MGM Mirage lost $1.15 billion in the fourth quarter but has won a two-month reprieve from banks to come up with a plan for restructuring debt.

The casino operator and developer of the massive CityCenter project that is set to open in Las Vegas at the end of the year said it has repaid $300 million to its lenders in exchange for a waiver through May 15 on its $7 billion credit facility.

The company's fourth-quarter loss includes a $1.18 billion charge related to the declining value of several acquisitions.

The company also reported that gaming revenue decreased 17% for the fourth quarter, total table games volume decreased 17% and slots revenues decreased 12%.

Room revenue decreased 21%, average room rates decreased 15% at the company's Las Vegas Strip resorts and occupancy decreased from 93% to 85%, MGM Mirage reported.