Kerzner International has received more than $117.5 million in concessions under the recently signed agreement for the $600 million Phase III development of Atlantis, Financial Service Minister Allyson Maynard Gibson revealed in the House of Assembly yesterday.
Kerzner International received $100 million in concessions for the August 18, 1995 $250 million agreement for the expansion of its investments on Paradise Island under the FNM.
However, Mrs Maynard Gibson said that Bahamians will find that the amount of exemptions was well worth the 2,000 jobs promised at a “world class resort that is second to none”.
The employment of 2,000 additional Bahamians in the management and operation of the properties was also promised in the 1995 agreement.
The heads of agreement for Phase III of Atlantis was signed on May 26, 2003 and proves to be more than the agreement signed in 1995.
Kerzner’s commitment to a $600 million investment, brings its total investment in The Bahamas to $1.7 billion, the largest single investment ever committed to in the Caribbean hotel industry.
Source: Rupert Missick, The Tribune
