By LYNAIRE MUNNINGS

Tribune Staff Reporter

lmunnings@tribunemedia.net

FORMER Prime Minister Dr Hubert Minnis has criticised the government’s handling of the $120 million Grand Lucayan Resort sale, calling on Prime Minister Philip Davis to provide clarity on critical outstanding issues.

Speaking during the 2025/2026 Budget Debate, Dr Minnis expressed disappointment that the prime minister did not provide more details about the Grand Lucayan deal in his budget communication and opening remarks. While he acknowledged the country’s hope for the project, he emphasised that many important questions remain unanswered.

“When will the company pay the government the $120 million for the sale of the property?” Dr Minnis asked. “We have been unable to get a straight answer on this. It is odd that the deal and sale price were announced, yet no one wants to say when the money will be paid.”

He also questioned whether the developers have secured financing to begin the first phase of the redevelopment, calling this a “critical question because if they don’t, then nothing is starting any time soon.”

Highlighting the importance of infrastructure, Dr Minnis stressed, “When will the Grand Bahama airport be built? The PLP keeps promising an airport, but nothing is happening. The airport is key for these developers. They need a proper, modern airport to be able to bring in the visitors to patronize the property. The resort cannot succeed without a new airport.”

He acknowledged the desire of Bahamians to support the government and developers, saying, “Bahamians want to see all seven components of this resort built to maximise the economic opportunity for Grand Bahama.” However, he warned that clarity is needed to build public confidence.

Dr Minnis recalled the House of the property’s troubled history, recalling that in 2020 his administration had announced a redevelopment deal with Royal Caribbean and ITM, including a new cruise port, which was cancelled after the PLP won the 2021 general election. He also cited a later deal with Electra America Hospitality Ltd. announced in 2022 for $100 million and a $300 million redevelopment, which subsequently collapsed.

“There is reason to be skeptical about the Grand Lucayan based on its recent history,” Dr Minnis said. “I call on the prime minister to provide all details on this deal. He should not just expect Bahamians to assume that all will go well.”

Prime Minister Davis defended the government’s handling of the sale during his response in the House. He had clarified that the resort is owned by Lucayan Renewal Holdings Ltd, a government-owned company, and that proceeds from the sale would be received by that entity before any funds are transferred to the Hotel Corporation of The Bahamas. The prime minister explained that legal fees, closing costs, and other expenses would be deducted before disbursements.

“This is not unusual and has been the standard practice of the Hotel Corporation through multiple administrations,” Mr Davis said, expressing surprise that the Opposition seemed unaware of this process, given that it was the previous government that purchased the hotel and incorporated Lucayan Holdings.

Opposition Leader Michael Pintard has also reiterated calls for transparency, acknowledging the significance of the deal for Grand Bahama’s economy but emphasising that Bahamians deserve detailed information.

The Davis administration announced the sale in May to Ancient Waters Bahamas Ltd, a subsidiary of US-based Concord Wilshire Capital, which plans to invest $827 million into redeveloping the Grand Lucayan property and the adjacent 160-acre Reef Golf Course.

The project includes new hotels, timeshare units, a cruise port, casino, mega-yacht marina, and redesigned golf course. Construction is expected to start within 90 days of permit approval, creating over 1,300 construction jobs and nearly 1,800 permanent positions once complete. The government has noted that the sale will relieve it of a $1.5 million monthly carrying cost.