During a meeting with Prime Minister Hubert Ingraham, Sol Kerzner, chairman of the board and CEO of Kerzner International flatly denied rumours of selling Atlantis.
Mr Kerzner met with the prime minister to discuss his concerns over the terms of the Baha Mar deal as it appears to be more favourable to the developers than the deal with Atlantis for the Phase Three construction.
While Kerzner’s concerns will be reviewed there will be no anticipated interruption to the Baha Mar approvals.
“In 2003 when the government of the day signed an agreement with Kerzner for phase three, it agreed that nobody get a better deal in the Bahamas for any development than Kerzner.
“Now they are concerned about the extent to which they had to pay huge sums of money for the property, and Baha Mar was given a government property at very low prices.”
Additional concerns regard the number of Bahamians required to be hired. Kerzner was required to hire Bahamians to make up 70 per cent of the workforce for construction of phase three, while Baha Mar will employ 8,150 Chinese workers.
