Chow Tai Fook Enterprises (CTFE), a Hong
Kong-based global conglomerate, has signed an agreement to own and
operate Baha Mar Resort.
The signed share purchase agreement (SPA) allows
for the acquisition by CTFE of all issued capital from Perfect
Luck Assets, including those Baha Mar Resort assets previously
transferred to the company.
Graeme Davis , President, CTFE's Bahamas
subsidiary, said, "CTFE will dedicate significant, ongoing
investment and resources towards the pre-opening and opening of Baha Mar Resort. We will also ensure that the Bahamian people and
the region benefit fully from the project, which will create
tremendous job and economic stimulus opportunities. Further, by
combining our global hospitality expertise with the vibrant and
authentic Bahamian culture, we will create a memorable, unmatched
experience for guests of which all Bahamians can be proud."
CTFE says it is is in discussions with several
hospitality brands to be luxury hotel operators at Baha Mar
including Grand Hyatt, SLS Hotels, and CTFE subsidiary, Rosewood
To prepare for the opening of the casino
hotel and casino, CTFE is putting together a leadership team of
executives from internationally recognized brands. It plans to
begin recruiting employees for the casino in the new year and is
also in discussions to form marketing alliances with leading
global gaming companies.
Upon completion of the project by China
Construction America (CCA) and EXIM Bank, CTFE plans to open the resort in phases, beginning
with phase one in April 2017, which will include the casino
hotel, casino, convention center and golf course.
estimates that more than 1,500 jobs will be generated for
Bahamians within this first phase.
CTFE says it has plans to invest an additional US $200 million
in the project to support pre-opening activities as well as the
redevelopment of the prime beachfront Crystal Palace Casino Hotel
site, and the development of additional family-friendly amenities, entertainment venues and offshore island facilities.
"We are delighted to have CTFE join Baha Mar Resort as the
owner and developer, leveraging its expansive network and resources to open new markets and opportunities for The Bahamas
that will deliver great benefits to the island and our people," said the Right Honourable Prime Minister, Perry G. Christie. "The
government is confident that CTFE has the precise capabilities and
track record to successfully complete and operate Baha Mar Resort
from both a lodging and casino perspective. We look forward to
having such a renowned and experienced company turn the vision for Baha Mar Resort into reality."
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