Grand Lucayan Resort in Grand Bahama set for $827 million transformation

Concord Wilshire Capital (CWC) has finalized the $120 million purchase of the iconic Grand Lucayan Resort and the adjoining Reef Golf Course in Grand Bahama, marking the beginning of a massive $827 million redevelopment project that promises to revitalize one of the island’s most celebrated destinations.

The acquisition, completed during a signing ceremony held on May 15, 2025, transfers ownership from the Bahamian government to CWC, which plans to transform the 56-acre beachfront resort and 160-acre golf course into a vibrant mixed-use resort and walkable village. This ambitious project includes a 36-acre cruise ship destination resort designed to accommodate up to 10,000 passengers daily from any cruise line, a state-of-the-art 25,000-square-foot indoor and poolside casino, a branded hotel with 350 rooms, 120 residential and timeshare units, a new Greg Norman Signature Championship Golf Course spanning 160 acres, and an 18-slip mega yacht marina.

The redevelopment aims to create a world-class visitor experience accessible by both sea and air, with amenities such as a water park, dive and fishing charters, boat rentals, and direct integration with the existing Port Lucaya Marketplace — a vibrant shopping and entertainment hub featuring 120,000 square feet of local shops. The resort will also connect to facilities like the Port Lucaya Marina and Grand Bahama Yacht Club, forming a cohesive, dynamic village atmosphere.

“By reimagining and redeveloping this entire resort, we’re not just creating a destination, but we’re reigniting tourism, generating local jobs, fueling the local economy and crafting a legacy that both the government and community can proudly call their own,” said Nate Sirang, President of CWC.

“We are also proud to be working with Bahamaland Investments, which is acquiring Port Lucaya Marina and Grand Bahama Yacht Club, to integrate these facilities and the existing Port Lucaya Marketplace, containing 120,000 square feet of local authentic shops, into this unique mixed-use resort and village.”

Prime Minister Philip Davis expressed strong support for the project, highlighting its role in the island’s sustainable revitalization plan. “We are pleased to enter the next phase of the Grand Lucayan Resort and conclude the sale to Concord Wilshire. CWC’s track record is conclusive evidence of its ability to deliver on this complex redevelopment. The proposed redevelopment will be another substantial project for Freeport and adds to the foundation of the island’s sustainable revitalization plan by the Government of The Bahamas,” he stated.

Construction is set to begin immediately, starting with demolition of the existing structures. The development is expected to generate significant employment opportunities for the island’s residents across various sectors, with plans to retain the current resort workforce.

“We are elated at the rebirth and reintroduction of the Grand Lucayan Resort visitor experience as the people of Grand Bahama welcome, with open arms, the much-needed mixed-use resort and the return of hospitality for which the City of Freeport and Lucaya were known,” said Thomas Dean, CWC Board Member. “We join the voices of the people of The Bahamas, especially Grand Bahama, in welcoming and supporting CWC for its vision in creating what will be an adventure and experience like no other.”

With this transformative project underway, the Grand Lucayan Resort is poised to reclaim its status as a premier Caribbean destination, combining luxury accommodations, expansive amenities, and seamless cruise and yachting access to deliver an unmatched island experience.