NASSAU, Bahamas — The government will offer a holistic package to the next owner of the Grand Lucayan resort complex that includes the government’s vision for the island, the current amenities and attractions of the island and a casino license, Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper said yesterday (Dec. 21), The Nassau Guardian reported on Wednesday, December 22.
Cooper added that there are already six credible investors looking seriously at the purchase of the Grand Lucayan complex.
He announced yesterday that through a mutual agreement, Royal Caribbean International (RCI) and the ITM group were released from their prior commitment to purchase and develop the property.
Cooper said the government hopes to recoup the taxpayer money that went into the purchase of the property and therefore are looking for investors with the experience and resources to exact a serious sale.
“We want to sell the property in the shortest possible time frame,” said Cooper.
“We are committed to doing a deal expeditiously. We consider the ideal candidate a company, an entity, with experience with significant resources and with a vision for the property and a commitment to being a part of the shared vision for the development of Grand Bahama as a destination and one of the key island destinations of The Bahamas.
“We will continue the conversation with potential buyers and we hope to bring this resort on line in the hands of a new buyer in the shortest possible time frame.”
Cooper said possible investors will consider the casino license a good potential investment for their portfolio when looking at the Grand Lucayan property.
Meantime, RCI is continuing its conversations with Freeport Harbour owners CK Hutchison Holdings Limited, according to Cooper.
He explained that RCI is committed to the redevelopment of the port and has made some progress in its negotiations, though it has yet to close a deal. See complete article in The Nassau Guardian at https://thenassauguardian.com/dpm-on-failed-grand-lucayan-deal-conversation-continues-with-potential-buyers/
