By Gerrino J. Saunders
Journal Staff Writer
Prime Minister Philip Davis is optimistic that the government has finally found a
buyer for the Grand Lucayan Beach and Golf Resort that is located on prime real
estate in Freeport’s Lucaya district featuring a pristine beach and crystal clear
waters.
On Tuesday Mr. Davis and his team were on Grand Bahama to meet with potential
buyers for the all inclusive resort.
He said, “I’m here today again fighting for Grand Bahamians, trying to ensure that
I unlock the potential of the Grand Lucayan properties and the associated golf
courses”
Asked to share more details on the potential investor the Prime Minister said,
“Right now, we have nothing more to say, but just stay tuned.”
Meanwhile there has been speculation that the potential new investors plan to
demolish the current structures and build several new hotels with a casino.
In October 2017 The Bahama Journal reported that the Minnis Administration
made an offer to purchase the resort from Hutchinson Whampoa as announced by
then Press Secretary Anthony Newbold during a government weekly press
briefing.
The Minnis administration eventually bought the resort in August of 2018 for $65
million. The goal at the time was to see the “anchor” resort reopen in time for the
2018 winter season to save hundreds of jobs.
The resort provided close to 1,000 jobs and nearly 60 percent of Grand Bahama’s
hotel room inventory with its 542 rooms.
In April of 2022 the Davis administration was confident it had found a buyer and
announced the deal would be finalized soon.
However, in the November of 2022 they were forced to announce that a potential
deal to sell the resort to Electra America Hospitality Ltd for $100 million fell
through following lengthy negotiations much of which surrounded airlift to the
island and the state of the Grand Bahama International Airport.
The Davis administration was initially seeking $150 million for the resort.
Since the resorts closure there have been far reaching negative spinoff effects with
small businesses, straw vendors, taxi drivers, tour operators also being impacted.
For the past six years the government spends millions annually to keep the resort in
good condition and prevent it falling into disrepair.
The Minnis administration reportedly spent $45.4 million on the resort including
$13 million to cover its operational costs, during the six months to year-end 2018.
More recently in June 2023 the Davis administration announced that it had spent
nearly $40 million to maintain the Grand Lucayan Resort since it was elected as
government.
