XXXXXXXX
Xxxxxx X. Xxxxxxx
President
January 14, 1998
Xx. Xxxxxxx X. Xxxx
Chairman of the Board, President
And Chief Executive Officer
Mirage Resorts, Incorporated
0000 Xxx Xxxxx Xxxxxxxxx, Xxxxx
Xxx Xxxxx, XX 00000
Dear Xxxxx:
This confirms our agreement this date with respect to the
art described in Exhibits A and B attached hereto (the
"Exhibit `A' Art" and "Exhibit `B' Art").
1. Bellagio hereby sells the Exhibit `A' Art to you and
you hereby purchase the Exhibit `A' Art from Bellagio for
$25,562,812.45;
2. Bellagio hereby rents the Exhibit `A' Art, excluding
Xxxxxxx's "Seated Woman", and the Exhibit `B' Art for
exhibition in any casino-hotels operated, directly or
indirectly, by Bellagio or any of Mirage Resorts,
Incorporated's other wholly owned subsidiaries. The annual
rental, payable monthly in advance, shall be a percentage
equal to a floating rate of thirty-day Libor plus thirty
basis points per year (the "Percentage") of the aggregate
purchase price of the Exhibit `A' Art and the Exhibit `B'
Art as noted on such Exhibits being rented hereunder.
Either Bellagio or you may terminate the rental as to one or
more of the Exhibit `A' Art or Exhibit `B' Art on thirty
(30) days' notice. In any such event, the rental thereafter
payable hereunder, shall be proportionately reduced to equal
the Percentage of the purchase price of the art thereafter
to be rented by Bellagio hereunder.
Bellagio shall be responsible for insuring and maintaining
the security of all of the art it is renting hereunder, as
well as for any sales and personal property taxes applicable
to its rental.
P.O. BOX 7700, LAS VEGAS, NEVADA 89177-7700
Exhibit 10(ooo)
Xx. Xxxxxxx X. Xxxx
January 14, 1998
Page 2
Please sign below to confirm your agreement to all of the
foregoing. My signature below confirms Bellagio's agreement
thereto.
Very truly yours,
Bellagio
By: Xxxxxx X. Xxxxxxx
____________________________
XXXXXX X. XXXXXXX
President and Chief Executive Officer
I hereby agree to all of the foregoing.
Xxxxxxx X. Xxxx
_____________________
XXXXXXX X. XXXX
cc: Xxxxx Xxxxx
Xxx Xxxxxx
ART
PURCHASE
ARTIST TITLE DATE PRICE
Xxxxx Xxxxx "Dancer, Taking 16 October 97 $12,000,000
her Bow"
1878
Pastel on paper
33-1/2 by 27 in.
Xxxxxxx "Pointing Man" 5 December 97 $7,350,000
Giacometti 1947
Bronze
Height: 70-1/2 in.
Xxxxx Xxxxxxx "Still Life (with 10 December 1997 $4,562,812.45
Vase of Anemones,
Lemons and
Pineapple)"
Oil on canvas
32- 3/8 by
39-3/4 in.
Xxxxx Xxxxxxx "Seated Woman" 25 October 1997 $1,650,000
1956
Oil on canvas
76 by 51-1/8 in.
TOTAL $25,562,812.45
EXHIBIT 'A'
ART
PURCHASE
ARTIST TITLE DATE PRICE
Xxxxxxx XxxXxxx Woman in a Blue 19 December 1997
Dress $47,500,000
TOTAL $47,500,000
EXHIBIT 'B'
