Categorized | Featured, National News

Baha Mar Buyer Revealed

Baha Mar

Baha MarAfter months of speculation and criticisms from various detractors, the government yesterday revealed the official buyer of Baha Mar, as Perfect Luck Limited, a holdings group based in Hong Kong.

The announcement came yesterday from a press statement issued by Prime Minister Perry Christie, who responded to letter written by original Baha Mar developer Sarkis Izmirilian and President of the Export-Import Bank of China Liu Liange.

The Journal contacted Baha Mar liquidator Raymond Winder for more specifics about the group but he declined to comment.

The prime minister added that he typically would not respond to the letter but the contents had a significant impact on what the government has achieved which was getting the development finished and Bahamian creditors paid.

He added that now that Perfect Luck Ltd. controls the assets of Baha Mar they are free to negotiate as they please.

“Now that the assets are owned by Perfect Luck, that company may sell the resort to whomever it wishes, subject to the proposed purchaser being acceptable to the government and other bodies performing their public function.

“At each stage of the process (which commenced when Baha Mar’s developer, Sarkis Izmirlian, without any prior notice, arranged for the Baha Mar companies to file Chapter 11 bankruptcy proceedings in the United States), Mr. Izmirlian has had the opportunity to participate in discussions and the process surrounding the future of the resort.

“If, as he states, Mr. Izmirlian is in a position to, and wishes to work with CEXIM to deliver Baha Mar for the Bahamian people, then he should engage seriously with Perfect Luck and its advisors. If he is in a position to make a credible proposal to acquire Baha Mar from Perfect Luck, then he is free to do so,” Mr. Christie said.

Mr. Christie reiterated his often proclaimed faith in the project and its revitalization.

“After much hard work, the project is back on track – re-mobilisation has commenced and through high level good faith negotiations a substantial fund has been established by CEXIM for the payment of creditors’ claims and former Baha Mar Bahamian employees are already being paid,” he said.

“Those were two of the government’s three stated primary objectives and they have been achieved. The third objective is to ensure that Baha Mar is sold to a world class hotel and casino operator. The Government of The Bahamas will continue to work tirelessly to ensure that this objective is fulfilled, in the very best interest of the economy and the people of The Bahamas. Real progress is being made and that progress must continue through to the completion and successful operation of the resort by a world class casino and hotel operator,” Mr. Christie said.

The entire saga surrounding the Baha Mar ordeal, made for constant talking points from the various political parties throughout the country.

Mr. Christie revealed in late August that the government and the Export-Import Bank of China had signed an agreement under which the Cable Beach resort will be completed.

Subsequently the government and the Export Import Bank of China (EXIM) formed a committee to administer claims of past employees of Baha Mar, with former employees and creditors receiving their payments in late September.

The resort, which was originally slated to open in December 2014, filed for Chapter 11 bankruptcy protection in a US Bankruptcy Court on June 29, 2015.


However, in September, a US judge threw out the Chapter 11 cases for Baha Mar’s Bahamian companies.


Over 2,000 jobs were made redundant and over $300 million lost in tax revenue as a result of the stalled multi-billion dollar resort.

Written by Jones Bahamas

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