The Tribune

By KHRISNA VIRGIL

Deputy Chief Reporter

kvirgil@tribunemedia.net

WHILE negotiations to sell the Grand Lucayan Resort in the nation's second city continue, Deputy Prime Minister K Peter Turnquest suggested on Monday that the Minnis administration is in the process of implementing strategies to temporarily boost Grand Bahama's struggling economy moving forward.

Speaking to reporters, the finance minister said although "intense negotiations", including discussions with a buyer are underway, the government is looking at "a number of initiatives" to benefit Grand Bahama.

However, he stopped short of revealing what these were only saying Bahamians will hear about them in a few days.

"(The) sale has not been finalised," Mr Turnquest said following the launch of a Public Financial Management & Performance Monitoring Reform Project (PFM) at the British Colonial Hilton. "We are hoping to bring resolution to that quickly."

He said the "Wynn Group is at the table" as a potential buyer, but "a number of other people" have expressed interest. He said the government was waiting to see what they are proposing.

"We know it's in the best interest of the country and of Grand Bahama particularly to conclude this matter as quickly as possible," Mr Turnquest continued.

"We are also beginning to make arrangements ourselves to try and provide some temporary benefit or resolution or assistance to the industry and we're doing that through a number of initiatives you'll hear about in a couple of days."

Earlier this month, a leading resort executive warned that the Grand Lucayan must be sold within "the next two-three weeks to save" Freeport as a tourist destination and its upcoming winter season.

Carey Leonard, the Grand Bahama Port Authority's (GBPA) former in-house counsel, told Tribune Business that Hutchison Whampoa needed to "stop playing games" and commit to the property's sale to a bona fide buyer who could meet its purchase price.

Now an attorney at Callenders & Co, Mr Leonard said the Grand Lucayan's sale and re-opening were "the critical first step" towards reviving the Freeport economy and fulfilling the Minnis administration's ambitions for Grand Bahama.

Ahead of the May 10 general election, during a PLP rally in Grand Bahama, former Prime Minister Perry Christie told supporters a letter of intent for the sale and reopening of the Grand Lucayan Resort has been signed with a new purchaser, whose plans will significantly transform the hotel and the tourism product in Lucaya.

At the time, he said then Tourism Minister Obie Wilchcombe would be leading a team to Canada to negotiate a heads of agreement to facilitate "an early completion of the sale."

"It is really a privilege for me to say I have some good news for you," he told jubilant PLP supporters at a rally in Freeport at the party's headquarters on Beachway Drive.

"We have been working hard, and I want the FNM to hear this. Just as we never gave up on Baha Mar, just as we worked around the clock to get Baha Mar open, we have been working very hard on hotel development on this island," the former prime minister said.

Mr Christie noted during the event his administration was painfully aware of the impact Hurricane Matthew has had in Grand Bahama, particularly regarding the extended closure of the Memories and Grand Lucayan hotels.

The island lost 40 per cent of its room inventory, its only casino and 1,100 jobs in the tourism industry following last October's storm. The Hutchison Whampoa Group of Hong Kong, owners of the Grand Lucayan Resort, had also put the property up for sale over a year ago.