The 2002 Globe 100
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3. P E R I N I C O R P .
Mohegan Sun expansion boosts firm's US growth
he completion of Project Sunburst, the $900 million expansion of the Mohegan Sun casino and construction of a new hotel, accounted for much of Perini Corp.'s US revenue growth in 2001, according to president and chief operating officer Robert Band.
Casino, restaurant, and retail space in Uncasville, Conn., opened in September, a month ahead of schedule. With some portions already open, the hotel towers are being completed this year.
Band attributed Perini's performance also to "lower interest costs, since we significantly reduced the debt the company carried."
Almost all of a badly performing real-estate division was jettisoned in 1999.
About 2.7 million of Perini's 22.6 million outstanding shares are held by Tutor-Saliba, a West Coast construction company controlled by Ronald N. Tutor, who is also Perini's chairman and chief executive.
Perini and Tutor-Saliba have jointly worked on projects worth aout $2 billion since the early 1970s.
Perini stock, traded on the American Stock Exchange, reached a high of $10 in the last year, and a low of $4.71. It closed Friday at $4.75.
The price reflects "a downturn in the market in general and to some extent investor indifference toward the construction and engineering industry," said Band, who has been with the company for 29 years.
In addition to Mohegan Sun, Perini built the Luxor and Paris hotel-casinos in Las Vegas. Typically 5 to 10 percent of its work is international.
THOMAS C. PALMER JR.