The Bahamas is luxury vacation destination with golden sands, blue seas, palm trees and blissful warm weather and the Baha Mar Mega Resort and Casino was just meant to top it off and attract millions of visitors however the project has been difficult from the get go. In the grand scheme of things it hasn’t been plain sailing for the Bahamian government regarding the $3.5 million Baha Mar project.
The construction of Baha Mar which is rumoured to feature a Las Vegas-style casino and more than 2,000 hotel rooms has been stalled for months as the project missed a December and a March deadline to open after running out of money. In preparation for its grand opening which is still unknown as to when that will occur there is still time to practice and learn all the classic table games with some handy online casino guides, or if you plan to attend any other casinos this year the guides will still be of use.
In recent news surrounding the resort a $400 million funding gap has emerged in the effort to finish the already $3.5 million billion mega-resort. Development of Baha Mar has already come to a halt before in last June, following a heated battle between the projects contractor, state-owned Export-Import Bank of China and the resort’s original developer Sarkis Izmirlian.Several groups have been talking to the China Export-Import Bank, which has already financed a lot of the resort, in the hopes of taking over and finally completing the clearly troubled project. However the resort’s developer, BMD Holdings also wants a crack at completing the resort. Sarkis Izmirlian has stated that the development company is hugely committed to opening the resort, paying unsecured creditors and making sure that China Exim Bank wouldn’t have to take a discount on its debt.
Although work on the Baha Mar resort has been at a standstill since last year, The Bahamian government hired local workers to complete the Baha Mar Convention Centre so it could be used to host the Inter-American Development Bank’s April 7-10 annual meeting. When the Bahamian government initially bid to host the IDB event, it has been expected that the venture resort would be open, as the resort had originally been set to open in December 2014.
Last June Baha Mar had to file for bankruptcy protection in Delaware, blaming the Chinese contractor, China Construction America for the delays. The CCA stated that it wasn’t responsible for the delays and put it down to poor planning from the developer. The bankruptcy filing was dismissed and provisional liquidators for the project were appointed last autumn. Deloitte &Touche was subsequently appointed as a receiver for the China Export-Import Bank. Now that Deloitte &Touche is handling the project and have hired Colliers International of Toronto, in an attempt to locate a buyer. The Bahamas Supreme Court signed off on the appointment with the goal being to find someone to take the property from the China Export-Import bank, the principal creditor of the Baha Mar project. Yet even after everything the disputes, the letters, the failure of the bankruptcy filling the 1,000-acre resort which includes a championship golf course, casino and four new hotels was expected to provide a big boost Bahamian tourism yet the project is estimated to be about 97 per cent complete and there is still no indication when work might resume of the resort.