Fewer tourists are visiting the Caribbean

Atlantis said the cuts, which represent about ten percent of its workforce, have been prompted by low occupancy levels.

Prime Minister Hubert Ingraham has warned Bahamians to brace for job losses, as many of the country's hotels and resorts were experiencing their lowest occupancy levels in many years.

Other countries across the region have also recorded a drop in visitor arrivals, as travellers in the main US and UK markets take holidays closer to home.

One destination, Anguilla, saw a six percent reduction in arrivals in the last year.

Other markets

In light of the financial crisis, Caribbean countries dependent on tourism have been advised to look to other markets for new business.

A report published at the start of the World Travel Market in London this week pointed to places such as Brazil, China, India and Russia as offering potential with their rising disposable incomes.

Chairman of the Anguilla Tourist Board John Benjamin, told BBC Caribbean that the island has already begun tapping into new markets.

"We've always done Germany and Italy, but now we're looking to do Latin America," he said.

Grenada plans to focus more on certain niche markets which the director of tourism William Joseph says continue to thrive, despite the economic challenges.

"Dive is one of them, wedding and honeymoons and then there are some other specialised niches like yachting, fishing and so on," Mr Joseph said.

	Ricky Skerrit believes that the Caribbean needs to ride out the current crisis

Antigua and Trinidad, meanwhile, are working with some of their sporting legends to develop sports tourism.

Confident

In spite of the challenges facing the tourism industry, regional stakeholders say they remain confident that the industry will rebound, once the global economy stabilises.

One tourism official holding that view is St Kitts' Ricky Skerrit.

He holds the tourism portfolio in the cabinet of Prime Ministrer Denzil Douglas.

BBC Caribbean asked Mr Skerrit whether St Kitts/Nevis and the rest of the Caribbean should continue their dependency on tourism, given the credit crunch and other current global developments.

BBC Caribbean's Ken Richards interviews Mr Skerrit.