By SANCHESKA BROWN
Tribune Staff Reporter
sbrown@tribunemedia.net
PRIME Minister Perry Christie said yesterday there are a “huge number” of internationally recognisable corporate names interested in investing in Baha Mar and he is doing “all he can” to ensure construction is restarted “very soon”.
Speaking at the swearing in ceremony of Paul Andrew Gomez as the new Bahamas ambassador to the People’s Republic of China, Mr Christie said he has also been meeting with representatives from the China Export Import Bank, to ensure Bahamian employees and construction workers are protected.
Mr Christie said he fears if the project is not restarted in the near future, the cost to complete the hotel would double.
“I have been meeting with representatives of the employees, particularly casino employees who have had a number of meetings with me, whose employee benefits expire in two weeks time and therefore pending mortgage challenges are an issue. I have been meeting with the China Exim Bank to ensure employees are protected,” Mr Christie said.
“There are a huge number of very internationally recognisable corporate names interested in the product, who have made applications for the product, those will be brought to your attention because it is for the bank to make a decision, including both hotel casino firms, and Bahamian interests that are here and including Chinese interest in the huge multi billion dollar project.
“It makes no sense to allow that asset to continue to be exposed to the elements and be subject to deterioration because what starts off as a $300m exercise will end up costing $600m or $700m and counting.”
He added: “About two days ago I wrote a very strong letter to the president of the China Export Import Bank setting out the fact that a very significant number of world-class operators have gotten involved and made applications for the property to assist to put money into the property to bring it to a conclusion and an opening.
“These are big American companies. We have seen some of China’s biggest companies themselves and they have indicated a preparedness to buy in to the development.”
Reiterating comments he told the press weeks ago, he said: “So for The Bahamas we have a situation where the construction company has taken the position that it does not want to start construction without paying their subcontractors and that includes the Bahamian subcontractors. And I’ve argued that I’m not prepared to accept that those contractors will be paid less than a dollar for a dollar for the work performed. So I’m anticipating that 2016, very early in 2016 that we’re going to have a major move for Baha Mar.”
In December, Mr Christie told reporters he expects Baha Mar to be completed early this year, although he did not give a specific date for the restart of construction at the resort or when the property might open.
Baha Mar filed for bankruptcy on June 29 in the United States, however the cases for the resort’s Bahamian companies were later thrown out of court.
In October, the Supreme Court approved the EXIM Bank’s request to have the property placed into receivership.
Comments
MonkeeDoo 8 years, 10 months ago
Christie: Laissez Rouler le bon temps - Let the good time roll !!!! More money more fun !
Emac 8 years, 10 months ago
Lol
Franklyn 8 years, 10 months ago
I know a “huge number” of internationally recognizable Bahamian names interested in being paid, monies owed by Baha Mar. It is proven that Perry Christie has entered the stage in his political career where the truth is but a distant reality and his words are nothing but food for the fools that believe them.
http://tribune242.com/users/photos/2016…
Greentea 8 years, 10 months ago
Liar, liar pants on fire...unless you are counting every one of the two billion Chinese, wink, wink.
thomas 8 years, 10 months ago
'Huge' Is that the best he could do?
GrassRoot 8 years, 10 months ago
Count me in as an "interested Investor" too. I take it if its not too expensive. Granma left me some money when she passed.
banker 8 years, 10 months ago
More "dead good news"! What a sphincter wart!
1Life2Live 8 years, 10 months ago
Hhahahahahahaahaha - wow, that was good!
John 8 years, 10 months ago
China has informed a number of its banks to halt trading in US dollars. Will the be willing to allow a US company to take over Bah Mar
TalRussell 8 years, 10 months ago
Comrades will PM Christie's leadership be challenged during Wednesday morning's session of Honourable House of Assembly when it is much anticipated a certain disgruntle MP's all hell breaks loose?
thomas 8 years, 10 months ago
Something to hope for
kaytaz 8 years, 10 months ago
Stranger to the truth.......PIC is the only one that believes what he is saying about Bahamar
TruePeople 8 years, 10 months ago
did you see his face during the xmas address? He ein even believe himself... Reading off the teleprompter like 'what?! really?! doubful...' lol
Emac 8 years, 10 months ago
Yeah, sure and the Grand Canyon is a ditch!
1Life2Live 8 years, 10 months ago
...i laughed well from that comment. sooo on point. and no, the GC is NOT a ditch at all; LOL! i use to live in Scottsdale and Sedona, near Flagstaff. :-)
Godson 8 years, 10 months ago
Well isn't it?
GrassRoot 8 years, 10 months ago
of course it is, it s a matter of perspective. And baha mar had its best year of operations since it was built.
Emac 8 years, 10 months ago
ditch.
[dɪtʃ]
NOUN
1.a narrow channel dug at the side of a road or field, to hold or carry away water. "their car went out of control and plunged into a ditch"
ThisIsOurs 8 years, 10 months ago
About two days ago I wrote a very strong letter to the president of the China Export Import Bank....
I hope this isn't the start of another public dispute, look where the first one got us
TruePeople 8 years, 10 months ago
wow, cus you know how we all does get shaken up over a letter.....
straight in the bin
GrassRoot 8 years, 10 months ago
so if you sent it with Bahamas Post, it will take about two years to make it to China, if at all.
1Life2Live 8 years, 10 months ago
Your Prime Minister Perry Christie is the douchebag! Yes, he is! Moreover, the pathological liar. Bleeding his people financially and loaded with empty promises. What a pity you guys don't have the same election cycle we do. Those PLP bastards MUST exit, YESTERDAY! From the time Lyden Pindling, the man from the Jamaican family took over in 1967, that country has been going to and through the 'shitter'. Lynden Pindling began the destruction of that country. It is time for that country to be returned back to the 'CROWN'. The local people's governments have FAILED them incredulously! RETURN to the CROWN as did Turks and Caicos and Cayman. RETURN to the CROWN and save that country before it's too late! Return to the CROWN!
1Life2Live 8 years, 10 months ago
hey, if you believe that Perry Christie character, i've gat the Brooklyn Bridge for sale; it only cost a USD1.00.
sansoucireader 8 years, 10 months ago
More talkin' fool.
John 8 years, 10 months ago
Do you really think this government delayed the completion and opening of Bah Mar to coincide with elections? Not as far fetched as. You think. After all the mini hospital they met completed in 2012 still sits unop and unused. The park on Blus Hill Road, same thing. An expensive waste of taxpayers money.
proudloudandfnm 8 years, 10 months ago
Wow. This man is insane.... Desperate and insane.
Someone needs to sit him down and explain to him that it is over. he failed miserably and it's now over. So just go sit down and shet up.....
TruePeople 8 years, 10 months ago
he need one good lick up side he head more like
observerinlondon 8 years, 10 months ago
The Honorable Mr. Christie needs to come down from the clouds and look at the new reality he is faced with. He now has a distressed asset on his hands. $3 Bil asset with zero cash flow. Debt servicing costs even a Rockefeller would cringe at. The stock market is tanking. The Shanghai index has lost 20% since January 1. Trillions of wealth evaporated. Cuba is opening up. Crime in Nassau at a level never before seen. What is Baha Mar worth today? Far south of $3 BIL. Thats for sure. Try $2 Bil. Try $1.8 Bil Chinese to take care of Bahamian workers and contractors. Fat chance. They have one of the worse human rights records anywhere. They have a billion of there own workers to worry about. A deal won't get done for another year. Sorry Bahamas.
Emac 8 years, 10 months ago
"Honorable"??????????
Gladiator 8 years, 10 months ago
Either everyone is lying to Christie and he is foolish enough to believe all of these lies, or he really is just the stupidest man in the history of the Bahamas to "lead" this desperate country.
sealice 8 years, 10 months ago
i think it's your second option
jackbnimble 8 years, 10 months ago
A little advice for PGC: PLEASE stop talking!!
BaronInvest 8 years, 10 months ago
The article reminds me of a little boy who saw the Zoo for the first time, he also wrote a letter to the (Zoo) director about a huge giraffe he saw...
Honestman 8 years, 10 months ago
PRIME Minister Perry Christie said yesterday there are a “huge number” of internationally recognisable corporate names interested in investing in Baha Mar and he is doing “all he can” to ensure construction is restarted “very soon”.
He really doesn't get it does he? There is now NOTHING he and his cabinet can do to influence the outcome. There was a time when he could have helped but that moment has gone and the project's fate is now entirely in the hands of the Chinese, just as many of us expected it would. These continued optimistic pronouncements are making Christie look like a fool. The damage has been done - better to say nothing.
JohnBuchanan 8 years, 10 months ago
It's ironic that the PM said late last summer Izzy Izmirlian was suffering from mental problems, when he himself is clearly now delusional. If a "huge" number or major companies -- if ANY companies with the capability and capital to do the (discounted) deal -- were "making applications," the deal would get done. Quick. ExIm Bank of China wants to get out of a $2.5illion deal alive. That's all. Any serious buyer would make them happy. So where are these candidates, except in the PM's mind?
islandlad 8 years, 10 months ago
OK, so I’ll make one short to address to specific items: 1) And I quote from the article ““There are a huge number of very internationally recognizable corporate names interested in the product”. OMG, the operative word is “Interest”…..everybody wants to know what the Performa looks like, I can tell you for a fact that the Occupancy levels at around 85% that they put together for the year, are absolutely not even close to what Atlantis and the Caribbean run historically over the past 25+ years, at a much higher projected rate by almost $100-$150 over the entire market…….and you’d be adding more rooms to the market in Nassau, not to mention other beautiful, 5 diamond resort on other islands in the Caribbean…..more room nights, minus equal to less demand, means no way you’ll make your debt burden especially when BML put together such ridiculous number just to justify the 2.5B loan……may I add, they felt that they were going to get these high rollers from China etc, Macau is so much closer and the Chinese don’t like the sun/beach/water so they weren’t going to come……further with no poker rooms which is what the high rollers want!
2) And the next quote “About two days ago I wrote a very strong letter to the president of the China Export Import Bank”. Somebody please, reporter etc, do some research and blow the PM out of the water with this……how many times has he been quoted with “Very Strong”, like that move The Princess Bride says with a great one liner…. “I don’t think you know the meaning of that word” because apparently all the “Strong Letters” he’s referenced over the years to the many people/organizations he’s said, nobody has taken him seriously or done anything about his idol alleged authority to have any oversight on this situation.
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