NASSAU, BAHAMAS – Sandals Executive Chairman Adam Stewart has expressed optimism over the progress being made in discussions with the Government of the Bahamas regarding its claim for $30.8 million in back taxes.
Stewart, who spoke on the sidelines of a Sandals Foundation event in honor of his late wife, Jill, stated: “It’s an ongoing conversation with the government, but I believe we are making great progress on whatever the disagreement may be.”
The demand for payment followed an audit that determined the resort chain owes the Bahamas government $29,195,112.67, along with an additional $1,648,705.26 in value-added taxes (VAT) and business license fees. The audit covered the financial periods from 2017 to 2022, and Sandals received the $30 million demand in a letter from the DIR on November 24, 2023. The resort denied claims of underreporting gross revenue, disputing the demands for $30.844 million in allegedly unpaid VAT and business license fees combined.
Stewart, when asked about Sandals’ Emerald Bay Resort on Exuma, which is set to undergo a multi-million-dollar transformation into a Beaches Resort, noted: “When we entered in 2010, the Sandals brand was the most powerful, even more so than the Beaches brand.” He explained that to put Exuma on the map and attract the necessary airlines, he would introduce the Sandals brand. Stewart also mentioned that he and his late father discussed using the Beaches brand on Exuma for years.
“Beaches is a family brand. It feels like the right to do. We are excited about what’s going to happen. The Bahamas is my other home,” said Stewart.
Stewart expressed optimism that the project would be put to tender by the end of the year and undergo a 12—to 15-month development. He noted that a number of employees from the Emerald Bay resort have been relocated to Sandals’ properties in Nassau and Turks and Caicos.
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