Categorized | National News

Grand Lucayan Sale Nearing Completion

Things are looking up for the finalization of sale of the Grand Lucayan Resort in Grand Bahama, as Deputy Prime Minister and Minister of Finance, Peter Turnquest said that the government, along with the purchasing company Wynn Group  are looking forward to bringing the negotiations to conclusion.

Speaking with reporters on the sidelines of the groundbreaking ceremony of the multi-million dollar project Goldwynn Hotels and Residences, DPM Turnquest said that the government was working on wrapping up negotiations for the sale of the resort.

“As you know Mr. Wynn is involved in the project in Grand Bahama also and it is certainly very encouraging for us to hear him express his continued support and commitment to that project and we certainly look forward to bringing that to conclusion in a very short period of time.

“Mr. Wynn has said they are continuing to be committed to this project.

“The negotiations are now underway with respect to the operator of the project which are coming along very nicely. We expect to have some resolution to the fine details in short order and hopefully we can bring that heads of agreement in a very reasonable period of time,” Mr. Turnquest said.

During the ceremony, Chief Executive Officer  of Wynn Development, Paul Wynn said that his company will continue to make further investments in the country.

“Our intentions is to move our corporate office from Toronto to Nassau, and it is our intention to make further substantial investments in The Bahamas,” Mr. Wynn said.

The Toronto-based Wynn Group signed a new letter of intent to purchase the Grand Lucayan in December 2017.

Written by Jones Bahamas

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