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Newsletter Vol.12, No 4.

TBI monthly news in review - May 27, 2017

Baha Mar opens!

The big news in April in The Bahamas was the soft opening of the Baha Mar mega resort on cable Beach. The billion-dollar resort has been several years in the making and government officials, business leaders and members of the local and international press were on hand to witness the ribbon-cutting ceremony on 21 April.

Speaking at the official opening, Prime Minister Perry Christie said: “For many, many, many Bahamians, it is more than a dream come true. It is the unfolding of a bold vision.”

The first-phase opening included the 1,800-room Grand Hyatt at Baha Mar hotel and the 200,000 sq ft convention centre, as well as a 95,000 sq ft casino and a 18-hole Jack Nicklaus Golf Course.

Over the ensuing months other facilities will join this initial offering, including the Rosewood and SLS hotel brands, a spa, racquet club, restaurants and retail outlets.

The knock-on effect for The Bahamas economy is predicted to be substantial, employing in the region of 5,000 and accounting for as much as 12 per cent of GDP by the time all the resort’s facilities are up and running.

“At full opening, Baha Mar is projected to generate an additional 315,000 air passenger seats annually, an increase of 19 per cent over our 2015 record of arrivals and signalling in the marketplace the revitalization of The Bahamas tourism brand,” Prime Minister Christie said.

“Baha Mar, therefore, is critical to the economic viability of our national economy,” he added. “It is expected to generate over $700 million in direct annual economic output and $1.1 billion in indirect and induced output and to contribute over $45 million in taxes annually, just from resort operations and national insurance contributions.”

Christie said that Baha Mar’s first-phase opening also ushers in a new era in the tourism industry as it will consolidate over 40 per cent of Nassau and Paradise Island’s total room inventory in the upscale and luxury product category, shifting the destination’s international lodging profile toward a more high-end, upscale market.

For more stories about the Baha Mar opening and other business and economic news visit thebahamasinvestor.com.


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The Bahamas Investor - April News & Press

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Bahamas is hosting major sporting events this month including the IAAF Relays and the FIFA Beach Soccer World Cup boosting tourism and showcasing the country to a worldwide audience. Watch a video about the events here.

The new luxury, eco-friendly STAR resort held its grand opening April 22. The private island property, which caters to couples, has 9,000 feet of coastline and is a 10-minute ferry ride from Harbour Island, Eleuthera.

Prime Minister Perry Christie was among those who addressed guests at the opening of the Baha Mar megaresort on Cable Beach 21 April, 2107. Read his remarks here.

The recently opened megaresort on Cable Beach already employs 1,600 associates and is looking to increase that to 6,000 as more facilities come on stream. Baha Mar president Graeme Davis estimates the resort will contribute 12 per cent of the nation’s GDP. Watch a ZNS Network news report here.

Baha Mar president Graeme Davis officially opened the $3.5bn megaresort this morning and said several hundred rooms are already filled.

After years of setbacks, the multi-billion dollar Baha Mar resort on Cable Beach finally opens.

The government and The Central Bank of The Bahamas have issued more information about the requirements for Bahamian businesses to access foreign currency financing following the exchange control liberalization that will come into force April 24. Watch a ZNS Network news report here.

The Other Side resort on Eleuthera has made Condé Nast Traveler's 2017 Hot List of 75 properties around the world recognized as the best hotel openings of the past year.

Cornèr Bank recently held a reception for the opening of its new branch office located in Old Fort Bay, Nassau, Bahamas.

Bahamas based IT provider Cloud Carib has been recognised by global technology firm Red Hat as its first Certified Cloud Solutions Provider (CCSP) in the Caribbean and Latin American region.

The Caribbean Hotel and Tourism Association is accepting nominations for the coveted Caribbean Hospitality Industry Exchange Forum Awards, which are set to take place during the third edition of the event in Miami June 2-4, 2017.

Prime Minister and Minister of Finance Perry Christie addressed attendees during the official launch of The Bahamas Trade Information Service Portal, held at the British Colonial Hilton April 6, 2017.

This year the Nassau Airport Development Company is celebrating 10 years at the helm of operations at Lynden Pindling International Airport. Staff and dignitaries recently attended an anniversary event with a keynote address by Prime Minister Perry Christie.

The government of The Bahamas is set to officially launch the Bahamas Trade Information Service Portal today.

Obie Wilchcombe, Minister of Tourism with responsibility for gaming, has confirmed that the government has approved a gaming licence for the Baha Mar casino and will work with the resort to ensure that the prevailing pre-opening requirements are met before its soft opening April 21, 2017. Read a statement by Wilchcombe here.

When the Nassau Airport Development Company officially took over the reins of the Lynden Pindling International Airport in 2007, it marked the start of a $400 million investment programme that would completely overhaul the country's main airport.

Prime Minister and Minister of Finance Perry Christie announced in the House of Assembly, March 29, 2017, that the government has approved the relaxation of certain Exchange Control measures to provide access by certain categories of Bahamian-owned businesses to investment financing in foreign currency.

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