Over the course of the next several months, Kerzner will enter into negotiations of binding agree-ments for both of these projects. These developments are part of major regional regeneration projects supported by the respective council for each city. Each of these projects was the subject of a competitive bidding process with up to a dozen major U.S. and European gaming companies tendering pro-posals in each instance.
Meanwhile, Kerzner also announced last week it has entered into a binding agreement with affiliates of Anschutz Entertainment Group for the development and operation of a casino and hotel resort facility at the Millennium Dome in London.
These three proposed developments, which are subject to the passage of gaming legis-lation in the U.K., are all expected to meet the “Resort” or “Regional’ Casino” criteria defined by the Department of Culture, Media and Sport and the Parliamentary Joint Committee that recently reviewed the draft Gambling Bill.
The three developments are subject to certain conditions, including the passage of gam-ing reform legislation and the receipt of applicable regulatory, municipal, regional or other approvals. If all of the necessary conditions are satisfied by 2005, Kerzner expects these devel-opment projects to be completed during 2007.