In terms of how significant this agreement are, consider that this structure currently has over 8,500 construction workers onsite ready to complete this massive undertaking. If this agreement has not come to a happy medium, thousands of current jobs and tens of thousands of future casino jobs would be at jeopardy.

The CityCenter complex is 76 acres of the strip that lies between Bellagio and Monte Carlo. This is an all-inclusive structure containing hotels, casinos, high-rise residential areas, retail, restaurants, and entertainment.

The predicted opening for the CityCenter is scheduled to occur in separate phases beginning in October of this year. The big anticipation is for the December opening of the Aria, a 4000 room hotel-casino that will be the centerpiece of this large establishment.

Now that an new agreement has been reached, there is a positive air surrounding the project from both sides. “I certainly feel better about their ability to survive today than I have in recent weeks,” said Bill Lerner, casino industry analyst.

“Clearly, today, we took a large step forward toward resolving our corporate issues,” Murren said.

The only issue at hand now is how MGM Resort and Casinos will handle the large amount of debt they have incurred over the last year. One possibility is to begin by discussing the possibility of selling other MGM properties.

“I have a lot of ideas, and the solution may not involve an asset by asset sale. But it will be part of the dialogue,” Murren said.

“We believe MGM Mirage’s shares will respond favorably (when trading resumes today),” JP Morgan gaming analyst Joe Greff told investors late Wednesday. “That said, MGM Mirage is not out of the woods by any stretch of the imagination, but we are encouraged by these events nevertheless.”

“This removes a large cloud hanging over the project,” Redlinger said. “Workers can go home tonight and know they can come back to work tomorrow and the next day and the next day until the project is completed.”

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