million financial centre, $10 million recording studio, $10 million equestrian centre,
$20 million Sports Academy, $20 million
Hospital and Wellness Centre, and ongoing Custom Residence construction at a
cost of $50 million. Construction hiring,
averaging over 800 persons, is expected
to increase above 1200 within the quarter
and full time employment now stands at
564 persons.
rant resulted in an additional 25 employees. As of April 2016 Bahamian construction employment stabilized at 72% with
only 28% foreign labour employed at the
site and it is anticipated that the local labour force will increase with commencement of phase 2 & 3 of the project.
SANDALS ROYAL BAHAMIAN
The Atlantis Resort has incurred capital
expenditures of $50 million on property renovations of its hotel rooms in the
Coral Towers and suites at the Cove and
engaged in the process over 700 construction employees. Pending projects include
refurbishment of the Ballroom and the
Marina Village later this year.
Sandals Royal Bahamian has invested $25
million in the introduction of Swim Up Lagoon suites and complete refurbishment
of the Balmoral Building. Future projects
include $10 million in a new sushi restaurant and upgrades of villa rooms, kitchen
and conference facilities.
SILVER LEAF
[22]
2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE
A new $30 million luxury timeshare resort, consisting of 71 luxury suites, will be
operated on Cable Beach by Silver leaf Resorts, with Phase 1 comprising 24 units to
be completed within the next 12 months
and the remaining 47 units within a 5 year
timeframe. The project entails construction employment for 120 persons and on
completion it is expected that 38 persons
will be hired.
NEW WORLD – THE POINTE
Mr. Speaker,
On the harbourfront, the $200 million
residential and entertainment complex at
the Pointe has begun to take shape with
the parking garage almost completed and
commencement on construction of the
200-room hotel foundation. These additional rooms, along with an 82-key condo
hotel, will significantly increase much needed room inventory on New Providence
when completed in late 2017. Mr. Speaker,
the opening of the Summer Palace restau-
PARADISE ISLAND
BROOKFIELD - ATLANTIS
The introduction of 77 West, a new signature restaurant, at Atlantis, along with
upgrade of Marketplace and the opening
of Salon Privé, a new gaming facility, has
kept Atlantis continually finding ways to
improve the guest experience in its quest
to remain on the cutting edge of hospitality. Atlantis intends to invest another $140
million in refurbishment and additional facilities over a four year period.
Warwick Paradise Island
The 250-room Warwick hotel, formerly
the Paradise Island Harbour Resort, will
have a soft opening late July after an extensive $40 million property renovation, the
addition of a spa, and new terrace restaurant, restoration of the boardwalk and car
park and a new entrance area. The resort
will be fully operational by 4th quarter
2016 with occupancies expected to climb
to 65-70% in 2017. The Warwick Paradise Island will employ between 125-150
persons in 2016 and between 195 – 250
persons in 2017.
ACCESS INDUSTRIES –
ONE & ONLY OCEAN CLUB
Access Industries, owners of the One &
Only, Ocean Club, have spent just $21 million of a $50 million capital development
budget to complete a two year refurbishment of the Hartford Wing, public spaces
and expansion of meeting space and food
and beverage outlets at the hotel, retaining over 450 employees during the renovations. Access has added 25 new permanent positions and has indicated that it
will continue to reinvest to maintain brand
quality and recognition.
BIMINI
RESORTS WORLD BIMINI
Mr. Speaker, Resorts World Bimini has
proven to be an investor of the highest
caliber, having invested through April 2016
over US$660 million in capital and operating cash flow inclusive of $12 million in
public infrastructure investments in Bimini.
Resorts World has committed $60 million
in operating capital and plans to invest a
further $35 million in additional capital investment over the next 12 months. Mr.
Speaker, official ribbon cutting for the new
300-room five star, Bimini Hilton hotel will
take place on June 4 of this year, following
its soft opening last year with a boutique
casino, spa, meeting space and the largest
marina in The Bahamas.
Resorts World Bimini will soon introduce
the launch of a new ferry service from
Miami dubbed “Break for Bimini”, delivering faster and more direct access to the
Island. Supplementing this initiative is critical air service via daily commercial flights
to Bimini by Cape Air and Silver Airways
and five (5) luxury private aircraft servicing high rollers visiting the resort. There
is now capacity to transport 500 people
daily. Permanent employees have grown
from 159 in 2013 to 657 at present. Over