Update: From Cityfile: A long list of stars put in appearances (Lindsay Lohan, Mischa Barton, Robert De Niro, Charlize Theron, Mary-Kate Olsen, The Strokes’s Albert Hammond Jr., Agyness Deyn), Kylie Minogue was paid in the neighbourhood of $4 million to perform a 60-minute set
Earlier: Hold up—is this the same Atlantis whose Bahamas hotel just laid off 800? Apparently, so and apparently people want to party it up in Dubai.
Wonder how many Texas girls will be in attendance?
WSJ: Amid world-wide economic upheaval, South African casino mogul Solomon Kerzner is throwing this Mideast boomtown’s most lavish party to date, marking the grand opening of a $1.5 billion hotel on Dubai’s man-made, palm-shaped island.
he Thursday-night bash at the salmon-coloured Atlantis — modelled after Mr. Kerzner’s Atlantis resort in the Bahamas — is costing Kerzner International Holdings Ltd. and its Dubai partner some $20 million.
The timing of the hotel’s expensive grand opening isn’t exactly ideal for Mr. Kerzner, or for Dubai. Kerzner International, along with the rest of the hotel and casino industry, is girding for hard times. And in Dubai, a once-soaring property market is falling back down to earth. Analysts worry about the city-state’s mounting debt load amid the recent financial crisis.
Mr. Kerzner, 73 years old, acknowledges the hotel industry and his privately held company will inevitably feel the effects of the economic turmoil. But in an interview, he said he is banking on Dubai in the long run. He expects his newest hotel, where rooms start at $800 a night and go up to $25,000, will weather the current storm.
It’s going to be some party tonight. They hired Kylie Minogue to sing, Nobu Matsuhisa to cook, and the people behind the Beijing Olympics fireworks. But this display is supposed to be seven times larger.
Is that Rome burning in the background??
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.