New Providence
Global economy precipitates 10% reduction of employees at Atlantis: Kerzner Intl. Statement
By Ed Fields, Sr. Vice President, Public Affairs
Nov 12, 2008 - 5:30:55 PM

Nassau, The Bahamas - George Markantonis, President and Managing Director, Kerzner International Bahamas Limited has announced the reduction of approximately 800 employees, representing approximately 10% of the workforce at Atlantis.  This reduction is based on the fact that the resort has experienced significantly lower occupancy levels due to the poor global economy.

Mr. Markantonis stated, “This decision is both difficult and emotional as we are fully aware of the impact on the employees affected, the remaining staff and the Bahamian community in general.  Severance and outplacement services, including resume and interview skills building, and a six month extension for everyone covered under the company’s healthcare program, will be offered to all affected employees.”

Mr. Markantonis went on to say, “It is our sincere hope that there will be a relatively quick turnaround in the global markets and specifically in the U.S. economy which will result in an upswing in visitor arrivals. That will enable us to re-create some of the employment opportunities that we are now eliminating.”

Sol Kerzner, Chairman and CEO of Kerzner International added, “These cost cutting measures have been implemented throughout the Kerzner organization.  It is difficult to predict when the economy will improve but we continue to market all our resorts strongly and protect our market share.”

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