Two major resorts in The Bahamas are now cleared to move on to the next stage of establishing and expanding their casinos after receiving the green light from Minister of Tourism Obie Wilchcombe to proceed with their plans.
The applications by Baha Mar Cable Beach Resorts and Pinnacle Entertainment (PNK), which has signed a letter of intent to sublease premises from the Four Seasons Emerald Bay Resort in Exuma, were approved in late December, Mr. Wilchcombe told The Bahama Journal yesterday.
Earlier in December, the Gaming Board had approved casino licences for both companies, pending final approval from Minister Wilchcombe.
Mr. Wilchcombe noted that PNK hoped to start its venture by April 2005, but despite the setback investors were still very enthused about the project.
“The Four Seasons has one of the highest room occupancy rates and the service is impeccable, and the fact that they opened a marina means that they would get additional visitors. So in Exuma the casino is an amenity and they need it for the entertainment and they need it for the high-end visitors who would be coming in to Exuma,” Minister Wilchcombe said.
PNK in 2004 signed a letter of intent to sublease premises from Emerald Bay Resort to operate a $5 million, 5,000 square foot casino and was hoping to open for business last year.
Meanwhile, Minister Wilchcombe said that Baha Mar is “steadfast” in moving forward in the expansion of the Wyndham Nassau Resort on Cable Beach.
According to the minister, Baha Mar has secured a management team and is set to begin renovations.
Baha Mar has joined forces with Starwood Hotels and Resorts and Harrah’s Entertainment for the $1.6 billion resort metropolis at Cable Beach.
Baha Mar plans to invest $7 million in the renovation of the Wyndham Nassau Resort.
The upgrade of the resort is expected to include a reconfigured floor layout and an allocation of over $4 million for 30 table games and 460 state-of-the-art slot machines.
The development will also include a new 1,000-room Caesars Resort Hotel and a 95,000 square ft. casino operated by Harrah’s.
As for pending casino licences, like the project on Cat Island, Minister Wilchcombe said the government is currently in discussions with the developers.
He said other casino operators are also hoping to do business in the Bahamas.
The first phase of the Cat Island development, which is being carried out by the American-based Crystal Mount Limited, is valued at $26 million and will feature a Monte Carlo-styled casino.
By: Bianca Symonette, The Bahama Journal
