Tutor Perini Corp. is slated to receive more than $20 million after the Supreme Court of Nevada upheld a lower court’s ruling that the Sylmar construction firm was entitled to payment related to the construction of a hospitality project in Las Vegas.
Tutor Perini on Thursday said it had prevailed in defending on appeal the Clark County District Court’s 2013 ruling that subsidiary Tutor-Saliba Corp. was owed $19.3 million by timeshare resort firm Westgate Resorts in accordance with a contract for the construction of the 52-story Planet Hollywood Westgate Towers, now the Elara by Hilton Grand Vacations. Tutor Perini lodged a foreclosure suit against Westgate in 2010, which was met with a countersuit by Westgate alleging shoddy construction by Tutor Perini.
Tutor Perini (TPC) is expected to gain upwards of $20 million in the ruling, including interest and attorney’s fees. The company's shares rose 20 cents, or less than 1 percent, on Thursday to close at $27.85 on the New York Stock Exchange.