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Source Kerzner International Limited Press Release

2003-01-29 00:00:00

Kerzner International Limited (NYSE:KZL) announces fourth quarter results:

  • 2002 Recurring EPS of $2.11 vs. $1.48 in 2001 and $1.93 in 2000
  • Paradise Island Reports Record EBITDA of $142 Million and Gross Revenues of $507

The future of Casino Atlantis is uncertain as Kerzner International Limited today announced plans to discontinue Kerzner Interactive, its online gaming operations.

Kerzner Interactive targeted play only from jurisdictions that permitted online gaming. As these jurisdictions have become more restrictive in their acceptance of play, the market size has been reduced and competition has intensified. Without the potential for expansion into other markets, including the United States, the outlook for new business has substantially decreased and achieving profitability is unlikely in the short-to-medium term.

In June 2002, the Company had renegotiated a previous agreement with Station Casinos ("Station"), granting to Station a renewable option to purchase a 50% interest in Kerzner Interactive. The Company and Station have mutually agreed to terminate this transaction. The Company intends to wind down operations by the end of the first quarter of 2003.