FRAMINGHAM, Mass. -- Perini Building Company, a wholly owned subsidiary of Perini Corporation (NYSE:PCR), has been selected for a multi-billion dollar construction contract from MGM MIRAGE (NYSE:MGM) to build a major portion of Project CityCenter. The estimated value of Perini's construction contract is approximately $3 billion. Under the current schedule, Perini expects to break ground on Project CityCenter in the summer of 2005 with planned completion of the entire project by the end of 2009.
Project CityCenter is one of the largest building construction programs currently underway in the United States. Project CityCenter's multi-billion dollar urban complex covering 66 acres is located between the Bellagio and Monte Carlo casino resorts in Las Vegas.
Ehrenkrantz, Eckstut & Kuhn Architects, creator of Battery Park in New York City, developed a master plan that incorporates all of the elements of a high-density, mixed-use urban environment. The pedestrian oriented complex includes a hotel/casino, upscale hotels, residential luxury condominiums, restaurants, retail, and a wide variety of entertainment.
MGM MIRAGE plans for Perini's construction contract to include a 4,000-room hotel tower, casino, convention center, showroom, approximately 500,000 square-feet of retail and restaurants, three branded boutique hotels and numerous residential towers. Perini will also be responsible for constructing the infrastructure, hardscape and landscape.
"This is a world-class project," said Craig Shaw, president of Perini Building Company. "We believe the massive scale and private funding of Project CityCenter will establish new records for a building construction project of any kind in the United States. We are proud to be a part of Las Vegas history in the making."
To design the urban complex, MGM MIRAGE is in the process of selecting world-class architects and designers. Gensler is the executive architect on Project CityCenter; Cesar Pelli & Associates is the design architect on the 4,000-room hotel/casino, and HKS, Inc. is the architect of record. The selection of the design teams for the remaining portions of the program is an ongoing process for MGM MIRAGE.
Perini expects to hire thousands of craftspeople through the duration of the project, in addition to numerous subcontractors, vendors and suppliers, and is committed to work with MGM MIRAGE in its efforts to develop a diverse workforce. Based on past construction work Perini has performed for MGM MIRAGE, Perini has been successful in implementing MGM MIRAGE's policy regarding identifying, including and mentoring minority, women and disadvantaged business enterprises (MWDBEs).
"Together Perini and MGM MIRAGE intend to aggressively work with minority, women and disadvantaged business enterprises to significantly increase their participation in Project CityCenter and to create vibrant business models for future growth," stated Dick Rizzo, chairman of Perini Building Company and senior executive in charge of advancing diversity in the workplace.
MGM MIRAGE was recently awarded the B'nai B'rith International Distinguished Achievement Award for its commitment to promoting diversity in the workplace.
Perini Building Company is one of the largest builders of hospitality and gaming projects in the nation. The company has six offices throughout the country. In 2004, Engineering News-Record ranked Perini number 27 out of the top 400 contractors according to construction revenues. Forbes magazine ranked Perini Corporation among the best-managed companies in America in January 2005. Southwest Contractor, a McGraw-Hill publication covering Nevada, Arizona and New Mexico, ranked Perini Building Company as the leading general contractor according to 2004 revenues. The Nevada Contractors Association named Perini Building Company 2004 Contractor of the Year.
