Posted by: Editor on Aug 29, 2006 – 10:31 AM
newsandinfo Grand Bahama will see an increase in its tourism inventory and experience growth over the next decade, Minister of Tourism Obie Wilchcombe recently predicted.
“The boom, bust years of Grand Bahama tourism are [nearly] over. I say that with a high level of confidence because Grand Bahama will have a brand and a destination, perhaps unequalled to anything in the Caribbean,” Minister Wilchcombe said at a recent Rotary Club luncheon.
“Bobby Ginn’s project in West End will bear the same importance to Grand Bahama Island as Sol Kerzner’s Atlantis has had for Paradise Island, New Providence and The Bahamas.”
According to the minister, the country’s high ratings from reputable institutions like Moody’s and the International Monetary Fund (IMF) has allowed it to be one of the strongest economies in the Western Hemisphere, attracting numerous investors.
Already, several other projects are in the advanced stages of development in West Grand Bahama, including The Blue Marlin Condominium in Bootle Bay, Seaward in Deadman’s Reef, the Bootle Bay beach project and the multimillion-dollar expansion at Old Bahama Bay, the minister said.
Recently, Lehman Brothers signed a deal with World Investment Holdings Limited (WIH) to purchase the Royal Oasis Resort, which has been closed since Hurricane Frances left it badly damaged in 2004.
The resort’s closure left Grand Bahama’s inventory with only 3,000 rooms, but Grand Bahama needs 7,000 to 10,000 to be competitive, according to Minister Wilchcombe.
Minister Wilchcombe said the Royal Oasis deal “gave us all a reason to smile.”
“Both sides are working toward closure within 40 days, after which full details relating to the operations of the hotel and the casino will be disclosed,” he said.
“The investors have promised the creation of a new experience encompassing the International Bazaar and Goombay Park.”
Meanwhile, the minister also pointed out that Grand Bahama could become a viable financial centre with the Grand Bahama Port Authority, Hutchison Whampoa, the government, and the business community working together to make it happen.
By Courtnee Romer, The Bahama Journal