Hong Kong conglomerate Chow Tai Fook Enterprises (CTFE) has confirmed its purchase of the unfinished $3.5b Baha Mar resort casino in the Bahamas. On Monday CTFE officially announced that it had signed a deal to own and operate Baha Mar confirming reports that CTFE was looking to acquire the property from the Chinese bank that took over Baha Mar following the 2015 bankruptcy of the original developer, Sarkis Izmirlian’s Baha Mar Ltd. As per a press statement released yesterday by the company, CTFE confirmed that it has pledged to sink another $200 million into this project to support pre-opening activities.
In this$200 million there will be “redevelopment of the prime beachfront Crystal Palace Casino hotel site, and the development of additional family-friendly amenities, entertainment venues and off shores island facilities.” CTFE also revealed its plans about employing more than 1500 people by April 2017 as it begins its plan to open the mega resort in phases.
Graeme Davis, president of CTFE’s Bahamas subsidiary said in a press release that “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.”
He continued in his statement that “The Company estimated that more than 1,500 jobs will be generated for Bahamians within this first phase. Once fully operational, Baha mar Resort will employ thousands more.”
CTFE has expertise in the “hospitality arena” and the company purchased Rosewood Hotel Group in 2011 which owns and/or operates 55 hotels in 18 countries under three different brands and will include in its hotel operator compliment one of its own brands and possibly a Grand Hyatt and an SLS hotel. CTFE said in its release that it is “dedicated to the successful and timely opening and operation of Baha Mar Resort.”
“Upon completion of the project by China Construction America (CAA) and EXIM Bank, the Company intends to quickly establish Baha Mar as one of the world’s finest destination properties.”
CTFE plans to open the resort in phases beginning the first phase in April 2017, which will include casino hotel, casino, convention center and golf course.
