Kerzner International – and by extension its shareholders – will have to cover the estimated $10-$12 million costs the company will incur due to Hurrican Frances, it was revealed yetserday, as the firm’s insurance deductible is set at $15 million.
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\nThe company’s Paradise Island properties suffered “no material damage” from the storm, and Howard Karawan, Kerzner International’s executive vice-president and chief marketing officer, said that although assessments were still being carried out, “given the preliminary estimates we do not anticipate having an ainsurance claim at this time.”
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\nMr. Karawan told Wall Street analysts yesterday during a conference call that the “estimated total cost impact to the company” would be broken down into $4 – $5 million for business interrupttion – guest reservations and business cancelled due to the hurricane – with repairs and replacement of property and equipment damaged by Frances set to cost a further $7 million.
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\nMr. Karawan said Kerzner International’s Paradise island properties had “weathered this event quite well and are coming out quite strongly.”
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Neil Hartnell, The Tribune<\/B><\/P><\/p>\n","protected":false},"excerpt":{"rendered":"
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