Lots of money spent on the inaugurantion of luxurious Atlantis Hotel

There was no evidence of the global financial crisis as tycoons and
celebrities streamed into Dubai last night for the world’s most expensive
private party.

Having spent £1 billion, the owners of the Atlantis hotel, which they hope
will become the new symbol of excess in a region already replete with
towering statements of wealth, splashed out £13.5 million on its opening.

In the lobby of the Atlantis about 2,000 guests sipped Dom Pérignon. Outside,
A-list celebrities from Robert De Niro to Lindsay Lohan walked the red
carpet. After the pop singer Kylie Minogue performed on stage the sky lit up
with the world’s largest fireworks display, seven times greater than this
year’s Olympic Games opening ceremony in Beijing and extravagant enough to
be seen from outer space.

The price tag for the party even embarrassed Sol Kerzner, the chairman and
chief executive officer of Kerzner International, who built the resort on
the man-made Palm Island in partnership with Nakheel, a state-owned
developer. “If I had to do it all over again, I might do it recognising the
fact that we’re living through a bit of a tough economic environment,” Mr
Kerzner, a South African billionaire, told The Times.

The timing for Mr Kerzner’s imposing hotel is not ideal. The emirate is
groaning under heavy debt and banks have tightened lending, delaying new
developments. Gulf stock markets have sunk to historic lows and analysts are
radically scaling back economic forecasts for the region.

Since it opened its doors to paying guests six weeks ago, the hotel has been
nearly 80 per cent full, Mr Kerzner said. Nightly rates range in price from
$800 (£550) for a basic suite to $35,000 per night for the hotel’s signature
suite, which features floor to ceiling views of Dubai. The 1,539-room hotel
has two towers set in 130-acre grounds that feature an aquarium with 65,000
sea creatures.

Read more: TimesOnline.co.uk