The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Baha Mar is “no saviour” despite its potential to be a top GDP producer for the Bahamas, the Chamber of Commerce’s chairman predicting the project will be a ‘case study’ for how this nation manages such developments.

Gowon Bowe told Tribune Business that “there should be no one pulling against” the mega resort development’s success, with job creation and other spin-offs set to positively impact this nation’s economy.

Prime Minister Perry Christie noted during Baha Mar’s official opening last week that more than 1,500 Bahamians, along with 100 expatraite staff, have been hired to work at Baha Mar, excluding those employed at the Melia property.

Mr Christie said Baha Mar is expected to generate over $700 million in direct annual economic output and $45 million in taxes annually. He also noted that, at full opening, Baha Mar is projected to generate an additional 315,000 air passenger seats annually.

When fully opened, Baha Mar is expected to create 5,000 direct jobs. The new developer, Chow Tai Took Enterprises (CTFE), is pushing for a full opening in March 2018.

Baha Mar includes a 300-room SLS resort, a 200-room Rosewood Baha Mar property, the 694-room all-inclusive Melia Nassau Beach Resort, and the 1,800 Grand Hyatt.

Mr Bowe said: “We need to look at it on face value. It’s a tremendous property that was not being utiliaed for an extended period of time, and effectively a constant reminder of prosperity that has not yet been achieved.

“I think what’s important is that it is certainly going to be a case study in years to come in terms of what we do in managing these types of developments, in terms of how we grade and evaluate concessions.

“The development has gone through its challenges. If we set aside all of the hoopla, is is a positive thing. When we have new employment and new revenue streams, that is a positive regardless of what we think about how we got to this point. There are many things that we can look at. In the end, history will look back and judge but, for right now, yes, is it going to be positive.”

Mr Bowe said both the Government and credit rating agencies “put too much into Baha Mar”, but expressed hope the property’s opening would aid the Bahamas’ sovereign creditworthiness.

“We have to look at the momentum that this builds and look at how we can learn from these missteps when looking at future developments and what mechanisms to put in place,” said Mr Bowe.