Dole's Stunted Harvest

It has been dubbed "The Private Island." A scant eight miles off Maui, Lana'i is isolated from the usual throngs of tourists that stream through Hawaii. With its verdant valleys and white sandy beaches, it remains a tropical paradise--and one secluded enough that Microsoft Corp. Chairman William H. Gates III chose it as the setting for his recent wedding. Unfortunately for the island's owner, Dole Food Co., Lana'i seems a little too private. A few years ago, Dole decided to transform this pineapple-growing outpost into a lavish resort. But even with the completion of a second luxury hotel in May, 1991, and a second golf course in December, Lana'i hasn't attracted many visitors. Analysts reckon the resort has lost $117 million since 1991.

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