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Bahamian government sells multi-billion dollar Baha Mar resort

Bahamian government sells multi-billion dollar Baha Mar resort

Prime Minister Perry Christie of The Bahamas, on Monday announced that the multi-billion dollar Baha Mar mega resort has been sold to property developer and business conglomerate, CTF BM Holdings Ltd.,  a subsidiary of the Hong Kong conglomerate – Chow Tai Fook Enterprises Ltd.

The announcement of the sale of the US$3.5 billion project, which is expected to feature a Las Vegas-style casino and more than 2,000 hotel rooms, ends months of calls by the main opposition Free National Movement (FNM) for the government to publicly declare the owners of the property.

The project has been stalled for several months and missed at least two opening deadlines, after running out of money.

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Christie told Parliamentarians that the executed sale and purchase agreement represents a significant achievement for The Bahamas, and a milestone in the troubled history of the Baha Mar resort.

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