The Christie government on Monday hit an economic homerun.
An ebullient Prime Minister Perry Christie announced a significant amendment to plans for the Atlantis Phase III expansion on Paradise Island which will bring to $2 billion Kerzner Internationalﾴs investment in The Bahamas.
The announcement at the Cabinet office in downtown Nassau came one day after the Progressive Liberal Party government observed its second anniversary in office. The signing of the revised Heads of Agreement also comes as Kerzner marks 10 years since it came to The Bahamas.
The Phase III announcement was made last May and was projected to be an investment of $600 million. But the prime minister announced that that investment has mushroomed to an unprecedented $1 billion.
ﾓNo single phase of resort development in The Bahamas, or the Caribbean for that matter, has ever involved a capital investment of this magnitude,ﾔ said the prime minister, who was surrounded by Cabinet Ministers, other government officials and Kerzner International executives.
The timing was no coincidence, Mr. Christie admitted to reporters outside the Cabinet office after the announcement, which was being made as FNM party officials and executives were gathering for a rally at R. M. Bailey Park.
During the press conference, the prime minister said, ﾓGiven the considerably enlarged proportions of the Phase III expansion, it should come as no surprise that the employment opportunities for our people will be multiplied commensurately.ﾔ
He said the $1 billion development will generate 3,000 new permanent jobs at the expanded Atlantis resort. This represents a 50 percent increase over current staffing levels.
ﾓI hasten to emphasize that these figures do not include the 2,000 new construction jobs and the additional 1,000 indirect jobs that will be created during the building period,ﾔ Mr. Christie said. ﾓNor do these figures include the additional 1,500 jobs that will be indirectly created for entrepreneurs, transportation providers and others as a result of the expanded resort.ﾔ
What is particularly impressive about this enormous new Phase III project is the exciting mix of accommodations, facilities and attractions that will make Atlantis an even more alluring resort for visitors of all ages, the prime minister said.
ﾓThe largest luxury 1,500 hotel ever to be built in The Bahamas will be combined with upscale condominium units and an enchanting marina village designed by a Bahamian architect,ﾔ he said.
Mr. Christie added, ﾓMy government has been greatly impressed by the vision, professionalism and expertise demonstrated in the planning of the Phase III expansion and in the execution of the environmental impact studies that have preceded the launch of the project.ﾔ
He also assured that his government is moving ﾓresolutely aheadﾔ with the much needed upgrading to the infrastructure and operations of Nassau International Airport.
The kind of economic impact this new phase of Kerzner Internationalﾴs expansion will have is projected by 2007 to generate an additional 325,000 visitors per year, providing a Gross Domestic Product (GDP) impact of $319 million a year, the prime minister said.
ﾓOver a 15 year period, this expansion alone is projected to have a GDP impact of $6 billion and almost $5 billion in local compensation,ﾔ Mr. Christie announced.
The prime minister said that Kerzner International has undertaken to maximize the use of Bahamian contractors and construction workers.
He also announced that Kerzner International, in keeping with its well-earned standing as one of the nationﾴs outstanding corporate citizens has agreed to increase its social contributions from $2 million to $5 million.
ﾓThe additional $3 million has been earmarked on the basis that $1 million each will be applied to the Bay Street Re-development Project, the Clifton Heritage Project; and the training initiatives I mentioned a moment ago,ﾔ Mr. Christie said.
Kerzner International CEO Butch Kerzner said the economic impact from the country will be enormous.
ﾓPhase III will add about 5 percent each year to the size of the Bahamian economy,ﾔ he said.
Mr. Kerzner also said that, ﾓIn the next two weeks, we begin construction of the next phase of timeshare at the Harborside Resort at Atlantis and the Marina Village next to the Atlantis Marina. The total development cost will be around $120 million and will employ approximately 500 Bahamians.ﾔ
Phase III is scheduled to be completed in 2006.
Gerrino Saunders, The Bahama Journal
