Prime Minister and Minister of Finance, the Hon. Philip Davis inked an $827 million deal with Concord Wilshire for the redevelopment of the Grand Lucayan resort during a Heads of Agreement (HOA) ceremony at the resort on May 15, 2025.

During his remarks, Prime Minister Davis revealed that the “very ambitious” redevelopment of the resort includes a full-scale cruise resort, revitalized 25,000-square-foot casino, a Greg Norman-designed golf course, 16-slip mega-yacht marina, over-the-water cabanas, beach clubs, family attractions, water parks, retail spaces, restaurants and music venues.

He told the standing-room-only crowd present in the ballroom that it was a blessing to be in Grand Bahama to be able to come together to share triumph, rather than tragedy.

“Today, I believe we will long be remembered as pivotal for the people of Grand Bahama. It’s time to turn the page on hardship, to leave heartbreak behind. It’s a time for renewal, a time for new opportunities, a time for new beginnings,” the Prime Minister said.

He said during the construction phase of the Grand Lucayan redevelopment by Concord Wilshire, a nationally recognized leader in residential, resort, and mixed-use real estate development based in the United States, more than 1,300 jobs will be created and 1,750 permanent jobs will be available when the development is fully operational.

“Thousands of Bahamians will have an opportunity to earn, to grow, and to build a future for themselves and their families, right here at home,” Prime Minister Davis said.

“We’ve said clearly: Bahamians must be at the centre of this. At least 80% of these jobs must go to our people. That’s not just a condition -- it’s a conviction. Because we know the skill is here. The talent is here. The work ethic is here. What’s been missing is opportunity.  But no longer.”

Prime Minister Davis pointed out that his administration is not here to make promises, but progress — the kind that can lift up entire communities on Grand Bahama.

“What we’re building here at the Grand Lucayan is not a stand-alone project — it’s part of a wider, more connected vision for Grand Bahama,” he said.

“A vision that recognises that true development doesn’t happen in silos. It happens when the key pieces fit together — when infrastructure supports industry, when tourism supports small business development, when investment supports people’s ability to live, and work, and thrive – right here at home.”

His government, Prime Minister Davis said, is focused on delivering a broader transformation; a holistic vision Grand Bahama deserves.

He also thanked Concord Wilshire Capital CEO Steve Sirang and the entire development team. 

“You brought your heart, proposal, and a sense of belief in Grand Bahama’s future, and you’ve committed to working alongside us to make that future real,” he said.

Before the historic signing and demolition ceremony, Prime Minister Davis declared that he intends to leave behind real results for the people of Grand Bahama.

“Jobs, infrastructure, healthcare, opportunity, and most of all – dignity. That’s what matters. That’s what lasts,” he said.