By NEILL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Grand Bahama Chamber of Commerce last night called for “timely and transparent” details on the fate of Concord Wilshire’s proposed Grand Lucayan acquisition given the developer’s failure to meet its own self-imposed deadline to unveil the project’s demolition and construction schedule.
The Chamber, in a statement to Tribune Business, said it “notes with concern the continued absence of details on the Grand Lucayan development project” that was first unveiled by the Davis administration with much fanfare via a May 2025 Heads of Agreement signing.
Concord Wilshire, in a February 23, 2026, statement that joined the Government in rejecting assertions that its proposed $800m-plus investment deal had collapsed, pledged that “within the next two weeks” it will officially announce the beginning of development and construction work at the resort, including the “start date for site demolition and preparatory works”.
That deadline, though, has come and gone, having expired in early March, with some observers now growing increasingly sceptical that the Government is simply stringing it out, and keeping the Concord Wilshire deal alive, for election purposes and will then switch to alternatives if the Davis administration is re-elected to office following a general election that most expect to be called during the first half of May.
Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, on Monday brushed away efforts by the media to obtain an update on the Grand Lucayan deal’s progress by suggesting that Concord Wilshire should be contacted. Tribune Business attempted to do just that, but efforts to obtain comment via the developer’s attorneys, Dupuch & Turnquest, produced no reply by press time last night.
The GB Chamber, meanwhile, said the Grand Lucayan situation highlighted the “growing need for timely communication and meaningful engagement on several critical issues impacting Grand Bahama’s economic future” if business and investor confidence is to be maintained. It cited Grand Bahama International Airport’s long-awaited redevelopment, and the Government’s proposed $200m acquisition of Grand Bahama Power Company, as other projects where both private sector and the public need more timely and better disclosure so as to better judge the merits of these proposals.
“Last month, both the Government and Concord Wilshire indicated that the project was progressing and that further details, including construction timelines, would be shared within two weeks of a release from Concord Wilshire on February 23, 2026. That timeline has since passed without update,” the GB Chamber added.
“Given the scale and significance of this development to Grand Bahama’s economy, employment and investor confidence, timely and transparent communication is essential. The business community relies on clear, consistent information to plan, invest and operate effectively. Prolonged uncertainty, particularly around projects of this magnitude, impacts not only confidence but economic momentum.
“This principle extends beyond any single development. As a Chamber, our focus remains clear: Supporting businesses and working together to grow Grand Bahama. Achieving this requires open communication, alignment and visible progress across all major initiatives that influence the island’s economic future, and we cannot risk the continued stalling of key projects that are critical to that progress.”
Expanding its concerns beyond the Grand Lucayan, the GB Chamber added: “In that regard, continued clarity and engagement are also needed on critical infrastructure matters, including the redevelopment of the Grand Bahama International Airport and the proposed acquisition of the Grand Bahama Power Company. Timely, co-ordinated updates from all relevant stakeholders - supported by clear plans and meaningful engagement with the business community and residents - are essential.
“In relation to the proposed GB Power acquisition, the Chamber supports the use of independent expertise, but emphasises that the process must be transparent and include clear communication and meaningful stakeholder engagement. While there have been a number of public announcements across major initiatives, there remains a need for greater transparency, dialogue and shared understanding of the path forward.
“We acknowledge the complexity of developments of this scale, and remain encouraged by the opportunities they represent. However, real progress must be demonstrated not only through announcements but through consistent updates and visible advancement. The Chamber respectfully calls for clear communication on the status of the Grand Lucayan redevelopment, including next steps and realistic timelines, as well as continued transparency on broader infrastructure priorities,” the GB Chamber continued.
“Grand Bahama’s future is not dependent on any single project, but it will be built through co-ordinated action, shared commitment and a clear path forward.” Tribune Business revealed last week that the Grand Lucayan’s electricity supply has been turned off for a second time, with the resort now lacking both power and water due to unpaid billing arrears amid the wait for its sale to close.
Part of the reason the deal has taken so long to negotiate and close is that Concord Wilshire has been locked in talks with both Disney Cruise Line and Mediterranean Shipping Company’s (MSC) cruise arm about both companies using parts of the Grand Lucayan property for water-based adventure parks for their passengers.
Concord Wilshire has always signalled that it will function as a master developer, entering into contracts with different operating partners to manage and run separate parts of its project. A Hilton-branded hotel will act as the revived Grand Lucayan’s anchor, while Tribune Business has previously reported that renowned Australian golfer, Greg Norman’s, company was being tapped to manage the upgraded golf courses. Other brand and operating partners will be hired to oversee assets such as the different hotels, the casino and marina.
Tribune Business previously reported 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 installments 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, while the transition and hand-over to the developer has been a protracted affair.
This newspaper understands that there has been some reluctance by the Government to grant all the tax breaks and other investment incentives that the buyer is seeking. Concord Wilshire is thought to be arguing that it needs significant concessions given that it is trying to revive a stopover tourism market that sources say is “100 percent dead”, but the Government’s concern is understood to be that it would have to give the same tax breaks to other major investors such as Atlantis and Baha Mar, which have “most favoured nation” clauses in their own Heads of Agreement that state they are to be treated no less favourably than other resort investors.
The Government is thought to have been subsidising the Grand Lucayan’s operations by between $1.2m to $1.5m per month ever since it acquired the resort from CK Property Holdings, Hutchison Whampoa’s real estate arm, six-and-a-half years ago.
Some $17.882m was used for this purpose during the 2022-2023 Budget year and, during the first nine months of the following fiscal period, $16.632m out of the $17m allocated was spent on subsidising the Grand Lucayan.
A further $17m was estimated for the 2024-2025 fiscal year, with some $15.888m already spent during the nine months to end-March 2025. This pace placed the resort on track to require a $21m-plus subsidy for the full 2024-2025 fiscal year, meaning it would overshoot its Budget allocation by $4m.