Perini Wins $132 Million Contract to Build Las Vegas Casino

(Bloomberg) -- Perini Corp. said it won a $132 million contract to build the Palms Casino Hotel in Las Vegas, its second project for the Maloof family.

The $265 million project will include a 40-story hotel, a 95,000-square foot casino and 1,200-seat entertainment venue, the Maloof family and Perini said in separate press releases issued by Business Wire. Perini said its Perini Building Co. subsidiary would complete the project in December 2001.

Perini, based in Framingham, Massachusetts, was responsible for the expansion of the Maloof family's Fiesta Casino and Hotel in Las Vegas in 1999.

Construction on the Palms began yesterday on the casino's 32- acre lot on Flamingo Road, one-half mile west of the Las Vegas Strip. The difference between the construction contract and the project's total price includes the cost of buying gaming equipment and pre-opening expenses, said George Maloof, president of the Palms.

Los Angeles-based Jerde Partnership International is the master planner and design architect for the main casino, Framingham, Massachusetts-based Perini said. Jerde also designed the Bellagio casino in Las Vegas. KGA Architecture will design the hotel.

The Maloof family, formerly of Albuquerque, New Mexico, has holdings in banking, hotels and sports. Brothers Gavin and Joe own the National Basketball Association's Sacramento Kings.