Soft opening set for April 21
On April 21, a day many in the Bahamas thought may never come is very likely to arrive at last: The $4.2 billion Baha Mar Casino and Hotel is slated to hold its soft opening that day. The new owner of the project, a unit of Hong Kong-based Chow Tai Fook Enterprises, Limited, was issued an occupancy permit last week for the hotel in a ceremony that officially handed over ownership of the resort from government control to Chow Tai Fook subsidiary CTF BM Holdings.
It is a day that has been six years coming. Billionaire Sarkis Izmirlian, the founder and original owner of the resort—the largest construction project in the Caribbean, promising to revive the legendary Cable Beach resort area in Nassau—presided over the groundbreaking of the project on February 21, 2011, with the original grand opening planned for the start of the 2014/15 winter high season.
Baha Mar was counted on to revive the tourism economy of the Bahamas, still smarting in the late 2000s from the global economic recession. Two existing hotels were to be repurposed and four new hotels built, with vacation amenities designed for various price points. At the center of the project is the largest casino in the Caribbean.
Problems began almost immediately, with original partner Harrah’s Entertainment pulling out of the casino portion of the project. Izmirlian eventually found financing in the form of the state-owned Export-Import Bank of China (Exim), contributing nearly $1 billion of his family’s money to the project with Exim covering the remainder of the projected tab with a loan and equity.
The financing came with a caveat—Izmirlian was to use China State Construction Engineering Corp., also owned by the government of the People’s Republic, as the main contractor. Soon, the founder was complaining that the contractor was doing work he considered substandard, and was failing to meet deadlines.
The grand opening date was pushed to the end of the season, March 27, 2015. After that date came and gone with construction still lagging, Izmirlian stopped paying the contractor. So, the contractor, with a reported 97 percent of the project complete, stopped working. The project subsequently sat gathering rust for almost two years, during which time Izmirlian was pushed out, and the project was seized and resold by the Bahamian government.
Last week, the Hong Kong-based owner officially took charge, receiving a temporary certificate of occupancy from the hotel. The project still needs a license to open the casino, but officials say the soft opening is a go for April 21.
The temporary certificate of occupancy is for Grand Hyatt Baha Mar hotel, which can begin welcoming guests after government approval of life safety, mechanical and electrical systems. The hotel offers 1,800 contemporary guest rooms and suites, featuring deluxe amenities and private balconies overlooking the ocean, as well as the resort’s golf course and pools.
“Everyone who is here today can feel the excitement,” Bahamian Prime Minister Perry Christie stated during the hand-over ceremony. “I for myself have seen new employees who were coming in for training and moving forward all on course to make this project a big success. Six hundred and fifty Bahamians, I’m advised, have already been hired at the Baha Mar, and 1,500 employees will be hired by the April 21 opening.”
“We’re well on our way,” added Graeme Davis, president of Chow Tai Fook Enterprises. “We have exciting teams that are ready to make sure we open to the world, and it’s up to new standards for this destination. We are already full for our first day. We have invited guests that are already coming for our celebration, but it is open to the public to come here and enjoy.”
The Grand Hyatt Baha Mar hotel will feature 20 food and beverage outlets as well as a members-only level.
Davis said the casino portion of the project will be ready for the April 21 opening. “We just want to make sure the experience is done right and that we get the training done right,” he said. “We are taking our time and making sure that our associates are well trained and we deliver an exceptional feeling for every guest.”
Chow Tai Fook agreed in October to purchase the Baha Mar project from Bahamian government liquidators.
“The Baha Mar Casino And Hotel is being transferred to a world-class company, one that successfully manages prestigious hotels across the world including three successful resorts in the Caribbean,” Christie said. “No one knows better than me how these jobs can 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 that the Baha Mar Casino And Hotel was delivered to successful and to safe hands.”
