Bahamas News
Government and Baha Mar sign $350 million Heads of Agreement for resort’s expansion
By LINDSAY THOMPSON
Bahamas Information Services
NASSAU, The Bahamas –– The Government of The Bahamas and Baha Mar entered into a Heads of Agreement for a $350 million expansion of the resort on Cable Beach.
It was deemed “a big day for tourism and investments” in the country, as it also marked the beginning of an exciting new chapter for Baha Mar.
The agreement was signed during a press conference held on Wednesday, September 18, 2024 at Baha Mar’s Rosewood property.
In attendance were the Hon. Philip Davis, Prime Minister and Minister of Finance; the Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation; Secretary to the Cabinet Mrs. Nicole Campbell; Phylicia Woods-Hanna, Director of Investments; Graeme Davis, President of Baha Mar; Robert ‘Sandy’ Sands, Baha Mar Senior Vice-President; and other officials.
“Today’s signing is a clear indication of the strength and resilience of our tourism industry and economy and a reminder of the opportunities ahead,” said Prime Minister Davis. “Today marks the beginning of an exciting new chapter for Baha Mar, one that underscores the strength of our nation’s tourism industry and its incredible potential.”
He observed that the expansion of Baha Mar, with its continued investment in the development of Cable Beach, is a shining example of how the country continues to attract significant global investment.
“This project represents a commitment to the ongoing growth of our economy and the enduring confidence investors have in The Bahamas.”
From developing a new condominium-hotel complex to expanding world-class amenities, this expansion will further elevate Baha
Mar’s already outstanding reputation as a premier destination. Baha Mar plans to add a 4th luxury resort as the next phase of its continued development: the groundbreaking ceremony is scheduled for 2026 with a projected opening in 2029. It will engage a workforce of about 400 at construction site, and 500 employed upon completion.
Designed by internationally recognized architect and designers Foster + Partners, the resort will be situated on 12 beachfront acres where Melia Nassau Beach resort once stood. It will feature 350 rooms and 50 luxury branded residences overlooking the turquoise waters of Cable Beach. Amenities will include four new restaurants, a 14,000 square-foot world-class spa and fitness centre, luxury retailers, pools, and additional family amenities.
The new hotel will also feature 25,000 square-feet of dedicated indoor and outdoor event space, a 10,000 square-foot ballroom, 6,000 square-foot junior ballroom, and entertainment lounges.
These initiatives will aim to enhance guest experiences and create hundreds of new jobs for Bahamians, ensuring that Baha Mar continues to be a key driver of economic success.
“This dawn of a new chapter for Baha Mar is a signal to the world that The Bahamas is open for business, ready to embrace new opportunities, and steadfast in our vision of sustainable growth.
“Baha Mar’s continued growth is a powerful demonstration of what can be achieved through true partnership,” the prime minister said.
He added that the expansion reaffirms the strength of the government’s relationship with CTF BM Holdings and its parent company, highlighting their deep-rooted commitment to the country’s development.
“Let this be a model for future projects — where collaboration, mutual respect, and shared goals can unlock extraordinary potential,” he said.
Tourism Minister Cooper called it a “transformative announcement”, and that Baha Mar has already provided a significant boost to
the local tourism product over the past seven years.
He said this speaks to the “long-term commitment” by a significant corporate citizen that the nation is poised for prosperity, and that it was “a big day for tourism and investments.”
Baha Mar’s Graeme Davis, too, underscored the importance of the expansion project to the Bahamian economy.
“Baha Mar is committed to creating spectacular experiences and this $350 million capital investment in our world-class resort collection underscores Baha Mar’s role as a catalyst for continued economic growth and job creation in The Bahamas,” Mr. Davis said, adding that Baha Mar was grateful to the government for its continued support and the collaborative partnership in bringing about this new development.
In conclusion, the prime minister said, “Friends, we are entering a brave new era. An era defined by the remarkable investments we see today and the full maximization of Bahamian potential.
“While we celebrate the expansion of Baha Mar and welcome new investments, what matters most to me is ensuring that Bahamians are not just participants, but leaders in our tourism industry,” he said.
PHOTO CAPTIONS
BIS Photos/Kemuel Stubbs
Header: The Government and Baha Mar entered into a Heads of Agreement for a $350 million expansion of the resort on Cable Beach. The agreement was signed during a press conference held on Wednesday, September 18, 2024 at Rosewood, Baha Mar. Pictured from left: the Hon. Philip Davis, Prime Minister and Minister of Finance; Phylicia Woods-Hanna, Director of Investments; Secretary to the Cabinet, Nicole Campbell; Graeme Davis, President of Baha Mar; Alistair Chisnall, Partner, GrahamThompson; Sandy Sands, Baha Mar Senior Vice-President; and the Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation.
1st insert: The Government and Baha Mar entered into a Heads of Agreement for a $350 million expansion of the resort on Cable Beach. The agreement was signed during a press conference held on Wednesday, September 18, 2024 at the Rosewood property. Pictured left to right: Phylicia Woods-Hanna, Director of Investments; the Hon. Philip Davis, Prime Minister and Minister of Finance; Secretary to the Cabinet, Nicole Campbell; Graeme Davis, President of Baha Mar; Sandy Sands, Baha Mar Senior Vice-President; and the Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation.
2nd insert: Government and Baha Mar officials arrive for the signing of a Heads of Agreement for a $350 million expansion of the resort on Cable Beach. The HOA was signed during a press conference, September 18, 2024 at Rosewood, Baha Mar. Pictured from left are the Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation; the Hon. Philip Davis, Prime Minister and Minister of Finance; and Graeme Davis, President of Baha Mar.
3rd insert: The Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation looks at the renderings of the expansion of Baha Mar.
The Bahamas, May 4, 2026 – With elections days away, The Bahamas has picked up a headline-friendly win: a credit rating upgrade.
Here’s the one-liner that matters most:
A higher rating can mean cheaper borrowing for the government—over time.
That’s the upside. When lenders see less risk, they demand lower interest. That can ease the cost of financing big projects and managing national debt.
But that’s only part of the story.
Moody’s Ratings has upgraded The Bahamas to Ba3 from B1, citing stronger fiscal discipline, improved liquidity and a more stable funding strategy. It also points to better tax collection, controlled spending and continued strength in tourism as key drivers.
Moody’s expects the government to maintain solid primary surpluses—essentially bringing in more than it spends before debt payments—and projects national debt to decline from 72.5% of GDP to around 68% by 2027.
That’s progress.
But here’s the reality check.
The Bahamas is still below investment grade. In plain terms, the country remains in speculative territory, meaning investors still see a higher level of risk compared to more stable economies.
Debt, while improving, is still elevated. And the economy remains heavily dependent on tourism—a sector that can shift quickly with global
conditions, weather events or geopolitical shocks.
Even Moody’s signals that more work is needed. Further upgrades depend on:
- sustained reductions in debt
- improved debt affordability
- and continued access to favourable financing
So while the upgrade reflects real gains, it is not a finish line.
It is a signal that the country is moving in the right direction—but must stay disciplined to keep that momentum.
For voters heading to the polls, the takeaway is simple:
The Bahamas has strengthened its financial position—but the fundamentals still need work.
The progress is real.
The challenge now is to make it last.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
The Bahamas, May 4, 2026 – The Parliamentary Registration Department is assuring the public that ballots cast during advance polling
remain secure, following a viral video that sparked confusion and concern in eastern Nassau.
The footage, widely circulated on social media, showed a tense scene outside Thelma Gibson Primary School, where party supporters surrounded election officials as a ballot box was escorted to a waiting vehicle under police guard. The confrontation—loud, chaotic and closely watched—left many questioning whether proper procedures were being followed.
In response, the PRD moved to clarify.
In an official statement, the Department said the transport of ballot boxes in the Elizabeth and Yamacraw constituencies was conducted in line with established protocol. It explained that once polling concludes, the Presiding Officer is required to return sealed ballot boxes to the Returning Officer, who—accompanied by a senior police officer—then transports them to the Parliamentary Commissioner.
The PRD said it is satisfied that Returning Officer Sonia Culmer adhered to those procedures and that the ballot boxes remained sealed at all times.
But that account has been challenged.
PLP Elizabeth candidate Jobeth Coleby-Davis has called for an urgent investigation into what she described as alleged irregularities
involving ballot handling. She claims that established procedures were breached, including the movement of sealed ballot boxes without the presence of party observers, and is urging authorities to review the matter.
The competing accounts have added to public unease following scenes that saw supporters from multiple political parties crowding officials during the transfer process, demanding clarity on what was taking place.
Individuals clad in PLP shirts, including incumbent Coleby-Davis swarmed the returning officer, police officers and the ballot boxes. The charge was the woman in the crosshairs of the accusations was connected to the opposition FNM party.
There was nothing to validate this claim and there is no confirmed breach reported by election officials.
Ballots cast during advance polling are expected to remain secured until Election Day, May 12, when they will be merged with ballots in their respective constituencies and counted as part of the official tally.
For now, the PRD is standing firm on the integrity of the process—even as calls for further scrutiny grow louder.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
USA, April 23, 2026 – A Bahamian man has been extradited to the United States to face serious drug charges stemming from alleged offences committed several years ago.
Lernis Cornish Jr. was handed over to U.S. authorities on April 17, 2026, following extradition proceedings in The Bahamas. The case was heard before Chief Magistrate Roberto Reckley, who ordered that Cornish be surrendered to American officials. Cornish did not challenge the order.
He has since been transferred to Florida, where he is expected to face trial in connection with alleged drug-related activity dating
back23 to 2020.
According to reports, Cornish is accused of possession of cocaine with intent to supply and conspiracy to possess cocaine with intent to supply. Related U.S. law enforcement notices also indicate that the matter is being pursued in Collier County, Florida, where authorities have listed charges including trafficking in cocaine and conspiracy to traffic cocaine, involving quantities of 400 grams or more.
The case now falls under the jurisdiction of the Florida court system, where prosecutors are expected to advance the matter through pre-trial proceedings ahead of any potential trial.
Extradition from The Bahamas to the United States is governed by bilateral treaty arrangements, allowing individuals accused of serious offences to be transferred to face justice in the requesting country once a Bahamian court is satisfied that legal requirements have been met.
Cornish’s extradition marks the continuation of a multi-year case, moving it from preliminary proceedings in The Bahamas into the U.S. judicial system, where the allegations will now be tested in court.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
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