MGM Resorts International (MGM)

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Tutor Perini, MGM Resorts Settle Dispute


Tutor Perini Corp (NYSE: TPC) announced Wednesday that it reached a settlement with MGM Resorts International (NYSE: MGM) and CityCenter Holdings, LLC on December 12, 2014.

According to a press release, the settlement ends "the litigation which commenced in 2010. The settlement was entered into under confidential terms which fully resolve all material disputes between Tutor Perini, CityCenter, and the related subcontractors."

The last-minute settlement avoided a "trial that was set to start Tuesday involving casino giant MGM Resorts International and six of seven contractors in a massive civil breach-of-contract lawsuit over a never-opened Las Vegas Strip tower called the Harmon," according to the Associated Press.

AP reporters noted that "several jurors gasped when Clark County District Court Judge Elizabeth Gonzalez announced an agreement had been reached that avoided a trial that lawyers for MGM Resorts subsidiaries and general contractor Tutor Perini Corp. had said could take a year or more."

Tutor Perini closed Tuesday at $20.70, up 2.17 percent.

MGM Resorts closed at $18.85, down 4.92 percent.