Kerzner pumps $1bn more into Atlantis Palm
Dubai, September 21, 2008
Kerzner International, which is building the Atlantis resort on the Palm Jumeirah has planned to invest another $1 billion for the expansion of the resort, a report said.
With the new funds, the assets of the Palm will go up to around Dh9.2 billion ($2.5 billion), a senior official was quoted as saying in the Gulf News report.
Since Kerzner has used up only half the area it owns for the $1.5 billion Atlantis resort, it wants to come up with a mixed-use Cove Atlantis in the rest of the area.
'We're working on a concept very similar to what we have in the Cove, Bahamas,' said Alan Leibman, managing director of Kerzner International. 'That's in the design phase right now.'
'It will be a Cove with other elements. It'll be mixed-use with the hotel and condos and we're right in the middle of design right now,' Leibman added.
The expansion cost will be nearly $1 billion.
The Atlantis is all set to open on September 24, inspite of the fire that broke out about three weeks ago.
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