PARADISE ISLAND, BAHAMAS— Kerzner International Limited announced that its board of directors has appointed Butch Kerzner as CEO effective January 1, 2004. He has served as president of the company for the past eight years. Sol Kerzner, the companys current CEO, will continue in his role as chairman of the board. In his role as CEO, Butch Kerzner will continue to oversee the companys day-to-day operations and spearhead new growth initiatives. Sol Kerzner, as chairman of the board, will continue to focus his attention and expertise on the vision, design and development elements of the companys new projects. Collectively, both Kerzners will continue to collaborate on overall strategy and the growth of the Atlantis and One&Only brands worldwide. “As president, Butch has led the company through a period of growth and profitability, while Sol has focused most of his time on the conceptualization and development of new projects. Butch shares Sols vision and passion for our business. His in-depth knowledge of the company and our business combined with his overall leadership and business acumen makes him the ideal person to lead the company through our next major growth phase,” commented company board member Eric Siegel. Butch Kerzners appointment comes at a time of unprecedented strategic initiatives by the company. In September, the company announced it signed an agreement to develop and manage Atlantis, The Palm, Dubai, a $650 million joint venture development with Nakheel LLC, an entity owned by the Government of Dubai. Upon its expected completion in early 2007, Atlantis, The Palm, would become the companys second resort bearing the Atlantis name. In May, the company announced that it reached an agreement with the government of The Bahamas that would permit it to begin a $600 million expansion at its flagship resort, Atlantis, Paradise Island, that would leverage the existing investment and infrastructure already in place. In August, the company formally broke ground on the first phase of this expansion. In December 2002, the company announced that its luxury resort hotels would be operated and marketed under a new brand name, One&Only. New projects are currently planned or under development under the One&Only brand in Los Cabos, Mexico, Cape Town, South Africa and the Kaafu Atoll in the Maldives.
