The Nassau Guardian is reporting a 23.9-percent decline in total room revenue among major hotel properties in The Bahamas in the first three months of 2009 compared to the same period last year, according to figures compiled by the Ministry of Tourism. Those figures underscore the dismal climate in which these Nassau/Cable Beach and Paradise Island properties have been forced to operate in the face of a dramatic global economic downturn.
According to the report, all Kerzner International properties on Paradise Island experienced a decline in earnings. Revenue at Atlantis Resort dropped 26.5 percent— from $57.3 million in the first three months of 2008 to $42.1 million in the first three months of this year. The decline was even greater at Harborside Resort. According to preliminary calculations, revenue at that Paradise Island property dropped 56.7 percent— from $1.47 million in the first three months of 2008 to $636,499 this year.
For the full report, visit http://www.thenassauguardian.com/more/294518207341369.php.