No More Talking About The Grand Lucayan Sale Until There’s “Money In The Bank” – Eye Witness News

NASSAU, Bahamas — Deputy Prime Minister Chester Cooper said yesterday that there will be no official announcement regarding the sale of the Grand Lucayan Resort until “the money is in the bank.”

Tourism, Aviation and Investment Minister Cooper said he had received three credible offers from companies that had already undergone preliminary due diligence.

He told attendees at the Grand Bahama Business Outlook that finding a buyer for the resort is very important to the government and Grand Bahama Island.

“Too much money has been spent and too many opportunities are waiting to keep us from putting this at the top of our to-do list,” Cooper said. .

“I have been advised by the Chairman of Lucayan Renewal Holdings Limited that there is ongoing dialogue and considerable interest in Grand Lucayan Resort.

“We have received three credible resort offers from companies that have already undergone preliminary due diligence. We are committed to closing deals in the best interests of the people of the Bahamian. is to redevelop the resort and fully employ the construction and operating staff.

Cooper noted that while the closing price is important, the buyer’s ability to complete the resort’s redevelopment into a property of world-class standards is paramount.

“In the meantime, we remain cautiously optimistic. The resort continues to employ more than 100 Bahamians full-time and part-time, and overall tourist arrivals on Grand Bahama Island We would like to point out that occupancy rates and revenues continue to benefit from an increase in ,” Cooper said.

He added: That means I won’t say anything until the money is in the bank. ”