Cooper: $1M+ a Month to Run Grand Lucayan

The Grand Lucayan Resort is expected to cost as much as $1.5 million a month as the government seeks a new buyer.

Deputy Prime Minister Chester Cooper revealed the high cost to keep the Grand Bahama property running, today, following a tour.

He previously told reporters six investors have shown an interest in the Grand Lucayan.

The deputy prime minister toured the hotel property with a delegation that also included Grand Bahama minister Ginger Moxey. But how much is it costing the Davis administration to keep it up and running. Well Cooper, who is also the tourism and aviation minister, revealed it isn’t cheap.

Despite the hefty price tag, Cooper says the Davis administration believes it’s important to keep the property open and operational, because it provides jobs for Grand Bahamians.

The Minnis administration purchased the resort from Hong Kong conglomerate Hutchison Whampoa in August 2018 for 65 million dollars. An agreement between the government and Bahamas Port Investments Limited was signed in March 2020, under the Minnis administration, and the final buying price was $50 million. The redevelopment of the property was set to start this year but the Covid-19 pandemic delayed and changed the terms of the agreement.

The Davis administration announced last month that the sale agreement was canceled.

Cooper said they are working hard to find a buyer. While at the Grand Lucayan, cooper also attended a board meeting to discuss the way forward and get the hotel reopened in the shortest possible time.