Wynn pulls out of Grand Lucayan bid

 


The future of the Grand Lucayan hinges heavily on the government’s decision to purchase the troubled property now that the Wynn group has decided to rescind its bid for the flailing hotel.

According to the company’s Cheif Executive Officer (CEO) Paul Wynn, high costs of operating on Grand Bahama and a hefty final price tag of $65 million dictated by Hutchison Whampoa, owners of the partially closed complex, were the primary reasons the deal fell through.

The Wynn Group had also been in negotiations with the former Christie administration for the hotel and, in fact, estimates that the hotel will cost at least double the asking price to effectively revive.