Yesterday, The Bahamas Government signed a "Heads of Agreement" with Kerzner International, putting in motion the $600 million Phase III of the Atlantis, Paradise Island resort development project. Once completed, the expansion will position the Atlantis property as the largest single resort development in the world. Prime Minister Christie said the impact on the economy is expected to be "enormous and far-reaching". He also said it is impossible to envisage a more compelling indication of investor confidence in the government and the people of The Bahamas. The expansion will bring Kerzner's investment here to $1.7 billion.
Phase III includes a new 1,200 room hotel; three new luxury villas at the Ocean Club; 20,000 square foot of additional restaurant and retail facilities around the Atlantis marina; extension of water-theme attractions, including (subject to environmental safeguards) a dolphin-encounter attraction; 120 two-bedroom time-share units fronting on Nassau Harbour; a
