NASSAU — Wynn Group CEO Paul Wynn said yesterday that he hopes to finalize negotiations to purchase the Grand Lucayan hotel complex in Grand Bahama by summer, the Nassau Guardian reported on May 24.
“My hope is sometime this summer, but I just don’t know at this given point,” he told The Nassau Guardian. “But we are very, very close.”
The Canadian based Wynn Group signed a letter of intent with Hong-Kong based conglomerate Hutchison Whampoa for the sale of the Grand Lucayan last December.
Prime Minister Dr. Hubert Minnis said the approval stage and formal discussions with the Wynn Group would be finished by February 2018, but there has been no communication on the status of the sale.
During the formal groundbreaking of the Wynn Group’s Residences at GoldWynn – a hotel-condo development on New Providence – Wynn indicated that his company and the government were very close to finalizing the deal.
Following the ceremony, The Guardian pressed Wynn about the negotiations.
“It is very, very complex,” he said. “It is a very, very difficult project. I think we are almost at the finish line now. It has been very hard. The government has been absolutely fantastic in trying to get the Grand Lucayan open and get people working.”
The reopening of the resort is expected to revive inventory of 1,000 hotel rooms and provide jobs to nearly 1,000 people.
