Bahamas News
BAHAMAS: Tourism Enjoys ‘Exceptional’ First Quarter
#Nassau, June 26, 2018 – Bahamas – The country’s tourism industry performed “exceptionally well” during the first quarter of 2018, with stopovers increasing by a whopping 18 per cent, and air arrivals at their highest on record.
“This places The Bahamas in third place in the region, after Belize and the Cayman Islands which recorded growth levels of 23% and 20% respectively,” Minister of Tourism and Aviation, the Hon. Dionisio D’Aguilar said.
“It should be noted that, with The Bahamas receiving at least 1.4 million stopover visitors per annum, this growth is tremendous when compared with that of our Caribbean neighbours.”
Mr. D’Aguilar said air arrivals support the revenue-producing stopover segment of the industry, producing rooms’ revenue, which, from the large hotels alone, was up thirty-nine percent (39%) at the end of the first quarter. Air arrivals had been boosted primarily by improved airlift seat capacity and room inventory in New Providence, and increased overall demand for Bahamas vacations over the peak Easter holiday period.
“In addition, average daily rates increased by eleven percent (10.9%) over the same period and the industry witnessed a twenty-five percent (25%) uptick in room nights sold. By my estimate, this translates into an additional $90-100 million in economic impact — all in the first quarter of this year,” Mr. D’Aguilar said.
“This is indeed good news for the Bahamian economy. By all accounts, the collective marketing efforts of the Ministry and the industry, and robust growth in the Family Islands, coupled with the addition of 2,300 rooms at Baha Mar with increased employment to 4,000 persons at that property, have all served to put this country on a more solid economic footing.”
With respect to the country’s cruise sector, Minister D’Aguilar said while The Bahamas experienced a marginal loss in growth of its cruise business in the first quarter of this year, “we experienced overall growth last year in the volume of cruise passengers when the region experienced a 3.7% decline.”
“However, the conundrum remains of how do we work to improve domestic production to facilitate increased cruise visitor spend? All but one of the 
cruise agreements have expired and the government does not intend to continue the cruise incentive model that it has operated in the past.
“With all that said, Bahamas tourism is indeed seeing healthy gains and not just in New Providence, but in most of our tourism destinations. In fact, except for Grand Bahama, Inagua, Cat Island and Exuma, eight of our major tourism destinations have all seen double-digit stopover increases in the first quarter of 2018,” Minister D’Aguilar added.
Mr. D’Aguilar said while this growth represents a positive turn of events, it remains to be seen whether the current tourism model and emerging market trends can consistently deliver on rates of growth that have eluded the industry year-on-year for the past twenty years.
He noted, “It must also be recognized and appreciated that our ‘good news,’ while considerably influenced by our own efforts at home, has been jump-started by a significantly improved US economy.”
By: Matt Maura (BIS)
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.
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