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BAHAMAS: LOI Signed for Purchase of the Grand Lucayan Resort

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#Freeport, GB, March 29, 2019 – Bahamas – “We have done what we said we would do – in the face of much criticism the Government of The Bahamas purchased the Grand Lucayan Resort for $65 million dollars and we said that we would hold it for the shortest period of time and sell it for $65 million dollars – and we have done exactly that.”

Those were the sentiments of Minister of Tourism, the Hon. Dionisio D’Aguilar, during an official press conference on Wednesday, March 27, 2019 in the Office of the Prime Minister, as a part of the signing of a Letter of Intent (LOI) for the purchase of the Grand Lucayan resort.

On hand for the signing of the LOI and the major announcement were Tourism Minister D’Aguilar; Minister of State for Grand Bahama, Senator Kwasi Thompson; Chairman of Lucayan Renewal Holdings Limited, Michael Scott; President of the Senate, Katherine Forbes-Smith; Vice-President of Government Relations/Americas for Royal Caribbean Cruise Lines, Russell Benford; and Chief Executive Officer of ITM, Mauricio Hamui.

The LOI was signed between Lucayan Renewal Holdings and ITM/Royal Caribbean joint venture. The deal is expected to transform the Grand Lucayan resort and its surrounding areas, as well as develop the harbor in Freeport into a destination product using water-based adventure theme parks. Both ITM and Royal Caribbean have worked on successful projects in the past.

“I am pleased to announce to the people of Grand Bahama and to the entire Bahamas that the much-anticipated sale of the 217-acre Grand Lucayan resort has finally been agreed upon,” added Minister D’Aguilar.

“The development that will roll out in Grand Bahama over the next 24-36 months will go far in restoring the island’s economy to its former glory days.”

Minister of State for Grand Bahama, Senator Kwasi Thompson noted that the signing of the LOI confirms the government’s agreement to enter into exclusive negotiations with Royal Caribbean International and the ITM Group for the purchase of the Grand Lucayan resort and the redevelopment of Freeport Harbor into a cruise port of choice.

“The $195 million investment earmarked for the first phase of the project over a twenty-four month period will include the purchase price of $65 million and the creation of approximately 2,000 jobs,” said Minister Thompson.

“Discussions leading to a Heads of Agreement, subject to the approval of the National Economic Council, will begin immediately on matters related to Bahamian employment requirements and Bahamian participation in specific areas.

“However, it is anticipated that Bahamians will have significant ownership participation in restaurants, retail stores, transportation and water sports.”

Minister Thompson noted that the joint venture project between RCI/ITM will not only combine the redevelopment of Freeport Harbor as a cruise port of choice, but will also transform the Grand Lucayan resort into a theme park, featuring water-based family entertainment, with dining, gaming and entertainment options and five-star hotel accommodations.

He noted that significant demand for both airlift and sealift to the destination is being created, including the unleashing of much-needed economic opportunities.

“The redevelopment of Freeport Harbor is anticipated to include significant increase in cruise ship arrivals, bringing an additional approximately two million passengers annually, with the addition of multiple cruise lines calling on Grand Bahama,” added Minister Thompson.

Since placing the Grand Lucayan on the market, there were over 62 expressions of interest from local and global firms. By February 14 of this year, eleven letters of offer were received and evaluated by the Board of the Lucayan Renewal Holdings Ltd.

According to Minister Thompson, on Friday, March 22, the Board, in carrying out its predetermined exit strategy, unanimously approved a resolution to recommend to the Prime Minister and the Cabinet, the sale of the Grand Lucayan to RCL/ITM.

The Minister noted that when considering all of the bids for the resort, one of the major components that went into their final decision was finding the company or entity that would create a unique destination for Grand Bahama.  “For us, it was more than just about trying to sell the hotel,” added Minister Thompson. “We knew we needed to do more, and creating a unique destination was at the forefront. The joint venture with Royal Caribbean and ITM fit that bill.”

Russell Benford, vice-president of Government Relations/Americas for Royal Caribbean said that coming to The Bahamas seemed like a perfect fit, considering the fact that the company was created with the Caribbean as its major destination.  “This is an incredible project and I want to thank the Bahamian Government for giving us this opportunity in Grand Bahama,” said Benford.  “We are honored to have been chosen from some really great people and companies around the world for this project.

“We understand what Grand Lucayan means to the Government of The Bahamas and to the people of Grand Bahama and so you have our commitment that we will do this project right and we will do right by the government and the people of The Bahamas.

“We build spectacular world class products and we will bring that same excellence and dedication here to this project in Grand Bahama.”

By Andrew Coakley

Release: BIS

Photo Captions:

Header: Minister of Tourism, the Hon. Dionisio D’Aguilar (seated third left), along with Minister of State for Grand Bahama, Senator Kwasi Thompson (seated second left), was joined by Michael Scott (seated centre), chairman of Lucayan Renewal Holdings Ltd.; Russell Benford (seated, third right), vice-president of Government Relations/Americas for Royal Caribbean; Mauricio Hamui (seated second right), chief executive officer of ITM, along with Board Members of Lucayan Renewal Holdings (standing) for LOI signing for the purchase of the Grand Lucayan resort, in the Office of the Prime Minister on Wednesday, March 27, 2019.

1st Insert: Minister of State for Grand Bahama, Senator the Hon. Kwasi Thompson, speaking during a press conference and official signing of Letter of Intent for the Purchase of the Grand Lucayan on Wednesday, March 27, 2019.   Looking on is President of the Senate, the Hon. Katherine Forbes-Smith.

2nd Insert: Mr. Russell Benford (centre), vice-president of Government Relations/Americas for Royal Caribbean, says the company is excited about the project in Grand Bahama and promised to bring excellence and dedication to the restoration and redevelopment of the Grand Lucayan resort, as well as redevelopment of the Cruise Port in Freeport.  At right is Mr. Mauricio Hamui, chief executive officer, ITM, and at left is Mr. Michael Scott, chairman of Lucayan Renewal Holdings Limited.

BIS Photos/Lisa Davis

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Fuel Pain at The Pump: Global Tensions Drive Prices Up as Bahamians Feel the Squeeze

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NASSAU, Bahamas — What should be a simple five-minute drive is fast becoming an expensive, hour-long ordeal, as rising fuel prices collide with worsening traffic congestion across New Providence.

As of early April 2026, gasoline prices across The Bahamas have climbed sharply, with motorists now paying an estimated $5.50 to over $6.50 per gallon, depending on the station and grade. The increases, seen at major retailers including Esso, Rubis and Shell, reflect a volatile global oil market driven by escalating geopolitical tensions.

The latest spike — in some cases jumping more than 50 cents per gallon within days — is being driven by uncertainty surrounding escalating tensions involving Iran. U.S. President Donald Trump has issued a direct ultimatum, warning that the United States could launch aggressive strikes on Iranian infrastructure, including power plants and key facilities, if demands are not met. While he has also expressed hope for a swift resolution, the threat of rapid escalation is already rattling global oil markets — and The Bahamas, heavily dependent on imported fuel, is feeling the impact almost immediately.

At the pumps, the frustration is real.

Drivers are now paying significantly more just to sit in traffic. Commutes that once took minutes are stretching into hour-long crawls, burning fuel with little movement and compounding the financial strain. For many residents, the issue isn’t just the price per gallon — it’s how quickly that gallon disappears.

Industry players are also bracing for impact. Higher diesel prices are expected to ripple across key sectors, including trucking, construction, and shipping — all of which ultimately feed into the cost of goods and services. In short, this is not just a fuel story; it’s an inflation story in the making.

Despite the surge, the Bahamas Petroleum Retailers Association has moved to calm fears, confirming that there is no fuel shortage. Supply remains stable, but consumers are being urged to adjust behavior — from maintaining proper tyre pressure to considering carpooling — small measures that could stretch every dollar a bit further.

Retailers, however, are not offering much comfort on price relief. While fluctuations are expected, insiders say the days of sudden price drops are unlikely in the immediate term. The “shock” increases may level off, but a meaningful decline hinges on global stability — something that currently feels out of reach.

For Bahamians, the reality is tightening: higher fuel costs, longer commutes, and a growing sense that relief isn’t coming anytime soon.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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FNM’S $200 CHILD SUPPORT PLAN SPARKS DEBATE AS PLP QUESTIONS FUNDING AND SCOPE

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NASSAU, Bahamas — The Free National Movement has rolled out details of its proposed $200 monthly Working Parent Child Support Initiative, but the announcement has already ignited political debate and prompted clarification from the party.

Leader Michael Pintard said the initiative would provide $200 per month to qualifying caregivers during the first two years of a child’s life, as part of a broader push to ease the cost of living for Bahamian families.

The party estimates the programme would cost between $12 million and $14 million annually, with funding to come from reducing what it describes as excessive government spending — particularly consultancy contracts.

However, the proposal quickly drew scrutiny.

The governing Progressive Liberal Party has challenged the feasibility of the plan, questioning how the payments would be sustained without increasing the deficit or introducing new taxes. The response forced the FNM to further outline its funding strategy, emphasizing that a 21 percent reduction in consultancy spending could fully finance the initiative.

The exchange has highlighted a familiar election-season tension — bold proposals versus practical execution.

Beyond the child support plan, Pintard outlined a wide-ranging policy agenda, including:

  • Removing VAT on select essential goods
  • Constructing 5,000 affordable homes within five years
  • Cutting the country’s food import bill by half
  • Strengthening enforcement against illegal immigration
  • Reforming the nation’s healthcare system

Pintard also took aim at the current administration, accusing it of mismanaging public funds and awarding more than $400 million in contracts without competitive bidding — claims which have further fueled political back-and-forth.

“The best way to pay for high-quality public services in the long run is to have a strong, efficient economy,” Pintard said, arguing that government spending must be redirected toward ordinary Bahamians.

While supporters have welcomed the proposals as timely relief for struggling families, critics remain cautious, pointing to unanswered questions around implementation, eligibility, and long-term sustainability.

With election momentum building, the debate surrounding the FNM’s plan underscores a broader reality — Bahamians are being presented with big promises, but increasingly demanding clear answers on how those promises will be delivered.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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COI UNVEILS FIRST 100 DAYS PLAN, PROMISING SWEEPING CHANGE AND BREAK FROM MAINSTREAM POLITICS

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NASSAU, Bahamas — The Coalition of Independents has rolled out its First 100 Days Plan, positioning it as a roadmap for rapid national transformation and a clear break from what it describes as the failures of the country’s two dominant political parties.

Leader Lincoln Bain introduced the plan during a recent public presentation, outlining a series of early actions his party says would be implemented immediately upon taking office.

At the heart of the proposal is a push to redistribute access to Crown land, a signature policy of the Coalition, which argues that Bahamians should have greater direct benefit from national resources. The plan also prioritizes the full implementation of Freedom of Information legislation, with Bain framing transparency as a cornerstone of restoring trust in government.

Additional focus areas include proposed reforms to the healthcare system, including improved compensation for nurses and medical professionals, and broader governance changes aimed at increasing accountability and reducing political control over national decision-making.

The Coalition has branded the plan as a historic first, describing itself as the only political group to present a structured 100-day agenda ahead of a general election.

But beyond the policy points, the messaging was unmistakable.

Bain and his team continue to urge Bahamians to move away from the traditional two-party system, arguing that both the Progressive Liberal Party and the Free National Movement have failed to deliver meaningful change despite decades of governance.

“The system is not working for the people,” has been a consistent refrain from the Coalition, which is campaigning on the idea of resetting how the country is governed.

While supporters view the 100-day plan as a bold and necessary shift, questions remain about the level of detail provided, particularly around costing, timelines, and how proposed changes would be executed within the existing structure of government.

Still, the rollout signals that the Coalition of Independents is seeking to position itself not just as an alternative voice, but as a ready governing option — one promising immediate action and systemic reform.

With election momentum building, the emergence of a defined 100-day agenda adds a new dimension to the political landscape, as Bahamians weigh competing visions for the country’s future.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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