NASSAU, BAHAMAS- The Grand Bahama Chamber of Commerce is welcoming renewed movement on the long-stalled redevelopment of the Grand Lucayan Resort, but is warning that major questions remain despite a trio of announcements from developers and government.
In a statement Thursday, the Chamber said it “welcomed” the announcement regarding the proposed MSC Beach Club development” by CTL Maritime, noting it “signals potential investment and renewed activity for Grand Bahama” and expressing encouragement at “MSC’s continued interest in the island.”
However, it stressed that clarity—not announcements—is now critical. “Key details remain limited at this stage, particularly regarding the structure of the transaction, current property ownership, and how this development aligns with the broader Grand Lucayan redevelopment plans previously announced, which were positioned as delivering real, transformative change,” the Chamber said.
The caution comes as Concord Wilshire Capital announced a “definitive agreement” for an MSC Beach Club on one parcel of the property, alongside plans for additional cruise resorts, a mega yacht marina and an integrated casino, while the government described the partnership as a major step forward for Grand Bahama’s economic recovery.
Prime Minister Philip Davis said the partnership brings “fresh capital and global reach” and reflects investor confidence, adding the project is expected to generate “thousands of direct and indirect jobs.”
But the Chamber underscored that the community remains cautious given the project’s history. “Given the history surrounding this property and the pace of progress in recent years, it is understandable that the Grand Bahama community is approaching such developments with cautious optimism and a focus on tangible results,” it said.
That history includes multiple failed or stalled deals. The Minnis administration purchased the resort for $65 million from Hutchison Whampoa in 2018 to prevent its closure, but subsequent efforts to redevelop the property have repeatedly collapsed. A proposed deal involving Royal Caribbean Group and ITM Group was later canceled, while a $100 million agreement with Electra America Hospitality Group—backed by plans for a $300 million redevelopment—also fell through months after being announced.
Against that backdrop, the Chamber is now calling for confirmation on whether the latest agreements are finalized or still conditional.
“Clarity is therefore needed on the status of all agreements, including whether this represents a finalized transaction or remains subject to approvals and conditions,” the statement said.
It also questioned whether a proposed April 12 start for demolition is realistic, noting the need to confirm that “all necessary environmental and regulatory approvals are in place.”
While MSC Cruises, through CTL Maritime, is advancing plans for a beach club, Concord Wilshire said demolition would begin “imminently” subject to environmental permits, and outlined a broader multi-phase redevelopment expected to attract more than one million visitors annually.
The Chamber, however, stressed that the success of any project will depend on how well it integrates with the wider economy.
“This includes understanding how the development will coexist with and support existing businesses… while contributing to a more connected and inclusive economic environment, rather than functioning as a largely self-contained development,” it said.
It added that investments must create opportunities not only through jobs, but “entrepreneurship, business growth, and long-term ownership” for Bahamians.
The organization also pointed to broader infrastructure concerns, including air access, housing and workforce capacity, and renewed its call for progress on the Grand Bahama International Airport redevelopment, noting the business community is still looking for “defined timelines and visible advancement.”
Despite welcoming foreign direct investment, the Chamber said a “Grand Bahama–first approach must remain central.”
Michael Scott KC, who under the Minnis administration headed Lucayan Renewal Holdings, the special purpose vehicle (SPV) formed to hold the resort, told Eyewitness News: “I believe the government has hyped and overstated the extent of and or the parameters of the intended investment. MSC is looking for day beach activity for its cruise passengers as they already have or are developing a facility at the Port.”
Scott added: “I would compare it to the beach day activity centre at the western end of Paradise Island. The net effect of what they are doing will be to carve up the Grand Lucayan in multiple parts. It doesn’t look like a major development to me but true to for this government, it over promises and under delivers. It’s curious they are just announcing this now on the cusp of an election. I doubt if it will make a difference.”
One observer summed up sentiment on Grand Bahama, saying residents are “tired of the talk and the rhetoric and announcements.”
“MSC is a reputable company, a global brand—they have the resources to see this through,” the observer said. “Still, it seems kind of rushed, so close to the election. We don’t know all the details—the concessions, whether there’s exclusivity for MSC. Then we don’t know the fate of the Grand Lucayan itself.
“Is there money in the bank? Has the government received the $120 million? The Grand Lucayan is an anchor property—how does a beach club and cruise visitors crowding the beach mesh with that property and its revival?”
They added that without clear progress on airport redevelopment, a key question for any investor remains: “Can they get heads in beds?”
