Whilst gaming expansion is in the air on Nassau/Paradise Island, one of 700 islands that make up The Bahamas, there is not a similar air of optimism on Grand Bahama where unemployment rates are rising. The Atlantis casino resort on Paradise Island, joined by bridge to the main Nassau Island, is undergoing its nearly US$1 billion Phase III expansion and, a little further along the coast of the main island, the Baha Mar US$1.2 billion development at Cable Beach is only awaiting its casino licence to get underway. Meanwhile the casino operation at Lucaya on Grand Bahama is facing a struggle to survive.

Tourism to Grand Bahama is falling, with a consequent economic decline on the island. The Isle of Capri Our Lucaya Resort has asked for certain government tax concessions and government financial assistance for marketing and promotion. Previously the company has stated that if nothing changes by the end of the year then it would have to pull out. The Minister of Tourism has declared that it is doing everything it can to keep Isle of Capri and the resort going, but that it would not submit to ‘corporate blackmail’ and that there were other investors interested should the US company leave. However, some of the company’s requested concessions are likely to be granted.

Another US company testing the water in The Bahamas is Las Vegas-based Pinnacle Entertainment. Subject to being granted a casino licence, Pinnacle will invest US$5 million in a casino operation at the Four Seasons Resort Great Exuma at Emerald Bay in The Exumas, a chain of 365 islands and cays stretching over 120 miles. The Bahamas claims to be a paradise for investment, offering a warm welcome with economic, political and social conditions providing a fertile business environment. Isle of Capri will be hoping that the government makes good on its promise to encourage, support and reward international investment. (E-12.07.05)

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