$300m cruise port won’t be ‘a tourism Wal-Mart’
Nassau Cruise Port’s top executive says he is “absolutely” confident that its $300m transformation will increase visitor spending yields and lure more hotel guests downtown, adding: “We’re not creating a tourism Wal-Mart.”
‘Barely scratching surface’ on Sand Dollar’s adoption
The Bahamas is “barely scratching the surface” of the Sand Dollar’s potential, payment providers asserted yesterday, with the digital currency needing more “high traffic” merchants to accept it to drive adoption.
Royal Caribbean breaks silence in PI controversy
Royal Caribbean yesterday broke its silence on the controversy surrounding its $100m Paradise Island project by asserting the “first-in-kind” proposal will “ensure the economic benefit stays in The Bahamas for generations to come”.
‘Perfect storm of demand’ in 10-15% hotel rate rise
Resorts are enjoying room rates that are 10-15 percent higher than pre-COVID levels because “the perfect storm of demand is working for The Bahamas”, a senior hotelier said yesterday.
Trade deficit grows $164m in late 2022
THE BAHAMAS’ trade deficit for the 2022 fourth quarter expanded by almost 22 percent or $164m year-over-year compared to the prior year as goods imports surged while exports contracted.
Fishermen suffer 45% drop in crawfish price
BAHAMIAN fishermen suffered a 45 percent price drop during the now-closed crawfish season, it was disclosed yesterday, although strong catch volumes offset some of the fall caused by market “overcorrection” and higher global supply.
Union chief to Atlantis: ‘Put own placards on’
THE hotel union’s president yesterday urged Atlantis executives to “go put their own placards on” as he asserted that workers will not fight the mega resort’s battle with Royal Caribbean for it.
IHOP: ‘This is the Caribbean launch, not just The Bahamas’
IHOP’s local franchisee says he will decide on two further New Providence locations “pretty shortly”, adding: “This is the launch of the Caribbean, not just the launch of The Bahamas.”
‘Remarkable’ non-profits need improved structure
Bahamian non-profit groups are performing a “remarkable” service to local families and communities despite being under-resourced and suffering a 20 percent cut in government funding through COVID, it was argued yesterday.
Atlantis defers on Royal Caribbean’s PI answers
Atlantis has decided to wait for Royal Caribbean to supply answers to its 50 questions over the latter’s proposed Paradise Island project because they were not totally “buttoned up” at the two sides’ most recent meeting.
Cable’s pay-TV status ‘screaming for removal’
Cable Bahamas is arguing its ‘significant market power’ designation in the pay-TV market is “screaming for removal” with competition from streaming services having caused an 11 percent plunge in subscriber numbers in 2021.
Atlantis braces for $17m electricity costs increase
Atlantis yesterday revealed it is bracing for a $17m year-over-year hike in electricity costs despite “still setting revenue records” through 2023’s winter tourism season and into the upcoming peak Easter weekend.
‘Hundreds of millions’ in tax arrears remain
The Ministry of Finance’s top official yesterday said “hundreds of millions” in tax arrears remain outstanding even though VAT revenues are 7 percent ahead of projections for the first nine months of the 2022-2023 fiscal year.
Business Licences: 99% were approved ‘in time’
The Ministry of Finance’s top official yesterday said 99 percent of Business Licence renewal applications were approved “in time” with those outstanding needing to “clarify” questions surrounding their reported turnover.
Gas retailers: ‘Never been so desperate’ due to OPEC slash
Bahamian petroleum retailers yesterday said “it’s never been so desperate” with a surprise production cut by the major oil producing countries making their need for a margin increase even more urgent.
