Joy Jibrilu, Bahamas Tourism’s leading person, revealed that so far there were several interested parties in taking over the infamous Caribbean casino project Baha Mar. According to the statement, the government was aware of “five or six” entities that would like to join the development of the resort located in Nassau.

Jibrilu pointed out that the project seemed very attractive to potential partners because everything was in place, all approvals were in order and 97% of the construction was completed. She said that these things were mentioned from an interested party, which believed that the resort was “just ready to go.”

This largest and definitely priciest casino project in the Caribbean costs $3.5 billion and it’s expected to have four hotels, casino, restaurant, pools and many other attractions. Baha Mar was first supposed to be up and running by 2014, but various factors and disagreements have led for the main developer to file for bankruptcy in Delaware on 29th of June, 2015.

Ever since the well known businessman chosen to lead the project Sarkis Izmirlian and the constriction company China State Constriction, which invested $150 million alongside $2.45 billion in Exim construction loans, have been at war. This resulted in delays and accusations from both parties. Izmirlian complained that the construction company was responsible for missing the opening deadline set on 27th of March, 2015. China State Construction Engineering Corp’s unit, on the other hand, claimed Izmirlian’s constant requests for changes were the real reason why Baha Mar wasn’t completed on time.

Whatever the case, the Prime Minister of the Bahamas Perry Christie remains optimist that the project will be finished and prove successful. In a speech on Wednesday he expressed feeling encouraged by the interest in the property. Christie pointed out that the government is involved in the case and concluded that even the pessimists would cheer with him when the doors of Baha Mar are opened.

One Response

  1. Your mama

    97% complete, ha more like 80%, CCA f’d that development up big time, biggest mistake made was not allowing the US chpt. 11, I can only imagine the construction defects attached to this project, that developer will be going after everyone from the Bahamian govt the bank and CCA, this thing does not open for years, only folks looking at it are firms being forced to by the China state, tell me how to pencil this out with a 4billion all in

    Reply

Leave a Reply

Your email address will not be published.