The Tribune

THERE has been quite the turnaround at Atlantis – and that’s welcome news.

The resort has gone from being subject to a number of purchase offers, including a deal that The Tribune reported in 2019 that would have been backed by Qatar’s sovereign wealth fund, to being taken off the market in February 2020 – and now seeing the prospect of a $500m investment.

It must be stressed that has been no easy journey – not least of all because of the impact of COVID-19 and the damage caused by the pandemic to the tourism industry.

And yet here Atlantis is reporting it is likely to see more than 90 percent of pre-COVID occupancy levels this year.

Both Atlantis and Baha Mar were reportedly packed for US Independence Day, and anecdotal evidence from Bahamas Independence weekend suggests hotels were seeing brisk business again.

In short, business is looking good.

So that makes the prospect of a redevelopment of the 50-acre former Club Med site an enticing prospect for the owners of Atlantis, it would seem.

The full redevelopment, along with other renovations the transformation of Beach Towers into the Somewhere Else resort, led by Grammy winner Pharrell Williams, will see more than half a billion dollars of investment over five to seven years.

It is as sure a sign as you could wish for of the confidence in the post-lockdown market.

What about concerns over the health of the US economy? Atlantis senior vice-president of government affairs and special projects Vaughn Roberts said: “We’re not seeing any impact, any headwinds from that stuff in our bookings yet, even into next year. People want to get out and see the world. Obviously being so close to our main market, business is still strong.”

As for the type of prospects that would best suit the reopening market, he said: “The obvious opportunity is ultra luxury resorts and residences. I would think that’s the highest and best use for the site. That’s what all the consultants we’re talking to are saying, so that’s probably where it ends up. To the extent that The Bahamas is very attractive for development, that’s a very precious site.”

He added: “If the US falls into recession, which would have wider global implications, some of that business on the books now will fall away, but we’re not seeing anything to suggest at this point that there’s any danger in front of us other than what we’re hearing in the financial markets.”

What you don’t hear in that is any mention of the prospect of a return to COVID restrictions – which seems to be something the world has moved away from now that the vaccine has been available for some time. The removal of the requirement for testing for travel for the vaccinated – but remaining for the unvaccinated – may also be an extra incentive to get the jab and improve your chances against the virus.

This is one of those circumstances where personal health and economic health march arm-in-arm. What is good for our personal protection also protects from the likelihood of a return to shutdowns.

The Atlantis development, of course, brings another prospect – jobs. With so many Bahamians still unemployed, financial health is something that will be very welcome indeed.

Water crisis

Not a drop to drink, that’s the concern in Eleuthera which is experiencing a water crisis.

A mechanical failure at the desalination plant could have seen customers running out of water supply by last night – and even if that is repaired today as hoped, there is the prospect of months of disruption as two new million gallon storage tanks are acquired.

That will increase the storage while major mechanical issues are addressed – so they’re not the solution, just the extra buffer while a solution is provided.

We would love to hear from readers on the ground how they are being treated during this crisis. Water is an essential – and we should not have reached the stage where people are left with nothing.