Resort operator Kerzner International Ltd. reported Monday that it did not experience significant damage from tsunamis to two resorts it manages on the Maldives.
Kerzner said insurance is likely to cover flood damage with limited deductibles based on initial surveys. The Bahamas-based company owns a 20 percent interest in a 100-room One&Only Kanuhura resort and is developing the 130-room One&Only Reethi Rah resort, which is scheduled to open in the second quarter of 2005.
The Maldives, a group of islands located about 600 miles southwest of the southern tip of India, were hit by tsunamis Sunday. The tsunamis accounted for more than 22,000 deaths in coastal areas of South and Southeast Asia.
Kerzner said it is still assessing damage at the properties. The company expects management fees and earnings of about $2 million from its Maldives properties for 2004.
Shares of Kerzner fell 25 cents to $59.95 in morning trading on the New York Stock Exchange.
