NASSAU, Bahamas, March 27, 2024 — After Free National Movement (FNM) Leader Michael Pintard criticized the government over a lack of progress on the sale of the Grand Lucayan resort, Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper said yesterday the opposition leader lacks credibility on the issue, and added that there is “strong interest” in the Freeport property from potential buyers, The Nassau Guardian reported today I an article written by Rachel Scott.
“He is not a serious person and will clearly say anything he believes will lend him a shred of political relevance, despite the historical context of these matters and his role in them,” said Cooper, who added that the Minnis administration’s decision to purchase the Grand Lucayan in the first place was a “terrible” one.
He continued, “Where was this deep level of concern for Grand Bahama when his party had five MPs and six Cabinet ministers with very little to show and a crippled economy?… Pintard, nor his party, has any credibility on these matters.”
The Minnis administration bought Grand Lucayan from Hutchison Whampoa in August 2018 for $65 million and signed a sales agreement with Bahamas Ports Investments Ltd. (BPI), a joint partnership between Royal Caribbean Cruise Lines (RCCL) and the ITM Group, in March 2020.
But soon after coming to office in September 2021, the Davis administration canceled the sale agreement, with Cooper labelling the deal a bad one.
In May 2022, Cooper announced the government agreed to sell Grand Lucayan to Electra America Hospitality Group for $100 million.
Electra had committed to a $300 million development of the property, but six months later that deal fell through.
While a guest on “The Foundation” on Guardian Radio with Howard Grant on Monday, Pintard criticized Cooper for failing to find a buyer for the resort up to now.
However, Cooper claimed yesterday that the resort is more appealing as an investment than it ever has been.
“Under our administration the Grand Lucayan resort remains open, has been maintained in good physical condition, employs over 150 Grand Bahamians and has occupancy levels and revenues significantly exceeding last year, let alone in any year under the stewardship of the Cabinet in which he sat,” he said.
Cooper said Grand Bahama has seen recent growth in air and cruise arrivals, noting that $2 billion in investment has been approved for the island.
“… Because of the environment we helped bring about, and the value created, it has never been more attractive to investors,” he said. “There continues to be strong interest and at the appropriate time we will say more.”
