Treasure Bay Takes Over Isle Of Capri This Month

In a press statement released on Sunday, officials from the Ministry of Tourism confirmed that the Mississippi-based company would takeover on or before November 23.

The takeover comes as good news for over 200 employees at the resort, who feared the fate of their jobs as the decay of the island’s economy continues to persist.

Treasure Bay Gaming and Resorts Inc. owns and operates Treasure Bay Casino and Hotel in Biloxi, Mississippi and Divi Carina Bay Casino on St. Croix, Virgin Islands. 

The company also manages the Alhambra Casino in Aruba and the Flamingo Casino in Bonaire.  

Foxwoods, Treasure Bay’s parent company, is the largest casino in North America with 340,000 square feet of gaming space in a complex that covers 4.7 million square feet. More than 40,000 guests visit Foxwoods each day, according the company’s website.

Isles of Capri had announced earlier this year that it would discontinue its operations in The Bahamas. However, the company had worked along with the government in extending its deadlines to secure new owners.

In the press release, Minister of Tourism Vincent Vanderpool-Wallace expressed gratitude to Isle of Capri for having extended their exit in order to achieve a seamless transfer to Treasure Bay.

"The new operator will upgrade the equipment, bring innovation, excitement and a vibrant marketing programme to the casino," he said in the statement. "Apart from some employees who have elected to accept severance benefits at this time, the remainder of the staff will continue in the employment of Treasure Bay."

This positive development, said the Minister, comes at the time when expanded airlift from Canada, New York and Florida is commencing into Grand Bahama.

When responding to the news of being selected to take over Isle of Capri in September, Chief Officer of Treasure Susan Varnes said the expansion gives Treasure Bay an opportunity for strategic growth in resort markets.

"As longtime developers and operators of Caribbean gaming properties, we plan to apply our experience at Our Lucaya to achieve strong fiscal results, as we have accomplished in similar jurisdictions. For us, there is no doubt that this property, located on the beautiful beaches of The Bahamas, holds the type of potential that can be enhanced by our proven business model," she said.