PM Remains Tight-Lipped On Grand Lucayan Sale

Advertisement

NASSAU, BAHAMAS – As he started off the debate on the 2025/2026 Budget, Prime Minister Philip Davis attempted to explain the process of the sale through its Grand Lucayan Holdings Limited, the special purpose vehicle formed for the sale of the resort.

But as he explained, Central Grand Bahama Member of Parliament, Kwasi Thompson, asked the question which he says many Grand Bahamians are still pondering.

Kwasi Thompson – MP, East Grand Bahama:
“Has the government actually received the $120 million as was represented? How much of the $120 million was received? That’s the ultimate question, trying to give an illusion about some separate entity and so on makes little sense.”

Seven years after it was bought by the Minnis administration, the government sold the resort to Concord Wilshire, a U.S.-based real estate and resort developer.

Speaking in Parliament this morning, Davis sought to clarify the issue. He says the Grand Lucayan resort was not directly owned by the government, but was owned by the Hotel Corporation of The Bahamas.

The Prime Minister explained what will happen once the sale is finalized.

Philip Davis – Prime Minister:
“Once the sale of the hotel is finalized, initial proceeds will be transferred to Lucayan Renewal. The initial use of these funds would be to settle expenses such as legal fees and other closing costs, including other pre-sale expenses. Once all these costs are settled, the residual amount will be transferred to the Hotel Corporation.”

The project is a $827 million investment and is expected to provide 1,300 construction jobs and 1,700 permanent jobs over the lifespan of the project. At the time, Davis said a minimum of 80 percent of the staff will be Bahamian.

But it seems Thompson wasn’t buying the response, and Davis was quick to fire back.

Philip Davis – Prime Minister:
“Your leader, Leader of the Opposition, has written to the purchasers and indicated to the purchasers that he wrote me too, and I haven’t seen the letter yet.”

Philip Davis – Prime Minister:
“I was trying to arrange the meeting so that we could meet, both of us, at the same time. That’s what I wanted to do, so you’ll get the answers when you meet with them.”