Cosmopolitan Continues to Move Forward
March 17 2008 - 11:32AM
Business Wire
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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