Categorized | National News


Minister of State for Grand Bahama Kwasi Thompson indicated that around ten individuals have  expressed interests  in purchasing the Grand Lucayan Resort in Freeport, Grand Bahama.

  However, out of respect for the potential investors, he told reporters that the government will not go into any more detail about them. 

Meanwhile, despite critics saying that Grand Lucayan’s purchase may throw the revenue numbers off, Deputy Prime Minister and Finance Minister Peter Turnquest said the purchase should be thought of as an investment. 

He said, “the way that the deal is structured, this does not affect our above the line expenditure. It’s actually an investment for The Bahamas, and we are managing that.

  “We fully expect that those funds will be repaid to the government as soon as the Lucayan Renewal Holdings, which is the owner of the Grand Lucayan, goes out for its own borrowing, supported by the strength of the property.

“The net affect to the Bahamian people we expect to be zero; but so far we are happy with the way that its going. We’re hopeful that our plan will be realized very shortly.”, he said. 

The Deputy Prime Minister added that the government has not made any commitment to renovating the property.

  He said, rather,  the board of Lucayan Renewal Holdings is  looking to see exactly what needs to be done.

Written by Jones Bahamas

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