After several delays and setbacks, all financing and contracts are in place to begin the mega-resort project on New Providence's Cable Beach. The brainchild of Bahamas resident Sarkis Izmirlian, the development is expected to take four years to complete and contribute approximately $1 billion in new spending to the local economy during the first year of operation. Pictured above from left to right: Dikran Izmirlian, Sarkis's father; Li Ruogo, chairman and president, Export-Import Bank of China; Sarkis Izmirlian, Baha Mar chairman and CEO; Brent Symonette, Deputy Prime Minister. Pictured below: at the left sit Sarkis Izmirlian and his wife, Katie.
After years of negotiations, planning, setbacks and controversy, the multi-billion dollar Baha Mar resort on Cable Beach, New Providence, officially broke ground on Monday February 21.
The project estimated to be worth $3.4 billion, is one of the largest private sector development projects ever to be carried out on Bahamian soil and is expected to be completed by 2014. The hotel resort complex will cover 1,000 acres and will house approximately 3,800 hotel rooms, a 100,000 sq ft casino, 18-hole Jack Nicklaus signature golf course, 60,000 sq ft retail village, and a 20-acre beach and pool “experience”.