PM Philip Davis was pleased to have finally reached an agreement to redevelop the Grand Lucayan and reinvigorate the local tourism sector
Concord Wilshire Capital (CWC) has taken major steps to redevelop the Grand Lucayan Resort, a major casino hotel in The Bahamas. This move was hailed by the government which seeks to bolster the local tourism sector.
CWC to Invest $827M in the Complex
On Thursday, CWC signed a heads of agreement with The Bahamas’ government, agreeing to redevelop the Grand Lucayan Resort and reinvigorate local tourism. Under the agreement, CWC will invest some $827 million to refurbish the complex.
The project would completely reimagine the Grand Lucayan Resort, turning it into a modern integrated resort village. This means that old facilities will be demolished to make way for an entirely new resort. The refreshed property would include a 350-room hotel, a 120-unit timeshare complex, a redesigned golf course, a marina and a dedicated cruise resort experience.
The refurbished 25,000-square-foot casino will have both indoor and outdoor areas, providing visitors with different ways to enjoy gaming.
According to the announcement, the redevelopment of the resort is expected to create some 3,000 jobs, including 1,320 during construction, as well as 1,750 permanent jobs. Per the plan, the hotel alone would create 450 jobs and would be a major driver of the local economy. Additional jobs would be created by the casino and other entertainment facilities.
Per the agreement, at least 80% of the redeveloped property’s workforce must be Bahamian.
The Redevelopment Comes in the Wake of Failed Deals
The redevelopment plan comes after several failed attempts to refurbish the Grand Lucayan. The property has struggled to live up to its former glory in the wake of Hurricane Matthew and the COVID-19 pandemic. The government acquired the property in 2018 but has since failed to find a suitable party for redevelopment.
A few years ago, The Bahamas’ government struck down a deal with Royal Caribbean and ITM Group, deeming it to not be in the best interest of the country. A separate agreement with Electra America fell through.
This time, however, the government is convinced that a redevelopment will happen. If everything goes smoothly, construction should begin within three months of the signing of the final regulatory approvals. The refurbished resort’s completion should take several years.
A Pivotal Moment for Grand Lucayan and The Bahamas
According to CWC, the signing of the heads of agreement was a “pivotal moment” for the Grand Lucayan. CWC’s president, Nate Sirang, commented on the agreement, saying that he seeks to build a “powerful economic resort engine” that would benefit the entire island of Grand Bahama. He added that the new resort seeks to provide job opportunities that will bring many locals back home.
Sirang emphasized that his team has a clear plan to redevelop the resort and promised that local contractors, professionals, and businesses will be integrated into the process.
The Bahamas PM Philip Davis was likewise pleased to have finally reached an agreement to redevelop the Grand Lucayan and respark tourism. Davis admitted that this took longer than he would have wanted but added that he is happy nevertheless.
Davis also emphasized that the refurbished resort will offer thousands of Bahamians opportunities to earn, grow and build a future for themselves and their families. He said that this project puts Bahamians first, as the government always intended.
