Chow Tai Fook Enterprises has submitted its proposal for the acquisition of Baha Mar, a casino resort complex in the Bahamas, local media reports.
The Hong Kong-based conglomerate first announced it had entered into negotiations for the ownership of Baha Mar in late October.
CTFE is known also for its involvement in developing the US$2.3 billion integrated resort development, Queen’s Wharf Brisbane in Australia, among other global hospitality and mixed use developments.
On Monday, representatives of the Bahamian government confirmed it had received CTFE’s formal proposal last week and said the government was in the process of reviewing it.
“[Chow Tai Fook] has submitted to the government of the Bahamas proposals for the hotel and the casino and the government,” stated the Tourism Minister Obie Wilchcombe, who also noted that with regard to operations the CTFE will “pretty much follow what they’ve done in other jurisdictions”.
Minister Wilchcombe said the government currently reviewing the applicants, with the due diligence process to take more than three weeks.
The initial projected cost of Baha Mar is US$3.5 billion. The company said it would invest heavily in pre-opening activities.