Atlantis secures additional funding, no firm reopening date

Atlantis secures additional funding, no firm reopening date
Atlantis Paradise Island

NASSAU, BAHAMAS — Atlantis’ top executive has stated that the resort still does not have a firm reopening date, noting that it had secured additional funds to help ensure the long-term financial stability of the company. 

Audrey Oswell, Atlantis’ president, and managing director said in a letter to employees that the funds will allow the resort to provide partial vacation payments to furloughed employees.

The resort has been closed for six months.

 “It’s been six months since Atlantis closed its doors due to COVID-19,” Oswell said.

“At the time we hoped the closure would be short-lived and tourism would rebound quickly. Regrettably, that is not how the pandemic has played out. During our closure, much work has been done into shoring up the long-term future of Atlantis and consequently all of our livelihood. 

“Earlier this week we secured additional funds that will help to ensure the long-term financial stability of the company. Atlantis has not been sold.

“Brookfield remains the owner of the resort. We are grateful to the government of The Bahamas for their support through this process as well as their leadership through this pandemic. This investment provides us with funds to begin partial vacation payments to all furloughed colleagues in The Bahamas,” said Oswell.

She added, “These payments will be distributed on or before October 16, 2020. Additionally, we are continuing healthcare benefits for eligible team members in The Bahamas through the end of 2020 at which time we will reassess. The bargaining unit will receive a supplemental payment from the Health and Welfare Fund in addition to the Atlantis payment.

Oswell noted that “at every turn” COVID -19 has prevented the resort from reopening.

“We do not have a firm reopening date. I am hopeful that we will overcome the remaining hurdles and be able to reopen soon,” she said.

Oswell said some employees have as recently as this week voiced their desire to be made redundant,

She said: “I know some of you have reached a point where your preference is for Atlantis to make your employment redundant. I hear you. I want you to know that we have thoroughly reviewed and considered a scenario where certain roles are eliminated as we wait out the reopening of the resort.

“As we press forward with current and future challenges, including reopening the property and building back guest bookings in the midst of COVID-19, we have no certainty as to what business levels will be when we do reopen. Therefore it would be premature to separate you permanently from the company at this time”