NASSAU, BAHAMAS — The President of the Grand Bahama Chamber of Commerce has expressed optimism about the potential for the island’s economy, noting, “We just need something to start.”
James Carey told Eyewitness News that while several exciting developments are on tap for the island, the catalyst is the redevelopment of the Grand Bahama International Airport, with an announcement on that project expected this month.
“I think the Prime Minister has indicated there will be an announcement forthcoming this month. We expect to hear that, and I believe that can be a catalyst for the advancement of the island’s economy,” said Carey.
“There are a lot of good things ahead, but we just need something to start. I believe the catalyst would be the Grand Bahama Airport.”
Last March, it was announced that a Bahamian group called Aerodrome Limited would spearhead the redevelopment of the Grand Bahama International Airport in conjunction with two other partners, according to Deputy Prime Minister Chester Cooper. Cooper revealed that the first phase of the $170 million redevelopment of the Grand Bahama International Airport would be completed no later than the first quarter of 2025 while addressing the Grand Bahama Business Outlook conference yesterday. He noted that one of the critical factors in getting the Grand Lucayan sold is having a world-class international airport that can accommodate US pre-clearance.
Carey noted that another highly anticipated development was the sale of the Grand Lucayan resort. The government announced in May that it agreed to sell the resort to Electra America Hospitality Ltd. (EAHL) for $100 million. However, in November, Lucayan Renewal Holdings Limited (LRHL), the special purpose vehicle established to sell the property, announced the deal’s collapse, saying the company consistently asked for more time to execute the sale.
Carey remarked: “The DPM said last year there would be no further pronouncements until a sale is definitive. In the absence of that, I take it there is no definitive sale. I do believe there are still ongoing talks with the government about the possible acquisition, but none of that information is available. I believe what will help drive the sale is the government’s announcement on the repositioning of the airport.”
According to Carey, with developments such as Six Senses, the GB Shipyard expansion project, and Carnival’s Cruise port project, there is reason for optimism over the Grand Bahama economy.
