Tue | Jan 23, 2018

Bahamas PM says stalled mega-resort to be finished and sold

Published:Wednesday | August 24, 2016 | 12:00 AM

The government of the Bahamas says it has reached an agreement that will lead to the completion of a stalled mega-resort financed and built by Chinese state-owned enterprises.

Prime Minister Perry Christie announced late Monday that China Construction will finish the Baha Mar project with financing from the Export-Import Bank of China. The complex will then be sold to a "world-class" hotel and casino operator, he said.

Construction would resume in September and the project will open before the end of the 2016-2017 tourist season, Christie said in a nationally televised address that followed Supreme Court approved of the agreement. He did not identify any potential operators.

"This agreement represents a signal achievement for The Bahamas, and a milestone in the troubled history of Baha Mar," he said.

Baha Mar is a $3.5-billion project that was initially scheduled to open in December 2014 on 1,000 acres along Cable Beach in Nassau. It would include four new hotels, a golf course and what would be the largest casino in the Caribbean. After a series of delays the developer filed for bankruptcy.