It would mark the official end of a process that had been long, tedious and at times fraught with uncertainty and near heart-stopping moments.
“It looks like there have been no hiccups,” he reported in a recent interview with The Bahama Journal. “It’s what the government wanted. The revitalization of Cable Beach is good for The Bahamas.”
Prime Minister Perry Christie has promised to release the government’s heads of agreement with Baha Mar for the redevelopment of the Cable Beach Strip after the closing of the group’s deal with Mr. Ruffin.
“Atlantis did such a great job at developing Paradise Island and something had to be done on the Cable Beach area and I think this will really help make Nassau a first-class operation with the plans that we’ve seen and the fact that they think they’re going to spend about a billion dollars re-doing the hotels there,” Mr. Ruffin said from Las Vegas, where he is embarking on redevelopment of his own.
He said of the Cable Beach plan, “I think it is very, very good for The Bahamas. It will employ a lot of people. I think the government has done a very good job in steering this thing through.”
Mr. Ruffin indicated that selling his interests on Cable Beach was a bittersweet move.
“We like the Bahamian people so much,” he said. “We’ve had a great 10 years there, but it’s time for us to move on and we decided last year to start developing the properties that we own in Las Vegas and I’ve now moved to Las Vegas so now it just kind of works out for us.
“We’re not thrilled about losing properties, but I think that it’s the best thing for The Bahamas that we do that.”
Following the closure of the deal, Baha Mar plans to start renovating properties along Cable Beach, but their plan in two years calls for the implosion of some properties on the strip.
The government, meanwhile, is considering whether it will provide any tax discounts for Mr. Ruffin, who reportedly owes millions of dollars in taxes.
Mr. Ruffin is reportedly getting $150 million from Baha Mar for the sale of his Wyndham Nassau Resort and Nassau Beach hotels.
But he is keeping his 16-acre Crystal Cay, off Nassau. Mr. Ruffin said he’s dong a bit of revitalization of his own there.
Each villa is being renovated, he reported.
“Once renovations are continued we’ll lease the entire structure out to one party, or we may run it as a small hotel unit,” Mr. Ruffin said.
But Crystal Cay is always exposed in the event of a hurricane and has continuously suffered damage. Nevertheless, Mr. Ruffin sees wisdom in keeping the tiny island.
Fortunately, he said the rooms continue to be in “pretty good shape”, although the restaurant was destroyed during the last major storm.
He said he may also buy a house in The Bahamas.
By: Candia Dames, The Bahama Journal
