\n
![\"\"](\"http:\/\/i59.tinypic.com\/2vuc64y.jpg\")
\n\tThe Baha Mar resort advertises itself as \u201cthe new Riviera.\u201d It occupies 1,000 acres along Nassau\u2019s Cable Beach.<\/p>\n
\n
\n\tThe Baha Mar resort advertises itself as \u201cthe new Riviera.\u201d It occupies 1,000 acres along Nassau\u2019s Cable Beach.<\/p>\n
\t![\"\"](\"http:\/\/i61.tinypic.com\/244tyfc.jpg\")
<\/p>\n
\tPerry Christie, Prime Minister of the Bahamas, plans to take control of an unfinished US$3.5-billion casino resort located in the capital Nassau. The scheme is currently tied up in a corporate bankruptcy process. Mr Christie said in a speech on Thursday that recent talks in Beijing between the developer and its lender \u2013 Export-Import Bank of China \u2013 failed to break a stalemate over how to complete the Baha Mar resort (pictured in a rendering).<\/p>\n
\tMr Christie said the attorney general of the island nation would begin liquidation proceedings to ensure the resort gets completed, describing it as crucial to the local economy. The project is expected to create about 5,000 new jobs and generate more than 10 percent of the Bahamas\u2019 gross domestic product. The country is located in the Atlantic Ocean, 504 kilometres (313 miles) southeast of the U.S. coastal state of Florida, and is a popular tourism destination with U.S. citizens.<\/p>\n
\t\u201cThe completion of the Baha Mar resort is a matter of the utmost national importance,\u201d Mr Christie said, according to Reuters news agency. \u201cBaha Mar must open,\u201d he added.<\/p>\n
\tBaha Mar Ltd, chaired by Sarkis Izmirlian, is developing the casino resort. Executives of Baha Mar Ltd travelled to China last week to meet officials from the Export-Import Bank of China and representatives from the project\u2019s main contractor, China State Construction Engineering Corp.<\/p>\n
\tThe resort\u2019s gaming operations are to be managed by Bill Weidner\u2019s Global Gaming Asset Management LLC, Bahar Mar Ltd has said in public statements.<\/p>\n
\tIn an announcement on Friday, Baha Mar Ltd said the planned move by the Bahamas government jeopardises the resort\u2019s assets and future.<\/p>\n
\t\u201cWe urge the government of the Bahamas not to seize private party assets and to allow the private parties in what is after all a commercial enterprise to come to an agreement that would allow for the completion and opening of Baha Mar as soon as possible, as the government has publicly and explicitly urged,\u201d the statement added.<\/p>\n
\tConstruction of the casino resort has been suspended for several months as payments have reportedly been delayed. The developer blames China Construction America Inc \u2013 a unit of China State Construction \u2013 for delays that forced the resort to miss a March 27 deadline for opening. The contractor however says Baha Mar Ltd mismanaged the project.<\/p>\n
\tIn late March, the project\u2019s official opening was pushed back to early May. Since then, the developer hasn\u2019t specified a new opening date.<\/p>\n
\tBaha Mar Ltd filed for Chapter 11 bankruptcy protection in a Delaware court on June 29.<\/p>\n
\tOn Thursday, the Bahamas\u2019 Prime Minister said the bankruptcy process in the U.S. could result in a substantial delay in finishing the resort, which the official said is 97 percent complete, Reuters reported. A provisional liquidation would allow a neutral party to take control and put the resort on the right track for completion, Mr Christie added during his speech.<\/p>\n
\tCasino operator Genting Malaysia Bhd is expanding a rival gaming property in the Bahamas, called Resorts World Bimini.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Baha Mar resort advertises itself as \u201cthe new Riviera.\u201d It occupies 1,000 acres along Nassau\u2019s Cable Beach. Perry Christie, Prime Minister of the Bahamas, plans to take control of an unfinished US$3.5-billion casino resort located in the capital Nassau….<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8998","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8998"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8998\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}