It's amazing to drive by Baha Mar. The large multibillion-dollar resort sits in the middle of Cable Beach fenced in and unoccupied.
The development has been in bankruptcy for more than a year. Bahamians are curious about it for obvious reasons. Two thousand people lost their jobs. Tens of millions of dollars are owed to Bahamian companies. Our economy has contracted the past two years and many see this project as one of the catalysts to help turn things around. Yet, it sits closed indefinitely.
Prime Minister Perry Christie has been the biggest cheerleader for this project. Developer Sarkis Izmirlian's dream was conceived of and green-lighted during Christie's first term.
Since its bankruptcy the prime minister has said he has worked hard to stay in dialogue with the Chinese who now control its fate - that is, the Export-Import Bank of China, the lender, and China Construction America, the builder. The bank will determine what happens to it after having foreclosed.
Christie has repeatedly said a way forward is coming "soon". We do not think he intended to mislead Bahamians. We think he truly wants the hotel to open and to be a success. His people need jobs.
Christie has been more measured of late. Nearly a month after he said the Export-Import Bank of China should be in a position to announce a new buyer for Baha Mar within a "few weeks", the prime minister refused to answer questions about the derailed project this week.
When asked about Baha Mar and its new buyer on Monday, Christie declined to comment. When pressed for a response outside the House of Assembly, Christie only said, "We are close. Soon."
When contacted on Sunday about a possible new buyer, Baha Mar's receiver-manager Ray Winder, managing partner of Deloitte & Touche, said there was nothing new to report.
The bank extended more than $2 billion to Baha Mar to build what is has so far. It does not seem prepared to take a major loss on that investment in a fire sale. It is taking its time to find a path that allows it to recoup what it can in the medium to long term. The Chinese won't be dictated to by our desire for a swift resolution.
An election is coming. Politicians love to have good news at these times. Christie should hold off on pronouncements on this deal until it is really done. Reasonable updates are fine, but there is no need to keep saying "it's coming, its coming" when that is not likely to be the case. The more he makes statements indicating a deal is imminent and nothing happiness, the more he diminishes what is left of his credibility.
Once the deal is done it will take time to finish the construction, hire new staff, test the facility and market it in order to attract guests. This will certainly not all be done in 2016. We all want Baha Mar to be a success, but the mess that has happened will take time to resolve. How long? Only the Chinese know the answer to that.

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