The long-delayed Baha Mar hotel-casino project on Cable Beach in Nassau, Bahamas will resume construction in September after the local government and the Export Import (EXIM) Bank of China made a deal to finish and then sell the billion-dollar project to an unnamed “world-class hotel and casino operator.”
Bahamian Prime Minister Perry Christie on Monday said that under terms of the new deal the EXIM Bank has committed to funding the costs to finish the project and the resort’s general contractor, China Construction America (CCA) Bahamas, will complete the work.
Christie added that Bahamian contractors still owed money for their work will receive a significant part, if not all, of their claims. In addition, thousands of former Baha Mar employees are supposed to receive outstanding payment due to them.
The 2,000-room project has been stalled for months after missing opening deadlines last year and earlier this year. Last June, a bankruptcy request was dismissed and liquidators were appointed.
Now it remains to be seen who buys and manage the asset that will need to be run at the highest level to succeed.