The Ministry of Tourism is still pondering whether it will support the second annual Bahamas Open, set to kick off this weekend.
The event, featuring top tennis professionals from the Women's Tennis Association (WTA), is the only event of its kind in the Caribbean and Latin America, according to Ty Olander, its executive director.
The Bahamas Open is sanctioned by the International Tennis Federation (ITF) and runs from March 9 to March 17. With players, family members, coaches and fans all headed to New Providence, organizers expect the tournament to generate 3,000 room nights or more.
In addition, legendary female tennis players Monica Seles, Jennifer Capriati, Mary Joe Fernandez and Martina Navratilova are all rumored to be taking part in an exhibition doubles match on March 11.
On paper, that might seem like a valuable proposition to the Ministry of Tourism, but government officials are not yet convinced.
"At the moment it is undecided. There is no commitment at this stage," said David Johnson, the director general of the Ministry of Tourism, said. "They have made an appeal to the minister and it is being dealt with. It has to make business sense and we need certain criteria in place."
Orlander and the event's executive team spoke with Vincent Vanderpool-Wallace, the minister of tourism and aviation, and submitted a revised proposal on Friday afternoon.
"I am hoping they come on board. We definitely need them from a financial point of view," he told Guardian Business.
"The Bahamas Open, if properly supported by the government and various sponsors, is the perfect vehicle to bring in millions of dollars into the local economy."
The Sheraton on Cable Beach has signed on as the official hotel of the tournament.
Less than a week away, Olander said "it is really steam rolling now".
Twenty-seven world-class officials from around the world are coming to Nassau to officiate the tournament, he said. Members of the international press are expected to attend the event, providing additional exposure for the country.
Meanwhile, Navratilova, the legendary player participating in the special doubles event, is also a contestant on the popular television show, "Dancing with the Stars".
Olander told Guardian Business the show is sending a crew to The Bahamas Open to film the star.
The annual event, now entering its second year, has a budget of approximately $500,000. The executive director admitted that securing local sponsors has been difficult thus far, making support from the Ministry of Tourism paramount to the long-term success of the tournament.
"Our sponsors from local organizers were quite disappointing," he added. "Our main source of funding came from VietBridge Capital Funding LLC. He came on board as a result of the relationships I had built in Chicago and basically giving them an idea of the potential we're doing here."
The prize money is set at $100,000, which is far lower than normal for professional tennis events. Orlander said the wide participation is a testament to the cache of The Bahamas.
The event also conveniently falls between two mandatory WTA events - Indian Wells in California and the Sony Ericsson Open in Florida - making the Bahamas Open a convenient stopover for professionals that have been eliminated from the first tournament but looking to stay limber.
Orlander felt this year's installment was crucial to developing a reputation and keeping the momentum going.
"Once we establish an event on the tour, we'll get major sponsors and it'll be a money-making event. That will mean an impact on the economy and a return for the stakeholders and sponsors involved," he said.

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