Bahamas News
Grand Lucayan, Sold
#FREEPORT, Grand Bahama – February 2, 2020 — The Government of The Bahamas sold the Grand Lucayan on Monday, March 2, 2020 to a partnership between Royal Caribbean International and ITM (Bahamas Port Investments Ltd.), which is expected to make a $250 million investment between the hotel and the redevelopment of the cruise port.
GRAND LUCAYAN SOLD – Prime Minister, the Most Hon. Dr. Hubert Minnis, on Monday, March 2, 2020 was on island for the Heads of Agreement signing between the Government of The Bahamas and Bahamas Port Investments Ltd. for the sale of the Grand Lucayan. Also present were members of Cabinet, Members of Parliament, Permanent Secretaries, senior government officials and members of the business community. The ceremony was held on the Great Lawn of the Grand Lucayan. The event officially started shortly after 11 a.m. (BIS Photo/Yontalay Bowe)
The Heads of Agreement Signing Ceremony was held on the Great Lawn of the property, some 11 months following the signing of the Letter of Intent on Wednesday, March 27, 2019.
Prime Minister of The Bahamas, the Most Hon. Dr. Hubert Minnis described the day as a wonderful one as the government’s intention was never to hold on to the property, but initially purchased it so save jobs of Grand Bahamians and businesses.
“As we stated at the time, it was our intention to privatize the property as quickly as possible. We wanted to ensure that we found the right buyer who shared our vision for the renewal of Grand Bahama. Our vision was the renewal and rebirth of Grand Bahama’s tourism sector and product as an essential element in the restoration of this island’s potential.
SIGNING CEREMONY — The Government of The Bahamas and Bahamas Port Investments Ltd. signed a Heads of Agreement with respect to purchase of the Grand Lucayan today, March 2, 2020. Prime Minister, the Most Hon. Dr. Hubert Minnis (standing, second right) said the multi-million dollar investment “will go a long way in revitalizing Grand Bahama, with myriad economic and employment opportunities for more Grand Bahamians.” Seated at left are Royal Caribbean International President and CEO Michael Bayley (left) and CEO of ITM Mauricio Hamui, representing the Developer; and at right, Secretary to the Cabinet Camille Johnson (second right) and Director of Investments Candia Ferguson. Standing from left: Minister Iram Lewis, Minister of State Kwasi Thompson, Deputy Prime Minister Peter Turnquest, Prime Minister Hubert Minnis, and Minister Dionisio D’Aguilar. (BIS Photo/Yontalay Bowe)
“I am pleased that Royal Caribbean Cruise Line and the ITM Group, trading as Bahamas Ports International, share our vision and decided to invest in the long-term future and sustainability of Grand Bahama. The Developer shared their vision of reinventing the tourism product for land-based guests arriving by air and those arriving by cruise and ferry ships with a distinctive Bahamian flavour and characteristics.”
He continued, “This $250 million dollar investment will go a long way in revitalizing Grand Bahama, with myriad economic and employment opportunities for more Grand Bahamians. After many false dawns, there is an exciting new horizon for our second most populous island and economic center. Both the government and the developer are investing in the future and possibilities of Grand Bahama. Grand Bahamas is at the beginning of a new day.”
As a result of the purchase, 3,000 direct and indirect jobs will be created in construction as well as working at the hotel or cruise port.
Grand Bahamians will reap the benefits of capital investment, employment opportunities for Bahamian workers in the tourism and construction industries, increased commerce for local businesses in the Port Lucaya Market Place, taxi drivers and tour operations. This increased revenue will enable the government to support infrastructural programs.
Additionally, training programs will be offered for Bahamians through RCCL Training Academy as well as opportunities for small businesses and Bahamian entrepreneurs including those producers of Bahamian products.
“With Grand Bahama’s proximity to the large Florida market in particular, this investment will promote sustainable economic growth and development on Grand Bahama. This investment will also expand the experience for cruise passengers to The Bahamas. As you are aware, a high number of cruise experiences are Bahamas only cruises, a strategic advantage for The Bahamas and good economics for cruise lines. Given the many millions of people who enjoy cruises and the size of the market, the new ports in Nassau and Grand Bahama will both enjoy increased numbers.
“Ladies and Gentlemen: As a result of this development it is anticipated that Grand Bahama will provide a better and more enjoyable overall guest experience to Freeport, Grand Bahama, and promote future traffic growth to Grand Bahama. We must revitalize public infrastructure and provide economic opportunities and incentives for the private sector to invest in the revitalization of properties and businesses.”
The Prime Minister said discussions are currently ongoing to determine the best way to redevelop the Grand Bahama International Airport, which will require a major investment.
“I first came to Grand Bahama many years ago. Like many of you I have seen its ups and downs, its struggles and its needs. I also saw the hope and tenacity of the many good and talented people who live here. You have demonstrated courage and resilience. With this major investment and other investments, we are restoring the confidence of Grand Bahama. Your development is vital for our entire country. I am grateful that my government could play a role in helping to build a new Grand Bahama.”
Minister of Tourism & Aviation, the Hon. Dionisio D’Aguilar noted that the day could not come fast enough for him, with the opposition to purchase of the property by the government, even though the intention was to own it for only a brief period. Some 18 months later, the property has been sold.
He said, “As Minister of Tourism and Minister with Responsibility for this property, I am extremely excited that that the intended purchasers of this hotel are Royal Caribbean and the ITM Group. Between them, they are well funded, bring to the table a great deal of experience in the tourism sector, and have a proven track record of successful projects.
This hotel is to be transformed. Hundreds of millions of dollars are to be invested into this property to refurbish/renovate/reconstruct 500 rooms in Phase One and another 500 rooms along with 500 villas in Phase Two. Additional features will include a new casino, a spectacular water theme park and a new shopping, restaurant and retail center.
Add to that the new cruise port that is to be built in the Freeport Harbour to accommodate three ships in Phase One and up to seven ships in subsequent phases, and one will quickly conclude that this entire project, hotel and waterpark right here where we are standing plus new cruise port, plus attractions down at the Freeport Harbour is absolutely monumental for tourism in Grand Bahama.”
Minister of State for Grand Bahama, Senator the Hon. J. Kwasi Thompson, gave welcome remarks. Also giving remarks were Robert Shamosh, Chief Executive Officer, Holistica Destinations; Mauricio Hamui, Chief Executive Officer, ITM; and Michael Bayley, President and CEO, Royal Caribbean International.
Also, in attendance were Deputy Prime Minister and Minister of Finance, the Hon. Peter Turnquest and other Ministers of Cabinet; Members of Parliament, Permanent Secretaries, Senior Government Officials, representatives from the business community, taxi drivers, and straw vendors.
Immediately following the official ceremony, guests were treated to the pulsating sounds of a Junkanoo Rushout followed by a reception.
Bahamas News
Dredging Is Not Just About Size — It Is About What Is Being Destroyed, Warns Save Exuma Alliance Regarding Yntegra’s Proposed Rosewood Resort
Save Exuma Alliance (SEA) — a coalition of Central Exuma business owners, tour operators and residents — has warned that the issue of dredging in the North Bay of Sampson Cay, Exuma, is not just about the number of acres being dredged – but what exists within the proposed dredge area. SEA describes the site as an ecological treasure trove filled with seagrass, coral, turtles and abundant marine life.
This comes after foreign developer Yntegra agreed to reduce the scope of its dredging following government warnings that it would impact
The Bahamas carbon credit status, which shows the importance of the marine habitat.
“It is easy to point to other developments and say they are dredging more, but that is not comparing like with like,” SEA said in response to comparisons made by Yntegra. “If one area is largely sand with little marine life, that is very different from what we have in North Bay. Anyone who has spent time there can tell you it is filled with turtles, fish, and — critically — the seagrass and coral that provide essential habitat.”
Miami-based investment group Yntegra is seeking to construct a large-scale Rosewood-branded resort on Sampson Cay. Since its announcement, the project has generated environmental, social and economic concerns among residents and business operators in Central Exuma.
The proposed development includes dredging in North Bay, construction of a substantial seawall that would alter natural water flow, more than 100 structures, two mega yacht marinas, and an industrial dock serviced by fuel and supply ships in an area currently used by swimmers. Opponents argue that the scale and design of Yntegra’s Rosewood Exuma project are incompatible with the fragile ecosystem and cultural character of the Central Exumas.
SEA noted that the government’s Climate Change Unit has also raised concerns about the environmental cost of dredging associated with Yntegra’s Rosewood Exuma project.
“The government has acknowledged that this is an area of significant importance,” SEA said. “While the financial implications are serious, for us here in Exuma this is about more than money. It underscores how valuable this marine ecosystem is — the seagrass, coral and marine life that make Exuma exceptional. This is what attracts visitors from around the world. We should not minimize the concern by comparing this bay to areas that do not have the same remarkable underwater ecosystem. It is simply not the same.”
Experienced boat captain Tito Baldwin also questioned the feasibility of the marine infrastructure proposed as part of this plan. He warned
that the dredging currently outlined would not be sufficient to accommodate the vessels required to service the project.
“It’s going to have to be at least four times larger than what has been proposed,” Baldwin said. “As designed, it is beyond possibility.”
He explained that vessels supplying fuel, construction materials and provisions for a projected 300-person workforce would require significantly greater depth and maneuvering space.
“For supply vessels delivering hundreds of thousands of gallons of diesel, you’re looking at ships with a 10-foot draft,” Baldwin said. “To operate safely, you would need at least 13 feet of depth. That means dredging far deeper than what has been proposed. With currents running east and west in that area, you would also need a much wider turning basin to maneuver safely. As it stands, it would be extremely difficult, if not impossible.”
SEA is urging individuals concerned about the environmental impact of dredging connected to Yntegra’s Rosewood Exuma project to visit www.saveexumaalliance.org for more information. A petition calling for a halt to approvals is also available on the site, with more than 7,100 signatures collected to date.
PM: Project delivers on promise and invests in youth, sports and national development
GRAND BAHAMA, The Bahamas — Calling it the fulfillment of a major commitment to the island, Prime Minister Philip Davis led the official groundbreaking for the Grand Bahama Aquatic Centre, a facility the government says will transform sports development and create new opportunities for young athletes.
Speaking at the Grand Bahama Sports Complex on February 12, the Prime Minister said the project represents more than bricks and mortar
— it is an investment in people, national pride and long-term economic activity. The planned complex will feature a modern 50-metre competition pool, designed to meet international standards for training and regional and global swim meets. Davis said the facility will give Bahamian swimmers a home capable of producing world-class performance while also providing a space for community recreation, learn-to-swim programmes and water safety training.
He noted that Grand Bahama has long produced outstanding athletes despite limited infrastructure and said the new centre is intended to correct that imbalance, positioning the island as a hub for aquatic sports and sports tourism.
The Prime Minister also linked the development to the broader national recovery and revitalisation of Grand Bahama, describing the project as part of a strategy to expand opportunities for young people, create jobs during construction and stimulate activity for small businesses once operational.
The Aquatic Centre, he said, stands as proof that promises made to Grand Bahama are being delivered.
The project is expected to support athlete development, attract competitions, and provide a safe, modern environment for residents to access swimming and water-based programmes for generations to come.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
The Bahamas, February 15, 2026 – For the better part of three years, Bahamians have been told that major Afreximbank financing would help transform access to capital, rebuild infrastructure and unlock economic growth across the islands. The headline figures are large. The signing ceremonies are high profile. The language is ambitious. What remains far harder to see is the measurable impact in the daily lives of the people those announcements are meant to serve.
The Government’s push to secure up to $100 million from Afreximbank for roughly 200 miles of Family Island roads dates back to 2025. In
its February 11 disclosure, the bank outlined a receivables-discounting facility — a structure that allows a contractor to be paid early once work is completed, certified and invoiced, with the Government settling the bill later. It is not cash placed into the economy upfront. It does not, by itself, build a single mile of road. Every dollar depends on work first being delivered and approved.
The wider framework has been described as support for “climate-resilient and trade-enhancing infrastructure,” a phrase that, in practical terms, should mean projects that lower the cost of doing business, move people and goods faster, and keep the economy functioning. But for communities, that promise becomes real only when the projects are named, the standards are defined and a clear timeline is given for when work will begin — and when it will be finished.
Bahamians have seen this moment before.
In 2023, a $30 million Afreximbank facility for the Bahamas Development Bank was hailed as a breakthrough that would expand access to financing for local enterprise. It worked in one immediate and measurable way: it encouraged businesses to apply. Established, revenue-generating Bahamian companies responded to the call, prepared plans, and entered a process they believed had been capitalised to support growth. The unanswered question is how much of that capital has reached the private sector in a form that allowed those businesses to expand, hire and generate new economic activity.
Because development is not measured in the size of announcements.
It is measured in loans disbursed, projects completed and businesses expanded.
The pattern is becoming difficult to ignore. In June 2024, when Afreximbank held its inaugural Caribbean Annual Meetings in Nassau,
Grand Bahama was presented as the future home of an Afro-Caribbean marketplace said to carry tens of millions of dollars in investment. What was confirmed at that stage was a $1.86 million project-preparation facility — funding for studies and planning to make the development bankable, not construction financing. The larger build-out remains dependent on additional approvals, land acquisition and further capital.
This distinction — between financing announced and financing that produces visible, measurable outcomes — is now at the centre of the national conversation.
Because while the numbers grow larger on paper, entrepreneurs still describe access to capital as out of reach, and communities across the Family Islands are still waiting to see where the work will start.
And in an economy where stalled growth translates into lost opportunity, rising frustration and real social consequences, the gap between promise and delivery is no longer a communications issue.
It is an inability to convert announcements into outcomes.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
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