The 84-year-old was the founder of the Southern Sun Hotel Group and Sun International.
Kerzner's son Brandon confirmed his father's passing on Saturday evening, after earlier false reports of Kerzner's death on social media.
The South African-born "Sun King" has left an indelible mark in the hospitality industry globally.
He is survived by his children Andrea, Beverly, Brandon, and 10 grandchildren.
Kerzner’s family say he will be buried at a small, private funeral attended by only his immediate family.
This article first appeared on CapeTalk : Hotel tycoon Sol Kerzner dies