Kerzner International has received more than $117.5 million in concessions under the recently signed agreement for the $600 million Phase III development of Atlantis, Financial Service Minister Allyson Maynard Gibson revealed in the House of Assembly yesterday.
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\nKerzner International received $100 million in concessions for the August 18, 1995 $250 million agreement for the expansion of its investments on Paradise Island under the FNM.
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\nHowever, Mrs Maynard Gibson said that Bahamians will find that the amount of exemptions was well worth the 2,000 jobs promised at a “world class resort that is second to none”.
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\nThe employment of 2,000 additional Bahamians in the management and operation of the properties was also promised in the 1995 agreement.
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The heads of agreement for Phase III of Atlantis was signed on May 26, 2003 and proves to be more than the agreement signed in 1995.
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\nKerzner’s commitment to a $600 million investment, brings its total investment in The Bahamas to $1.7 billion, the largest single investment ever committed to in the Caribbean hotel industry.
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Source: Rupert Missick, The Tribune<\/B><\/p>\n","protected":false},"excerpt":{"rendered":"
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