The Tribune

By ANNELIA NIXON

TRIBUNE Business Reporter

anixon@tribunemedia.net

ATLANTIS’ top executive yesterday asserted that the Paradise Island mega resort is “not on the market right now” as it targets “a very strong” year-end and 2027 performance following “another record year”.

Audrey Oswell, the destination resort’s president and managing director, declined to comment, though, on the temporary closure of its Coral Towers complex for what could be as many as eight weeks until the end of October as Atlantis prepares for Thanksgiving and the Christmas and New Year winter season.

Conceding that speculation over the ownership of Atlantis has persisted for several years, after two formal sales processes initiated by its owner failed to secure a buyer, Ms Oswell said: “I can tell you that the resort is not on the market right now, and the rumour mill is always active. So that rumour’s been stirring around for quite a few years.” 

Atlantis has been owned by Toronto-headquartered Brookfield Asset Management since late 2011. Brookfield acquired the resort through a debt-for-equity restructuring involving its previous owner, Kerzner International, after exchanging about $175m in Kerzner debt for ownership.

The ownership question has surfaced repeatedly in recent years. In 2023, reports emerged that Brookfield was seeking a buyer for Atlantis at a price understood to be around $2.5bn. Brookfield had also explored a potential sale in 2019, although those efforts were derailed by the COVID-19 pandemic.

Ms Oswell, meanwhile, declined to discuss the temporary closure of the resort’s Coral Towers, including how many employees could be affected or the length of the closure. She instead highlighted Atlantis’s operational resilience, particularly amid recent power outages, saying the resort has full back-up generation capacity.

“We have full generation back-up, so our team members show up whether it’s a good day or a tough day,” she said. “That’s what makes us strong, and that’s what makes us proud.” 

Ms Oswell’s comments come against the backdrop of Atlantis having previously used the slower September/October part of the tourism season to scale back operations and carry out maintenance work. The resort confirmed last year that the Coral Towers would temporarily close after August 17, with Atlantis saying the move was consistent with a practice it had followed for two decades during slower periods of the tourism calendar.

However, the Atlantis chief yesterday put greater emphasis on the resort’s’ broader performance and forward bookings. She said it has enjoyed another record year, despite entering what she described as a seasonal lull.

“Yes, it’s been another record year for Atlantis,” Ms Oswell said. “I’m happy to say so. We have a little bit of a lull now, which is seasonal and typical.” 

She added that Atlantis is expecting “an extremely strong Thanksgiving and festive period”, with forward bookings remaining robust well beyond the upcoming winter season.

“Our forward-looking bookings are very strong well into 2027,” Ms Oswell said.

The outlook suggests that, despite the seasonal softness currently being experienced, Atlantis is entering the critical Thanksgiving, Christmas and winter tourism period with substantial demand already on its books.