Kerzner International has confirmed it is worried about a potential $1 billion investment to revitalise the Cable Beach strip, fearing it could split the top end of the Bahamian tourism market because it is not large enough to support two mega resorts.
Addressing a Bahamas Chamber of Commerce luncheon, Paul O’Neill, chief executive of Kerzner International (Bahamas), responded to a question about the company’s attitude towards the possible $1 billion investment by a group headed by Dikran Izmirlian, the Lyford Cay based billionaire, by saying: “We’re worried about it, of course.”
Mr. O’Neill cited the example of Freeport’s Royal Oasis Golf and Beach Resort in Grand Bahama as an example of what could happen, saying that the resort’s casino had lost 40 per cent of its business since Our Lucaya opened its casino.
However, others are likely to argue that the Cable Beach strip’s hotel assets cannot be allowed to deteriorate any further.
Source: The Tribune
