By JADE RUSSELL

Tribune Staff Reporter

jrussell@tribunemedia.net 

DEPUTY Prime Minister Chester Cooper acknowledged the importance of the Grand Lucayan resort to Grand Bahama’s economy but suggested that it should not be the sole driver of the island’s economic revitalisation.

“The Grand Lucayan Resort is important, but it takes the entire economy moving in the same direction together to truly revitalise the economy of Grand Bahama. We’re pushing in that regard, and as I indicated earlier, we’re going to be announcing another few $100m investment in Grand Bahama really soon,” Mr Cooper said.

Last week, Prime Minister Philip “Brave” Davis, during the Progressive Young Liberal Conclave, suggested once again that progress on the sale of the Grand Lucayan resort is imminent, with the government in the final stage of negotiations.

When asked about Mr Davis’s comments, Mr Cooper responded that he would hold off on discussing the sale “until the money is in the bank.” He described the Grand Lucayan as a vital part of Grand Bahama’s economy, noting it hosts meetings, conventions, weddings, and other events.

“We believe that this resort can and will play a significant role in the overall development of this vision for the island of Grand Bahama,” Mr Cooper said to reporters during a tourism press conference

He also highlighted other investments aimed at boosting the island’s economy, such as the shipyard and Carnival’s Celebration Key cruise port. However, he suggested that revitalising the economy requires collective progress, not just the success of the Grand Lucayan.

The Grand Lucayan, which comprises three resorts with a total of 1,600 rooms, is currently operating at one-third capacity, with only the 200-room Lighthouse Pointe section open.

When asked about government spending to keep the resort open, Mr Cooper said that the government provides about $1m a month to maintain the resort. He explained that much of the money goes towards “fixed costs,” such as keeping the air conditioning running to maintain the property’s quality. Additionally, the government continues to support more than 200 Bahamian jobs at the resort, benefiting the local economy.

Mr Cooper also pointed out that the Pelican Grand Beach Resort, located across from the Grand Lucayan, is reporting full occupancy. Despite being in transition, the Grand Lucayan is currently seeing significant occupancy through the end of February.

Mr Davis’s comments during the final night of the PLP Liberal Conclave echoed previous statements from the administration. In August, Mr Davis said that the government was close to revealing the buyer for the Grand Lucayan hotel.

On Tuesday, Tribune Business reported that a Miami-based developer with $10b in resort and real estate assets is in negotiations to purchase the Grand Lucayan. Multiple sources identified Concord Wilshire, known for its resort renovations in Florida, as the potential “master developer” for Grand Bahama’s flagship resort if it can finalise the purchase from the Bahamian government.