Cosmopolitan Continues to Move Forward
MARCH 18, 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.
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