Baha Mar integral to Bahamas long-term tourism plans
The building of the Baha Mar resort on Cable Beach in Nassau has been seen by industry leaders across the Bahamas as a major investment in the future of the economy and tourism, which makes up a significant portion of the Bahamas’ GDP. It is a huge resort, costing $2.6 billion (by 2008 estimates), and will occupy an area of over 1000 acres.
It will feature three world-class spas, 20 acres of beach and pool facilities, there will also be what the Baha Mar website calls a “showlake”, which will be surrounded by shopping and restaurant outlets, as well as luxury residences for private purchase.
The construction cost of this monumental resort is almost one third of the entire GDP of the Bahamas, which indicates how important the project is. As of 2009, ten thousand people were employed as a direct result of the Baha Mar project, and its construction has attracted the attention and anxiety of officials in all levels of government.
In March of 2008, the Baha Mar project , according to Bahamas news reports, seemed in jeopardy, if not altogether doomed, when Harrah’s Entertainment, an American casino and resort operator and massive contributor to the project, indicated that it was considering pulling out of the deal, following uncertainty over its feasibility and ambiguity over the role of the Bahamas government in the construction, which is part of the redevelopment initiatives for Cable Beach.
The feasibility of Baha Mar was further eroded by the 2009 financial crash and the ensuing recession, which has seen tourism globally, and in the Bahamas, reduced significantly. Other iconic hotels in various parts of the world, such as the Burj Al Arab in Dubai, have not seen the turnover that investors expected and throughout the current recession the Burj Al Arab has operated at a loss.
Despite this, the Baha Mar project is of great importance to the Bahamas, not only because it will create a huge tourist attraction, which will bring people to the island, and not only because it will generate jobs that are desperately needed during the recession, but also because it will have knock-on effects for the economy, generating business for secondary industries.
A resort of this size will need to be supplied with everything it needs for the comfort of its guests, everything from food and beverages to shampoos and body lotions, creating economic opportunities for the local economy.
Most importantly, however, the construction of Baha Mar will put the Bahamas in a strong position to compete against the rest of the Caribbean when the recession eventually abates and tourist numbers increase again.
This is why it came as good news when Robert Sands, Vice President of External Affairs and Communications for Baha Mar, announced that “excellent progress” was being made in securing a deal for the continued development of Baha Mar with Chinese investors.
China first became involved in the project in mid-2009 when Baha Mar executives met with Wu Bangguo Chairman of the Standing Committee of China's National People's Congress, Prime Minister Hubert Ingraham and other government officials from China and The Bahamas.
At that meeting the Export-Import Bank of China and the China State Construction Engineering Corporation agreed to some of the commercial aspects of their involvement, and since then intense negotiations have taken place to secure a final deal.
Hopefully, a final agreement will be reached so that this world-class resort can be completed by 2013 (which is the expected opening year according to the website). It has been said that the world economy may take several years to recover from the recession, which would put the opening of Baha Mar at just the right time.
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Baha Mar integral to Bahamas long-term tourism plans
The Bahamas is already a major tourist destination in the Caribbean, but the financial crisis has reduced tourist numbers worldwide, creating a situation in which The Bahamas now have to compete globally for tourists. The Baha Mar resort, slated as a first-of-its-kind in the Caribbean hotel complex, may help it to do this.
The building of the Baha Mar resort on Cable Beach in Nassau has been seen by industry leaders across the Bahamas as a major investment in the future of the economy and tourism, which makes up a significant portion of the Bahamas’ GDP. It is a huge resort, costing $2.6 billion (by 2008 estimates), and will occupy an area of over 1000 acres. Read more
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