When Will Work Begin On The Redeveloped Grand Lucayan Resort?

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GRAND BAHAMAS, BAHAMAS – Officials from the Concord Wilshire Group estimate the redeveloped Grand Lucayan Resort will be completed by 2028, according to Concord Wilshire Resort Gaming and Hotel Division CEO Richard Bosworth.

The Davis administration signed a heads of agreement in grand style with executives from the U.S.-based company amid much fanfare Thursday.

But noticeably missing from all the speeches were timelines for the resort.

So I caught up with Bosworth to find out when there’ll be movement on the nearly $1 billion project.

RICHARD BOSWORTH – CEO, RESORT GAMING HOTEL DIVISION, CONCORD WILSHIRE:
“Demolition, of course, is going to happen first, particularly with the Reef Hotel and the Breakers Hotel, and we have to issue those permits, etc. So that in itself has a timeline where we expect that to happen definitely this year. In fact, we’d like to do it as soon as possible, start the demolition, certainly of the Reef and the Breakers, but that has to be highly coordinated. Our expectation level is that we’ll be able to start the new construction in 2026, with the completion in 2028.”

The U.S.-based company has been developing, constructing, and investing in distinguished real estate assets in major or emerging markets throughout the United States since 1992 and has won awards in the sector.

Director of Investments Phylicia Woods-Hanna told us Thursday the government sold the resort for $120 million.

The proposal shows an $827 million investment in the project.
With The Bahamas being in the path of major hurricanes, Senior Management Director Adam Petrillo spoke to the resilience of the new structure.

ADAM PETRILLO – SENIOR MANAGER, CONCORD WILSHIRE:
“I’m gonna not shamelessly plug the name of the material, but it’s something brand new that was approved in the States and coming to a factory very, very soon. It will be manufactured and approved in The Bahamas, which is highly resilient. Those have other systems that are also reinforced steel and concrete with new additives that prove to be very resistant, and resistant to storms as well. But everything that we are doing in the design and construction of the structures will be with resilience towards storm survival as well.”

Prime Minister Philip Davis said the agreement will create 1,300 construction jobs and 1,750 permanent jobs.

But another big question unanswered in the speeches was a clear plan for the Grand Bahama International Airport.
We asked officials if it’s on their radar.

RICHARD BOSWORTH – CEO, RESORT GAMING HOTEL DIVISION, CONCORD:
“I wouldn’t say it’s a concern, it’s a task, right, it’s a job. It’s something that we need to work on, but because, and to repeat, the cruise line industry will be supporting aspects of the property: the vacation ownership, the yachting community, the golf community, and of course the hotel. So there are numerous drivers and levers that we can pull. So while of course we want airlift to be increased and we’re looking to be able to help grow that demand, it’s not a problem, but it’s something we’re working on.”