Cosmopolitan Continues to Move Forward
FRAMINGHAM, Mass. (Business Wire EON) March 17, 2008 --
Perini Corporation (NYSE: PCR), announces that Deutsche Bank has begun
the foreclosure process on the Cosmopolitan Resort and Casino as a
parallel track to its negotiations with Global Hyatt Corporation and New
York-based Marathon Asset Management. The parties are actively engaged
in discussions regarding a recapitalization of the condominium-hotel
casino project.
The Cosmopolitan project is being constructed by Perini Building
Company, Inc., a wholly owned subsidiary of Perini Corporation, on an
8.5 acre site between MGM Mirage’s Bellagio
Resort and Casino and the newest MGM project under construction,
CityCenter. Deutsche Bank continues to pay Perini for work performed on
a monthly basis under a previous agreement. As a result, the Company’s
work at the Cosmopolitan continues on schedule.
About Perini Corporation
Perini Corporation is a leading construction services company offering
diversified general contracting, construction management and
design/build services to private clients and public agencies throughout
the world. We have provided construction services since 1894 and have
established a strong reputation within our markets by executing large
complex projects on time and within budget while adhering to strict
quality control measures. We offer general contracting, preconstruction
planning and comprehensive project management services, including the
planning and scheduling of the manpower, equipment, materials and
subcontractors required for a project. We also offer self-performed
construction services including sitework, concrete forming and placement
and steel erection. We are known for our hospitality and gaming industry
projects, sports and entertainment, educational, transportation,
healthcare, biotech, pharmaceutical and high-tech facilities, as well as
large and complex civil construction projects and construction
management services to U.S. military and government agencies.
The statements contained in this Release that are not purely
historical are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including without limitation, statements regarding
the Company’s expectations, hopes, beliefs,
intentions or strategies regarding the future. These
forward-looking statements are based on the Company’s
current expectations and beliefs concerning future developments and
their potential effects on the Company. There can be no assurance
that future developments affecting the Company will be those anticipated
by the Company. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond the control of the
Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied
by such forward-looking statements. These risks and uncertainties
include, but are not limited to, the Company's ability to successfully
and timely complete construction projects; the Company’s
ability to convert backlog into revenue; the potential delay,
suspension, termination, or reduction in scope of a construction project;
the continuing validity of the underlying assumptions and estimates
of total forecasted project revenues, costs and profits and project
schedules; the outcomes of pending or future litigation, arbitration or
other dispute resolution proceedings; the availability of
borrowed funds on terms acceptable to the Company; the ability to retain
certain members of management; the ability to obtain surety bonds to
secure its performance under certain construction contracts; possible
labor disputes or work stoppages within the construction industry;
changes in federal and state appropriations for infrastructure projects;
possible changes or developments in worldwide or domestic political,
social, economic, business, industry, market and regulatory conditions
or circumstances; and actions taken or not taken by third parties,
including the Company’s customers, suppliers,
business partners, and competitors and legislative, regulatory, judicial
and other governmental authorities and officials. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under applicable
securities laws.
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