PARADISE ISLAND, The Bahamas -- Kerzner International said it
entered into an agreement with the government of the Bahamas for a
$600 million expansion here of its flagship resort, Atlantis.
The expansion will include a new 1,200-room hotel situated at
Pirate's Cove; an 18-hole golf course; new water-themed
attractions; an additional 50,000 square feet of convention and
meetings space; an expansion of the One & Only Ocean Club; 120
additional two-bedroom timeshare units at the Harborside
development; and new restaurants and shops.
The expansion of the Ocean Club and construction of the new
restaurants and shops is scheduled to start in late 2004 and be
completed one year later at a cost of $100 million.
Work on the largest portion of the expansion -- the new
1,200-room hotel, golf course, water-themed attractions and
convention space -- will start late next year and be completed by
Christmas 2006 at a cost of $500 million, the company said.
As part of the agreement, the government has agreed to improve
Nassau International Airport and the roadway system, extend the
moratorium on new casino licenses on Paradise Island and New
Providence by 20 years, extend casino tax concessions and exempt
Kerzner International from certain import duties on construction
"This is an ambitious project and we are convinced that to
remain successful we must continue to add new and exciting
attractions," said Sol Kerzner, chairman of Kerzner International.
"Last year, while most others in our industry were suffering, we
were able to maintain our room rates and occupancies."