Despite misinformed rhetoric to the contrary, tourism has proven to be remarkably stable and a major boost to The Bahamas. For the past half-century and more, tourism has been a major source of revenues for government and households in this country. It has been complemented by a robust financial services sector. Together these two industries have done much to provide Bahamians with a foundation for economic, social and political progress.
Today, with the report that negotiations for Atlantis Phase III have been successfully concluded, Bahamians can again rest assured that tourism will continue to be – for some time to come – the proverbial goose that lays the golden egg.
This news could not have come at a better time for the government. An embattled Prime Minister Perry G. Christie had every reason to beam yesterday. Having successfully negotiated a number of thorny issues involved in the Atlantis Phase III deal, Mr. Christie can now breathe easier.
Once the deal is consummated, Atlantis will emerge as one of the largest touristic developments in the world. This alone guarantees The Bahamas a major place in world tourism. Today, therefore, without wishing to exaggerate the economic importance of the matter, we take note of what it signifies at a deeper level.
There is absolutely no doubt now that the essential genius in the Bahamian economic, social cultural and political world is the strain of conservatism which makes it so attractive to foreign investors. Big money knows that it is safe in The Bahamas.
In the specific instance of Kerzner International, having invested much and having achieved much, their principals were prepared to pour in even more money. As reported, “When phase III of Atlantis is complete, the resort will have 3,500 rooms and employ on the property a minimum of 8,000 Bahamians.
“Yesterday, government signed a heads of agreement with Kerzner International for the $600 million expansion.
“Work on this new project, the largest in the history of Bahamian tourism, is expected to start before year-end and all phases are expected to be completed by the year 2007.
“It is anticipated that during the construction period over 1,500 persons will be employed and a minimum number of 2,000 additional permanents jobs will be created for Bahamians once the new facilities have been completed. “The prime minister predicted that the impact on the economy will be “enormous and far reaching.”
“The scale of what we have been negotiating over he past several months for our company is extraordinarily historic and clearly demonstrates that we have confidence in the Bahamas, in its government and in the respects of where we are going to head from here,” said Butch Kerzner, president of Kerzner International.
“Taking this step at this time was not an easy move for Kerzner International.
“With, the world economy going through a difficult time, the travel industry in disarray, many of the larger hotel companies are closing or on the verge of bankruptcy.
“Some of the biggest and most successful properties in the world have reported enormous declines in their tourist arrivals.
“It is against this backdrop that the company is making this bold investment.
“The new expansion on Paradise Island will include, among other things, a new 1,200 room hotel to be situated at Pirates Cove, three new luxury villas at the Ocean Club, 20,000 square feet of additional restaurant and retail facilities around the Atlantis marina and the attendant creation of a wide range of new entrepreneurial opportunities for Bahamians.
“In addition, 120 new two-bed-room time share units will be constructed in Harbourside, the company’s timeshare project located along Nassau Harbour. Also 50,000 square feet of additional convention facilities will be added.
“Subject to environmental approval, and in conformity with protocols of an international standard a world-class, ecologically sensitive link golf course will be created at Athol Island in a joint venture with government.
“This new course will be accessible to the Bahamian golfing public. Further the traditional beach rights enjoyed by Bahamians on Athol Island will continue undisturbed.”
Without delving into the details of the agreement, suffice it to say that the Hotels Encouragement Act and ancillary legislation continue to work their magic for this country and its people. So, without too much fuss and bother, the fact remains that Atlantis Phase III is a win-win all around.
Editorial, The Bahama Journal
