Kerzner to begin talks for new credit facility in 2004

By Sara Rosenberg

New York, Oct. 23 - Kerzner International Ltd. expects to begin discussions with lenders in 2004 regarding a new credit facility. This facility would be used as part of a financing package for future phases of development.

During the third quarter, the company announced that it agreed to form a joint venture with Nakheel LLC, the developer of The Palm, to create Atlantis, The Palm, a $650 million development project in Dubai, United Arab Emirates. Construction is expected to commence before the end of 2004 and it is anticipated that the project will be completed by early 2007. Kerzner and Nakheel have jointly agreed to invest a total of $120 million in the form of equity financing in the project with the balance of the financing expected to be raised at the local level and which may include an equity component. This transaction is subject to various closing conditions, including obtaining all requisite governmental consents and commitments for the necessary financing.

Kerzner is a Bahama-based developer and operator of casinos, resorts and luxury hotels.

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