EMPLOYMENT AGREEMENT

Exhibit 10.14

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”) is entered into as of January, 1, 2012 (the “Effective Date”), by and between Nevada Property 1 LLC (“Employer”) and Lisa Marchese (“Executive”). Employer and Executive are jointly referred to herein as the “Parties.”

RECITALS

WHEREAS, Employer is the owner and operator of that certain integrated resort and casino project known as The Cosmopolitan of Las Vegas, located at 3708 Las Vegas Blvd. South in Las Vegas, Nevada (the “Project”);

WHEREAS, Employer’s predecessor-in-interest, Nevada Employer LLC, and Executive, are parties to that certain Employment Agreement, dated as of March 31, 2010 (the “Prior Agreement”);

WHEREAS, Employer desired to replace the Prior Agreement in its entirety, and offer continued employment to Executive pursuant to a new employment agreement, as provided for in this Agreement, and Executive wishes to accept such employment upon such terms and conditions as are set forth herein;

Now, therefore, in consideration of the foregoing and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree that the foregoing recitals are true and correct and are incorporated herein as if fully set forth and further agree as follows:

AGREEMENT

For purposes of this Agreement, “Competitor” shall mean any hotel, resort, gaming, casino or combination hotel, resort, gaming or casino establishment located within a 100 mile radius of the Project. The restrictions identified in the above Paragraph 11(a) include restricting Executive from (i) working in Clark County, Nevada, and providing services for a Competitor and/or its parent, sister or affiliated companies or properties anywhere in the world, or (ii) working outside of Clark County, Nevada, and providing services for a Competitor and/or its parent, sister or affiliated companies or properties, except if Executive exclusively provides services solely for a property of Competitor or its parent, sister or affiliated companies not located within a 100 mile radius of the Project (and Executive provides no company-wide or corporate-wide services which would benefit a Competitor within said 100 mile radius). Thus, by way of example only, if Executive were to work exclusively for the Wynn Macau property, and was not working (based) in Clark County, Nevada, and directed none of her efforts towards the Wynn or Encore properties located in Las Vegas, or the Wynn organization more broadly, this restrictive covenant would not be violated.

Additionally, Executive agrees that in the event of Executive’s breach or threatened breach of any covenants and agreements set forth in Sections 7 and 11 above, Employer may seek to enforce such covenants and agreements through any equitable remedy, including specific performance or injunction, without waiving any claim for damages. In any such event, Executive waives any claim that Employer has an adequate remedy at law or for the posting of a bond.

To Employer:

Daniel Espino

Vice President of People

The Cosmopolitan of Las Vegas

3708 Las Vegas Blvd. South

Las Vegas, Nevada 89109

With a copy to:

Anthony J. Pearl

General Counsel

The Cosmopolitan of Las Vegas

3708 Las Vegas Blvd. South

Las Vegas, Nevada 89109

To Executive:

Lisa Marchese

4575 Dean Martin Dr.

Apartment 602

Las Vegas, Nevada 89109

or to such other address as either party shall have furnished to the other in writing in accordance herewith.

Signatures on following page

IN WITNESS WHEREOF, Employer and Executive have entered into this Agreement in Las Vegas, Nevada as of the Effective Date.

EXHIBIT A

SEVERANCE AND RELEASE AGREEMENT

This Severance and Release Agreement (“Agreement”) is made and entered into on             , 20[    ] (“Effective Date”), by and between NEVADA PROPERTY 1 LLC, its successors and assigns, related and affiliated entities, its agents, representatives, employees, officers, directors and owners (“EMPLOYER”), and [                    ] (“EMPLOYEE”) (collectively, the “parties”).

[WHEREAS, EMPLOYER and EMPLOYEE are parties to that certain [INSERT INFORMATION REGARDING EMPLOYMENT CONTRACT, IF ANY];]

WHEREAS, EMPLOYER and EMPLOYEE have agreed the EMPLOYEE’S employment with EMPLOYER has terminated effective [            ], 20[    ] (“Termination Date”); and

WHEREAS, EMPLOYER desires to provide certain consideration to the EMPLOYEE in exchange for the promises and agreements contained in this Agreement, including EMPLOYEE’S agreement to release any and all claims against EMPLOYER;

NOW THEREFORE, in consideration of the promises, covenants, and releases contained herein, the parties mutually agree as follows:

1. CONSIDERATION. Provided EMPLOYEE continues to comply with EMPLOYEE’S obligations under the Agreement, and does not revoke the Agreement as provided for in Section 4, EMPLOYER shall pay the EMPLOYEE severance in the form of (“Severance Payment”):

[Insert Specific Consideration]

EMPLOYEE expressly acknowledges and agrees that EMPLOYEE would not otherwise be entitled to the consideration set forth in this Agreement were it not for the covenants, promises, and releases herein, and that the severance and other consideration provided by the EMPLOYER constitute good and valuable consideration for the release by EMPLOYEE in Section 3. EMPLOYEE expressly acknowledges that EMPLOYER is providing good and valuable consideration to support this Agreement above and beyond any amounts that may have been disputed.

2. NO AMOUNTS OWING, NO ADMISSION OF LIABILITY. EMPLOYEE acknowledges that EMPLOYEE has received all wages, compensation and benefits due EMPLOYEE from EMPLOYER. EMPLOYEE understands and agrees that, except as specifically set out in this Agreement, no wages, commissions, bonuses, benefits, or other compensation is or will become due to EMPLOYEE. Further, EMPLOYEE and EMPLOYER hereby represent and warrant that this Agreement is not in any respect an admission or statement of liability or wrongdoing by EMPLOYEE or EMPLOYER.

3. WAIVER OF ALL CLAIMS. In consideration of the promises made in this Agreement, EMPLOYEE, for him/herself, heirs, executors, administrators, and assigns, fully and forever releases, acquits, and covenants not to initiate, sue or file any charges, claims or causes of action against EMPLOYER, any of its past, present, and future affiliates, partners, stockholders, successors, assigns, officers, directors, owners, managers, joint venturers, attorneys, agents, representatives, employees, former employees, and any other person, firm or corporation with whom any of them are now or may hereafter be affiliated, and each of them, from any and all claims, demands, obligations, losses, causes of action, costs, expenses, attorneys’ fees, liabilities, and indemnities of any nature whatsoever, including, but not limited to, any claims or any kind arising out of or in any manner relating to EMPLOYEE’S employment with EMPLOYER and/or EMPLOYEE’S termination from employer with EMPLOYER, whether based in contract, tort, or any other legal or equitable theory of recovery whatsoever, including, but not limited to, claims under the Civil Rights Act of 1866, 1871, 1964, and 1991 (as amended), the Americans with Disabilities Act (as amended), the Family and Medical Leave Act, the Rehabilitation Act of 1974, the Age Discrimination in Employment Act, the Fair Labor Standards Act, the Employee Retirement Income Security Act, the Lilly Ledbetter Fair Pay Act, the Genetic Information Nondiscrimination Act, the Immigration Reform and Control Act, the Fair Credit Reporting Act, the Equal Pay Act, the Occupational Safety and Health Act, as amended, the Sarbanes-Oxley Act of 2002, the Nevada Equal Opportunities for Employment Law, Nevada Equal Pay Law, Nevada School Visitation Law, Nevada Wage Payment and Work Hour Law, the Nevada Occupational Safety & Health Act and any other federal, state or local law intended to provide for or protect employee rights or benefits, whether known or unknown, mature or to mature in the future, EMPLOYEE had, now has, or claims to have against EMPLOYER.

4. FULL AND KNOWING WAIVER OF ADEA CLAIMS. In addition to the waivers and releases set forth in Paragraph 3, Employee expressly waives any and all rights under the Age Discrimination in Employment Act, 29 U.S.C. § 626. Employee is advised to consult with an attorney before executing this Agreement.

By signing this Agreement, EMPLOYEE certifies that:

4.1. EMPLOYEE has carefully read and fully understands this Agreement;

4.2. EMPLOYEE was advised by EMPLOYER in writing, via this Agreement, to consult with an attorney before signing this Agreement;

4.3. EMPLOYER hereby allows EMPLOYEE a period of twenty-one (21) calendar days, running from the receipt of this Agreement, to consider this Agreement before signing it;

4.4. EMPLOYEE may revoke EMPLOYEE’S release of any claims based on the Age Discrimination in Employment Act in this Agreement within seven (7)

calendar days after the date EMPLOYEE signs this Agreement (the “Revocation Period”). EMPLOYEE agrees that if EMPLOYEE wishes to revoke this Agreement, EMPLOYEE must notify EMPLOYER in writing by sending a revocation notice to Nevada Property 1 LLC, c/o People Resources Department, 3708 Las Vegas Boulevard South, Las Vegas, Nevada 89109, which writing must be delivered on or before the expiration of the Revocation Period. In the event this Agreement is signed prior to the expiration of the twenty-one (21) calendar day review period contained herein, EMPLOYEE acknowledges that EMPLOYEE voluntarily and knowingly agrees to waive EMPLOYEE’S entitlement to take twenty-one (21) days to consider this Agreement;

4.5 This Agreement does not prevent EMPLOYEE from raising an age discrimination claim arising from facts and events occurring after the Effective Date of this Agreement; and

4.6. EMPLOYEE agrees to the terms knowingly, voluntarily and without intimidation, coercion or pressure.

5. RETURN OF EMPLOYER PROPERTY. EMPLOYEE hereby represents and warrants that on or before the Effective Date of this Agreement, EMPLOYEE shall return to the EMPLOYER all EMPLOYER property and documents in EMPLOYEE’S possession, including, but not limited to, EMPLOYER files, notes, records, computer equipment, hand-held electronic communication devices (i.e., cell phone, blackberry, PDA), any and all electronic media, tangible property, credit cards, entry cards, pagers, identification badges, and keys, and any other EMPLOYER property in EMPLOYEE’s possession as of the Termination Date.

6. CONFIDENTIALITY. EMPLOYEE agrees to keep the circumstances that gave rise to the termination of employment and the terms of this Agreement confidential. Therefore, EMPLOYEE, EMPLOYEE’S family, agents, servants, representatives, attorneys, successors, and assigns agree, covenant, and warrant that none of them shall directly or indirectly by any means or manner whatsoever disclose, urge, encourage, cooperate in, cause or permit the disclosure of the circumstances that gave rise to EMPLOYEE’S termination and the terms of this Agreement to any person or entity, including but not limited to, any present or former or future employee of EMPLOYER. In response to any inquiry regarding EMPLOYEE’S separation of employment, or the contents or substance of this Agreement, EMPLOYEE shall state only that EMPLOYEE is no longer working for the EMPLOYER. The parties acknowledge that EMPLOYEE may be required to disclose the amounts and terms of this Agreement to EMPLOYEE’S respective legal, financial, and tax advisors, and the disclosure to those specified persons is not prohibited by the Agreement.

EMPLOYEE further expressly understands and agrees that EMPLOYEE continues to be bound to all confidentiality, non-solicitation and non-competition provisions applicable to EMPLOYEE pursuant to paragraph 11 of that certain Employment Agreement entered into by and between EMPLOYEE and EMPLOYER and that, notwithstanding the termination of employment, any threat of a breach of the same by EMPLOYEE may result in EMPLOYEE being subject to a court order including, but not limited to specific performance and a temporary or permanent injunction as well as an order to pay EMPLOYER’S attorney’s fees and costs.

Notwithstanding the foregoing, the Agreement may be introduced as evidence in any proceeding only for the purposes of enforcing its terms and/or to evidence the parties’ intent in executing it. The Agreement shall not be admissible as evidence in any proceeding for any other purpose.

7. NON-DISPARAGEMENT. EMPLOYEE acknowledges that EMPLOYER and its affiliates have a reputation for designing, developing, constructing and offering high-quality destination resort accommodations and services to the public, and are subject to regulation and licensing, and therefore desire to maintain their reputation and receive positive publicity. EMPLOYEE therefore agrees to conduct him/herself in a manner that is not adverse, detrimental or contrary to the best interests of EMPLOYER and its affiliates, and specifically EMPLOYEE will not directly or indirectly make or publish any oral, written or recorded statement or comment that is negative, disparaging, defamatory or critical of EMPLOYER, its affiliates, or any of their respective past or present owners, directors or employees. Consistent with the amicable termination of EMPLOYEE’S employment with EMPLOYER as set forth in this Agreement, EMPLOYER and its affiliates, as well as their respective directors and employees, shall not make or publish, directly or indirectly, any oral, written or recorded statement or comment that is negative, disparaging, defamatory or critical of EMPLOYEE or EMPLOYEE’s professional performance during EMPLOYEE’S employ with EMPLOYER.

8. NEVADA LAW. The Agreement has been executed in Nevada, and Nevada law shall be used to interpret the Agreement. Any legal action involving the Agreement shall be initiated solely in Las Vegas, Nevada, USA.

9. PARTIAL INVALIDITY & ENFORCEMENT. If any term or provision of the Agreement shall be declared invalid or unenforceable, the remainder of the Agreement or the application of such term or provision other than those which are held invalid or unenforceable shall not be affected thereby. The waiver or a breach of any of the terms or any default shall not be deemed a waiver of any subsequent breach or default whether of the same or similar nature, and shall not in any way effect the terms of the Agreement.

10. ENTIRE AGREEMENT. The Agreement embodies the entire agreement of the parties and supersedes any and all other agreements, understandings, negotiations, or discussions, either oral or in writing, express or implied between the parties. The parties acknowledge that no representations, inducements, promises, agreements or warranties, oral or otherwise, have been made by them, or anyone acting on their behalf, which are not embodied in the Agreement; that they have not executed the Agreement in reliance on any representation, inducement, promise, agreements, warranty, fact or circumstances not expressly set forth in the Agreement, and that no representation, inducement, promise, agreement or warranty not contained in the Agreement including, but not limited to, any purported settlements, modifications, waivers or terminations of the Agreement, shall be valid or binding, unless executed in writing by all of the parties to the Agreement.

11. FULL AND KNOWING WAIVER. By signing the Agreement, EMPLOYEE certifies that EMPLOYEE has carefully read and fully understands the Agreement and that EMPLOYEE agrees to the terms knowingly, voluntarily and without intimidation, duress, coercion or pressure.

12. AMENDMENTS. No addition, modification, amendment or waiver of any part of the Agreement shall be binding or enforceable unless executed in writing by both parties hereto.

13. SUCCESSORS AND ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, administrators, executors, successors and assigns. Neither this Agreement nor any right or interest hereunder shall be assignable by EMPLOYEE without prior written consent of the President of the EMPLOYER.

14. COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed original but all of which together shall constitute one and the same instrument.

15. WAIVER. Neither the failure nor any delay on the part of either party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.

16. ATTORNEYS’ FEES. If EMPLOYER has to initiate any litigation or other proceeding in order to enforce this Agreement or the duties of EMPLOYEE in relation thereto, then EMPLOYER shall be awarded, in addition to any other relief to which it is entitled, its reasonable attorneys’ fees and costs.

17. HEADINGS. The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

18. NEUTRAL CONSTRUCTION. Each party to this Agreement had the opportunity to retain counsel and to review and participate in the drafting of this Agreement and, accordingly, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting parties will not be employed or used in any interpretation or enforcement of this Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.