Plans for Dubai, Morocco and Bahamas resorts are updated

Monday, June 6, 2005 | 11:09 a.m.

Filings with the Securities and Exchange Commission indicate that Kerzner International Ltd. and its joint venture partner Istithmar PJSC have agreed to increase the construction budget for its Atlantis, the Palm in Dubai.

The new budget will total $1.2 billion -- the filings said -- an increase of about $100 million. Construction is now expected to begin in the fourth quarter with completion expected by late 2008.

In Morocco, Kerzner said it has entered into a joint venture agreement with Societe Marco Emirates Arabs Unis de Developpement and Caisse de Depot et de Gestion for the development of a destination casino resort.

The agreement requires each party to contribute to a preliminary project budget of $300 million, up from an initial estimate of $230 million. Language in the SEC filings indicate that the project funding is tentative and construction will not begin in 2005.

The company also is is moving ahead with a third phase of its Atlantis resort in the Bahamas and has increased the estimated budget to $725 million.

The filing indicates that the company is nearing completion of a 75,000-square-foot Marina Village, which includes restaurants and retail shops.