BB Entertainment, a unit of Genting Malaysia, will grow its investment in the Bahamas with the purchase of a 16.2-acre tract of land in Bimini, reports GGR Asia.
Genting owns 70 percent of BB Entertainment. RAV Bahamas, a real estate developer, owns the other 30 percent in the company.
BB Entertainment is building a 307-key hotel on the land to increase the available of rooms for an expected influx of new visitors, Genting Malaysia said in a filing. The deal will give the Malaysian conglomerate better control in terms of planning for future development and expansion, the company added.
The acquisition is expected to be complete no later than December 31.
Meanwhile, the highly anticipated Baha Mar Casino and Hotel, a mega-resort backed by Asian financing, will open its first phase in the spring. The sprawling 1,000-room Baha Mar will also include a 750-room Grand Hyatt, a 300-room Mondrian Hotel and a 200-room Rosewood Hotel.
It was built with funds the Export-Import Bank of China. China State Construction Engineering Corp. is the general contractor.
