Rendering of the new CocoCay

(12:22 p.m. EDT) -- Royal Caribbean is expanding its "Perfect Day" private island project by considering longer stays and overnights, and purchasing a new private island in the Asia-Pacific region, according to the line's chairman and CEO Michael Bayley.

Perfect Day is a $200 million project currently underway at Coco Cay in the Bahamas. The line is transforming the island into more of a theme park, with more than 10 waterslides, a wave pool, helium balloon ride, zip line and freshwater pool. The first phase opens this summer.

"The next stage is to have longer stays in Perfect Day till 11 o' clock at night and we're building it so we have all the lighting and infrastructure in place," Bayley said, speaking onboard a newly refurbished Independence of the Seas.

"The phase after that would be overnights. We're pretty sure a late night is going to be a hit. We think also overnights will be a hit. We're wondering whether a whole weekend wouldn't be a hit."

Bayley noted that the natural extension of spending more time on the private island would be building some kind of accommodation. "But we would never move from our core focus. So there would never be any intention for us to go into the hotel business or add hotels," he said.

"We may have some overnight accommodation, but it would be a relatively small number of suites for example, perhaps 10 cabanas. It would not be a volume proposition."

Bayley also gave more details on Royal's plans to buy an island in the Asia Pacific region.

He would not be drawn on exactly where the island will be, but said "logically" it would be near one of its three main source markets in that region -- Australia, China and Singapore.

"We will announce more destinations not only in the Caribbean, but in Asia Pacific in the coming months," he said,

"We are currently engaged in discussions, negotiations with a couple of destinations in Asia Pacific. We're actually very close on finalizing and I'm hoping we will be able to make an announcement in July."

He also confirmed that the line's other private island -- Labadee -- would not be sidelined and would "undergo investments as well".

"We're looking at some more developmental projects attached to Labadee connected to other destinations… We're hoping to make some big announcements for Labadee as well."

--By Adam Coulter, Managing Editor, UK