Freeport, Grand Bahama - Two senior Cabinet ministers are traveling to the Dominican Republic on special order of the prime minister to firm up major direct foreign investment in Grand Bahama. At an international forum boasting 27 countries including China, the United States, Canada and Russia, the Dominican Republic was most on the lips of politicians and investors. Prime Minister Perry Christie singled out the Latin American nation yesterday during his keynote address at the Bahamas International Investment and Business Forum (BIIBF) held at the Grand Lucayan resort.
He later conducted one-on-one meetings with senior officials from the Dominican Republic behind closed doors. During the keynote, he revealed that the government is considering a "significant application" from investors to take over the casino at the Grand Lucayan, construct an additional hotel and casino, and even bring additional airlift to the struggling island. He also announced that two Cabinet ministers will travel to the Dominican Republic to continue negotiations. Obie Wilchcombe, the minister of tourism, and Philip Brave Davis, the deputy prime minister, were scheduled to personally attend the opening of a new casino in the Dominican Republic headed by the Dream Group last night.
"They sent us a proposal and there is an opening tonight (Wednesday night), so we'll take a look at what they are doing," Wilchcombe said. "It will be significant but numbers are not on the table. We'll have to look at the proposal very closely. The truth is they are a big player." The minister said the Dream Group operates more than a dozen casinos in the Dominican Republic. The talks with a regional player come at a crucial time. Wilchcombe told Guardian Business that the existing casino at the Grand Lucayan is posed to close following a pull out by the operator.
Back in January, the government announced that Treasure Bay will formally end its obligations in Grand Bahama by the end of this month. Treasure Bay has operated the casino since 2009 when it took over from Isle of Capri, and like many stakeholders on Grand Bahama, turning a profit has proven challenging. The casino employs as many as 300 Bahamians. "The casino here and the arrangement with the treasury is about to conclude. So we are trying to bring in a bigger brand. We want Grand Bahama to return to its time of magic.
To make it a magic city, we have to create a few things around it," Wilchcombe added. Talks with the Dominican Republic come shortly after a memorandum of understanding was signed between the two governments to form a joint business council. Ryan Pinder, the minister in charge of trade and manufacturing, said yesterday that the government is "excited" about the Dominicans. This Friday, officials are planning a meet with the private sector on both sides to "put some teeth" on the business council and finalize the memorandum of understanding. The Ministry of Foreign Affairs is also involved in developing a formal diplomatic framework. "The head of investment is here from the Dominican Republic, who has a direct link with the president. They have a lot of private sector interest here," he added. "We see a lot of trade opportunities."
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