Baha Mar’s Mega Resort project stalled – Bahamas

The Las-Vegas styled mega resort development in the Bahamas is now a numbers of works to completion. However, things had to stop because of an unsettled dispute between the developer, the Baha Mar. Ltd, and the main contractor. As a reminder, Baha Mar filed for bankruptcy early last July. It soke shelter under the American Chapter 11 Bankruptcy laws that would give it an opportunity to get immunized from an imminent liquidation. However, the Bahamas Supreme Court rejected the filing. With this verdict, Baha Mar. Ltd is likely to be replaced by a provisional liquidator to better ensure the completion of the project.

Baha Mar’s $ 3.5 billion mega resort and casino development is the most expensive project the island has ever seen. The hotel-and-casino complex will feature 2,000 hotel rooms and a luxury-feel casino space. It was projected to open in late 2014. Officials from Baha Mar announced that the company is ready to reach an agreement in order to complete the project as planned. Certain sources reported that Baha Mar owner Sarkis Izmirlian is currently discussing with the Chinese State Construction Engineering Corp Ltd to jumpstart the project. He is reportedly willing to add another investment value of $ 200 million in.

August 4, 2015 by : posted in CASINO, NEWS No Comments

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