It has been one year since the closure of the Royal Oasis Resort in Grand Bahama, but the government insists it remains as determined as ever to secure a new buyer for the hotel property – even if it has to get in on the deal.<\/P><\/p>\n
Prime Minister Perry Christie made that revelation on Monday, following what he called a very constructive and fruitful recent meeting with J. Flannery, managing director of the Lehman Brothers group, which is the financier for the Driftwood Group of Companies, owner of the resort.<\/P><\/p>\n
According to Mr. Christie, it was agreed that the government would partner with the company to ensure that a purchaser for the hotel is found in “the shortest possible time”.<\/P><\/p>\n
“As an incentive, I further indicated that we would ensure that it is even more attractive than it was in the past, so as to virtually guarantee that that part of Freeport – where significant numbers of people were employed and are now unemployed – receives a new impetus and new life,” Mr. Christie said. <\/P><\/p>\n
“I have indicated that the government – as is most certainly the case with Lehman Brothers – has significant interest in the property because of the amount of money owing (to both parties).”<\/P><\/p>\n
Tourism Minister Obie Wilchcombe had revealed earlier this year that the Driftwood Group owed millions of dollars to various government and non-government entities.<\/P><\/p>\n
During his 2005\/2006 budget contribution in the House of Assembly, Housing and National Insurance Minister Shane Gibson indicated that the National Insurance Board had been able to secure $2.6 million from the hotel property.<\/P><\/p>\n
More than 1,200 workers lost their jobs when the resort closed following Hurricane Frances last September. Many of them remain unemployed in a job market officials admit is also constrained.<\/P><\/p>\n
Government officials have further admitted that they do not know when the resort might reopen under a new buyer, but said they are working hard to get it sold.<\/P><\/p>\n
But Prime Minister Christie has reassured the public that this will take place.<\/P><\/p>\n
“In our discussions, I ensured that it is clearly understood that we must together \uff96 even if it means the government becoming part owners \uff96 provide a guarantee to the economy of Freeport that this facility and its casino will reopen,” he said. <\/P><\/p>\n
“We cannot allow that to remain closed one year after the hurricane. I was able to demonstrate to Lehman Brothers that a government with a licensing right of a casino cannot allow those rights to simply sit and remain inactive. <\/P><\/p>\n
“The government, looking at Grand Bahama, must reassess the options available to us with a view to ensuring that we are able to make a contribution to persons who are investing substantial sums of money to give real hope that Freeport will not only rebound as we believe that is now doing, but expand.”<\/P><\/p>\n
Mr. Christie\uffb4s comments were made during Monday\uffb4s press conference at his Cable Beach office, where a formal announcement was made for the development of another multimillion-dollar investment for Grand Bahama.<\/P><\/p>\n
The New Hope Holding Company, developer of real estate and marinas, proposes to build a condo hotel of some 120 rooms and a number of high end homes in Freeport. <\/P><\/p>\n
The goal is to begin the five-year project before the end of the year, investing between $220 and $250 million.<\/P><\/p>\n
The idea to introduce another investment comes at a time when Grand Bahama\uffb4 economy is still struggling to rebound following the devastation Hurricane Frances left behind.<\/P><\/p>\n
The government is also looking forward to a number of additional projects like the new small hotel announced for Old Bahama Bay in West End, Grand Bahama, which has already been approved. <\/P><\/p>\n
A groundbreaking ceremony has already taken place for a new condominium development in Bootle Bay, while another is in the works for Deadman\uffb4s Reef.<\/P><\/p>\n
“These are in varying stages of progress and we believe that real hope is already evident to the people,” Prime Minister Christie said.<\/P><\/p>\n
Macushla N. Pinder, The Bahama Journal<\/SMALL><\/P><\/p>\n","protected":false},"excerpt":{"rendered":"
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