Perry Christie, Prime Minister of the Bahamas, says the Baha Mar project (pictured in a rendering), a stalled casino resort scheme located in the capital Nassau, will begin a phased opening in the second quarter of 2017. Mr Christie made the comments during an event promoted by the Bahamas Hotel Association, reported the Bahamas Tribune newspaper.
The official was quoted saying that Chow Tai Fook Enterprises Ltd is finalising arrangements for a phased opening to start in April 2017. “These operations will almost immediately begin to have a positive economic impact,” Mr Christie reportedly said.
Hong Kong-based Chow Tai Fook Enterprises Ltd confirmed in October that it was in talks to acquire Baha Mar. Chow Tai Fook Enterprises had said it intended to acquire Perfect Luck Assets Ltd, a special purpose vehicle established by China Export-Import Bank, Baha Mar’s secured creditor.
The Hong Kong company did not provide any financial details regarding its efforts to acquire Baha Mar. Chow Tai Fook Enterprises is an investor in casino resorts in Macau, Australia and Vietnam.
The Bahamas Tribune quoted Mr Christie saying that 1,500 employees would be hired “imminently” in the new year. “This is to facilitate the phased opening of 1,800 rooms at the conference and casino hotel, the casino, convention centre and golf course,” he reportedly said.
Mr Christie added that a total of 4,300 employees would be hired by December 2017, “when all components [of Baha Mar] have been completed and opened”.
A delegation of government officials from the Bahamas, including members of the gaming regulator, travelled to Hong Kong last week to meet with representatives of Chow Tai Fook Enterprises. The delegation was also scheduled to visit Macau, reported the Bahamas Tribune.
Jul 13, 2018Macau’s tourist price index recorded a year-on-year increase of 2.78 percent in the second quarter, according to data released on Friday by the city’s Statistics and Census Service. In the first...
Jul 13, 2018
"This near-term lull in VIP volume growth [in Macau] could improve if there is a face saving trade agreement between China and Trump, and if China pumps more liquidity into its system to prop up its GDP"
Japanese brokerage Nomura