By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

THE Grand Lucayan’s planned closure last Thursday has been delayed yet again with the resort still open as of yesterday and no shut-down date provided to staff, Tribune Business can reveal.

Well-placed sources, speaking to this newspaper on condition of anonymity, confirmed that Grand Bahama’s ‘anchor’ resort property had been due to close on October 16, 2025, as part of the Government’s $120m deal to sell it to US-based investor, Concord Wilshire.

“It was intended to be closed yesterday,” one contact, speaking on condition of anonymity, said on Friday. “But the Government keeps delaying it and it makes no sense. It was a date that was bandied around, but a day that seems to have come and gone.” 

Suggestions that the Grand Lucayan was due to close circulated widely on Wednesday and Thursday last week, but calls to the front desk confirmed that it was still open yesterday and staff have yet to be informed of when it will close to facilitate the property’s planned demolition and subsequent new construction by Concord Wilshire and its investor/developer/manager partners.

“They haven’t told anybody anything as of yet. We’re just following along with our schedule,” one Grand Lucayan employee told Tribune Business. This newspaper understands that the continuing costs of subsidizing the resort’s operations, and keeping it open - running at an estimated $1.2m-$1.5m per month - are being borne by the Government and Bahamian taxpayer, not Concord Wilshire.

However, the continued closure delays - and wait for all the necessary government permits and approvals - are understood to have already put the US developer behind schedule with its plans for redeveloping the Grand Lucayan and transforming it into a true destination that will rebuild Grand Bahama’s tourism product and passenger volumes.

“It’s taking forever to get going,” one contact said of the Concord Wilshire project. “They have to get going. The Government knows they want to get going. The Government must have a reason for keeping it open. A lot of it is probably political, but they might not have all their ducks in a row. Everyone wants to get going.”

Tribune Business understands that the conveyances, transferring title and ownership of the Grand Lucayan from the Government’s special purpose vehicle (SPV), Lucayan Renewal Holdings, to Concord Wilshire’s own Bahamian-domiciled entity, were completed prior to the much-touted Heads of Agreement signing in May 2025.

It is also thought that the resort’s acquisition has been structured as a so-called “take-down purchase”, meaning the $120m sales price will be paid in phases by Concord Wilshire. As the developer demolishes each new part of the existing Grand Lucayan, a new portion of the purchase price will be paid to the Government. The $120m has not been paid yet.

Meanwhile, Obie Ferguson KC, the Trades Union Congress (TUC) president, whose Bahamas Hotel Managerial Association (BHMA) is the bargaining unit for 91-92 middle managers at the Grand Lucayan, told Tribune Business that whether the resort closes or remains open is of little concern to his members as they will still be paid regardless.

“I was in Grand Bahama the Monday before last and I had a meeting with the members there, and I was not told that the hotel would be closed. I was not told that by the Government or the workers. The workers did not bring that to my attention,” he said of the now-missed October 16 closure.

“My understanding is that what I was told at the beginning is very much in vogue and there’s been no change to that. There’s a lot of rumors around it, but as long as the workers are getting their pay as was promised I don’t see on what basis I can make it an issue or they can make it an issue because they are being paid.

“As long as that is there, I don’t see a reason why I should be reacting to it because they are getting paid. As long as they are getting paid, I don’t think anything should be of major concern at this stage.” Mr Ferguson earlier this year said Grand Lucayan workers will not automatically be terminated when the resort closes, but, instead, will be given the option to remain on staff via an employee retention initiative.

The Grand Lucayan, where only one of its three properties - Lighthouse Pointe - is currently open, is understood to employ around 200-300 staff. Well-placed Tribune Business sources, speaking on condition of anonymity, revealed then that Concord Wilshire was working on an initiative that will give employees the option of receiving their salary while the property is demolished and then redeveloped.

However, Kwasi Thompson, the Opposition’s finance spokesman, yesterday voiced concerns about what he described as the “long-stalled” sale of the Grand Lucayan resort, emphasising the resort’s redevelopment is inextricably linked to Grand Bahama International Airport’s redevelopment. He added that the lack of visible progress on either raises serious doubts about the administration’s ability to deliver on its commitments.

Mr Thompson argued that the unanswered questions about the projects only deepen public skepticism, and contribute to a broader crisis of confidence surrounding the Government’s ability to stimulate real investment and job creation in Grand Bahama.

He called for full disclosure of the details surrounding both the airport and resort deals, including the identities of financial partners, projected timelines, and funding sources, while warning that continued silence will only fuel speculation and undermine investor confidence.

“It all points to the same troubling truth: This government’s credibility is collapsing under the weight of its own contradictions. You cannot build airports on broken promises, and you cannot rebuild trust with half-truths. The redevelopment of the Grand Bahama International Airport is tied directly to the long-stalled Grand Lucayan project, another symbol of misplaced optimism and missing information,” said Mr Thompson

“We were told both would anchor Grand Bahama’s economic revival, yet we’ve seen more press releases than progress. And worse, still no $120m in the bank. When will demolition begin? When will construction start? Who are the partners in this new deal? When will Grand Bahama have its new airport? Was $120m received? When will the renovation start on the hotel? When will the hotel be fully turned over?”

The Grand Lucayan sale includes the 56-acre beachfront resort along with the adjacent 160-acre Reef Golf Course. Concord Wilshire, with $10 billion in developed and acquired assets, has hired RSP Architecture to spearhead the redevelopment of the beachfront property.

The developers say the revived property will feature seven major resort components, including three new hotel buildings and branded timeshare units. Other features include a 35-acre cruise destination open to all cruise lines and guests, a 25,000 square foot indoor/outdoor casino, the conversion of the Reef Golf course to a 160-acre Greg Norman signature golf course, and a 16-slip mega-yacht marina.

Construction is expected to begin within 90 days of obtaining the necessary permits and approvals. The project will be rolled out in phases, creating 1,320 construction jobs and 1,750 permanent positions once the resort is fully operational.