The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The $3.5 billion Baha Mar project will “continue to crumble” the longer it remains unopened, the Democratic National Alliance’s (DNA) leader warned yesterday,  reaffirming his prediction that the resort will likely not open until 2017.

Branville McCartney told Tribune Business that in light of the legal issues surrounding the stalled Cable Beach development, an imminent opening was highly unlikely.

“As I have said previously, I don’t see this being  concluded before 2017 because of the legal issues that are involved, and now I think that statement is even more grounded in light of the circumstances,” said Mr McCartney.

His comments came after Rosewood filed a motion for relief from the automatic stay granted by a Delaware Court judge in Baha Mar’s bankruptcy proceedings, allowing for the termination of its license and other agreements with the developer and enabling it to withdraw from the project.  

“The longer the  resort remains unoccupied, undeveloped and there being no movement, it will continue to crumble; that’s the reality. The Prime Minister has spoken about getting the resort opened as quickly as possible but he would know better than most that that won’t happen overnight given all the legalities  involved,” said Mr McCartney.

“I think that instead of giving false hope this administration must come clean. Prior to this debacle we were saying that it was obvious that the Government put all of its eggs in one basket. It’s whole economic stimulus was based on Baha Mar coming to fruition.

“It’s obvious that there is no plan for economic development, no plans for Bahamians to be owners in this country and to develop new industry in this country.”