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Kerzner plans $800m expansion at Paradise Island
Kerzner International is to increase the size of its proposed development at its Atlantis Paradise Island resort.
The developer and operator of destination resorts, casinos and luxury hotels has amended the terms of its 2003 heads of agreement with the Bahamas government to dramatically increase the Phase III expansion project announced last year.
The number of rooms at the resort will be increased from 1,200 to 1,500, existing convention and meeting space will be doubled to add more than 100,000sq ft of new facilities and the Marina Village will be increased to 65,000sq ft.
The water and marine based attractions open to guests and non-guests will also be extended.
The investment for Phase III is likely to be in the region of $800m.
The announcement was made as Kerzner released figures for the first quarter showing net income up from £39.3m to $40.8m. Paradise Island achieved EBITDA of $55.4m, 17 per cent above the same period in 2003.
Kerzner also operates the One&Only resorts brand.
In the UK, Kerzner is to open a 30,000sq ft, £15m casino in Northampton next year and is also part of the consortium, BLB Investors, which has just emerged as the winner of a bidding war with US-based MGM Mirage for the takeover of UK gaming group, Wembley.