The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Grand Bahama tourism operators yesterday hailed Mediterranean Shipping Company’s (MSC) role in the Grand Lucayan’s transformation as a deal that is “going to save Freeport” with the revamped property’s two ‘cruise resorts’ forecast to attract more than one million visitors annually.

The island’s private sector reacted with “cautious optimism” to separate announcements by Concord Wilshire, the Miami-headquartered developer that acquired the Grand Lucayan, and MSC’s cruise arm that the latter is purchasing a 20-acre land parcel at the resort - the site of The Reef Village property - to convert it into the MSC Beach Club.

The cruise giant, in a statement, said development works will begin as early as Sunday, April 12, provided all necessary environmental and other permits are obtained. MSC added that the combined outlay on improvements to it Ocean Cay marine reserve, as well as its Freeport Harbour and Billy Cay project on Grand Bahama and now the Grand Lucayan, amounts to nearly $1.5bn of investment in The Bahamas and is expected to generate more than 1,000 jobs.

Otherwise, few details and development timelines were provided, with no specifics on when construction will start and the various resort components completed and opened, but Concord Wilshire backed up MSC by pledging that “initial demolition activities are scheduled to commence imminently” on the existing Grand Lucayan property once the necessary environmental permits are obtained.

The developer also unveiled a masterplan showing that the Grand Lucayan is being divided into four different development zones, with a mega yacht marina now included in the plans. One of those zones, known as ‘site two’, is reserved for the MSC Beach Club, while another - ‘site three’ - has been allocated for the second “cruise resort” under the strategy created by Concord Wilshire’s subsidiary, Ancient Waters Bahamas.

Tribune Business, which exclusively revealed the MSC Cruises deal would be officially announced this week, had previously been informed that the Grand Lucayan’s second cruise-related amenity would be branded by Disney Cruise Line, although possibly operated by a third party on its behalf. Well-placed sources, speaking on condition of anonymity, yesterday said Disney’s involvement is not certain but Concord Wilshire pledged the asset will be operated by a Bahamian firm.

The Miami-based developer, in its statement, said demolition and construction activities for the two cruise line-related properties are set to begin at the same time with both resorts targeted for completion “on a co-ordinated timeline”. And work on the mega yacht marina and casino resort will start “in parallel” with the two “cruise resort” properties.

It added that plans for two other components, the beach resort that will be developed by Ancient Waters Bahamas and the Reef golf course’s redevelopment under the Greg Norman brand, will be released shortly.

David Wallace, operator of the Pirate's Cove Zipline and Water Park, told Tribune Business that MSC’s tie-up with Concord Wilshire and the Grand Lucayan’s redevelopment is “great news for Grand Bahama - especially Port Lucaya Marketplace’s tenants and owner, who have been “struggling” with little to no business for almost a decade since Memories’ post-Hurricane Matthew exit in late 2016.

And, with the MSC Beach Club further locking the cruise giant into increasing vessel calls to Grand Bahama, alongside its already-announced $450m investment at nearby Freeport Harbour and Billy Cay, he added that the greater passenger volumes will also mean greater business for tour operators, taxi drivers, ground transportation providers and attractions such as his own Pirate’s Cove.

And, unlike Carnival’s $600m Celebration Key private cruise line, Mr Wallace said the redeveloped Grand Lucayan will be in “the heart” of Freeport where established Bahamian businesses are located, making it easier for persons to patronise them. He added that MSC’s involvement at Grand Bahama’s ‘anchor’ resort property, via its CTL Maritime subsidiary, will “put us back as a cruise destination” although the island still requires more passengers to stay overnight.

Phylicia Woods-Hanna, the Government’s investments chief and Bahamas Investment Authority (BIA), yesterday posted on What’s App of the Grand Lucayan: “The deal is done. Here we go.”

Other well-placed sources, speaking on condition of anonymity, told Tribune Business that the two “cruise resorts” will provide the redeveloped Grand Lucayan with instant critical mass and the guest volume necessary to sustain the property financially until the island stopover tourism market is rebuilt. They added that the deal between MSC and Concord Wilshire will intensify pressure to ensure Grand Bahama International Airport’s redevelopment matches the resort’s pace.

“Thank God Freeport is saved and it’s all go. It’s all good,” one contact told Tribune Business. “The mega yacht marina is new. That’s going to hold about 25 mega yachts. That should be big. Everybody’s excited. There are also going to be two casinos, and a big one where the old one was.

“The one million tourists a year on cruise ships will give the hotel income. It gives mass. They’ll [the cruise ships] pay so much per passenger to the hotel. That gives them income [as reestablishing stopover tourism] will take two to three years. The hotel would have died in the meantime.

“I think this is going to save Freeport otherwise we’d have only beach experiences, but they don’t do anything - 1,000 employees, but it’s not enough. I’m totally relieved this has been done otherwise I’d have been concerned and anxious for what is going to happen to Freeport. This will put us on the road, and we have a lot of other investments coming in.”

The source conceded that Grand Bahama residents and businesses are unlikely to be too excited about the announcements from MSC and Concord Wilshire given that almost a year has elapsed since the latter’s May 2025 announcement of a Heads of Agreement with the Government, while there have already been many false dawns and failed deals to revive the Grand Lucayan.

“People are jaded, but they’ll believe it when they see it,” they said. “If the Prime Minister had not pulled this off it might have cost him votes in Nassau.” Another added: “Talk is talk, but when they start seeing this move, which should be soon, things will be clearer.”

Mr Wallace, meanwhile, told this newspaper: “I think it’s great news for Grand Bahama, especially those vendors in the Port Lucaya Marketplace. I think an agreement like this, once completed, will augur well for those vendors who, over the last seven to ten years, have been struggling, and I think it augurs well for the Marketplace landlord [Peter Hunt] who has a lot of empty spaces now because business was so slow. They were able to sustain and keep the place open.

“A project like this, while persons will flock to the beach for the Beach Club experience, it gives them an opportunity to walk across the street to the Marketplace. MSC recently announced the Freeport Harbour and Billy Cay investment, and it will give an opportunity to the taxi drivers and tour operators who will benefit from more calls that MSC will bring to Freeport.”

Describing Grand Bahama’s proximity to Florida, with West End just 52 nautical miles from West End, as “the envy of the Caribbean”, Mr Wallace said higher fuel costs sparked by the Middle East conflict could drive increased cruise ship calls to the island to help keep these expenses under control.

And he suggested that the MSC Beach Club and other Grand Lucayan-related cruise amenities are better-positioned to support Bahamian-owned businesses, while the drive from Freeport Harbour to Port Lucaya Marketplace takes 15 minutes compared to the 20-25 minutes from Celebration Key.

“I think the taxi drivers and tour operators and businesses such as Pirate’s Cove will benefit from this because it will bring more tourists to the island,” Mr Wallace told this newspaper. “I think it will continue to put us back as a cruise destination, but I think Freeport - like Nassau - needs a higher injection of what would be overnight cruise passengers. For right now this will continue to sustain the whole of Freeport.

“MSC has the ability to schedule their ships to come to Freeport. We welcome this. We look forward to this. We believe it will not only benefit us but Grand Bahama island greatly. All persons in tourism should welcome this kind of announcement with deep-pocketed MSC. Carnival is bringing two million passengers to the island, and said by June that it will be bringing four million, and this will be another one million.”

Magnus Alnebeck, general manager of Freeport’s Pelican Bay resort, pointed to MSC’s “proven track record” of delivering on its investment projects and commitments. “It is indeed good news,” he added. “MSC has always been a good partner for Grand Bahama and The Bahamas.”

Concord Wilshire branded the deal to sell part of the Grand Lucayan property to MSC as a “transformational milestone”. Richard Bosworth, chief executive of Ancient Waters and Concord Wilshire Gaming Group, said of the project: “It will serve as a powerful catalyst for economic growth, job creation and the long-awaited revitalisation of the Grand Lucayan resort into a world class destination.

“We are especially grateful for the leadership and vision of Prime Minister Philip Davis, whose initiative and unwavering support have been instrumental in making this partnership possible.”

“We are proud to announce that Ancient Waters has committed to engage a local Bahamian company to operate its planned second cruise ship resort. This reflects our commitment to local participation, sustainable economic development and long-term investment in the people and future of Grand Bahama.”

Nate Sirang, president of Concord Wilshire, added: “Together, the MSC Beach Club and the Ancient Waters cruise resort are projected to welcome more than one million guests annually.

“Combined with the activation of the mega marina and casino resort, this development will generate substantial economic activity, create meaningful employment opportunities - both for the Lucayan resort and Port Lucaya Marketplace and its retail tenants - and will serve as the cornerstone for the long-anticipated revitalisation of the Lucayan property.”

MSC’s CTL Maritime subsidiary, meanwhile, said the Grand Lucayan beach club will serve as a destination experience for passengers on its MSC Cruises and Explora Journeys vessels, helping to drive increased international visitors to Grand Bahama. It added that the project will generate hundreds of direct and indirect jobs during construction as well as permanent employment upon completion.

Gianluca Suprani, president of CTL Maritime, said: “This project marks the next phase of our long-term investment strategy in The Bahamas and, as a family-owned company, we take a long-term view and, when we commit to projects of this nature, we do so with the intention and capability to deliver, focused on creating lasting value for Bahamian communities. When completed, this transformational investment will help to elevate Grand Bahama into one of the region’s most competitive and attractive cruise destinations.”

Mr Davis, for the Government, added: “The Grand Lucayan was a national asset and continues to be critical component to Grand Bahama’s future economic growth and stability. This partnership brings together fresh capital and global reach with proven experience in The Bahamas. It reflects the confidence investors have in our country and in Grand Bahama’s resurgence.

“This agreement represents a defining moment for Grand Bahama and the future of our island. The redevelopment of the Grand Lucayan resort has long been a national priority, and this step forward speaks to our commitment to restoring Grand Bahama as a leading tourism and investment destination.”

The Grand Bahama Chamber of Commerce, in its statement, backed MSC’s deal with Concord Wilshire while questioning whether an April 12 start is realistic as it called for more information to be provided. It said the deal “signals potential investment and renewed activity for Grand Bahama, and we are encouraged by MSC’s continued interest in the island.

“However, key details remain limited at this stage, particularly regarding the structure of the transaction, current property ownership and how this development aligns with the broader Grand Lucayan redevelopment plans previously announced, which were positioned as delivering real, transformative change,” the GB Chamber added.

“Given the history surrounding this property and the pace of progress in recent years, it is understandable that the Grand Bahama community is approaching such developments with cautious optimism and a focus on tangible results.

“Clarity is therefore needed on the status of all agreements, including whether this represents a finalised transaction or remains subject to approvals and conditions. With a proposed start date of April 12, confirmation is also required as to whether all necessary environmental and regulatory approvals are in place and whether such a timeline is realistic.”

The GB Chamber continued: “The Chamber also underscores the importance of ensuring that such investments create real opportunities for Bahamians to participate more fully in the economy; not only through employment, but through entrepreneurship, business growth and long-term ownership, while taking into account lessons learned from similar large-scale tourism developments where broader economic integration has been a key consideration.

“Consideration must also be given to the island’s broader readiness to support development of this scale, including infrastructure such as air access, as well as the potential impact on housing, workforce capacity and supporting services.

“In this context, the Chamber more urgently calls for clear and consistent communication on the broader framework for Grand Bahama’s economic development, particularly with respect to concrete plans for critical infrastructure such as the redevelopment of the Grand Bahama International Airport. While recent statements indicate progress, the business community continues to look for defined timelines and visible advancement,” it said.

“The Chamber welcomes foreign direct investment and remains committed to supporting initiatives that contribute to the sustainable growth of Grand Bahama. At the same time, a Grand Bahama–first approach must remain central, ensuring that development strengthens the local economy, supports Grand Bahamian businesses and reinforces community-based growth.”