CTFE confirms Baha Mar purchase

Mon, Dec 12th 2016, 11:05 PM

Hong Kong-based global conglomerate, Chow Tai Fook Enterprises Limited (CTFE), announced that it has finalized an agreement with the Bahamas government and the Export-Import Bank to own and operate Baha Mar, and pledged to sink another $200 million into the project to "support pre-opening activities", according to a press statement released yesterday by the company.
Included in that $200 million will be the "redevelopment of the prime beachfront Crystal Palace Casino hotel site, and the development of additional
family-friendly amenities, entertainment venues and offshore island facilities".
The Chinese conglomerate issued its release on the same day that Prime Minister Perry Christie announced in the House of Assembly that the deal had been finalized through CTF BM Holdings Ltd., a subsidiary of the Hong Kong conglomerate.
CTFE revealed that it would employ more than 1,500 people by April 2017 as it begins its plan to open the mega resort in phases.
"CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort," Graeme Davis, president of CTFE's Bahamas subsidiary, said in the release.
"We will also ensure that the Bahamian people and the region benefit fully from the project, which will create tremendous job and economic stimulus opportunities. Further, by combining our global hospitality expertise with the vibrant and authentic Bahamian culture, we will create a memorable, unmatched experience for guests of which all Bahamians can be proud."
The statement continued: "The company estimates that more than 1,500 jobs will be generated for Bahamians within this first phase. Once fully operational, Baha Mar Resort will employ thousands more."
CTFE touts its "extensive" expertise in the "hospitality arena". The company purchased Rosewood Hotel Group in 2011 - which owns and/or operates 55 hotels in 18 countries under three different brands - and will include in its hotel operator compliment one of its own brands and possibly a Grand Hyatt and an SLS hotel.
CTFE said in the release that it is "dedicated to the successful and timely opening and operation of Baha Mar Resort".
"Upon completion of the project by China Construction America (CCA) and EXIM Bank, the company intends to quickly establish Baha Mar as one of the world's finest destination properties," CTFE said in its release.
"CTFE plans to open the resort in phases, beginning with phase one in April 2017, which will include the casino hotel, casino, convention center and golf course.
"To prepare for the opening of the casino hotel and casino, CTFE is onboarding a leadership team of executives from internationally recognized brands. It plans to begin recruiting employees for the casino in the new year and is also in discussions to form marketing alliances with leading global gaming companies."
Christie is quoted saying in the CTFE release, "The government is confident that CTFE has the precise capabilities and track record to successfully complete and operate Baha Mar Resort from both a lodging and casino perspective. We look forward to having such a renowned and experienced company turn the vision for Baha Mar Resort into reality."

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