Back in 2005, even when gaming expansion was the name of the game, Grand Bahama was not optimistic over its future. Unemployment levels continued to rise and the Our Lucaya casino operation in Freeport was struggling. Isle of Capri was asking for tax concessions and financial assistance from the government for marketing and promotion. At the time the Minister of Tourism declared it would do everything possible to keep the resort open but would not submit to the ‘corporate blackmail’ of a threatened Isle of Capri pull-out.

Having finally issued a deadline for leaving Grand Bahama of 1 June 2007, Isle of Capri in May that year announced it had reached agreement with the government to continue at the Our Lucaya resort. Isle of Capri president and COO Tim Hinkley said, “Our team members will continue to be a part of the Isle of Capri family welcoming guests to our casino and providing an experience complete with Las Vegas-style action and excitement."

In June last year The Bahamas reported fewer casino visitors and a US$15 million shortfall on projected tax revenue. In January this year it was announced that the Wyndham Nassau Resort and Crystal Palace Casino would shut for two months in August. The Bahamas Gaming Board is pressing for the repeal of the current law that bans Bahamians from gambling.

Isle of Capri is still set to leave The Bahamas despite having delayed its departure from the end of May to 31 August. The government is keen to keep the operation going until new investors can be found and the jobs of nearly 250 employees safeguarded. Several proposals are believed to be under consideration, having evolved from expressions of interest received. So far there is no information on the possible investors although interest is thought to have come from the US and further afield.
(E-06.19.09)

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