NASSAU, BAHAMAS- The Opposition is questioning the status of the Grand Lucayan redevelopment, calling on the Davis administration to provide clarity on the $827 million project announced back in May.
During debate in the House of Assembly on Wednesday, Opposition finance spokesman Kwasi Thompson raised what he called a “national question” regarding the government’s investment in the resort.
“Obviously the government invested a certain amount of money into the Grand Lucayan,” Thompson said. “And there is a question of what is now the status at the Grand Lucayan? The Grand Lucayan, as we have been informed, is no longer taking reservations. They are in essence proceeding to close.”
Thompson added: “We need to understand what the plan is with respect to the Grand Lucayan. An announcement about $120 million dollars was made. We had raised questions—we on this side- the leader of the Opposition raised questions—as to whether an agreement for sale was signed? Was a conveyance signed? Where is the $120 million dollars, is that in the bank? Was that transferred over to the government? We do not see any information and the government has not been forthcoming with the information as to what is happening.”
He continued: “We need to understand what is happening with respect to the Grand Lucayan. What’s happening with respect to the Grand Lucayan deal? Have you received the funds? Have you received the conveyance? What is the plan moving forward?”
Thompson also questioned announcements about planned demolition at the resort site. “The government had also spoken about demolition. One can look at the site now and there is no indication whatsoever of demolition being planned to occur. So, we need to again understand what’s happening.”
He further expressed concern for Grand Lucayan staff. “The employees have not been informed as to what is the status of their employment, when they are going to be transferred over, or if they are going to be transferred over, when they’re going to be severed, what is the severance pay going to be?”
“All of that speaks to the government’s lack of providing transparent information in their dealings.
In May, the government signed a Heads of Agreement with Concord Wilshire Capital for the redevelopment of the Grand Lucayan under its Bahamian subsidiary, Ancient Waters Bahamas Ltd. The project, estimated at $827 million, includes a new hotel, casino, timeshare units, a marina, cruise resort, and entertainment venues.
Government officials have said the redevelopment will create more than 3,000 jobs—1,320 during construction and another 1,750 permanent positions once fully operational.
