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Bahamas Gov't defends policy regarding Baha Mar project

  • Written by CMC
  • Published in Tourism
Featured Bahamas Gov't defends policy regarding Baha Mar project
NASSAU, Bahamas, Oct 18, CMC – The Bahamas government says it is working towards ensuring that the multi-billion dollar Baha Mar tourism project is “sold to a world class hotel and casino operator”.

In a statement issued in response to a letter allegedly written by the former developer Sarkis Izmirlian to Vice Chairman and President Liu Liange of the Export-Import Bank of China (CEXIM) that the Perry Christie government said contained “some extraordinary statements

“Normally the Government would not respond to such a letter and statement but so far as it impacts on what the Government has achieved, which is well documented, in ensuring that the Baha Mar development is finished and Bahamian creditors paid, the Government is compelled to give this statement,” the government said.

In the statement, the government said that the assets of Baha Mar have been acquired by Perfect Luck Holdings Limited (Perfect Luck).

“The sale followed a lengthy marketing process by the Receivers, and that process and the resulting sale of the assets to Perfect Luck were overseen and approved by The Bahamas Supreme Court,” the statement noted.

Opposition parties here have in the past called on the government to outline the conditions reached regarding the US$3.5 billion Baha Mar project, which is expected to feature a Las Vegas-style casino and more than 2,000 hotel rooms.

The project has been stalled for several months and missed the December and March opening deadlines, after running out of money.

Last June, Baha Mar had to file for bankruptcy protection in Delaware, blaming China Construction America (CCA) Bahamas for the delays.

But the government said that “now that the assets are owned by Perfect Luck, that company may sell the resort to whomever it wishes, subject to the proposed purchaser being acceptable to the Government and other bodies performing their public function.

“At each stage of the process…Mr. Izmirlian has had the opportunity to participate in discussions and the process surrounding the future of the resort.
“If, as he states, Mr. Izmirlian is in a position to, and wishes to work with CEXIM to deliver Baha Mar for the Bahamian people, then he should engage seriously with Perfect Luck and its advisors. If he is in a position to make a credible proposal to acquire Baha Mar from Perfect Luck, then he is free to do so,” the government statement noted.

It said that after much hard work, the project is back on track and that a substantial fund has been established by CEXIM for the payment of creditors’ claims and former Baha Mar Bahamian employees.

“Those were two of the Prime Minister’s three stated primary objectives and they have been achieved. The third objective is to ensure that Baha Mar is sold to a world class hotel and casino operator. The Government of The Bahamas will continue to work tirelessly to ensure that this objective is fulfilled, in the very best interest of the economy and the people of The Bahamas.

“Real progress is being made and that progress must continue through to the completion and successful operation of the resort by a world class casino and hotel operator.,” the government statement added.

  • Countries: Bahamas