Perini Building Co. Ranks No. 1

Business Wire, Jan 30, 2003

Business Editors

PHOENIX--(BUSINESS WIRE)--Jan. 30, 2003

For the second consecutive year, Perini Building Co. ranks as the nation's No. 1 builder of hotels and conventions centers. Perini Building Co. is a wholly owned subsidiary of Perini Corp. (AMEX:PCR).

Perini specializes in large complex structures as well as high-end boutique hotels and destination resorts. In the "Top 50 in General Building" category, Perini holds the 14th position in the nation. Ranking are determined by Engineering News-Record (ENR) an industry publication that annually lists construction firms based on contracting revenues.

Perini is also recognized as the nation's largest casino builder and is the largest builder of hospitality projects on Indian Reservations.

Rankings, recognition, and awards received in 2002 include:

Largest general contractor according to revenues Phoenix

Business Journal

Largest general contractor according to revenues Nevada

Business Journal

Largest general contractor according to revenues Las Vegas

Business Press

Massachusetts' Best Managed Contractor, "Top 100 List," Boston

Globe

Top Growth Company, 2002, Worcester Business Journal & Clark

University

Outstanding Private Building, Caesars Palace Colosseum

Showroom, Best of 2002 Southwest Contractor, a McGraw Hill

Publication

Green Valley Ranch Station Casino, Outstanding Civil

Engineering 2002, Nevada Southwest Contractor, a McGraw Hill

Publication

Green Valley Ranch Station Casino, Nevada Project of the Year

Nevada Contractors Association

Gaylord Palms Resort & Convention Center, 2002 Eagle Award for

Excellence in Construction, Central Florida Chapter of

Associated Builders and Contractors

Gaylord Palms Resort & Convention Center, 2002 Project of the

Year, Florida Association of Electrical Contractors

Phase II Expansion Mohegan Sun, 2002 Award of Merit, Sports &

Entertainment, New York Construction News, a McGraw Hill

Publication

Phase II Expansion, Mohegan Sun, Golden Trowel Award, New

England Region, International Masonry Institute

Phase II Expansion, Mohegan Sun, AIA Connecticut 2002 Design

Award

Phase II Expansion, Mohegan Sun, Nominee, 2003 Aon Build

America Award, Associated General Contractors of America

Ritz-Carlton Lake Las Vegas, Outstanding Architecture, Nevada

Southwest Contractor, a McGraw Hill Publication

Pechanga Resort and Casino, Best of California California

Construction Link, a McGraw Hill Publication

Despite a slow economy, Perini Building Co. continues to thrive and expand its operations. In 2002, the company focused on expanding into new markets. In Florida, Perini acquired James A. Cummings Inc., a privately held construction company with approximately $100 million in annual revenues. Perini opened its sixth office in Orlando and delivered the 1,400-room, 2 million-square-foot Gaylord Palms Resort and Convention Center. Currently three major projects -- two Native American hospitality and gaming developments and La Posada, a senior living community -- are underway in the state.

Perini is also revitalizing its presence in Atlantic City, N.J. Perini recently began construction of a new 28-story, 459-room hotel tower for Resorts Atlantic City. To oversee expansion on the East coast, Perini appointed Sam Sabin, a long-time Perini employee, as senior vice president of the Eastern U.S. Region.

Notable projects completed or underway at year end included the Phase II Expansion of the Mohegan Sun in Uncasville, Conn.; two upscale Marriott timeshare resorts located in South Lake Tahoe, Calif.; 49-51 Commonwealth Avenue, a residential condominium project in Boston; Emergency and Surgical Units at South Shore Hospital in Weymouth, Mass.; the MGM Grand in Detroit; the Glendale Arena, home of the NHL's Phoenix Coyotes in Arizona; Ritz-Carlton Lake Las Vegas; and Caesars Palace Colosseum Showroom in Las Vegas.

Chairman of Perini Building Co. Dick Rizzo summed up his expectations of 2003 with, "We expect a great 2003."

About Perini Corp.

Perini Corp. and its companies (Perini Building Co., Perini Civil and Perini Management Services Inc.) provide general contracting, including building and civil construction, construction management, and design-build services to private clients and public agencies in the United States and selected overseas locations.

In addition to hospitality and gaming facilities, Perini Building Co. builds education and health care facilities, multi-purpose entertainment arenas, corrections facilities, advanced technology and clean space, transportation centers, and commercial and residential mixed-use developments. Visit www.perini.com for more information.