurytopublicinterest

(11)

repeatedseriousviolationoftheimplementationrulesofcasinogamingsorotherformsofgaming,orcausing
harmtotheimpartialityofcasinogamingsorotherformsofgaming.

SubjecttonotobstructingtheapplicabilityoftheprovisionsofArticle83,ifanyconditionoftheprecedingclause
happens,oranyotherconditionthatmay,accordingtotheprovisionsofthisclause,resultsintheunilateral
dissolutionofthisConcessionContractduetononperformance,theGovernmentshallnotifytheConcessionaireto
fullyperformitsobligationsandrectifyorremedytheconsequencescausedbyitsactwithinarequiredtimelimit,
exceptwhenthedefaultisnonrectifiable.

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4.

IftheConcessionairefailstoperformitsobligations,rectifyorremedytheconsequencescausedbyitsactasrequired
bytheGovernment,theGovernmentmay,bymeansofanoticegiventotheConcessionaire,unilaterallydissolvethis
ConcessionContract.TheGovernmentmayalsogiveawrittennoticeofitsintentiontotheentitieswhichhave
guaranteedtoprovidefinancingforthoseinvestmentslaunchedbytheConcessionaireandthoseobligationsassumed
bytheConcessionaireaccordingtoandforthepurposeoftheregulationsconcerningthefinancialabilitymentioned
intheconcessionarysysteminArticle6.

5.

NoticeofthedecisiontodissolvethisContractasstatedintheprecedingclausesenttotheConcessionaireshallhave
immediateeffectwithoutgoingthroughanyotherprocedures.

6.

IfanyjustifiedemergencysituationhappensandtheGovernmentcannottolerate,thetardinessintheproceduresof
rectifyingthenonperformancereferredtoinClause3,onthepremiseofnotaffectingtheexecutionofthose
proceduresandtheprovisionsofClause4,theGovernmentmayimmediatelyenforcetemporaryadministrative
interventionpursuanttotheprovisionsoftheprecedingclause.
36

7.

IfthisConcessionContractisdissolvedunilaterallyduetononperformancepursuanttotheprovisionsofthisclause
suchthattheConcessionairehastheobligationtopaydamages,thesaiddamagesshallbecalculatedaccordingtothe
generalprovisionsofLaw.

8.

IfthisConcessionContractisdissolvedunilaterallyduetononperformance,theCasinosandthefacilitiesand
equipmentsusedforgamingsshallimmediatelybevestedintheConcessionLicensorgratuitouslyevenifthesameis
notlocatedinthecasinos.
Article81
Invalidity

1.

ThisConcessionContractshallbecomeinvalidupontheexpiryoftheconcessiontermspecifiedinArticle8,andthe
contractualrelationshipbetweenthetwoPartiesshallalsobeterminatedaccordingly.Nevertheless,theapplicability
ofthosetermsinthisConcessionContractwhichcontinuetotakeeffectevenaftertheexpiryofthetermof
concessionshallnotbeobstructed.

2.

Iftheinvaliditysetforthintheprecedingclauseappears,theConcessionaireshallbefullyresponsibleforthe
terminationoftheeffectofanycontractinwhichitisapartythereto.TheConcessionLicensorshallnotassumeany
responsibilitythereof.

Chapter20
AmendmentsandRevisionsofthisContract
Article82
AmendmentstothisConcessionContract
1.

ThisConcessionContractmaybeamendedaccordingtolawafterconsultationbetweentheGovernmentandthe
Concessionaire.

2.

AmendmentstothisConcessionContractandanyappendixtheretoshallbesubjecttotheproceduressetforthin
Article91ofAdministrativeRegulationNo.26/2001.

Chapter21
TheStageBeforeJudicialContention
Article83
NegotiationintheStageBeforeJudicialContention
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1.

IfproblemsordisagreementsoccurbetweenthePartiesheretoovermatterswhichgovernthisConcessionContract
suchastheeffectiveness,applicability,execution,interpretationorsubstitution,thePartiesshallholdconsultations.

2.

TheoccurrenceofproblemsshallnotrelievetheConcessionairefromitstimelyandcompleteperformanceofthe
provisionsofthisConcessionContractaswellasthedecisionsoftheGovernmentthattheConcessionairehadbeen
informedofpursuanttotheprovisionsofthisConcessionContract.Moreover,theConcessionaireshallnotbe
allowedtosuspendthedevelopmentofitsbusinessesinanyaspect.Suchdevelopmentshallcontinuetoproceed
pursuanttotheprovisionsthatareinforceonthedaytheproblemsareraised.

3.

TherequirementsthattheConcessionaireshallexecutethedecisionsoftheGovernmentintheprecedingclauseshall
alsobeapplicabletosubsequentdecisionsmadeonthesamematter,evenifthedecisionsaremadeafterthedatethe
negotiationcommencesaslongastheConcessionairehasbeennotifiedofthefirstdecisionamongthosesubsequent
decisionsbeforethedatetheconsultationcommences.
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Chapter22
FinalRequirements
Article84
AcquisitionofLicenses,Permits,orApprovals
1.

ThisConcessionContractshallnotrelievetheConcessionairefromitsobligationstoapplyfor,payforand/ortake
measuresforanylicense,permit,orapprovalessentialfortheacquisitionofanyaspectoftheoperationofbusinessof
theConcessionaireortheobligationsstipulatedinthisContract.NeitherdoesthisConcessionContractexemptthe
Concessionairefromobservingorcomplyingwithanyimportantdocumentsneededfortheacquisitionofthe
aforesaidlicenses,.permits,orapprovalsandcausingtheeffectivenessofthesametocontinue.

2.

Ifanylicense,permit,orapprovalmentionedintheprecedingclauseissurrendered,invalid,suspendedorannulled,
orisnotlongereffectiveforanyreason,theConcessionaireshallinformtheGovernmentimmediatelyandshall
indicatethosemeasuresthathavealreadybeentakenorwillbetakeninordertorecoverthoselicenses,permits,or
approvalsortocausetheeffectivenessofthesametocontinue.

3.

NoneofthetermsofthisConcessionContractshallbeconstruedtobeusedtosupersedethetermsgoverningthe
acquisitionofanyessentiallicense,permit,orapprovalrequiredbylaworthisContract.
Article85
IndustrialPropertyandIntellectualPropertyRights

1.

Inoperatingitsbusinesses,theConcessionaireshallrespecttheindustrialpropertyandintellectualpropertyrightsin
accordancewiththelawoftheMacaoSpecialAdministrativeRegioncurrentlyinforce,andshallassumesole
responsibilitiesfortheconsequencesarisingfromtheinfringementofsuchproperties.

2.

TheConcessionairewillonlybeissuedlicenses,permits,orapprovalsparticularlythoselicenses,permits,or
approvalsthatarerelatedtotheimplementationoftheinvestmentprojectsappendedtothisConcessionContract,on
thepremisethatithasrespectedallindustrialpropertyandintellectualproperty.

3.

TheConcessionaireshalltransfergratuitouslytotheConcessionLicensoranyresearch,draft,scheme,drawing,
documentorothermaterialsofanynaturethatareessentialtoorusefultotheConcessionLicensorforcarryingout
thedutiesconferredpursuanttotheprovisionsofthisConcessionContractorrightsconferredaccordingtothis
ConcessionContract.

4.

TheConcessionaireshallprepareanytypeofdocumentsordeclarationsattherequestoftheConcessionLicensorso
thattherightsmentionedintheprecedingclausecanbeacknowledgedorregistered.

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5.

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IftheindustrialpropertyorintellectualpropertyrightsallocatedtoortobeallocatedtotheConcessionLicensor
pursuanttotheprovisionsofthisclauseareinfringed,andtheConcessionaireisunabletoresolveanydisputewith
anythirdpartyinrespectofsuchinfringement,theConcessionLicensormayinterveneinordertoprotectthe
aforesaidproperties.TheConcessionaireundertakestorenderallassistancesorequestedforthispurpose.
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Article86
Notices,Announcements,AuthorizationsandApprovals
1.

Unlessotherwisestipulated,thenotices,announcements,authorizationsandapprovalsmentionedinthisConcession
Contractshallbeinwrittenformandsentinthefollowingmanner:

(1)

bycourier,butitmustbeevidencedbyasignatureacknowledgingthereceiptthereof

(2)

byfax,butitmustbeevidencedbyareceiptoftransmission

(3)

byregisteredpostwithanadviceofreceipt.

2.

TheconsentsgivenbytheGovernmentarealwayspriorconsentswhichmayalsobegivensubjecttocertain
conditionstobesetbytheGovernment.

3.

NotgivingareplytotheConcessionaire'sapplicationforconsentandapprovalorotherrequestsshallbedeemedasa
disapproval.

4.

FortheapplicabilityoftheprovisionsofthisConcessionContract,thefollowingaddressesandplaceswhere
facsimiletransmissionsarereceivedshallbedeemedastheaddressesofthePartiestothisContract.
TheGovernmentoftheMacaoSpecialAdministrativeRegion:GamblingInspectionandCoordinationBureau
AvenidadaPraiaGrande,nmeros762804,edificio"ChinaPlaza",21.andar,Macau
FaxNo.:370296
TheConcessionaire:WynnResorts(Macau)LimitedAvenidadaAmizade,nmero918,edificio"WorldTrade
Centre",8.andar"C",Macau.
FaxNo.:336057

5.

Bygivingadvancenoticetotheotherparty,eitherPartymaychangeitsaddressandplaceforreceivingfacsimile
transmissionsmentionedintheprecedingclause.
Article87
ProhibitiononDoinganyActswhichRestrictCompetitions

1.

TheConcessionaireshallengageinitsbusinessbyadheringtotheinherentprinciplesofamarketeconomyandunder
benignandfaircompetition.

2.

TheConcessionaireshallhavetheobligationnottoenterintoagreementsinanymannerwithotherconcessionaires
operatingintheMacaoSpecialAdministrativeRegion,othertransfereesofconcessionsortheConcessionaire's
managementcompanyhavingtodowiththeoperationsofcasinogamingsorotherformsofgamingoperationsinthe
MacaoSpecialAdministrativeRegion,orwithanycompanybelongingtotherelevantgroupwhichmayobstruct,
restrict,ordestroycompetitionnorshalltheConcessionairepracticeanyagreedactwhichmayobstruct,restrict,or
destroycompetition.

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3.

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TheConcessionaireshallhavetheobligationnottoabusetheleadingpositioninthemarketorinconsiderableparts
ofthemarketwhichitholdsandwhichmayobstruct,restrict,ordestroycompetition.
Article88
GamingJunketTourPromoters

TheConcessionaireshallbeheldaccountabletotheGovernmentfortheactivitiesinthecasinosandothergamingzones
carriedoutbythegamingjunkettourpromotersregisteredwithitscompany,
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itsdirectorsandcooperators.Therefore,theactivitiesoftheaforesaidgamingjunkettourpromoters,directorsand
cooperatorsshallbemonitored.
Article89
PromotionoftheConcessionaire'sFacilities
1.

TheConcessionaireshallhavetheobligationstolaunchpromotionalandmarketingactivitiesforitsfacilities,
particularlythecasinos,bothinsideandoutsidetheMacaoSpecialAdministrativeRegion.

2.

TheGovernmentandtheConcessionaireshallhavetheobligationstocoordinatetheirownpromotionaland
marketingeffortsandactivitieswiththoseeffortsandactivitiespromotingMacaucarriedoutoutsideMacau.

3.

TheConcessionaireshallhavetheobligationnottoallowtheuseoftheimagesofitscasinosorotherpremisesused
foroperatingthebusinessinconcessionandtheiradjoiningareasorexplanatorydescriptionscontaininglarge
amountofimpliedmeaningsonwebsitesorwebpagesovertheInternet,orinanyotherplacesusedforpromoting
interactivegamingwithouttheconsentoftheGovernment.
Article90
ContentIncorporatedintotheConcessionContract

A$farasthetendersubmittedbytheConcessionaireinitscapacityasabidderinthefirstopenandpublicbiddersfor
the(three)concessionlicensesforoperatingcasinogamingsorotherformsofgamingisconcerned,allofthecontentstherein
whicharenotinconflictwiththisConcessionContractexplicitlyorinexplicitlyshallbedeemedtohavebeenincorporated
intothecontentofthisConcessionContract.
Article91
GamingChipsUsedintheOperatingtheBusinessinConcession
1.

TheConcessionaireshallcomplywiththeguidanceoftheGovernmentissuedinrespectoftheissuanceofgaming
chipsofanytypeornatureandputtingthesameintocirculation.

2.

ThequantitiesofgamingchipstobeputintocirculationshallnotbesubjecttotheconsentoftheGovernment
however,thatshallnotpreventtheGovernmentfromsettinganupperlimitonsuchquantities.

3.

TheConcessionaireshallguaranteetousecash,cheques,orequivalentcreditinstrumentstoredeemthosegaming
chipswhichhavebeenputintocirculation.

4.

Withregardtoallthosegamingchipswhichhavebeenputintocirculation,theConcessionaireshallguaranteethe
immediateredemptionofthesamebycashorinstrumentswithahighabilitytopay,bymaintainingasolvencyratio,
settingupareserve,andcomplyingwiththeprudentregulationsspecifiedbytheGovernmentatvarioustimes.

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Article92
Confidentiality
1.

ThedocumentspreparedbytheGovernmentortheConcessionaireforthecomplianceoftheprovisionsofthe
ConcessionarySystemmentionedinArticle6orofthisConcessionContractareofconfidentialnatureand,canonly
beprovidedtoathirdpartywiththeconsentoftheotherparty.
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2.

TheGovernmentandtheConcessionaireshalltakenecessarymeasuressothattheGovernmentshallguaranteethat
thestaffofthepublicandadministrationauthoritiesoftheMacaoSpecialAdministrativeRegionareboundbythe
obligationtomaintainconfidentiality,andtheConcessionaireshallguaranteethatitsstaffareboundbythe
obligationtomaintainconfidentiality.

3.

TheGovernmentandtheConcessionaireshallprocurethecompliancewiththeobligationtomaintainconfidentiality
byotherindividualswhohaveobtainedormayobtainconfidentialdocumentsespeciallythoseindividualswho
haveobtainedormayobtainconfidentialdocumentsthroughconsultancycontracts,contractsforprovidingservices,
orothercontracts.
Article93
ComplaintBooklets

1.

TheConcessionaireshallprovidecomplaintbookletsspecificallyforthecomplaintsaboutcasinogamingsorother
formsofgamingoperations,andshallensurethatsuchbookletsareavailableforusebycustomersofthecasinosand
othergamingzones.

2.

TheConcessionaireshallpostnoticesinaconspicuousmannerinthecasinosandothergamingzonestostatethat
complaintbookletsareavailable.

3.

TheConcessionaireshallsendcopiesofthecomplaintsmentionedinthecomplaintbookletstotheGovernment
within48hours,andareportpreparedbytheConcessionaireinrespectofsuchcomplaintsshallbeattachedthereto.

Chapter23
TransitionalProvisions
Article94
JobTrainingProgramme
1.

TheConcessionaireshallcompileajobtrainingprogrammeforemployeeswhoholdpositionsinthosebusinessareas
coveredbytheconcessionwithinthetimelimitstipulatedbytheGovernment.

2.

TheConcessionaireshallsubmittotheGovernmentanyotheradditionaldocumentsorinformationrelatingtothe
programmementionedintheprecedingclausewithinthetimelimitstipulatedbytheGovernment.
Article95
ManagingDirectorsoDesignated

1.

Within15daysfromenteringintothisConcessionContract,theGovernmentshallinformtheConcessionairewhether
approvalisgiventotheappointmentofthecandidatedesignatedinAppendix1oftheAdministrativeRegulation
No.26/2001toserveasmanagingdirectoroftheConcessionaire,whichappendixissubmittedinthe
Concessionaire'scapacityasabidderinthefirstopenandpublicbiddersforthe(three)concessionlicensesfor
operatingcasinogamingsorotherformsofgaming.

2.

TheprovisionsofClause1andClause2ofArticle21shallbeapplicabletotheactofdelegatingthemanagement

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authorityoftheConcessionairetothemanagingdirectorforthefirsttimeafterthisConcessionContracthasbeen
executed.
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Article96
BankingAccounts
Within7daysfromenteringintothisConcessionContract,theConcessionaireshallsubmitthosedocumentswhich
containallthebankingaccountsandbalancesbearingthenameoftheConcessionairetotheGovernment.
Article97
DeclarationontheObligationsofCooperation
TheConcessionaireshalltakemeasuressoastoobtainadeclarationsignedbyeveryshareholderholding5%orover5%
ofthecompanycapitaloftheconcessionaire,everydirectoroftheConcessionaireandkeyemployeeholdingprominent
positionsinthecasinos,andeverycontrollingshareholderoftheConcessionaire,includingtheultimatecontrolling
shareholders,whosecontentistheyagreetobeboundbyaspecialobligationofcooperatingwiththeGovernment.
Therefore,ifsorequested,theyshallprovideallthedocuments,materials,informationorevidence,andshallgiveany
permission.Within15daysfromenteringintothisConcessionContract,theConcessionaireshallsubmitthesaiddeclaration
totheGovernment.
Article98
FixedAmountandVariableAmountofthePremium
1.

ThefixedamountoftheannualpremiummentionedinArticle47shallonlybecomepayableonaproratabasisas
from26 thJune2005.However,iftheConcessionairebeginstooperateacasinooragamingzoneinsidetheresort
hotelcasinocomplexstatedintheInvestmentPlanattachedtothisConcessionContract,itshallbeexcepted.Inthese
circumstances,thefixedamountofthepremiumshallbecomepayablestartingfromthattimeforth.

2.

ThevariableamountoftheannualpremiummentionedinArticle47shallonlybecomepayableaftertheoperationof
casinogamingsorotherformsofgaminghascommenced,regardlessofwhethertheoperationtakesplaceinthe
temporaryfacilitiesorinthefacilitiesmentionedintheprecedingclause.Forthecalculationofthevariableamount
ofthepremiummentionedinArticle47,theConcessionaireshall,nolaterthan10daysbeforeitsfirstcasinoorfirst
gamingzoneisopened,submitalisttotheGovernmentwhichsetsforththequantitiesandlocationsofgamingtables
andelectricalormechanicalgamingmachines,including"slotmachines",intendedtobeoperatedinthatyear.

3.

IftheConcessionaireopensitsfirstcasinoorfirstgamingzoneinthetemporaryfacilities,thevariableamountofthe
annualpremiumshallnotbelowerthantheamountpayablefor20gamingtables,duetolongtermoperation,
exclusivelyassignedforspecificgamingsorgainers,especiallythoseunderoperationinthespecialgaminghallor
areaandfor20gamingtables,duetolongtermoperation,notexclusivelyassignedforspecificgamingsorgamers,
untiltheoperationofacasinooragamingzonecommencesatthefacilitiesmentionedinClause1.

4.

ThevariableamountoftheannualpremiummentionedinClause5ofArticle47shallberevisedbybothParties
startingfromthethirdyearafterthisConcessionContractisenteredinto.
Article99
ApprovaloftheCompany'sArticlesofAssociationandtheProspectiveCompanyAgreement

Within60daysfromenteringintothisConcessionContract,theGovernmentshallinformtheConcessionaireofwhether
theCompany'sArticlesofAssociationandtheProspectiveCompanyAgreementareapproved.
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Article100
AppointmentorAuthorization
Within15daysfromenteringintothisConcessionContract,theConcessionaireshallinformtheGovernmentofalland
anyappointmentorauthorizationrelatingtothepowerofthelegalactsofenterpriseoperationwhichexistonthedateof
signingofthisConcessionContractandwhosescopeofauthorityaredelegatedtotheBoardofDirectorsonafoundationof
stablerelationship,andwhichareestablishedinthenameoftheConcessionaire,sothattheGovernmentcangiveitsconsent.
Nevertheless,thepowerstoperformactswhicharesolelyofthenatureofregularaffairs,especiallythepowerstoperform
suchactsinpublicauthoritiesorpublicorganisations,shallbeexemptedfromtheselimitations.Alternatively,astatementof
declarationevidencingthenonexistenceoftheaforesaidappointmentorauthorizationshallbesubmittedwithinthe
aforesaidtimelimit.
Article101
CurrentParticipationintheCasinoGamingandOtherFormsofGamingOperationsinotherJurisdictions
Within15daysfromenteringintothisConcessionContract,theConcessionaireshallinformtheGovernmentofthe
currentparticipationinthecasinogamingandotherformsofgamingoperationsinanyotherjurisdictionsbyanyofthe
Concessionaire'sdirectors,controllingshareholdersincludingtheultimatecontrollingshareholder,orbyanyshareholder
whodirectlyorindirectlyholds10%orover10%ofthecompanycapitalofthecompanycapitalcontribution,includingthe
participationmerelybymeansofmanagementcontracts.
Article102
CompositionoftheConcessionaire'sCompanyOrganisation
Within7daysfromenteringintothisConcessionContract,theConcessionaireshallinformtheGovernmentofthe
compositionofitsBoardofDirectors,PresidencyoftheShareholdersMeeting,BoardofSupervisorsandothercompany
organisationsonthedateofenteringintothisConcessionContract.
Article103
ShareholderStructureandCorporateCapitalStructure
1.

Within7daysfromenteringintothisConcessionContract,theConcessionaireshallsubmittotheGovernmentsuch
documentswhichsetforththeConcessionaire'sshareholderstructureonthedateofenteringintothisConcession
Contract.

2.

Within7daysfromenteringintothisConcessionContract,theConcessionaireshallsubmittotheGovernmentsuch
documentswhichsetforththeConcessionaire'sstructureofbodycorporateholding5%orover5%ofthecompany
capitaloftheconcessionaire,especiallythestructureofcompanycapitalofthatcompany,aswellasthestructureof
companycapitalofthebodycorporateholding5%orover5%ofsuchbodycorporate,andsoforthandallthewayup
tothestructureofcompanycapitalofthenaturalpersonsandbodiescorporatewhoareultimateshareholders.

3.

Within15daysfromenteringintothisConcessionContract,theConcessionaireshallsubmittotheGovernmentthe
statementofdeclarationfortheyear2002asmentionedinClause2ofArticle19.
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Article104
RestrictionsontheNumberofConcessions
1.

Until1 stApril2009andpursuanttotheprovisionsoflaw,theConcessionLicensorshallhavetheobligationnotto
grantconcessionlicensesforoperatingcasinogamingsorotherformsofgaming,soastoensurethatthenumberof
concessionsatanytimeshallnotbemorethanthree.

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2.

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IftheConcessionLicensorgrantsnewconcessionlicensesforoperatingcasinogamingsorotherformsofgamingafter
thedatementionedintheprecedingclauseandthetermsofthenewconcessionsareoverallmorefavourablethanthe
termsstipulatedinthisConcessionContract,thentheGovernmentshallextendthosemorefavourabletermstothe
ConcessionairebyamendingthisConcessionContract.
Article105
RevisionsofthePercentageofFunding

ThepercentageoffundingmentionedinArticle48andArticle49shallberevisedbybothPartiestothisContractwithin
theyear2010.
Article106
TakingEffect
ThisConcessionContractismadeintwoofficiallanguagesandshalltakeeffectasfrom27 thJune,2002.
ThisContractissignedbybothParties.
PursuanttotheprovisionsofArticle17andArticle24oftheGeneralScheduleofStampDutyPayment,thestampduty
shallbeMOP150.00(OneHundredandFiftyPatacas).Moreover,pursuanttotheprovisionsofClauses1and2ofArticle4
oftheScheduleofNotarizationHandlingFee,thehandlingfeeshallbeMOP708,600.00(SevenHundredandEight
ThousandandSixHundredPatacas).AllthefeeshavebeenpaidbyPartyBbypresentingthepaymentvoucherandthesame
hasbeenfiled.
AllofthedocumentsmentionedinthisConcessionContractarekeptinfileNo.17039oftheNotaryOfficeofthe
FinanceServicesBureau.
ThecontentsofthisContracthavebeenreadandinterpretedinanaudiblemannertobothParties.Duetothefactthatthe
representativeofPartyBisnotconversantwitheitheroftheofficiallanguages,anEnglishtranslationofthisContracthas
beenprovidedtohim.
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AppendixtotheConcessionContract
InvestmentPlan
TheConcessionaireparticularlyundertakestoimplementthefollowingprojectandtheapplicabilityoftheprovisionsof
Article39ofthisConcessionContractshallnotbeaffected:

aresorthotelcasinocomplextobecompletedbyDecember2006andopentothepublic.

Total:

$4.00billionPatacas,whichmustbeexpendedwithin7yearsuponthesigningofthisConcessionContract.

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QuickLinks
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ConcessionContractforOperatingCasinoGamingorOtherFormsofGamingintheMacaoSpecialAdministrativeRegion

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