NASSAU, BAHAMAS — Plans for an $80 million cruise port and water park at the Freeport Harbour will soon be formally announced, with the project undertaken via a partnership between Royal Caribbean, ITM Group, and MSC.
Deputy Prime Minister Chester Cooper revealed that the $80 million cruise port and water park at the Freeport Harbour will be phase I of the development of these entities, with more to come. The project is slated for completion towards the end of 2026. Cooper also noted that the government continues to work on the upgrade and sale of the Grand Lucayan Resort.
“Interest in this iconic property remains very strong, and we are making strides, but we’re proceeding carefully and deliberately to avoid any unforeseen issues,” said Cooper. “Meantime, the anticipated occupancy rates for 2024 are surpassing those of 2023, and room revenue is up 35 percent in 2024 compared to 2023, reflecting the growing confidence in Grand Bahama’s tourism sector.”
Prime Minister Philip Brave Davis recently expressed optimism that the government would finalize the sale of the Grand Lucayan resort on Grand Bahama by the end of the year.
In November 2022, the government announced that its deal to sell the Freeport property to Electra American Hospital Ltd. for $100 million had fallen through.
The Minnis administration had purchased Grand Lucayan from Hutchison Whampoa for $65 million in August 2018 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.
However, shortly after assuming office in September 2021, the Davis administration canceled the sale agreement, with Deputy Prime Minister Chester Cooper deeming the deal unfavorable.
In May 2022, Cooper revealed that the government had agreed to sell Grand Lucayan to Electra America Hospitality Group for $100 million, with Electra pledging a $300 million development of the property. However, six months later, this deal also fell through.
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