It was in May 2005 that the Baha Mar Development Company announced it had taken over the management and operation of the Radisson Cable Beach Resort, the Nassau Beach Hotel and the Wyndham Nassau Resort & Crystal Palace Casino. The three properties, located adjacent to one another along 3,000 feet of Nassau's largest and most beautiful beach, were to be consolidated into one single mega resort complex to turn the properties into the second largest resort in the Caribbean.

In November that year Harrah’s Entertainment and Starwood Hotels & Resorts Worldwide agreed to join Baha Mar with the intention of creating the Caribbean’s premier destination resort. In March 2008 Harrah’s pulled out of the development saying that circumstances had changed and that Baha Mar had taken longer than anticipated to organise the project. The company added that it did not rule out the possibility of entering the Bahamian market some time in the future, but that it had no confidence that the proposed joint venture could successfully complete the development.

Two years later, on 30 March 2010, Baha Mar Resorts has announced that it has signed formal Facility and Investor agreements with Export-Import Bank of China and China State Construction and Engineering Corporation for the development of the multi-billion dollar Baha Mar Resort on Nassauʼs famed Cable Beach. The agreements include financing arrangements of $2.5 billion by Export-Import Bank of China, with construction accords designating China State Construction and Engineering Corporation as the projectʼs general contractor; and an investor agreement between Baha Mar and China State Construction, which will assume a minority equity interest.

Sarkis Izmirlian, Baha Mar Resortsʼ Chairman and CEO, stated, “Financing for mega hotel and resort developments of this size, scale and scope are extremely rare, particularly in todayʼs economic environment, making todayʼs signing truly historic for all parties, including The Bahamas, while serving as a promising indicator for the travel industry and its future. We look forward to working with our Chinese partners to realize the vision for this first-in-the-world resort concept, and thank the Bahamian government as well for their unceasing support.”

The 1,000-acre Baha Mar project is set to break ground later this year, with the construction start date subject to approvals by the governments of The Bahamas, and the Peopleʼs Republic of China. Baha Mar represents the largest single-phase hospitality investment in the Caribbean and a one-of-a-kind destination resort experience in its operation, range of top-shelf accommodations, services and amenities, and true-to-The Bahamas setting and design.

Plans for Baha Marʼs first phase include approximately 3,000 rooms; a 100,000 square foot casino; two signature spas and a third world-class destination spa; an 18-hole championship Jack Nicklaus Signature Golf Course; 200,000 square feet of meeting space; 3,000 feet of continuous beachfront; a 20-acre beach and pool experience; and a 35,000 square foot retail village with upscale shopping, chef-branded restaurants, and entertainment venues.

Scheduled for completion in late 2013, it is expected that Baha Mar will create over 8,000 new jobs for Bahamian workers across all sectors of the hospitality industry. In addition, Baha Mar Resorts has re-affirmed its commitment to hire as many qualified Bahamians as possible to work on the project during its construction phase. Baha Mar is projected to generate 2.3 million annual visitor room nights; inject $1.1 billion in spending and direct taxes into the Bahamian economy in the first year of operation; and generate an additional $740 million, or a 10% increase, to the current GDP of The Bahamas. (E-04.01.10)

© Copyright 2010 CasinoCompendium



>>> return to archives
>>> return to frontpage