Government of the People’s Republic of China Approves Investment in Baha Mar

NASSAU, The Bahamas, Wednesday, July 28th 2010 [ME NewsWire]:

Baha Mar’s World Class Destination Resort For The Bahamas in Position to Proceed Once Bahamian Government Approvals Received


Baha Mar Project Expected To Create 11,000 Bahamian Jobs and Add $1 Billion in New Spending to Economy in First Year After Completion


(BUSINESS WIRE)--Baha Mar Resorts, Ltd. today announced that it has been informed that the National Development and Reform Commission (“NDRC”) of the Government of the People’s Republic of China (“PRC”), the primary PRC economic planning entity with authority over foreign investment projects, has formally given the relevant approval required for the Baha Mar project. Baha Mar has now concluded the necessary agreements with The Export-Import Bank of China (“Ex-Im Bank”) as well as the China State Construction Engineering Corporation (“CSCEC”). Today’s step completes all the agreements required from the PRC for the Bahamian government -- which has already been informed of this development – to begin their approval process. Approval by the Bahamian government will enable Baha Mar to create its world-class, multi-billion dollar destination resort on Nassau’s Cable Beach.


Sarkis Izmirlian, Chairman and Chief Executive Officer, said, “This NDRC approval by the PRC Government is a critical component to enable the Baha Mar project to move forward. We strongly believe that the creation of this world class resort will significantly benefit The Bahamas and all Bahamians. We now await Bahamian governmental approval, which will enable us to begin work on the Resort’s construction. Ultimately, our project will result in the creation of 11,000 Bahamian jobs, including 6-7,000 new permanent positions. This will be the most substantial single job stimulus opportunity The Bahamas has ever experienced.”


The first action, once the Bahamian Government’s approval is received, will be the awarding of almost $60 million of construction contracts to six Bahamian contractors representing early infrastructure works needed to prepare the site. Several hundred Bahamian jobs will be created beginning within two months after Bahamian Government approval on these projects involving the construction of the new Commercial Village and work to re-route West Bay Street and the JFK Connector.


It is anticipated that Baha Mar will make The Bahamas one of the premier tourist locations in the world. Baha Mar will draw millions of vacationers and business travelers every year to the Resort’s six hotels, with almost 3,500 rooms and condos, the largest casino in the Caribbean, the largest convention center in The Bahamas, a world-class golf course, retail village and much more. Baha Mar will employ approximately 4,000 Bahamians over the life of the construction period, expected to last almost four years. Once the resort is fully operating, approximately 98 percent of the staff will be Bahamian nationals.


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