DAVIS GETS THE PROJECT ACROSS THE FINISH LINE
We want to extend the most fulsome congratulations to the Prime Minister of The Bahamas and his colleagues on getting this deal done in Grand Bahama for the development of the hotel at Lucaya. This is no small deal. It is a big deal. We have the community of Grand Bahama and The Bahamas excited, almost like the construction of Atlantis 3 in 1998 or Bahamar in 2017.
The figures announced on Thursday 15 May 2025 at the signing of the Heads of
Agreement are astounding in a good way.
The Government’s statement said: “Under the terms of the agreement, the Government of The Bahamas has agreed to sell the Grand Lucayan property including the 56-acre beachfront resort and the adjacent 160-acre Reef Golf Course for $120 million to Ancient Waters Bahamas Limited, a wholly owned Bahamian subsidiary of Concord Wilshire Capital (CWC).”
Ancient Waters Bahamas Limited has committed to invest over $827 million in the full redevelopment of the resort.
“The project will be rolled out in phases, with construction scheduled to begin within 90 days of obtaining all necessary permits and approvals,” the government’s statement continued.
“From this point forward, all expenses associated with the property will be assumed by the developer. This is a significant shift in fiscal responsibility, as the government had been paying approximately $1.5 million per month over the past three years—amounting to an estimated $63 million in holding costs.
“The agreement also includes a retention framework to support oversight, collaboration, and timely execution throughout the life of the project. In addition, the developer will enter into a retention arrangement with employees to ensure continuity and institutional knowledge during the transition.
“Under this arrangement, eligible individuals will receive a portion of their compensation in exchange for remaining available to be called back for specific duties as needed. They will be permitted to seek and accept other employment during the retention period.
“However, if they are no longer available for recall when required, the retention payment will cease. This approach ensures operational flexibility while respecting the right of individuals to pursue other opportunities. The Grand Lucayan redevelopment will deliver a wide range of flexibility while respecting the right of individuals to pursue other opportunities.”
Prime Minister Philip Davis said the $827 million investment will create 1,300 construction jobs and more than 1,700 permanent jobs.
The government added that construction-related employment will include 450 jobs for the hotel, 300 for the timeshare development, 350 for the cruise ship resort, 75 for the casino, 60 for the marina, and 85 for the golf course.
There is no need to comment on this except to say, let us pray that this comes to fruition. Grand Bahama deserves a break and kudos to Brave Davis and his colleagues for getting this to the finish line.
Number of hits for the week ending Saturday 17 May 2025 up to midnight: 630,561;
Number of hits for the month of May up to Saturday 17 May 2025 up to midnight: 1,755,534;
Number of hits for the year 2025 up to Saturday 17 May 2025 up to midnight: 4,845,010;