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PRIME Minister Hubert Ingraham reassured Bahamians last night that the failed deal between Atlantis and Brookfield Asset Management will have no adverse affect on jobs. He insisted that the creditors of the property are seeking to keep it running and profitable.
Developers of a "high-end" west New Providence commercial village, which hopes to feed off the Baha Mar development, have experienced higher than expected demand for what is now anticipated to be a "$50 million-plus" overall investment...
Bahamians already know the
DNA is not ready for the big time, and today we have further evidence,
with a DNA press release full of lies, from start to finish.
DNA states that I was in the Cabinet room with the Prime Minister and
his Cabinet to discuss the Brookfield purchase of Atlantis.
I was not.
Let me say it again, though, in case the slower minds in the DNA need it to be repeated: I was not in that room.
the other hand, Bran McCartney spent many long years in the FNM
Cabinet, smiling and saying "yes, sir" as the FNM cut education funding,
created jobs for foreigners instead of Bahamians, presided over record
levels of murder and violence, cut special deals for insiders and failed
to put Bahamians first.
The investor behind a new sushi restaurant at Elizabeth on Bay has begun construction, with an estimated budget of $1.2 million. Sur Club Sushi Bar, offering both a club and dining experience, is aiming to open by the end of September, according to owner Guy Gentile.
By ALISON LOWE
Revealing a disappointing 2011 first quarter for bookings across the Bahamian hotel sector, Atlantis executives have confirmed that the resort is pushing ahead with its $100 million upgrade program, which has so far created 90 permanent jobs and will cause at least another 250 to 300 new hirings before the end of this year.
George Markantonis, president and ,managing director of Kerzner International (Bahamas), said bookings at Atlantis and throughout New Providence for the January, February and March period have "not been as good as [the hotel industry] had expected".
However, he added that beyond this, hotels are see ...
The Atlantis Resort officially opened its nearly 7,000-square-foot Cantor Gaming Race and Sports Book facility yesterday, which will create 20 to 30 jobs and boost gaming revenue.
In the new state-of-the art 6,860-square-foot facility, patrons will be able to wager using Cantor Gaming's mobile sports wagering application on their Apple or Android device, or on their wireless enabled personal computing devices, including tablets and smartphones, with Cantor Gaming's Wi-Fi enabled sports wagering solution.
During yesterday's brief ribbon cutting ceremony, Atlantis President and Managing Director George Markantonis said the resort is already benefitting from the new facility, as it is reportedly "jam packed" on the weekends.
"Right now, we have people sitting on the floors. So we are going to have to bring more lounge and sofa seating. To be honest, we weren't expecting the crowds that we have been getting on the weekends but the beautiful thing is that we have been having to add staff to keep up with the volume," he said to Guardian Business.
"It has generated jobs. We put this bar in, and it is doing huge numbers now. People like to have a drink while they are watching sports. Overall, this whole racing sports facility will be adding 20-30 jobs. The peak season for sports is September 1 through February 28."
After meeting with several sports book operators, Markantonis said Cantor Gaming stood out as the obvious choice for Atlantis to partner with, having several major operations under their belt in gaming powerhouses like Las Vegas. The Cantor Gaming facility marks the brand's first international racing sports location.
"We had a sports book before but frankly, it's like chalk and cheese. That was a dump in comparison to what we have now. They paid for the sports book. They showed a commitment not only to The Bahamas, but also to Atlantis because they wanted to be affiliated with this brand," according to Markantonis.
As sports wagering continues to show significant growth, Cantor Gaming President and CEO Lee Amatis said he saw the opportunity to deploy its mobile technology at the Atlantis Resort.
"Sports wagering is very popular. Having to be able to come this close to The Bahamas to be able to do it, we think it's a fantastic idea. I think we feel comfortable in the fact that we think that the numbers can be significant," he said to Guardian Business.
"It does require a fair amount of risk management because people can win in that regard so you have to be able to do a broader risk management program, which is what Cantor does."
To date, Cantor Gaming has invested $5 million to get the new Race and Sports Book facility at Atlantis up and running. However, he is confident that as business expands, the level of investment will increase.
"Then, there's the investment of mobile technology, which requires servers to be placed on the property. As it expands, it will be hundreds of thousands more dollars. It's an easy investment for us because we know it's going to be popular and we know it's going to create jobs and a lot of interest. So it's very exciting, Amatis explained.
Gaming Board Chairman Dr. Andre Rollins, who also brought remarks at Thursday's opening, said that with a facility like this, The Bahamas could position itself to benefit from the multi-billion-dollar industry.
"It accounts for $300 billion in gaming revenue in the United States of America. Ninety nine percent of that is done outside of the regulated entities so you have a large black market for gaming in the United States," he said.
"The Bahamas could well position itself to assist our neighbors in having a well-policed gaming regime that would allow us to take advantage of all that money that is in the black market."
"I think Cantor Gaming in partnership with the Atlantis casino is definitely on the verge of taking advantage of the huge promise that sports wagering presents."
Honourable Members will be aware that Mr. Ehurd Cunningham, former Acting Financial Secretary, passed away last weekend. I want to take this opportunity to express my personal gratitude and that of the Nation for the many years of dedicated and tireless service that he so warmly provided to his dearly beloved country. Mr. Cunningham was instrumental in initiating, and indeed championed, many of the fundamental and much-needed reforms to Government on which we are presently embarked. His memory will live on in the enhanced economy and society that will emerge from our efforts.
By PAUL G
Tribune Staff Reporter
EIGHT thousand jobs at Atlantis could be put at risk if Baha Mar is approved in its current state, Kerzner International's chairman and CEO stressed yesterday.
Voicing his confidence that Prime Minister Hubert Ingraham will not pass the deal in its current form, Sir Sol Kerzner said that he was extremely disappointed in the former PLP government for their "overwhelming support" of Baha Mar, which he said will be violating the "most favoured nation" clause of their 1993 and 2003 Heads of Agreement.
Sir Sol informed the media yesterday in a teleconference with senior management of his Atlantis prop ...
The 8,000 jobs at the Atlantis Resort on Paradise Island would be placed in jeopardy if the government approves the Baha Mar project in its current form, Chairman and CEO of Kerzner International Sir Sol Kerzner said yesterday.
"It's a deal that makes no sense," Kerzner told reporters. "It's a deal that could be harmful to the people of The Bahamas and certainly to future investors and indeed ourselves.
"...It will be a bloodbath."
Kerzner spoke with reporters via telephone from London.
He expanded on a statement he released a day earlier expressing concerns about the terms of the Baha Mar deal and saying it was in breach of agreements Kerzner Internation ...
Kristof Murphy has dreams of becoming a biologist. To make his dream a reality, he knew he had to do well in Biology and Math classes -- what he didn't know was that he also had to do well in Physics. Now he does, after participating in "Career Chatroom" at his school. The Doris Johnson High School 12th grader says speaking with a professional in the engineering field and learning what he has to do to succeed in his dreams has made him more aware of what he has to do.