The Tribune

By NATARIO McKENZIE

Tribune Business 
Reporter

Atlantis injected roughly $132 million directly into the Bahamian economy last year through the procurement of goods and services, Brookfield Hospitality’s president and managing director said yesterday

“We spent in the local market, just for goods and services, roughly $132 million. Anything we can buy locally we do,” said George Markantonis, who was a presenter at the Bahamas International Investment & Business Forum.

Mr Markantonis credited Atlantis’ sustainability to a well thought-out, nine year phased development approach, noting that the resort was a significant contributor to the Bahamian economy.

“When the country does well, we do well. We know that when we do well the country does well, and we are not that territorial that we simply think that the be-all and end-all has to be what happens on Paradise Islands,” said Mr Markantonis who pledged the Nassau/Paradise Island Promotion Board’s expertise whereever appropriate to help the Grand Bahama tourism sector.

Mr Markantonis added that while Atlantis currently provides over 8,000 jobs, there was also a “trickle down” effect of another 8,000 jobs from the property.

He said Atlantis paid $268 million in compensation last year, at an average of about 33,000 per employee. “If you include what we outsourced to other labour, it’s around $295 million,” he said.

“In our capital expenditure we spend anywhere between $40 and $55 million a year. $25 million of that goes into maintenance, but the remainder goes to adding new amenities, new entertainment offerings and things that make people want to come back.

“We have a 20 per cent repeat clientele. Room taxes generated were around $ 49.5 million. Casino taxes were over $10 million. The departure taxes from the country of the guests who stayed with us was about $36 million,” said Mr Markantonis.

While noting that the resort uses a significant amount of energy, Mr Markantonis said Atlantis spent $66.76 million last year alone on utilities.