Genting Group buys additional property in Bimini for 24.6 million

Mon, Sep 15th 2014, 11:44 AM

Malaysia-based conglomerate Genting has purchased 6.6 additional hectares in Bimini for $24.6 million, which will be used to further develop its Resorts World Bimini (RWB) operation.
In a filing to exchange holding company Bursa Malaysia last week, Genting Malaysia stated that the land acquisition would allow Genting Group to have "better control in terms of planning for future development and expansion".
BB Entertainment Ltd. (BBEL), a subsidiary of Genting that owns and operates RWB's casino, purchased the land from RAV Bahamas Ltd. (RBL). RBL currently holds 30 percent interest in BBEL.
Although RWB officials were unavailable for comment up to press time, environmentalists have speculated that the acquisition could be used for the construction of a golf course.
Speaking with Guardian Business, Save The Bays CEO Lindsey McCoy expressed deep concerns over the announcement and the threat it could pose to surrounding marine habitats, claiming that RWB had dredged an estimated 800,000 cubic tons of fill, four times the initially proposed amount, which she argued could go towards construction of a golf course.
"My main concern is that Bimini Bay Resort and Marina had talked about a golf course. Bimini's mangroves are some of the most critical habitats in The Bahamas," said McCoy, adding that a 2000 government survey demonstrated that the mangrove area near RWB was the most critical habitat in the country.
"It very much concerns me, knowing that they've purchased more land. It would be a travesty if that mangrove habitat disappears," said McCoy.
The Bimini resort recently finished the construction of the controversial North Bimini Ferry Terminal. Its construction was challenged and temporarily halted in the courts by environmentalists and concerned citizens due to concerns that the development could lead to substantial damage of the surrounding marine environment.

Click here to read more at The Nassau Guardian

 Sponsored Ads