Tutor Perini Corporation TPC has won a project valued over $100 million for the construction of a new, upscale hotel and event center at the Maryland Live! Casino in Hanover, Md.
The contract was awarded to its subsidiary, Tutor Perini Building Corp by The Cordish Companies. Origins of the Cordish Companies date back to 1910 and encompass four generations of privately-held, family ownership. The company has grown into a global leader in Real Estate Development, Gaming & Hospitality, Entertainment Management and International Urban Planning & Development in the past 40 years.
Tutor Perini will build a 17-story, 310-room hotel that is a part of the Maryland Live! Casino Expansion project. Maryland Live! Casino is the premier gaming, entertainment and retail destination catering to the Baltimore/Washington population. The flagship Live! Hotel will be located adjacent to Maryland Live! Casino at Arundel Mills and will add a 350,000 square feet of space to the casino. Construction of the hotel is on which is expected to be complete in late 2017.
Earlier, on May 31, Tutor Perini Corporation had announced that its subsidiary – Tutor Perini Building Corp. – has received an extension to its contract to build Fort Lauderdale-Hollywood International Airport’s Terminal 4 Federal Inspection Services Expansion.
Tutor Perini kicked off the year with a strong first-quarter performance – strong earnings, several large new awards that resulted in near-record backlog and strong cash generation. It was the strongest quarter in almost three years in terms of new awards with the company being awarded $1.8 billion of new awards. The civil group was awarded the $663 million New York Metropolitan Transit Authority East Side Access CM007 project and the building group was awarded the $285 million Pechanga Resort and Casino expansion in California.
Due to these large new awards as well as various others, the company’s backlog increased 9% sequentially to a new record of $8.2 billion, the highest since third-quarter 2008. Nearly two-thirds of the backlog continues to be comprised of higher-margin civil and specialty work. The strong backlog, large volume of work and robust pipeline continues to support a favorable long-term outlook for growth and profitability for the company.
Sylmar, CA-based Tutor Perini Corporation is a leading civil and building construction company that offers diversified general contracting and design-build services to private clients and public agencies globally.
Tutor Perini currently sports a Zacks Rank #1 (Strong Buy). Some other stocks worth considering in the sector include Dycom Industries Inc. DY, TopBuild Corp. BLD and Installed Building Products, Inc. IBP. All of these stocks carry the same Rank as Tutor Perini.
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