By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Baha Mar has “bidded out” more than $230 million worth of work to Bahamian contractors, a senior executive telling Tribune Business the developers had spent “almost one-third” of the project’s $3.5 billion construction budget.

Robert Sands, Baha Mar’s senior vice-president of government and external affairs, told Tribune Business that construction work on the Cable Beach redevelopment was about 40 per cent complete.

China State Construction was currently working on the 18th floor of the centrepiece casino hotel, just eight floors below its target height, and Baha Mar is aiming to stage a “roof topping completion ceremony” by year-end 2013.

Confirming that some 58 per cent of the $400 million worth of work Baha Mar had pledged to award to Bahamian contractors had at least gone out to bid, Mr Sands said: “I would say we are almost 50 per cent of the way in terms of time, and I’d say we’re about 40 per cent of the way in terms of construction.

“We’re beginning to work on the 18th floor of the casino hotel, and the highest tower is 26 floors, so we’re almost there. We’re looking for a roof-topping completion ceremony for all facilities at the end of next year.”

Adding that Baha Mar was “still on target” for an end-2014 opening, Mr Sands told Tribune Business: “From a Bahamian awards side, we’ve bidded in excess of $230 million. I would say we’ve spent almost one-third of the $3.5 billion to-date.”

Bahamian contractors have worked on the West Bay Street re-routing, new Jack Nicklaus golf course, Commercial Village, convention centre, beach restoration and landscaping, as Baha Mar moves to make good on its commitment to award them $400 million in contracts - and create 4,000 local jobs - over the project’s lifetime.

“I think we’re confident we’ll achieve our goal. There’s 24 months to go, and have already put out 50 per cent of the money in terms of bids. On workers, we’re getting close to the 1,900 figure,” Mr Sands said.

He reiterated Baha Mar’s view that the visitor market was large enough to enable it and Atlantis to co-exist. While Atlantis targeted more family-oriented vacationers, Baha Mar was focusing more on the couples’ market with a casino-centric model.

“Our position remains the same. We think the pie is big enough for us to both co-exist, and are satisfied of that because we have different marketing goals,” Mr Sands said. “We believe we’re more adult focused, and it makes for a slight variation on their thrust.”