Bahamas PM confirms sale of Baha Mar to CTFE

Bahamas Prime Minister Perry Christie has confirmed the sale of Baha Mar to Hong Kong-based Chow Tai Fook Enterprises (CTFE), local media reports.

The announcement, made on Monday morning follows a recent delegation of Bahamian government officials to Hong Kong for meetings with CTFE.

Mr. Christie did not disclose the sale price.

Following the announcement, Graeme Davis, the President of CTFE’s Bahamas subsidiary, said in a press statement that the company will ensure Bahamians benefit fully from the project, adding they had plans for the recruitment of employees for the casino beginning in the New Year.

“CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort,” the press statement said. “We will also ensure that the Bahamian people and the region benefit fully from the project, which will create tremendous job and economic stimulus opportunities. Further, by combining our global hospitality expertise with the vibrant and authentic Bahamian culture, we will create a memorable, unmatched experience for guests of which all Bahamians can be proud.”

CTFE said it was also putting together a leadership team of executives from internationally recognised brands in preparation for the opening of the casino resort.

The Baha Mar resort casino is scheduled to open to the public in the second quarter of 2017. The opening will see at least 700 of the property’s total 1,800 hotel rooms available.

The initial projected cost of Baha Mar is US$3.5 billion.