As Baha Mar, the largest construction project in the Bahamas, continues to flounder in liquidation proceedings, the Genting Group is upping its ante in the nation’s tourism industry. Genting and the government of the Bahamas have signed a new agreement upping the operator’s projected investment in its Resorts World Bimini project from its original 0 million to 0 million.
Under the new plan, Malaysia-based Genting will add a second hotel of at least 200 rooms to the original 300-room Hilton hotel, which is already booking rooms. The additional investment also will fund an airport expansion, lengthening Bimini’s airport runway to 9,000 feet, and building a water taxi terminal on the lagoon side of the airport.
“The Resorts World entities and BB Entertainment (Limited) have revised their business plan from an investment of $150 million in the resort project to now $600 million,” Bahamas Prime Minister Perry Christie said after signing the revised agreement. “The government and the developers have also agreed to undertake the resurfacing of additional roads in Bimini and to increase infrastructural expenditure from $10 million to $15 million, with the developer making the initial capital outlay to be repaid in deductions from casino fees.”
Officials insisted the Bimini deal had nothing to do with the bankrupt Baha Mar. Rumors have persisted that Prime Minister Perry Christie wants to bring in Genting to operate the property, which is struggling to open, now almost a year late.
