Prime Minister Perry Christie yesterday revealed that some $105.5 million has been injected into the local economy towards paying Baha Mar’s former employees and unsecured creditors.
While making his contribution to the House of Assembly on Wednesday, Mr. Christie assured that the financing is also in place to fund all remaining costs to complete the multi-billion dollar resort.
“Hundreds of former Bahamian employees of Baha Mar have received the outstanding amounts due to them; unpaid salaries, severance pay, accrued vacation, pay and notice payments due by termination. All, Mr. Speaker, have been delivered to those employees,” Mr. Christie said.
“Mr. Speaker, we’ve even included funds deducted from employees’ salaries and pension contributions. They have been paid as well,” he said.
Meantime, the resort, on which construction had halted since June of 2015 after its original developer Sarkiz Izmirlian filed bankruptcy in a US court, has just this week been handed over to its new purchaser, CTF Holdings Ltd.
The world renowned Chinese company was issued a temporary certificate of occupancy to ensure adequate preparations for the mega resort’s smooth opening on the 21st of next month.
As pointed out by Mr. Christie yesterday, the Cable Beach property comprises of the 1,800 room Grand Hyatt East and West, a 200,000 square foot convention centre, a 95,000 square foot casino, an 18-hole Jack Nicklaus golf course, a luxurious spa, racket club restaurants and retail shops.
The convention centre and the casino are the largest in the region.
Mr. Christie further noted that apart from the more than $4 billion already invested in the project Baha Mar’s new purchaser has significantly increased its capital marketing and pre-opening investment from $200 million to $250 million.
“The progress leading up to the April 21st opening of the Baha Mar resort is real. The project is a buzz with activity and excitement,” Mr. Christie said.
“New employees are coming in for training. Things are moving forward all on course for the initial opening on April 21st and the timely completion of other components of the project in phase openings by SLS and Rosewood in the ensuing months,” he added.
“These are outstanding and impeccable additions to our tourism product and the economy of The Bahamas,” Mr. Christie said.
Over 1,000 Bahamians have been hired at Baha Mar so far; and that figure is expected to increase to a minimum of 1,500 employees.
“These new opportunities are going to bring meaningful change for a lot of Bahamian families. That is why we have worked so hard to make sure that Baha Mar was delivered to successful and safe hands,” Mr. Christie said.
Baha Mar is set for a soft opening on April 21st.
