Please visit our sponsors

RSS Feed

Current News & Press



The Bahamas Investor

News & Press Archives

The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
News & Press > 
Construction resumes at Baha Mar

Prime Minister Perry Christie has indicated that construction has restarted at the stalled Baha Mar megaresort on Cable Beach. 

Travel Pulse
Thursday, September 29, 2016
Thursday, September 29, 2016
Brian Major

Signs of life are emerging at the chronically stalled $3.5 billion Baha Mar mega-resort. Construction on the property re-started this week, said Perry Christie, the Bahamas prime minister.

Meanwhile, ex-employees of the insolvent development reportedly received payments this week.

In an update posted on the government website Monday, Christie said “every effort is being made to ensure” the resort’s casino, casino hotel, convention center and adjacent hotel and golf course will open “before the end of the coming winter season.” Negotiations between the as-yet unnamed buyer for the resort and Export-Import Bank of China (EXIM Bank) continue, he said.

“Remobilization is well underway and construction works have commenced,” said Christie following a tour of the site, said to be 97 percent complete when construction stopped last year. “The EXIM Bank is meeting its commitment in funding remaining construction costs to complete the project, and a contract has been executed for CCA to complete the project.”

Christie last month announced an agreement between the government and EXIM Bank under which Baha Mar will be completed and sold to an unnamed operator. The pact was approved by the Bahamas Supreme Court, which then sealed the documents.

“For legal reasons, I am not at liberty at this stage to formally disclose the name of the ultimate purchaser,” said Christie. “Suffice it to say that their principals have met with the government and discussed their vision for the property. They meet the government’s requirements of a well-recognized, world-class resort developer with the necessary resources for a successful operation.”

He added, “The group is moving expeditiously to complete their negotiations with the EXIM Bank and to meet the due diligence requirements of the government. It is expected that the name of the purchaser will be announced shortly.”

This is an excerpt from Travel Pulse as it appeared on September 29, 2016. For updates or to read the current version of this post in its entirety, please click here.

Continue reading this post >

Ambassador of the People’s Republic of China to The Commonwealth of The Bahamas Huang Qinguo visited Grand Bahama recently, with the Minister for Grand Bahama Dr Michael Darville welcoming the diplomat to the nation’s second city, September 22, 2016.

Royal Caribbean International cruise line held a VIP cruise for loyal customers, who selected The Bahamas to be among the itinerary. Watch an interview with Royal Caribbean CEO and president Micheal Bayley here.

The Bahamas Investor
Administrative Links