Bahamas News

Lucayan Strip sale has leaders talking, Govt under pressure to make a move, but what?

Published

7 years ago

August 25, 2017

#Bahamas, August 25, 2017 – Grand Bahama – The Bahamas Government may have to get back into the hotel business as it appears to be a rocky road ahead when it comes to solidifying a deal for the Lucayan Strip in Freeport. Many are weighing in now, after the report that the Wynn Group out of Canada has left the table, reportedly that negotiation ended weeks ago.

From the owner of #PortLucayaMarketplace saying the government should opt for short term pain to see long term gain, to an anonymous source saying the Government may take an equity stake in the resort site, to a former Grand Bahama Port Authority executive calling for a firm hand in dealing with Hutchison Wompoa and the former Tourism Minister saying the PLP Administration also considered buying in to save the district; all agree that it is an important, tough call which has to be made carefully and soon by the Minnis led government.

One thousand direct jobs were lost when the Memories hotel and casino closed down, Government is under pressure to act now to get people back to work. The FNM Administration has not not said anything, but in their saying there is little insight about what the government will do now that they are in this quandary over which direction to take when it comes to the #LucayanStrip.

Peter Hunt, owner of Port Lucaya gives an interesting interview to Tribune Business where he explains that a theme park styled revamp of the strip to the tune of $350M is what their side believes is right and he explained that a sudden or rushed move by Government to get people back to work may cost the island a real game changing deal.

Hunt explains, “If they put an all-inclusive operator in there for five to 10 years, it will kill the deal. I’m very, very nervous that the Government will have a knee jerk reaction because they want to open that resort quickly. That will kill the deal. It won’t work. It will be a dead duck. But we feel the process is being rushed because they have to do something, and that could restrict long-term gain,” he added.

Hunt exposed that the Government has told him, we’d like to work with you, but people are saying we need something to happen today’. Hunt told the publication he feels sorry for The Government’s position in this dynamic deal. While Carey Leornard, former Chairman at the Grand Bahama Port Authority says government has to act forcefully with Hutchison because, in his view, Grand Bahama is on the brink of economic collapse.

Leornard was also speaking the Tribune Business when he said, “The Government needs to let them [Cheung Kong Property Holdings, the Grand Lucayan owner created by Hutchison Whampoa’s split] know that they cannot just shut down a major property and get away with it. The Government needs to be extremely firm.”

Obie Wilchcombe, who had days before the elections left the country to secure the Letter of Intent, with a deposit of $110,000 paid by the Wynn Group said he is watching the situation, “We were hoping by now that the property would be under repair and being prepared for the winter season coming. I’m deeply concerned, but I hold on to what the Prime Minister said in his national address: that the Government will be stepping up to the plate to assist.”

But it seems the Minnis Administration does not believe the deal struck with the PLP could happen as originally hoped for #GrandBahama. That anonymous source to Tribune Business said, “The Government realized Wynn couldn’t do it, and didn’t want them as a player. They’ve been out for several weeks.” It is reported that in addition to hundreds of jobs, Grand Bahama lost 59% of its room inventory.

#MagneticMediaNews

Related Topics:#LucayanStrip #magneticmedianews #PortLucayaMarketplace grandbahama

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Bahamas News

Bahamas economic growth

Published

4 days ago

May 4, 2024

Shanieka

Rashaed Esson

Staff Writer

The Bahamas’ economy is in good standing according to reports from the Bahamas National Statistical Institute which released the Quarterly Gross Domestic Product Series. They indicate that quarterly GDP trends for 2023 saw increases compared to 2022, a sign of recovery from the Covid 19 pandemic.

The most significant increase was 9.9 percent in the first quarter of 2023, and the industries responsible for the growth include Accommodations and food, construction and Arts.

Bahamas News

RBC appoints new Country Manager and Area Vice President for Turks & Caicos

Published

5 days ago

May 4, 2024

Shanieka

RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.

Bahamas News

Get your laugh on, March On show coming to Turks and Caicos with box office at IGA Friday and Saturday

Published

5 days ago

May 3, 2024

Shanieka

Dana Malcolm

Staff Writer

After resounding success in the Bahamas, hit play ‘March On, The Story of Us’ has been inundated with requests to take their show on the road, and the first location they’ll be hitting is Providenciales Turks and Caicos with tickets on sale this weekend from May 3 to 5.

Magnetic Media spoke to Gea Pierre, playwright, who told us the TCI was a natural first choice for the cast and crew.

“We started ‘March On’ in November 2023 and it was really an opportunity for us to tell a story, the story of the Bahamas and to encompass the nations that we have an amazing relationship with like the Turks and Caicos,” she continued “We really got a lot of people calling [for the play] from [the TCI], so much so we really had to pay attention.”

The response to ‘March On’ at home and abroad was overwhelming.

“To say it went well is an understatement, even before we opened we got calls from Canada, from all over the US with people wanting us to come and perform.”

And take the show on the road they did! Gea and her team have launched “March On: The Tour” and will be in Providenciales to perform on May 10th and 11th. It’s the first of a number of stops which include Nassau and several US locations.

A ticket booth will be set up from today, Friday May 3 in the foyer of IGA grocery store beginning at 1 p.m. Friday and then again all day on Saturday, allowing residents to purchase with cash.

Online tickets are available for purchase with credit cards. Then the full team returns on Friday, May 11 for the actual showing at 8 pm and their two showings on Saturday at 4pm and 8 pm. The venue is Brayton Hall, Providenciales under the patronage of Washington Misick, TCI Premier and First Lady Delthia Misick.

Describing the close familial relationships between the TCI and the Bahamas, for many on the crew it will be like coming home Gea told us, for others it will be a treat to visit for the first time, the places that their grandparents described.

Tickets are only $60 for general seating and $75 for VIP seating.

Gea maintained that the team wanted to keep the show as accessible to residents as possible.

As for why you should come out and see the play, other than the great price point:

“The way that people have responded to it is non stoplaughter, people have been moved to tears because there’s some emotion. It does not only lend to Bahamians. It’s a family drama, and anyone who’s ever been a part of a family is going to get something out of it, and something moving.”