Grand Bahama Island, Bahamas - Simultaneously with
Isle of Capri announcement of its exit plan from the operation of Our
Lucaya Casino by October 31, 2009, The Minister of Tourism & Aviation,
The Honourable Vincent Vanderpool-Wallace, has confirmed that Treasure
Bay Casino and Resorts Inc. has been selected as the replacement to
whom Isle of Capri will hand over operations.
The Minister pointed
out that Isle of Capri and Treasure Bay had worked closely with representatives
of The Government and Hutchison Lucaya Ltd. on arrangements which would
ensure the continued operation of the Our Lucaya Casino, which is a
vital economic component of the Grand Bahama tourism product.
The Minister also said that he was pleased that Treasure Bay had agreed
to continue the employment of the existing staff and to work towards
a smooth transition.
Treasure Bay will now
work expeditiously to complete the requirements for the issue of a Certificate
of Consent from The Hotel Corporation of The Bahamas, and to apply for
and meet the licensing requirements of the Gaming Board. Casino
Management, Lease and Guarantee Agreements will be executed following
the issue of the gaming license to Treasure Bay.
Headquartered in Biloxi,
Mississippi, Treasure Bay Gaming and Resorts Inc owns and operates Treasure
Bay Casino and Hotel in Biloxi and Divi Carina Bay Casino on St. Croix,
Virgin Islands. The company also manages the Alhambra Casino in
Aruba and the Flamingo Casino in Bonaire.
In responding to their
selection as the replacement casino operator at Our Lucaya, Treasure
Bay stated, “The selection of Treasure Bay as operator of Our Lucaya
offers our company a new opportunity for strategic growth in resort
markets. For quite some time, we have considered expansion into the
Caribbean, and this casino offers the right operational fit with our
portfolio, which includes properties located in Biloxi, Miss. and on
the islands of St Croix, Aruba and Bonaire, said Susan Varnes, chief
operating officer of Treasure Bay LLC.
“As longtime developers
and operators of Caribbean gaming properties, we plan to apply our experience
at Our Lucaya to achieve strong fiscal results, as we have accomplished
in similar jurisdictions. For us, there is no doubt that this property,
located on the beautiful beaches of The Bahamas, holds the type of potential
that can be enhanced by our proven business model.
“We will work hand
in hand with the resort operator and the Government of The Bahamas to
strive for increased visitations and revenues, resulting in a true shared
success,” Varnes added.
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