The Atlantis Paradise Island is a resort and waterpark located on Paradise Island, The Bahamas. Officially opened in 1998, the resort was created by South African hotel magnate Sol Kerzner and Kerzner International Limited. Paradise Island first opened its Coral and Beach Towers as the Trump Plaza, then changed its name to Atlantis when the Royal Towers were built. The Coral and Beach Towers were later refurbished to match the theme of the Royal Towers. On 28 March 2007 a 600-suite luxury hotel named The Cove Atlantis opened on Paradise Island. Another tower, the 497-room Reef Atlantis, opened 19 December 2007. Atlantis was heavily impacted by the crisis in the United States in 2008 and had to lay off 800 employees to face decline in occupancy rates.