EDITOR, The Tribune.
This week will remain in infamy for many years if history is remembered in the crucial manner that it should.
Baha Mar Ltd - for an investor who obtained $1billion worth of economic concessions the behaviour of his company can only be described as ‘questionable’.
I have to believe the Prime Minister or throw my arms in the air and become a disbeliever of anything public officials say – just days ago there was a deal which Baha Mar Ltd, EXIM China and China State Construction accepted and exchanged a communication on.
What caused Baha Mar Ltd to on Monday to apply for Chapter 11 protection in Delaware - is Baha Mar Ltd, officials telling all?
The options for Baha Mar Ltd, differ considerably if Chapter 11 protection is not supported by the Bahamas Supreme Court one must presume they will face Bahamas Receivership and the consequence of an early auction of the assets of Baha Mar Ltd…
A similar occurrence in Atlantic City at the Revel Resort, another $3.85 billion facility ended up on the auction block and was acquired for US$82 million!
It is certainly regrettable that certain Talk Show Hosts this week have gone totally overboard and attacked any formal Direct Investment – tried to argue that Bahamians would never receive the same concessions as the foreign-party but forgetting a Bahamian has to apply first to be refused – these Talk Show Hosts forget that Mark for his Lyford Cay Hotel received all economic concessions and there are many more small operations throughout our islands who also have. If everyone else is, we don’t?
Why can’t these Talk Hosts understand that banks are not charities – you need cash or collateral to back a loan?
Tuesday we will wake wondering what late in the day will be the response from Justice Winder – I hope we will not see again a statement from Baha Mar Ltd, questioning the Court’s decision – we must all uphold respect to our courts.
W THOMPSON
Nassau,
July 4, 2015.
Comments
bestederviolin 8 years, 9 months ago
As a US tourist, I can say if they build it people will come. Most tourists like mega resorts, because there is more to do, for the same reason mega cruise ships sell.
I just booked a trip. I've been to Mexican Riveia, Cayman, Jamaica, Florida and cruises. After looking and looking ended up back at Atlantis and the new Melita resort, next to Bahamar. There is really no other large resort in the Caribbean to compare with Atlantis. Unfortunately, from travel site reports here in the US, apparently Atlantis has become even more expensive, crowded, and run down, which is why I opted to split my stay with cable beach.
We looked at going to some smaller "eco" type resorts in Saint Lucia. While the concept seems nice, spending a full week in a hotel you can see the entirety of in one day is boring and while billed as"romantic" the idea of no AC or wifi for a week, is not good. Plus, when we went to book the flight, we found out it would take all day with connections to get there. We also looked at Exuma at the one resort, but there was one restaurant and $100 cab ride to the nearest town.
The Bahamas has a lot of appeal over most islands for US tourists 1) English Speaking/British affiliation 2) US dollar accepted 3) Short & Cheap Direct Flights from US 4) No Bugs 5) Pleasantly Hot, but not too hot. 6) Great water and snorkeling
One downfall of Atlantis is the beach was so-so. Baha Mar could be the winner in this case, because the water at Cable Beach is far superior.
US tourists also feel safe in mega resorts. One of the best parts of Atlantis is being able to walk around for hours, even at night with out having to be on guard like you would in any other city. If you stay in a small hotel, you are constantly leaving to find stuff to do, especially at night when the beach is not an option.
One reason cruise ship rooms are selling so well, is they are large, you can walk around for hours, dress up in the evening, and there is lots of stuff to do. Mega resorts like Baha Mar & Atlantis, provide the benefits of the cruise ship, with the benefits of being in an actual resort, with gardens and beach right out the door. There is a lot of appeal there. The bigger the resort, the more guests it will attract, just like big cruise ships. Just wish they would build one on Grand Bahama, the water is great there and I feel like Nassau sucks all the tourism money out of the rest of the Bahamas.
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