Markantonis thankful for $2M in projected profit
Atlantis is poised to deliver “the most successful Thanksgiving weekend we have ever had”, top management has revealed, with a projected $2 million in incremental profits for the Paradise Island resort.
George Markantonis, the president and managing director of Kerzner International Bahamas Limited, told Guardian Business that Atlantis has given people a reason to travel this year – and they responded. “There is a lot of beauty at this destination,” he said.
“Thanksgiving is a holiday that tends to be for family, so I think it’s critical to offer something you can do with family. This kind of event offers that and makes a lot of sense.”
In addition to a series of festive, family-orientated events, including a Thanksgiving fair and holiday harvest, the mega resort has also scored a slam dunk – Battle 4 Atlantis.
The eight-team NCAA pre-season tournament, featuring the national champions from the University of Connecticut, has helped skyrocket the resort’s room occupancy rate by a whopping 40 percent.
Markantonis told Guardian Business that The Cove and Royal Towers are officially sold out. All told, the weekend will serve as a resounding, much-needed boost to the resort’s bottom line.
“If we were to do a comparison year on year, our room revenue difference is in excess of over $1 million. Overall, we will exceed $2 million in incremental profits,” he revealed.
Markantonis added that the kind of numbers now being seen at Atlantis for the weekend have not been seen since the onset of the financial crisis. He pointed out that 2006 and 2007 were quite strong, but compared to today, “it’s an entirely different proposition”.
“In 2007, we didn’t have the Reef Tower and we only had The Cove Tower for eight months,” he said.
“So it’s difficult to compare apples to apples.”
Commenting that 2006 was a “great year for the Thanksgiving weekend”, he explained that the mega resort only had 2,800 rooms available at this time. If you take all assets into account, there are as many as 4,000 rooms at Atlantis today, making their near total occupancy all the more impressive.
“So for us, this is the most successful thanksgiving weekend we have ever had,” he said.