Baha Mar

Baha Mar Resorts, Ltd.
Industry Resort, Casino
Headquarters Nassau, The Bahamas
Key people
 Sarkis Izmirlian
(Founder & CEO)
Tom Dunlap
(President)
Website www.bahamar.com

Baha Mar is a resort under construction on the island of New Providence in the Bahamas, owned by Baha Mar Resorts Ltd. and managed by CEO Sarkis Izmirlian. Planned amenities include four hotels – Baha Mar Casino & Hotel, Grand Hyatt at Baha Mar, SLS LUX, Rosewood at Baha Mar – with 2,200 rooms, 284 private residences, a 100,000-square-foot (9,300 m2) casino, a 30,000-square-foot (2,800 m2) spa, and the Tournament Players Club at Baha Mar golf course designed by Jack Nicklaus.[1]

On 30 March 2010 an agreement on the redevelopment of the resort was announced. The project will be financed by China Exim Bank while construction will be performed by China Construction America (CCA).[2] Groundbreaking for the redevelopment took place on 21 February 2011 with the resort opening expected on March 27, 2015.[3] The whole project will cost around US$3.5 billion.[4]

The flagship of the project is the Baha Mar Casino & Hotel, which is planned to have 1,000 rooms and more than 1,100 slot machines and 150 table games. Global Gaming Asset Management was selected to operate the casino-hotel.[5]

As of April 2016, construction had been halted for nearly a year with the resort 97% complete.[6] Chapter 11 bankruptcy (permitting reorganisation rather than winding-up) was filed on June 29, 2015 in a Delaware court but dismissed in September. A Bahamian judge put provisional liquidators in charge.[7] The resort blames delays in construction with no source of income for the problem.[8] CCA blames the delays on mismanagement by the developer.[6]

References

  1. ↑ Howard Stutz (2 January 2013). "Bahamian resort on fast forward". Las Vegas Review-Journal. Retrieved 2012-01-02.
  2. ↑ "Baha Mar Signs $2.6B Deal (2010)". The Bahama Journal. 2010-03-31. Archived from the original on July 13, 2011.
  3. ↑ "Baha Mar groundbreaking to get $2.6bn project under way". Bahamas Tribune. 2011-02-21. Archived from the original on 2011-02-24. Retrieved 2016-02-12.
  4. ↑ "Luxury Resort Baha Mar". 2013-03-15.
  5. ↑ "Baha Mar names former Las Vegas Sands team to manage hotel, casino". Caribbean Journal. May 23, 2013. Retrieved 2013-05-23.
  6. 1 2 Mimi Whitefield (April 11, 2016). "When will stalled Bahamian mega-resort project Baha Mar be completed?". Miami Herald.
  7. ↑ John Lippert,Dawn McCarty (4 January 2016). "The Ghosts of Baha Mar: How a $3.5 Billion Paradise Went Bust". Bloomberg.com.
  8. ↑ "Baha Mar's Path Forward".

Coordinates: 25°4′24″N 77°23′52″W / 25.07333°N 77.39778°W / 25.07333; -77.39778


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