Wynn Group still at the negotiating table
Deputy Prime Minister and Minister of Finance Peter Turnquest maintained Thursday that the deal that the Wynn Group originally presented to the former administration for the sale of the Our Lucayan Resort, is different from the one now being considered.
Labelled as the life-line of the Grand Bahamian economy, the resort closed its doors due to damages sustained following the 2016 hurricanes, putting hundreds out of work.
Before the former administration was overwhelmingly voted out of office in May 2017, it announced that a deal with the Wynn Group had been inked for the sale of the resort.
When the Free National Movement (FNM) government took office however, officials said, the deal was not in the best interest of Bahamians and the government sought to go back to the drawing board.
In the House of Assembly (HOA) on Wednesday, Turnquest, who is also the Member of Parliament (MP) for East Grand Bahama said, that one year later, the deal is still being worked on with the same group.
He stated, however, that the narrative the former administration is trying to tell about the deal, is missing several key elements.
“The now opposition would have the Bahamian people believe that the deal was final, that it was sold, that all that was left to do was sign some final documents,” Turnquest told Parliament.
“The individuals who are at the table then are at the table today, but with a vastly different deal – one that we certainly think is an improvement.”
While he did not disclose the details of the old and new deal for comparison, Turnquest said, what was being considered by the former administration would “embarrass” them.
Turnquest added that negotiations with the Wynn group have been difficult, due to a number of factors.
“When you have more than one group involved in a deal, you end up with a protracted negotiations,” he explained.
“So, that is where it is. But I am happy to report to the Bahamian people – especially those from Grand Bahama – be not disheartened because this government is working on your behalf. And I am confident that at the end of the process, you will be pleased.”