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LoI signed on Our Lucayan properties

The government has released a statement regarding the signing of a Letter of Intent between the owners of the Our Lucayan hotel strip in Grand Bahama, Hutchison Whampoa, and CEO of the Wynn Group (Canada) Paul Wynn. 

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TheBahamasInvestor.com
Thursday, January 4, 2018
Thursday, January 4, 2018

The government has released a statement regarding the signing of an LoI between the owners of the Our Lucayan hotel strip in Grand Bahama, Hutchison Whampoa, and CEO of the Wynn Group (Canada) Paul Wynn.

Here follows the statement:

The Government received a mandate from the Bahamian people and the people of Grand Bahama to restore economic health and vitality to the economy of Grand Bahama.

Over the past several months we have made positive steps to improve Grand Bahama’s economy. However, the island’s recovery will not be complete until the full opening and development of the Our Lucayan strip properties.

While this process has taken longer than the Government would have liked, significant progress has been made.

I am therefore pleased to inform Grand Bahamians and the nation that today my office has been informed that the owners of the hotel strip have signed a Letter of Intent (LOI) with Paul Wynn. This is a very important formal step toward the completion of the sale.

The Government will now enter the approval stage and enter formal discussions with Paul Wynn on a Heads of Agreement, which will detail the future development of the hotel strip. We expect this process to be completed within the next month to two months.

The Government is very hopeful that this important formal step will lead to the full renovation, opening and redevelopment of the entire strip in early part of 2018, helping to bring much needed economic growth and jobs to Grand Bahama, which will also help to boost the national economy.

The Financial Secretary in the Ministry of Finance released December 29 Guidance Notes on the Common Reporting Standard for Automatic Exchange of Financial Account Information in Tax Matters. Read or download the notes here.

Prime Minister Dr Hubert Minnis has said his administration will relax Exchange Control on capital transactions, namely on capital (investment) and current account (trade) transactions for small and medium-sized Bahamian businesses/enterprises.

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