At a short ceremony at the beginning of May this year, ownership of the Radisson Resort hotels on Cable Beach was transferred to Baha Mar Development Company. At the same time a promise was made by Baha Mar that over the course of the next several months the company would secure at least two world class hotel and casino partners to secure the success of the development. It is a promise they have kept and the joint venture triumvirate has been disclosed. It is, indeed, a world-class combination and should prove to be a worthy rival for Kerzner International’s marine entertainment city Atlantis, Paradise Island.

The New Resort Metropolis at the Cable Beach area of New Providence Island will feature two giants in the hospitality and gaming sectors. With the largest ever one-time resort investment in the region, Harrah’s Entertainment and Starwood Hotels & Resorts Worldwide have agreed to join Baha Mar with the intention of creating the Caribbean’s premier destination resort. It will be the first time that Harrah’s will partner Starwood in a venture, and the tri party deal will build, operate and co-own the project.

For the US$1.2 billion Phase I of the development, Baha Mar last May committed to construct or refurbish to world-class status, quality facilities including: a 1,000 room casino hotel with a 75,000 sq. ft. casino; a renovated and expanded 1,000 room convention hotel at Radisson Cable Beach Resort; a new 300 room luxury hotel; 400 renovated rooms at the Nassau Beach Hotel; the creation of 100,000 sq. ft. of convention space; world-class attractions and amenities; other residential resort offerings, a mixed use village and a marina site. John Forelle, Baha Mar Vice Chairman, stated, "As the vision for Baha Mar unfolds, I think we are going to come up with just the best, most exciting resort destination in the world and it's going to be right here centered at Cable Beach."

Next Monday 7 November in New York City, the three company CEOs - Sarkis Izmirlian, Chairman and CEO of Baha Mar Development Company; Garry Loveman, Chairman, CEO and President of Harrah’s Entertainment; and Steven J Heyer, CEO of Starwood Hotels & Resorts Worldwide - and the Minister of Tourism, the Hon. Obie H Wilchcombe, for The Bahamas will meet to make the announcement official of the deal that should set new standards for the gaming and hospitality industries. Six months ago at that short ceremony where ownership was transferred, Acting Prime Minister Cynthia Pratt commented, "This truly must be the envy of our competitors both within the Caribbean region and in tourism destinations around the world." (E-11.04.05)

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