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Government stumps up $10m for Grand Lucayan resort

Prime Minister Dr. Hubert Minnis has revealed that his government has made a deposit of $10 million for the purchase of the Grand Lucayan resort. Pictured: Prime Minister Dr Hubert Minnis addresses the media at Grand Lucayan resort in Grand Bahama. (BIS Photo/Yontalay Bowe)

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TheBahamasInvestor.com
Thursday, August 23, 2018
Thursday, August 23, 2018

Prime Minister Dr. Hubert Minnis has revealed that his government has made a deposit of $10 million for the purchase of the Grand Lucayan resort.

The Prime Minister made the announcement during a press briefing following a tour of the property August 22, 2018. He was accompanied by members of his Cabinet and other government officials.


The Prime Minister said: “I have just recently made a deposit for the purchase of this hotel. We have signed the sales agreement and we hope to complete the purchase of this hotel within the next 30 days.”

The Prime Minster also noted that when the House of Assembly resumes in September, he would outline a full, detailed report on the purchase of the property.

“It is not our intention to run a hotel. The government cannot run a hotel. But it is our intention to save the jobs of the (400) Grand Bahamians who work in this hotel,” he said.

Entrepreneurs, managers and small business owners participated in a two-day workshop sponsored by The Bahamas Agricultural and Industrial Corporation (BAIC).

Dave Smith has been appointed managing director of The Bahamas Development Bank now in its 40th year.

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