Concord Wilshire Capital to Lead $827M Redevelopment of Grand Lucayan Resort in the Bahamas
Concord Wilshire Capital (CWC) is moving forward with an ambitious plan to transform the Grand Lucayan Resort, a prominent casino and hotel property in The Bahamas. The initiative, which has been welcomed by the Bahamian government, seeks to revitalize the country’s tourism sector.
$827 Million Investment Announced
On Thursday, CWC signed a heads of agreement with the Government of The Bahamas to redevelop the Grand Lucayan Resort. The deal outlines a substantial $827 million investment that will completely overhaul the existing site and replace it with a modern, integrated resort village.
The redevelopment will involve demolishing the current resort structures and replacing them with new, state-of-the-art facilities. Plans include a 350-room hotel, a 120-unit timeshare development, a redesigned golf course, a marina, and a specialized cruise resort experience. Additionally, the revamped property will feature a 25,000-square-foot casino with both indoor and outdoor gaming areas to cater to a broader range of visitors.
Thousands of New Jobs and Economic Boost
The project is expected to significantly boost the local economy, with approximately 3,000 jobs projected to be created. That includes 1,320 construction jobs during the building phase and 1,750 permanent positions once the resort is operational. The hotel alone is expected to generate 450 jobs, while the casino and entertainment venues will add even more employment opportunities.
In line with the government’s priorities, the agreement stipulates that at least 80% of the resort’s workforce must be Bahamian.
Turning the Page After Previous Setbacks
This development follows multiple unsuccessful attempts to revitalize the Grand Lucayan property, which has struggled since being damaged by Hurricane Matthew and the onset of the COVID-19 pandemic. The Bahamian government assumed ownership of the resort in 2018, but prior redevelopment efforts fell through. A previously proposed deal with Royal Caribbean and ITM Group was eventually canceled, and another agreement with Electra America also failed to come to fruition.
This time, Bahamian officials are confident in the success of the project. Construction is expected to begin within three months after final approvals are secured, with full completion anticipated to take several years.
A Game-Changing Moment for Grand Bahama
CWC President Nate Sirang called the agreement a “pivotal moment” for the Grand Lucayan Resort and the island’s economy. He noted that the company aims to create a robust economic engine that will drive long-term prosperity in Grand Bahama. Sirang also committed to working with local contractors, professionals, and businesses throughout the project.
Prime Minister Philip Davis echoed these sentiments, expressing satisfaction that the government had finally secured a viable partnership to breathe new life into Grand Lucayan. Although he acknowledged the delays in reaching this point, Davis said the agreement represents a turning point for Bahamian tourism and job creation.
“This resort will offer thousands of Bahamians meaningful opportunities to earn, grow, and build a better future,” the Prime Minister said. “Putting Bahamians first has always been the goal of this administration, and this agreement reflects that priority.”
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- Source: SCCGManagement.com