The Tribune

By KEILE CAMPBELL

Tribune Staff Reporter

kcampbell@tribunemedia.net

DEVELOPERS behind the long-stalled Grand Lucayan redevelopment have signed a new agreement laying out key commercial elements of the project, including an MSC Beach Club, a second cruise resort and a casino marina complex.

Concord Wilshire Capital and CTL Maritime said in a press release that they reached a “definitive agreement” to advance the multi-phase plan.

However, the announcement does not provide a timetable for construction or completion, beyond stating that demolition will begin once environmental approvals are secured.

The deal provides the clearest breakdown yet of how the property will be divided. An MSC Beach Club is planned for “Site 2”, while “Site 3” will house a second Ancient Waters Cruise Resort designed to accommodate additional cruise passengers. Both developments are expected to be built on a coordinated timeline.

The developers also outlined plans for a mega yacht marina and integrated casino resort on “Site 4”, alongside a proposed Ancient Waters Beach Hotel and Casino Resort on “Site 1”. The Reef Golf Course is to be redeveloped into a Greg Norman Championship course.

Ancient Waters has committed to engaging a Bahamian operator for the second cruise resort, which the company said reflects a focus on local participation.

Developers project more than one million guests annually across the MSC Beach Club and cruise resort components, with wider economic spillover expected for Port Lucaya Marketplace and surrounding businesses.

Richard Bosworth, chief executive officer of Ancient Waters and Concord Wilshire Gaming Group, described the agreement as a “transformational milestone” for Grand Bahama.

“It will serve as a powerful catalyst for economic growth, job creation, and the long-awaited revitalization of the Grand Lucayan Resort into a world-class destination,” Mr Bosworth said. “We are especially grateful for the leadership and vision of Prime Minister Philip Davis, whose initiative and unwavering support have been instrumental in making this partnership possible.”

Concord Wilshire president Nate Sirang said the MSC Beach Club and the Ancient Waters Cruise Resort are projected to welcome more than one million guests annually.

“Combined with the activation of the Mega Marina and Casino Resort, this development will generate substantial economic activity, create meaningful employment opportunities, both for Lucayan Resort and Port Lucaya Marketplace and its retail tenants, and will serve as the cornerstone for the long-anticipated revitalization of the Lucayan property,” Mr Sirang said.

Prime Minister Philip Davis described the agreement as a “defining moment” for Grand Bahama, noting that the redevelopment of the Grand Lucayan has been a national priority.

“This partnership reflects our administration’s commitment to restoring Grand Bahama as a premier global tourism and investment destination,” Mr Davis said in a statement.

In a separate statement, the government said the project is expected to create thousands of direct and indirect jobs during construction, along with permanent employment opportunities upon completion. It added that training, skills development, and workforce growth opportunities will be provided for Bahamians, alongside expanded opportunities for local contractors, vendors, and service providers.

The statement said the project forms part of a broader partnership between The Bahamas and MSC, pointing to ongoing initiatives including the Freeport Harbour expansion and the Billy Cay development. It also referenced the Phase 3 expansion of Ocean Cay and the Sandy Cay development as evidence of MSC’s long-term investment in the country.

The government said it will ensure that all regulatory processes are followed as the project advances, adding that the developments reflect strong investor confidence and strengthen Grand Bahama’s position as a premier centre for tourism, maritime activity, and economic opportunity.