Cosmopolitan Resort Receives Notice of Loan Default
LAS VEGAS, NV, January 18, 2008. Perini Corporation (NYSE: PCR), a leading building and civil construction company confirmed that Deutsche Bank, on Wednesday, January 16, 2008 delivered a notice of loan default to the developer of the Cosmopolitan Resort and Casino project under construction in Las Vegas, Nevada.
Perini Building Company, Inc., a wholly-owned subsidiary of Perini Corporation, is the general contractor for the project which is scheduled for completion in December of 2009. Currently, Perini is in discussions with the developer and lender to facilitate an orderly continuation of construction of the project. Pending the outcome of these discussions, the Company is unable to determine the financial impact, if any, at this time. At this time, construction work continues and all current amounts due to Perini have been paid pursuant to the terms of the construction contract. As of December 31, 2007, work remaining to be performed under the construction contract totaled approximately $1.4 billion.
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.
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