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Last Updated: Mar 22, 2017 - 8:31:31 PM |
 NASSAU, The Bahamas -- Prime Minister and Minister of Finance the Rt. Hon. Perry Christie told House of Assembly members on Wednesday that it gave him great pleasure to inform them that on the day before, March 21, 2017, “an important milestone of progress” was realized towards the successful completion and opening of the mega Baha Mar resort, with the handover of facilities by the general contractor China Construction to the new Purchaser CTFBM Holdings Ltd.
He pointed out that the handover and the issuance of a Temporary Certificate of Occupancy will ensure adequate preparations for the smooth opening next month on 21st April, 2017 of the following components of this world class resort: firstly, the new 1800-room Grand Hyatt combining, both the Convention and Casino Hotels; the new 200,000-square-foot Convention Centre, one of the largest such facilities in the region, also to be operated by Hyatt; the new 95,000-square-foot casino, the largest casino in the region; the new 18-hole Jack Nicklaus Golf Course; the new "luxurious" spa, racquet club, enticing restaurants, and entertainment, attractive branded shops set in 60,000 square feet of retail space, and other amenities.
"It is significant that in this handover, Baha Mar is being transferred to a world class company – one that successfully owns and manages prestigious hotels around and across the world," Prime Minister Christie said. "Apart from the more than four billion dollars already invested in the project, the new Purchaser has significantly increased their capital, marketing and pre-opening investment from $200 million to $250 million.
"The progress leading up to the April 21st phased opening of the Baha Mar resort is real."
Prime Minister Christie said that the project is "abuzz" with activity and excitement.
"New employees are coming in for training, things are moving forward all on course not only for the initial opening on April 21st, but timely completion of other components of the project in phased openings by SLS and Rosewood in the ensuing months," he pointed out. "These prestigious operators and brands will be joining Hyatt and CTF Enterprises with outstanding and impactful additions to our tourism product and the economy of The Bahamas."
Prime Minister Christie noted that over 1,000 Bahamians have already been hired at Baha Mar and a minimum of 1,500 employees will be hired by the April 21st opening. Baha Mar, like Atlantis, will then open in phases – with more job opportunities at every phase, he added.
"No one knows better than I do how these jobs will change lives – these new opportunities are going to bring meaningful change for a lot of Bahamian families," Prime Minister Christie stated. "That is why we have worked so hard to make sure Baha Mar was delivered to successful and safe hands."
Prime Minister Christie quoted from his comprehensive Communication to Parliament on Baha Mar last December, stating:
“Mr. Speaker,
In my very detailed and extensive Communication to Parliament on Baha Mar last December I mentioned and I quote the following:
“Amidst the complex and arduous negotiations, my Government and I remained focused on achieving three (3) main objectives:
(i) Firstly, ensuring immediate remobilization and resumption of construction, based on committed funding sufficient to complete construction and to open all parts of the Project;
(ii) Secondly, the opening of the Casino, Casino Hotel, Convention Centre, Convention Hotel and Golf Course prior to the end of the 2016-2017 winter season;
(iii) And thirdly, settlement and/or payment of all valid claims of contractors and subcontractors, suppliers and employees and other Baha Mar and CCA creditors.”
He said that he was pleased to report that his Government had, with the cooperation of the stakeholders, achieved those "lofty objectives."
"Not only has funding been provided to fund all remaining construction costs to complete the project, but some $101.5 million has been injected into the Bahamian economy towards payment of employees and unsecured creditors," Prime Minister Christie pointed out. "This sum represents an ex-gratia payment made by China Export Import Bank to unsecured creditors to accommodate the request of my Government."
Hundreds of former Bahamian employees of Baha Mar have received the outstanding amounts due to them inclusive of unpaid salaries, severance pay, accrued vacation pay, and notice payments due by termination, he said. Sums deducted from employees’ and former employees’ salaries and pension contributions have been paid, and other Bahamian creditors and contractors have received a significant part and in many cases all of the value of their claims, he added.
"I have provided this update to Parliament on Baha Mar as I have been doing regularly, and will continue to do so as we move to the countdown of the April 21st opening," Prime Minister Christie said. "By God’s continued help and guidance, we shall realize the achievement of this successful project for the benefit of the Bahamian people and all of the people of The Bahamas and the enjoyment of millions who will be attracted from around the world to experience that 'It Is Better In The Bahamas'."
COMMUNICATION BY
THE RT. HON. PERRY G. CHRISTIE
PRIME MINISTER AND MEMBER OF PARLIAMENT FOR CENTREVILLE
ON THE BAHA MAR RESORT HAND OVER
WEDNESDAY 22nd MARCH, 2017
Mr. Speaker,
It gives me great pleasure to inform Parliament that yesterday, March 21st, 2017 an important milestone of progress was realized towards the successful completion and opening of the mega Baha Mar Resort, with the handover of facilities by the general contractor China Construction to the new Purchaser CTFBM Holdings Ltd.
The handover yesterday and the issuance of a Temporary Certificate of Occupancy will ensure adequate preparations for the smooth opening next month on 21st April, 2017 of the following components of this world class resort:
-
The new 1800 room Grand Hyatt combining both the Convention and Casino Hotels
-
The new 200,000 square foot Convention Centre, one of the largest such facilities in the Region, to be operated by Hyatt
-
The new 95,000 square foot casino, the largest casino in the Region
-
The new 18 hole Jack Nicklaus Golf Course
-
The new luxurious spa, racquet club, enticing restaurants, and entertainment, attractive branded shops set in 60,000 square feet of retail space, and other amenities.
Mr. Speaker,
It is significant that in this handover, Baha Mar is being transferred to a world class company – one that successfully owns and manages prestigious hotels across the world. Apart from the more than four billion dollars already invested in the project, the new Purchaser has significantly increased their capital, marketing and pre-opening investment from $200 million to $250 million.
The progress leading up to the April 21st phased opening of the Baha Mar resort IS REAL. The project is abuzz with activity and excitement. New employees are coming in for training, things are moving forward all on course not only for the initial opening on April 21st, but timely completion of other components of the project in phased openings by SLS and Rosewood in the ensuing months. These prestigious operators and brands will be joining Hyatt and CTF Enterprises with outstanding and impactful additions to our tourism product and the economy of The Bahamas.
Mr. Speaker,
Over one thousand (1000) Bahamians have already been hired at Baha Mar and fifteen hundred (1500) employees will be hired by the April 21st opening. Baha Mar, like Atlantis will then open in phases – with more job opportunities at every phase.
No one knows better than I do how these jobs will change lives – these new opportunities are going to bring meaningful change for a lot of Bahamian families. That is why we have worked so hard to make sure Baha Mar was delivered to successful and safe hands.
Mr. Speaker,
In my very detailed and extensive Communication to Parliament on Baha Mar last December I mentioned and I quote the following:
“Amidst the complex and arduous negotiations, my Government and I remained focuses on achieving three (3) main objectives:
(i) Firstly, ensuring immediate remobilization and resumption of construction, based on committed funding sufficient to complete construction and to open all parts of the Project;
(ii) Secondly, the opening of the Casino, Casino Hotel, Convention Centre,
Convention Hotel and Golf Course prior to the end of the 2016-2017 winter season;
(iii) And thirdly, settlement and/or payment of all valid claims of contractors and subcontractors, suppliers and employees and other Baha Mar and CCA creditors.”
I am pleased to report Mr. Speaker, that my Government has with the cooperation of the stakeholders achieved these lofty objectives. Not only has funding been provided to fund all remaining construction costs to complete the project, but some $101.5 million has been injected into the Bahamian economy towards payment of employees and unsecured creditors. This sum represents an ex-gratia payment made by China Export Import Bank to unsecured creditors to accommodate the request of my Government. Hundreds of former Bahamian employees of Baha Mar have received the outstanding amounts due to them: unpaid salaries, severance pay, accrued vacation pay, and notice payments due by termination. Sums deducted from employees and former employees’ salaries and pension contributions have been paid. Other Bahamian creditors and contractors have received a significant part and in many cases all of the value of their claims.
Mr. Speaker,
I have provided this update to Parliament on Baha Mar as I have been doing regularly, and will continue to do so as we move to the countdown of the April 21st opening. By God’s continued help and guidance we shall realize the achievement of this successful project for the benefit of the people of The Bahamas and the enjoyment of millions who will be attracted from around the world to experience that “IT IS BETTER IN THE BAHAMAS”.
Speaking Notes for
The Rt. Hon. Perry G. Christie
Prime Minister and Minister of Finance
At Baha Mar Hand Over
Tuesday, 21st March 2017
I am thrilled to be here today. Today marks an important day of progress for Baha Mar and for our country.
— Today, Baha Mar is being transferred to a world class company
— one that successfully manages prestigious hotels across the world — including three successful resorts in the Caribbean: one in Antigua, one in Bermuda, and one in the British Virgin Islands. This new owner has actually increased their capital, marketing, and pre-opening investment from $200 million to $250 million. We are grateful to have such strong experience and investment to usher in new opportunities for the Bahamian people.
— This weekend - I remarked on the exciting progress leading up to the April 21st opening of the Baha Mar resort. I said I would be here this week because this IS REAL. Everyone who is here today can feel the excitement and the activity - new employees are coming in for training, things are moving forward, all on course to make this project a big success.
— 650 Bahamians have already been hired at Baha Mar, and 1,500 employees will be hired by the April 21st opening. Baha Mar, like Atlantis, will then open in phases - with more job opportunities at every phase.
— No one knows better than I do how these jobs will change lives — these new opportunities are going to bring meaningful change for a lot of Bahamian families. And that’s what it’s all about. That’s why we worked so hard to make sure Baha Mar was delivered to successful and safe hands.
— To those who are rooting against the success of this project for their own political purposes — they would feel terrible about doing so if they could see the hope and excitement on the faces of these new employees — I can’t imagine anyone who cares about people could continue to distort the truth about the wonderful opportunities created here.
© Copyright 2017 by thebahamasweekly.com
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