NASSAU, Bahamas — The purchasers of the Grand Lucayan resort are in negotiations with a “world-class” and “world-renowned” casino operator for the property, Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper revealed yesterday, The Nassau Guardian reported on Wednesday, May 25, in an article written by Chester Robards.
“The new, proposed buyers of the Grand Lucayan resort have indicated to us that they have a world-class, world-renown casino operator that they are in active negotiations with to take over the casino at the Grand Lucayan resort on their behalf,” said Cooper. “That’s all I can say at this point.”
The government announced earlier this month that Electra America Hospitality Group agreed to purchase the resort for $100 million. The deal could come with 2,000 construction jobs and 1,000 permanent jobs. Electra has already committed to a $300 million development of the property, to turn it into a luxury lifestyle hotel with 200 rooms and two dozen villas. There are also plans for a 500-room convention hotel and an all-suite resort condo with 200 hotel-style rooms.
The Progressive Liberal Party (PLP) government while in opposition vowed to end the deal the former Free National Movement (FNM) government was attempting to broker with Royal Caribbean International and the ITM group.
The PLP ended the deal, which Cooper called an “egregiously bad deal”, at the end of 2021.
Cooper also touched on casino licenses that exist for New Providence, explaining that a license still exists that was once attached to the South Ocean hotel.
As for any more licenses for the island, or a new casino development at South Ocean, he said, “I would think that the Gaming Board would have no difficulties in issuing another license in that area. As for how many licenses might be available in New Providence, I believe that there is a distance requirement between casinos. I suspect that’s a matter of technicality that will be really guided by the Gaming Board based on the applications they receive.” See article in The Nassau Guardian at https://thenassauguardian.com/grand-lucayan-purchasers-in-negotiations-with-world-renowned-casino-operator/
