The Tribune

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net ATLANTIS has been thrust back into a state of uncertainty once again, the Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chairman, Winston Rolle, yesterday questioning whether another owner would look to keep the resort in operation as Brookfield did. "The fate of Atlantis employees is obviously a major concern," he told Tribune Business. "This puts Atlantis back into a state of uncertainty once again. Initially, Brookfield was going to ensure that the property continued to operate and generate revenue, but it is now uncertain whether any new person will take that same approach. Ownership is basically back in Kerzner's hands." Mr Rolle added: "What has to be noted is this is all being played out in the public domain, and this could affect bookings. There would be some degree of trepidation by persons looking to travel there later in the year regarding what's going on at the property." Brookfield Asset Management yesterday cancelled the deal to take control of the Atlantis resort and the One & Only Ocean Club after other creditors obtained a court ruling delaying the transaction. Late last November, Kerzner International announced that it was transferring its ownership of Atlantis and the One & Only Ocean Club to Brookfield, which has some $159 billion in assets. The deal would have effectively transformed Kerzner International into a resort management company, as opposed to its previous status as an owner/operator, with Brookfield forgiving $175 million owed to it in a debt-for-equity swap. Darren Woods, vice-president of the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), told Tribune Business: "I was told that this does not affect operations at Atlantis, but that is not enough for us. "Our attorney is trying to find out how this affects Kerzner's assets and Kerzner's employees. Whatever happens at the corporate level is obviously going to have a trickle down affect on operations."