NASSAU, BAHAMAS – Royal Caribbean officials announced yesterday that they anticipate releasing the environmental management plan for the Paradise Island Beach Club development next month and is targeting the fourth quarter for its local equity raise
The Royal Beach Club, a $100 million venture situated on Paradise Island, is projected to open in 2025. As per the agreement with the government, Bahamians will have the opportunity to own up to 49 percent equity in the club.
During a supplemental public consultation on the development, Jay Schneider, the Chief Product Innovation Officer, stated,“We expect to publish our environment management plan in July. That’s one of the questions we have gotten. We can’t do that until we close the public consultation process.”
He added, “We are targeting October/December for or Bahamian equity raise.”
Schneider also noted that Royal Caribbean has scaled down its land request from seven acres to four acres and is in the process of amending the lease. A comprehensive land study will be conducted in the upcoming months.
According to Schneider, Bahamian companies and entrepreneurs will have the opportunity to participate in the entire operation, with a Bahamian management team overseeing the beach club. The company expects an annual visitor count of no more than one million people at the beach club, which is slated to open in the summer of 2025. Schneider estimated that the development would generate between 200 and 400 jobs.
However, local environmentalists expressed their disappointment that the updated environmental studies were only made available this week, leaving them insufficient time to review them before last night’s hearing. Eric Carey and other environmentalists raised concerns about the project’s potential environmental impact, including questions about the proposed solar field by Royal Caribbean.
Vaughn Roberts, Senior Vice President of Government Affairs and Special Projects at Atlantis, voiced concerns about ensuring that Royal Caribbean adheres to the conceptual plans and that financial protections are in place to address any potential long-term damage.
Despite the various concerns raised regarding the project’s environmental and economic implications, some attendees praised it as a positive step that would bring about economic benefits for the region.
