By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THE Grand Lucayan's potential buyer yesterday said the long-awaited deal for the shuttered resort is "near the finish line", as he blamed its complexity and "so many moving parts".
Paul Wynn, chief executive of Canadian-based developer, the Wynn Group, provided few specifics on timelines and plans while speaking at the groundbreaking for his $120m condo-hotel and residences project at Goodman's Bay.
He said of his Freeport negotiations: "It's very complex, and a very difficult project for the country, but I think we're almost at the finish line now. It's been very hard, and the Government has been absolutely fantastic trying to get the Grand Lucayan open and working again. There are just so many moving parts. We're near the finish line. The Government has been handling this quite well."
While not offering many specifics on his future plans, should the purchase close, Mr Wynn added: "I think they're taking the avenue of not doing an all-inclusive because it's just a very difficult competitive environment to go against countries like Mexico, the Dominican Republic and Cuba."
The Grand Lucayan's closure, following the devastation inflicted by Hurricane Matthew in October 2016, effectively deprived Grand Bahama of a 'mass market' stopover tourism industry. Around 1,000 direct jobs were lost, while 1,100 rooms that amount to 59 per cent of the island's inventory were closed.
Mr Wynn acknowledged 'pull-out' fears over the protracted negotiations, saying: "It's been a concern but it's one of these things. There's the vendors, the tenants, myself and the Government. There is a lot of work and the Government is doing all the heavy lifting here."
As to when he expects the purchase to be completed, Mr Wynn replied: "My hope is some time this summer. I just don't know at this point, but we're very close. Grand Bahama has a great future. It's a hidden gem. We just have to get it out to the public what's there. We've to get more people on Grand Bahama."
Mr Wynn's comments are unlikely to reassure many in Freeport, though, given that the Grand Lucayan's closure is now in its 19th month. One source, speaking on condition of anonymity, said: "It doesn't reassure anybody because nobody can tell you anything.
"They haven't even got a contract signed. The man's going to lose interest, and he's all we've got." Among those desperately hoping for concrete developments are the Bahamian entrepreneurs in the Port Lucaya Marketplace, which has regularly seen tenants close as a result of the customer base once provided by the hotel.
Kwasi Thompson, minister of state for Grand Bahama, previously indicated that the Government is determined that the Grand Lucayan become self-sufficient and weaned off government subsidies that once amounted to $29 million annually.
To achieve this, and build a sustainable tourism product in Freeport, it wants to transform the Lucayan strip into a true 'destination' product. Mr Thompson described achieving this as a 'jigsaw', with the Government still trying to fit the many 'pieces of the puzzle' - hotel brands, airlift and amenities - together.
In the meantime, construction on the Wynn Group's GoldWynn condo-hotel and residences - located across from the Prime Minister's Office on West Bay Street - is expected to begin in July, with a targeted completion date of 2020.
The development is expected to employ approximately 300 Bahamians during the construction phase, and 175 persons when completed. Mr Wynn also announced plans to move his company's corporate office from Toronto to Nassau.
K Peter Turnquest, Deputy Prime Minister, said: "We're excited about the new offering, the careers that will arise and the addition to the tourism product."
Speaking on the Grand Lucayan deal, he added: "It is certainly very encouraging for us to hear him express his continued support and commitment to that project, and we certainly look forward to bringing that to a conclusion in a very short time."
He added: "Negotiations are now underway with respect to the operator of the project which are coming along nicely. We expect some resolution to the fine details in short order.
Comments
proudloudandfnm 5 years, 10 months ago
Speaking on the Grand Lucayan deal, he added: "It is certainly very encouraging for us to hear him express his continued support and commitment to that project, and we certainly look forward to bringing that to a conclusion in a very short time."
So up to today you had no idea he was still interested? You are now encouraged? Yet negotiations are coming along nicely....
Say what now?
I want to feel encouraged but Wynn's words are not encouraging at all. And Peter's are just confusing. I get the impression they're stalling us. Probably wait a month or two to let us know the deal is dead.
realitycheck242 5 years, 10 months ago
i think if a deal is signed with the Wynn group, They may decide to knock down the closed portion of the Grand lucayan hotel and rebuild a brand new structure on that site. I gather from the interview with Mr Wynn, that they are very concerned with the condition of that structure after it has been closed for so long. It may be cheeper to rebuild....just my five cents.
realitycheck242 5 years, 10 months ago
When the Gold Wynn hotel-condo is completed the northern coast of Nassau will have been completed with developements from Old fort bay, Caves village Sandy Port, Sandals, Breezes Baha Mar, The pointe and the Hilton, downtown streaching all the way to the montaque area. We will have a city that the envy of our sister carribean countries. There are pockets like the area streaching from east and bay street heading east and potters cay that needs urgent attention and the government would do well to provide incentives to speed up redevelopement of that strip. and complete the Broad walk along the shoreline until it reaches the Sir Sidney bridge. With the boost in private sector employment lavels, thanks to Baha mar, Bahamians need to refocus on keeping this city clean. Along with Atlantis, countries south of our archepelego would have cherished any of these investment had they ended up on their shores. Thanks to the reversal of Obama policies by president Trump on our neighbour Cuba, the Bahamas has been handed a Tourism reprieve so we should all work to make this place even better and turn freeport around. The Wynn Gold developement is a feather in the Minnis administration cap that no critic can remove as this ship of state begins to turn around.
proudloudandfnm 5 years, 10 months ago
Um realitycheck you do realize the Bahamas is made up of more than one island right? Wynn was supposedly going to buy our hotels in Freeport but after a year we got another hotel in Nassau instead. I can.assure you as far as Freeport goes this is most definitely not a feather in minnis' cap...
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