Shuttered Baha Mar Casino Resort Likely To Open In 2017

Baha Mar ResortThe $3.5 billion troubled Baha Mar casino resort is likely to be opened in the year 2017. This information was announced by Perry Christie who is the Prime Minister of Bahamas.

Christie while speaking at a public event has said that Chow Tai Fook Enterprises (CTFE) which is a Hong Kong-based company is the most prospective buyer of this company.

The company is looking forward to launching a phased out opening of this casino resort which will open to the public next year in April.

There are 1800 hotel rooms in that casino resort and 700 would be opened for business.

For the pre-opening program as well as for the final touches of the property, Chow Tai Fook Enterprises is looking forward to investing $200 million. The construction of the property was almost completed in June last year when the original owners filed for bankruptcy.

The Prime Minister of Bahamas has said that the casino resort would recruit 4,300 workers and 1,500 employees. The hiring process would be completed by December 2017 by which the casino would be in full operation.

Baha Mar Resort

The Bahamian government received an application from CFTE last month where it was mentioned about the launch of the casino resort and evaluation of the casino operators to take over the business once the casino opens.

In order to understand the model of operations of CFTE, a team of government officials went to Hong Kong recently. The officials comprised of Tourism Minister Obie Wilchcombe, Attorney General Allyson Maynard-Gibson and 4 members from Bahamas Gaming Board. The officials would visit Macau where CFTE has its casino operations.

Wilchcombe has made the following statement:

We’re going to take a look at the model of their operation and how it fits in ours. This is the largest single floor casino in the Caribbean so you have to be sure of what they intend to do, what games they intend to place on the floor, where the emphasis will be, which markets they will be catering to, whether low scale, upscale, how they are going to phase development.

He has further said that CFTE involvement in SJM Holdings which is a Macau-based casino company has made it inappropriate for CFTE to operate in the Bahamas. He says that a full diligence would be done on CFTE wherein the Board would reach out to the Chairmen of different casino operators.

It will take a minimum of 3 weeks to complete this diligence process. The status of the proposed sale of the resort to CFTE is not known and Wilchcombe has only stated that the government is happy with the progress made so far.

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