Things are turning around for the CityCenter in Las Vegas. Yesterday an agreement was made that will confirm the completion of the $8.5 billion CityCenter.

“I don’t think I can overstate the significance of this event,” MGM Mirage Chairman and Chief Executive Officer Jim Murren told the Review-Journal on Wednesday. “Of all the different alternatives that presented themselves over the past few weeks, this was the best possible and most favorable solution we could have hoped to achieve.”

The CityCenter joint venture has been the topic of many headlines due to the fact that Dubai World has previously stated that it was going to withdrawl from the project, leaving MGM in a state of panic. However, Wednesday’s resolution created a revised version of the contract that both parties are willing to agree to therefore creating optimism for this large gambling undertaking.

“This agreement provides a stable financial framework for one of the most exciting destination resort development projects ever to be constructed,” Chris O’Donnell, Dubai World’s director of the CityCenter joint venture, said in a statement. “We believe CityCenter has a bright future and will benefit both the partners and the local economy, and we look forward to working with MGM management to realize that potential.”

With this agreement, MGM Resort Casino Corporate lenders are providing a $224 million letter of credit that will fund the completion of the CityCenter. As of this moment, the company has until June 30 to find a way to refinance $13.5 billion worth of debt or risk losing it all in a corporate-wide bankruptcy.

“Our company’s ability to obtain this amendment and waiver demonstrates the strong support of our lenders and their belief in the importance of completing CityCenter,” Murren said. “We continue to work with our advisers and lenders to reach a long-term restructuring of MGM Mirage’s indebtedness, and those discussions remain positive and constructive.”

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