Baha Mar

Baha Mar Resorts, Ltd.
IndustryResort, casino
Headquarters
Nassau
,
The Bahamas
Key people
Graeme Davis (President)

Baha Mar is a 1,000-acre (400 ha) resort complex on the island of New Providence in The Bahamas. Owned by Hong Kong–based Chow Tai Fook Enterprises, the establishment opened in April 2017.[1] The amenities include three hotels (a Grand Hyatt, SLS Baha Mar, and the Rosewood) with a total of 2,200 rooms, 284 private residences, a 100,000-square-foot (9,300 m2) casino, a 30,000-square-foot (2,800 m2) spa, and a Tournament Players Club golf course designed by Jack Nicklaus.[2]

On 30 March 2010, a local Bahamas-based investor and the government announced an agreement on the redevelopment of the resort to help revitalize Cable Beach, the most popular beachfront destination on New Providence Island. The project would subsequently be joined by other investors, which led to it being financed by China Exim Bank, while construction would be performed by China Construction America and would be using 70% Chinese labor brought in from mainland China.[3] Groundbreaking for the redevelopment took place on 21 February 2011 with the resort opening expected on 27 March 2015.[4] The whole project would eventually cost around US$4 billion.[5][6] By April 2016, construction was halted for nearly a year with the resort 97% complete[7] following the original investor's Chapter 11 bankruptcy filed in 2015 in a Delaware court (sidestepping Bahamas jurisdiction) but dismissed in September. A Bahamian judge subsequently put provisional liquidators in charge.[8]

In December 2016, Chow Tai Fook agreed to buy Baha Mar from the Exim Bank.[9][10] Chow Tai Fook assumed management of the property in March 2017, and completed its purchase in December 2017.[11][12]

The resort initially opened with only one hotel, the Grand Hyatt. The SLS opened in November 2017, followed by the Rosewood in June 2018.[13][14]

  1. ^ Vora, Shivani (2017-04-17). "In the Bahamas, a Long-Awaited Opening for Baha Mar Resort". The New York Times. ISSN 0362-4331. Retrieved 2017-10-24.
  2. ^ Howard Stutz (2 January 2013). "Bahamian resort on fast forward". Las Vegas Review-Journal. Retrieved 2012-01-02.
  3. ^ "Baha Mar Signs $2.6B Deal (2010)". The Bahama Journal. 2010-03-31. Archived from the original on July 13, 2011.
  4. ^ "Baha Mar groundbreaking to get $2.6bn project under way". Bahamas Tribune. 2011-02-21. Archived from the original on 2011-02-24. Retrieved 2016-02-12.
  5. ^ "Luxury Resort Baha Mar". 2013-03-15.
  6. ^ "Baha Mar names former Las Vegas Sands team to manage hotel, casino". Caribbean Journal. May 23, 2013. Retrieved 2013-05-23.
  7. ^ Mimi Whitefield (April 11, 2016). "When will stalled Bahamian mega-resort project Baha Mar be completed?". Miami Herald.
  8. ^ John Lippert,Dawn McCarty (4 January 2016). "The Ghosts of Baha Mar: How a $3.5 Billion Paradise Went Bust". Bloomberg.com.
  9. ^ Ava Turnquest; Khrisna Virgil (December 12, 2016). "PM confirms Baha Mar sale to Chow Tai Fook Enterprises". Bahamas Tribune. Retrieved 2018-06-05.
  10. ^ "Chow Tai Fook Enterprises Limited to own and operate Baha Mar Resort" (Press release). Chow Tai Fook Enterprises. December 12, 2016. Retrieved 2018-06-05 – via PR Newswire.
  11. ^ Khrisna Virgil (March 22, 2017). "Baha Mar is 'handed over'". Bahamas Tribune. Retrieved 2018-06-05.
  12. ^ Neil Hartnell (December 5, 2017). "Baha Mar sale meets December 1st deadline". Bahamas Tribune. Retrieved 2018-06-05.
  13. ^ Nancy Trejos (May 29, 2018). "Baha Mar, the largest casino and hotel complex in the Caribbean, is open". CNBC. Retrieved 2018-06-05.
  14. ^ Jamie Biesiada (June 1, 2018). "Rosewood hotel opens at Baha Mar". Travel Weekly. Retrieved 2018-06-05.