Additional features will be added to the Stage III expansion of Kerzner International’s Atlantis, Paradise Island in The Bahamas. In an increase outlined in a filing with the US Securities and Exchange Commission, the budget is up from US$650 million to US$725 million. The extra finance will not speed construction but will be used to up the ‘wow’ factor for guests, and with this aim the company is to build water features that will be unbeaten anywhere in the world. Completion of Stage III is due in early 2007 and includes a 500-room condo hotel, located next to the Atlantis 600-room all-suite hotel.

Marina Village, a 75,000 sq ft project including four new restaurants and retail space around the Atlantis Marina, is nearing completion. Phase III also includes a significant expansion of convention facilities and the recently commenced construction of the Ocean Club Residences’ Marina, an 88-unit ultra-luxury condominium and private marina project at the residential complex Ocean Club Estates next to the Ocean Club golf course. The second phase of the Harborside at Atlantis, expected to cost US$60 million, and the Ocean Club Residences’ Marina costing US$130 million are joint ventures and not included in the budget increase, being primarily financed by pre-sales of the units. The 500-room condo-hotel will commence pre-sales this month.

Kerzner International has also increased its budget by around US$100 million for its joint venture development at Atlantis, The Palms in Dubai. In Morocco the company has entered into a joint venture to develop a destination casino report with a preliminary budget of US$300 million, up from an original estimate of US$230 million. Completion for both these projects is scheduled for 2008. (E-06.09.05)

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