Sol Kerzner is one of the most significant investors in the history of the modern Bahamas. His investment in the country in the 1990s led to the employment of thousands of Bahamians. At its peak, Atlantis employed more than 9,000 employees. It is the largest private sector employer in the country and the second largest employer overall after the government.
In 2006, Kerzner International was taken private by a group of investors for $3 billion, plus the assumption of $600 million in debt. The investor group included Kerzner and his son Butch, who is now deceased.
The financial crisis of 2008 hurt the company. The subsequent collapse of the group travel market, a deep recession and continued weakness in the American economy have reduced revenues to the company. Consequently, paying back the debt owed has been difficult.
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