Kerzner tried to hold onto Atlantis to the end but fell under the questionable loan requirements of the “brazen self-dealing” Canadian conglomerate, Brookfield.
Debt-saddled Kerzner International transferred ownership of its Paradise Island properties to one of its lesser creditors, leading other lenders to voice serious complaints.
Bad news for Atlantis and Baha Mar. The Florida Senate has passed legislation that opens the door to a multibillion-dollar expansion of the state’s gambling industry.
Kerzner international has to really pump up the volume at the Atlantis Resort or it may result in the layoffs of some of the 7,000 employees on Paradise Island.
It has been reported that lenders were hesitant to refinance Kerzner International’s $2.3 billion loan because they were not sure that the resort could remain successful alongside the Baha Mar development.
Former Bahamas Chamber of Commerce president, Khaalis Rolle says that details of Kerzner International’s $175 million debt-for-equity swap do not ‘add up’.
Kerzner International Holdings Ltd., the company that has propped up Bahamas tourism for over a decade, handed ownership of the Atlantis resort to Brookfield Asset Management as part of a debt restructuring.
Kerzner shifting growth strategy for Atlantis and One&Only brands from owner / operator to management company.
Kerzner intends to transfer its ownership of the Atlantis Resorts and Paradise Island properties including the One and Only Ocean Club to Brookfield, a Canadian company.