Grand Lucayan Purchase Agreement Terminated

NASSAU, BAHAMAS – The purchase agreement for the Grand Lucayan Resort has been mutually terminated, according to the Minister of Tourism, Investments and Aviation, Chester Cooper, who says the government concluded yesterday, the deal was not structured in the best interests of the Bahamian people.

Cooper says it was a bad idea for the resort deal to be coupled with plans to develop a world-class port facility in Freeport.

After an assessment conducted by a cabinet sub-committee made up of the Deputy Prime Minister, Minister for Grand Bahama, Minister for Economic Affairs and the Attorney General, actions were taken to de-couple the deal, allowing government to move forward on negotiating directly with other suitors for the resort.

Cooper says the ideal buyer will bring experience, significant resources and vision to the property and the redevelopment of Grand Bahama.

The resort has already cost government in excess of $150 million. It will remain open until a new purchase deal is signed.