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.
Jan 25, 2022The International Monetary Fund (IMF) expects Macau’s economy to continue to expand in coming years, after an estimated 17-percent growth in 2021, “helped by the partial recovery of the gaming...
Jan 24, 2022
”Boosted by increasing investment linked to the issuance of new gaming concessions and further integration with the Guangdong‑Hong Kong‑Macao Greater Bay Area, [Macau's] growth is expected to accelerate to 23 percent in 2023"
International Monetary Fund