Perini to Build Cosmopolitan Resort

LAS VEGAS -- (PRESS RELEASE) -- Perini Building Company, a wholly owned subsidiary of Perini Corporation, (NYSE: PCR), signed a construction contract with a value of approximately $1 billion with 3700 Associates, LLC to build The Cosmopolitan Resort & Casino. The total estimated project cost, including construction is over $1.8 billion.

Perini will officially break ground at the end of this month. The Cosmopolitan Resort & Casino will open in mid-2008.

As a spectacular mixed-use, urban high-rise development, The Cosmopolitan will redefine Las Vegas' skyline with its stunning architecture and vertically integrated design. Rising on approximately 8.5 acres, the project's iconic look includes over 5 million sq. ft. of development on the Las Vegas Strip. Perini's contract includes constructing two high-rise hotel and condo-hotel towers approximately 600 ft. tall with a total of approximately 3,000 luxury hotel rooms and suites and condo-hotel residences; over 150,000 sq. ft. of integrated, business convention and conference space; a 75,000 sq. ft. casino; 300,000 sq. ft. of exclusive and brand-name retail boutiques and fine-dining restaurants; an 1,800 seat theater; a 500 seat cabaret; a 50,000 sq. ft. exclusive spa, salon and fitness center; multiple nightclub venues; and a 3,800-car underground parking structure. Chief among these attractions is The Cosmo Beach Club, a five-acre pool deck overlooking the Strip, featuring al fresco dining, a riveting nightclub, and aquatic designs never seen before in Las Vegas.

"The project's unique architecture makes The Cosmopolitan one of the most stunning projects Perini has been involved with. The property's prime location and sleek, contemporary glass design combined with its vertical integration of attractions will make this a Las Vegas centerpiece," said Dick Rizzo, chairman of Perini Building Company.

The first major construction activity will be to construct the 3,800 space subterranean parking garage. Because the project fills the 8.5-acre site, the four-story low-rise will sit directly on top of the garage. To build the garage will require one of the largest excavations in the history of Las Vegas. Perini will move over 1 million cubic yards of dirt from the site to create a 90 ft. deep excavation to begin construction.

According to Steve DeWees, project manager for Perini Building Company, "In addition to the massive excavation, constructing the larger of the two towers is the most critical component of the building schedule. Construction of the two structures will be simultaneous."

Perini is working closely with The Cosmopolitan's renowned dream team of designers that includes Arquitectonica, the project's design architect, famous for iconic architecture found throughout the world. Landscape designer Martha Schwartz Partners, known for artistic, urban projects, will design The Cosmo Beach Club. Dougall Design, creator of the most sought after themed and luxury venues will be responsible for the casino and retail spaces. Paul Duesing Partners, recognized for work in exclusive five-star resorts and celebrity homes, will be responsible for the condo-hotel and hotel units and public spaces. Additionally the Friedmutter Group, one of the premier hospitality design firms in the nation, will serve as the executive architect. Joining this group of designers is the internationally acclaimed Grand Hyatt, which will operate the project's hotel.