its Bermuda property.

Club Med's earnings have slipped -- raising the prospect of the company being bought out, according to a top US business magazine.

Bermudian hotelier W.A. (Toppy) Cowen said it did not appear the St. George's property was about to get "rejuvenated and revitalised''.

But yesterday Tourism Minister David Dodwell was in no mood to push the panic button.

"I don't see any major ramifications for Club Med in Bermuda. Club Med is in the process of re-engineering and restructuring like we are here,'' he said.

Meanwhile, Opposition Progressive Labour Party Senator Terry Lister last night called for Government to clear the air over Club Med.

"It is time for Government to say whether Club Med will open or not open.'' The 340-room property overlooking Fort St. Catherine has stood empty since closing in 1988.

Recently, Mr. Dodwell disclosed Club Med had approached Government with high hopes of reopening the hotel in May 1997.

But last month it emerged Government was being urged to delay reopening the Bermuda property until the spring of 1998.

The news followed a meeting between Mr. Dodwell, Club Med officials and a "public hotel investor''.

Mr. Dodwell said the investor -- a United States-based company -- was keen to form a partnership with Club Med.

He declined, however, to name the enterprise.

Shadow Tourism Minister David Allen voiced disappointment at prospects of another delay, fearing Club Med were stalling again.

An article about the Paris-based company's growth stalling was carried in the Business Week magazine.

It stated the company, which manages 110 resorts worldwide, was looking more and more like a takeover candidate.

"The company recently warned that profits would be lower than expected.'' The article said Club Med's five core shareholders ended a pact to maintain a 32.5 percent holding last December.

"Ever since the five decided not to renew their annual pact, analysts in London and Paris have been abuzz with takeover rumours.'' Club Med's sales last year "wobbled downward'' to $1.6 billion, slightly lower than in 1995, the article added.

And estimated 1996 earnings, at about $38 million, were far from the predicted $80 million profit.

The article said Club Med was now struggling to build an image that appealed to singles, couples and families.

Mr. Cowen, managing director of Tucker's Town's Pink Beach Club, said it appeared Club Med had financial difficulties.

Dodwell shrugs off Club Med's woes "Their `family emphasis' that replaced the `swinging-singles' scene in the late 1980s in an attempt to create more resorts offering such things as day care and tennis training for tots has not worked.

"Like Bermuda the one thing that is missing from their want list is `performance'.'' Mr. Cowen added: "The article certainly doesn't indicate Bermuda's Club Med is about to get rejuvenated and revitalised.'' Yesterday Mr. Dodwell said: "Club Med are facing challenges like other hotel chains.

"I'm sure the challenges are to some degree why they are hesitating over the Bermuda operation.'' He added: "Nothing alarmed me from this article that would cause me to say Bermuda's situation is any different from what we are looking at right now.'' Sen. Lister said the whole of Bermuda should be fed up with the uncertainty over Club Med.

If Club Med were to pull out, then someone else should step in to provide St.

George's with a resort which would boost employment and business in the old town.